The easing of tensions in the Middle East has driven a retreat in oil prices, with the market's trading logic shifting towards "the Fed maintaining higher interest rates for longer." The NASDAQ fell approximately 3.3%, while BTC and ETH dropped around 6.9% and 9% respectively; BTC and ETH spot ETFs saw significant net outflows. On-chain capital continues to concentrate on high-turnover trading scenarios, with PumpSwap becoming the biggest incremental gainer this week. DeFi liquidity maintains a defensive posture, with the stablecoin, LST, and lending markets generally cautious.

Risk appetite in the crypto market is recovering, with BTC up approximately 6.8% WoW and ETH up approximately 12.2% WoW. Gate TradFi weekly trading volume remains elevated at around $85 billion, with US stock trading volume increasing for five consecutive weeks and hitting a new cyclical high. DEX trading structures continue to diverge, with trading volumes on Uniswap and PancakeSwap declining, while PumpSwap maintains high growth. The LST sector is also recovering in tandem, with ETH and SOL staked assets rebounding alongside improved risk appetite.

Last week, global markets traded around the Fed's hawkish signals, with both BTC and ETH falling over 4%. The overall trend of ETF capital outflows remained unchanged. Gate TradFi Perp trading stayed active, with coverage of US stock assets continuing to expand. DEX trading volumes showed divergence, with Uniswap slightly overtaking PancakeSwap, and the Solana ecosystem saw a recovery in trading activity. There was no significant new dollar inflow into stablecoin supply, with capital primarily rotating among existing assets.

Last week, BTC, ETH, and the broader crypto market experienced a "decline followed by a rebound" reversal pattern. ETF fund flows showed significant improvement. Over the past week, Gate TradFi Perp's daily trading volume exceeded $500 million on multiple occasions, with the proportion of stock trading volume notably increasing compared to the previous period. DEX trading volumes generally fell compared to the previous week. The LST sector rebounded alongside ETH and SOL price recoveries. Aave's lending scale stabilized and recovered, with borrowing rates remaining low and USDC funding pressures easing.

In May, global capital markets continued their recovery overall. The U.S. stock market rose steadily, driven by the AI narrative, corporate earnings resilience, and improved risk appetite, with the tech and semiconductor sectors performing particularly strongly. Meanwhile, structural divergence in the market remained evident, with capital flowing more concentratedly towards core assets backed by deterministic growth and real performance. Against this backdrop, Gate officially launched a real stock trading service, further bridging the allocation channel between crypto assets and traditional financial markets, providing users with a one-stop multi-asset trading portal covering crypto assets, U.S. stocks, and ETFs.

Last week, the global macro market experienced a dramatic shift from "heating sentiment" to "rapid reversal." Bitcoin fell approximately 15% for the week, while Ethereum dropped around 22%. The asset count on Gate's US stock trading platform expanded rapidly following its launch. DEX trading saw a clear recovery, with trading volumes increasing on major protocols like Uniswap, PancakeSwap, and Aerodrome; the LST sector declined overall, Aave's lending scale continued to decrease, and new demand primarily flowed towards emerging ecosystems like MegaETH.

The market repriced Fed rate hike expectations, keeping the crypto market under pressure. BTC fell approximately 4.3% WoW, while ETH fell about 4.8% WoW. Global crypto ETPs saw net outflows for the second consecutive week, totaling $2.54 billion. Gate officially launched stock trading services, supporting over 10,000 US stocks and ETFs. PancakeSwap trading volume surpassed Uniswap. The LST sector cooled down, while the SOL ecosystem performed relatively steadily.

Over the past week, the market continued to fluctuate amid the US-Iran negotiations and expectations for Fed policy. Expectations of geopolitical easing initially pushed oil prices lower, but US bond yields rose to around 4.56%. US equities showed divergent gains, while the crypto market remained generally weak. BTC ETFs saw a net outflow of approximately $1.256 billion for the week, and ETH ETFs saw a net outflow of about $216 million, with institutional capital maintaining a cautious stance.

Last week, BTC ETFs recorded a net outflow of approximately $996 million, while ETH ETFs saw a net outflow of about $255 million. TradFi on-chain and CEX derivatives trading continue to be dominated by safe-haven assets like gold. On-chain liquidity remains concentrated on top DEXs such as PancakeSwap and Raydium. Aave's mainnet lending and the LST sector experienced a pullback, with leverage demand on both the ETH and Solana sides cooling simultaneously. Meanwhile, new chains like Plasma and MegaETH continue to absorb structural capital migration.

Last week, driven by sustained ETF inflows, BTC broke through the $82,000 mark, with BTC ETFs recording a net inflow of $632 million for the week. Traditional Finance (TradFi) stock-type assets on centralized exchanges (CEXs) continued to grow. On-chain funds are flowing back to leading DEXs and mature liquidity scenarios, with Uniswap and PancakeSwap being the primary platforms; Aave is still digesting the impact of the rsETH incident, with the lending market remaining weak.

Last week, the crypto market exhibited a pattern of "cautious optimism" overall, with BTC rising from $68,000 to over $77,000. Trading activity in TradFi cooled somewhat, but gold remained a core trading asset. On-chain capital continued to concentrate in high-liquidity and high-turnover scenarios, with PancakeSwap recording nearly $36 billion in weekly trading volume. Stablecoin capital noticeably flowed back into settlement-type dollar assets, with USDT supply rising to nearly $200 billion. Following the rsETH incident, Aave's lending balance plummeted 26.7% in a single week.

Over the past week, the market has been jointly driven by eased ceasefire tensions, falling inflation, and stable policies. Oil prices have dropped sharply, the VIX has fallen, risk appetite has recovered, and the BTC range has moved up to $68,000–$73,000. In terms of capital flow, a strong recovery followed a period of violent fluctuations. BTC ETFs recorded a net inflow of approximately $833 million in a single week, hitting a new high for the period, while ETH ETFs also posted net inflows, re-establishing institutional buying as the dominant force. The trading structure has shifted towards macro high-volatility assets and leading platforms, with capital concentrated in energy commodities like crude oil, and the DEX side returning to high-liquidity platforms such as Uniswap.

ตลอดสัปดาห์ที่ผ่านมา ตลาดมีความผันผวนรุนแรงขึ้นภายใต้ผลกระทบร่วมกันของความคาดหวังความขัดแย้งทางภูมิรัฐศาสตร์ที่เปลี่ยนแปลงไปและข้อมูลเศรษฐกิจที่เกินความคาดหวัง WTI crude oil เพิ่มขึ้นมากกว่า 7% ในหนึ่งสัปดาห์และพุ่งขึ้นไปสูงกว่า 113 ดอลลาร์สหรัฐในบางครั้ง เมื่อรวมกับข้อมูลการค้าปลีก ISM และการจ้างงานนอกภาคเกษตรที่แข็งแกร่ง ตลาดหุ้นสหรัฐฟื้นตัว โลหะมีค่าทำสถิติสูงสุดใหม่ และสินทรัพย์คริปโตฟื้นตัวตามความชอบความเสี่ยงที่เพิ่มขึ้น ในด้านเงินทุน กองทุน ETF ของ BTC มีการไหลเข้าสุทธิเล็กน้อยประมาณ 22.3 ล้านดอลลาร์สหรัฐในหนึ่งสัปดาห์ กองทุน ETF ของ ETH ยังคงมีการไหลออกสุทธิ การปรับสมดุลสิ้นไตรมาสทำให้เกิดการไหลเข้าของเงินทุนแล้วไหลออกอย่างรวดเร็ว

Over the past week, the market was driven by a combination of ceasefire easing, declining inflation, and stable policies. Oil prices fell sharply, the VIX retreated, risk appetite rebounded, and BTC's trading range shifted upwards to $68,000–$73,000. The capital landscape showed strong recovery after intense volatility. BTC ETFs recorded a net inflow of approximately $833 million for the week, hitting a new high for the period, while ETH ETFs also saw net inflows, indicating institutional buying has regained dominance. Trading structures shifted towards macro high-volatility assets and leading platforms, with capital concentrating on energy commodities like oil. DEX activity returned to high-liquidity platforms such as Uniswap.

ตลอดสัปดาห์ที่ผ่านมา ตลาดได้รับแรงขับเคลื่อนหลักจากความขัดแย้งระหว่างสหรัฐฯ-อิหร่านที่ทวีความรุนแรงขึ้น น้ำมันดิบ WTI เพิ่มขึ้นเกือบ 17% กลับมาอยู่เหนือ 100 ดอลลาร์ ส่งผลให้อัตราผลตอบแทนพันธบัตรรัฐบาลสหรัฐฯ ปรับตัวสูงขึ้น (10Y อยู่ที่ 4.44%) ดอลลาร์แข็งค่าขึ้น ตลาดคริปโตโดยรวมปรับตัวลงกว่า 6% และ VIX เพิ่มขึ้นสู่ระดับ 31 ในด้านกระแสเงินทุน กองทุน ETF ของ BTC และ ETH มีการไหลออกสุทธิประมาณ 5 พันล้านดอลลาร์ในช่วงกลางสัปดาห์ ก่อนจะมีการไหลกลับเล็กน้อยในภายหลัง ในด้านกิจกรรมบนบล็อกเชน ปริมาณการซื้อขาย TradFi บน Perp DEX เพิ่มขึ้นสู่ประมาณ 170 พันล้านดอลลาร์ การซื้อขายฟิวเจอร์ส TradFi บน CEX สร้างระดับสูงสุดใหม่ในรอบระยะหนึ่ง ในขณะที่ปริมาณการซื้อขายบน DEX โดยรวมลดลง