加密一级市场投融资前瞻周报｜稳定币监管临近落地，ETF资金连续撤离，资本开始押注支付与现金流

Research Report Period: June 1, 2026 – June 7, 2026

1. Executive Summary

Over the past week, a very noteworthy phenomenon has emerged in the crypto market:

Risk capital is withdrawing, but on-chain capital has not left the market.

From the perspective of traditional institutions, BTC ETFs have seen large-scale net outflows for the fourth consecutive week, with weekly outflows reaching approximately $1.72 billion; ETH ETFs recorded net outflows of roughly $168 million over the same period. The cumulative outflows over the past four weeks have reached $5.4 billion and $880 million respectively, marking the strongest streak of consecutive outflows in nearly a year.

On the other hand, the stablecoin market has not shown a simultaneous contraction.

As the GENIUS Act in the U.S. enters a critical phase and UK regulators begin discussing adjustments to stablecoin regulation details, the global regulatory framework for stablecoins is accelerating its formation.

This indicates a new capital migration logic is emerging in the market:

Capital is shifting from "risk asset allocation" to "payment and yield infrastructure allocation."

Meanwhile, primary market financing remains concentrated in three areas:

• Stablecoin Infrastructure
• AI Agent Infrastructure
• RWA Yield Layer

Compared to the past pursuit of public chains and narratives, capital is now paying more attention to:

Revenue, payment capabilities, and real cash flow.

2. What Happened Over the Past Week?

2.1 Core Market Data Overview

MetricsThis Week (Jun 1 – Jun 7)Last Week (May 25 – May 31)Week-on-Week ChangeNumber of Valid Financing Projects2631-16.10%Total Financing Volume$302 million$412 million-26.70%Largest Single Financing Round$40 million$85 million-52.90%Net Flow of BTC ETFs-$1.72 billion-$1.44 billionOutflow expanded by 19.4%Net Flow of ETH ETFs-$168 million-$257 millionOutflow narrowed by 34.6%DeFi Total Value Locked (TVL)$77.8 billion$80.1 billion-2.90%Total Market Cap of Stablecoins$325.4 billion$321.6 billion+1.18%

Market Interpretation

The biggest change this week is not the decline in financing, but the structural shift in capital.

BTC ETFs recorded net outflows for the fourth consecutive week, with a single-week outflow of $1.72 billion, making it one of the largest single-week capital withdrawals since 2026.

At the same time, the total stablecoin market cap continues to expand.

This phenomenon typically indicates the market has entered a defensive phase: investors reduce risk exposure while maintaining on-chain liquidity, waiting for new opportunities with greater certainty.

2.2 Key Financing Events This Week

Halliday

Track: AI Agent Infrastructure

Financing Amount: $20 million

Round: Series A

Lead Investor: a16z Crypto

Investment Thesis:

As AI Agents enter the commercial verification stage, the market is focusing on Agent execution layer infrastructure. Halliday aims to become the underlying network for future Agents to automatically execute on-chain operations.

OpenRouter

Track: AI Infrastructure

Financing Amount: $40 million

Round: Series A

Lead Investor: a16z

Investment Thesis:

The future Agent era will generate massive demand for model calls, and the model routing layer could become a new infrastructure entry point.

M0 Protocol

Track: Stablecoin Infrastructure

Financing Amount: $35 million

Lead Investor: Bain Capital Crypto

Participating Investor: Pantera Capital

Investment Thesis:

Against the backdrop of an increasingly clear regulatory framework, stablecoin issuance and settlement networks are beginning to attract institutional attention.

Gradient Network

Track: Decentralized AI Network

Financing Amount: $10 million

Lead Investor: Pantera Capital

Investment Thesis:

Decentralized compute and inference networks are becoming essential infrastructure for the AI Agent ecosystem.

2.3 Top Three Tracks Attracting Capital This Week

First Place: Stablecoin Infrastructure (Approximately 28% of total financing)

Representative Projects:

• M0 Protocol
• Ethena
• Agora

Core Data:

MetricsDataTotal Market Cap of Stablecoins$325.4 billionWeek-on-Week Growth+1.18%Share of Yield-bearing StablecoinsApproximately 10%Regulatory ProgressThe GENIUS Act has entered a critical stage

Capital Thesis:

Stablecoins are no longer just trading tools.

The future competitive focus will shift to payment, clearing, and cross-border settlement networks.

Second Place: AI Agent Infrastructure (Approximately 26% of total financing)

Representative Projects:

• Halliday
• OpenRouter
• Spectral

Core Data:

MetricsDataNumber of Financing Projects This Week7Total Financing AmountApproximately $79 millionProportion in Total Financing26%

Capital Thesis:

The market has moved from the Agent concept to the Agent economy.

Future Agents will require:

Identity, payment, credit, and collaboration networks.

Third Place: RWA (Approximately 18% of total financing)

Representative Projects:

• Ondo Finance
• Plume Network
• Centrifuge

Core Data:

MetricsDataTotal Size of RWAOver $14 billionTVL of OndoOver $1.4 billionProjects within the Plume EcosystemOver 200

Capital Thesis:

Institutions are beginning to seek on-chain cash flow assets.

RWA is moving from the narrative phase into the large-scale competition phase.

2.4 Key Security Events and Protocol Risks This Week

Gravity Bridge Security Incident

Loss Scale:

Approximately $5.4 million

Cause:

Compromised validator signing keys

Risk Level:

★★★★★

DxSale Access Control Incident

Loss Scale:

Approximately $7.3 million

Cause:

Malicious control of administrator privileges

Risk Level:

★★★★☆

On-chain Judicial Freeze Case (Zama cUSDC)

Freeze Scale:

Approximately $12.6 million

Cause:

Court order triggered asset freeze

Risk Level:

★★★★★

Risk Observation

This week's security events show a clear shift.

The focus of attacks is moving from smart contract vulnerabilities to:

• Key management
• Access control
• Regulatory enforcement risks

For future financing projects, security capabilities are becoming a significant value-add.

3. Future On-chain Investment and Financing Trends

3.1 Stablecoin Payment Networks May Become the Main Theme of Q3

Following the GENIUS Act entering a critical phase, the market is reevaluating the value of the stablecoin track.

The past market debate was about:

Whether stablecoins are legal.

The future market focus will be on:

Who controls the payment network.

Projects worth watching closely include:

• M0 Protocol
• Ethena
• Agora

Key Observation Points for the Next 4 Weeks:

• Subsequent progress of the GENIUS Act
• Changes in market share between USDC and USDT
• Growth in stablecoin payment use cases

3.2 Compliant Derivatives Infrastructure Enters Value Re-evaluation Phase

Although the overall market adjusted this week, the on-chain derivatives market remained active.

In particular, Hyperliquid maintained its high-revenue status.

Core Data:

MetricsDataOpen InterestOver $8 billionAverage Daily Revenue$1.8 million – $2.2 millionAnnualized RevenueOver $700 million

A new consensus is forming in the market:

Revenue-generating protocols hold more long-term value than narrative-driven protocols.

3.3 AI Agents Begin Commercial Verification Phase

Over the past year, capital invested in the Agent concept.

Over the next year, capital will invest in Agent revenue.

Key Projects to Watch:

• Halliday
• Spectral
• Virtuals

Key Observation for the Next 4 Weeks:

Whether real payment and transaction behaviors begin to emerge between Agents.

If a closed loop forms, the Agent track could enter a new valuation phase.

3.4 Key TGE and Listing Events in the Next 1–4 Weeks

Tier 1 Projects to Watch:

• GRVT
• Initia
• MegaETH

Tier 2 Projects to Watch:

• Monad ecosystem projects
• AI Agent ecosystem projects
• RWA ecosystem projects

Over the next month, ecosystem incentives and testnet opportunities are expected to remain the main focus.

4. Data-Driven Investment Research Analysis

What Do Sustained ETF Outflows and Continuous Stablecoin Growth Mean?

If you only look at ETF data, the market appears to be in a clear risk-contraction phase.

BTC ETFs saw a single-week outflow of $1.72 billion, one of the largest weekly withdrawals this year. ETH ETFs also experienced consecutive outflows.

However, the total stablecoin market cap continues to expand.

This suggests that capital has not truly left the crypto market; it is merely waiting for new, definitive opportunities.

Historically, this phenomenon often occurs right before a new major theme forms.

And the most likely direction to absorb this capital is stablecoin infrastructure and payment networks.

Why Are VCs Reducing Their Deal Flow Frequency?

Total financing this week dropped by approximately 27% compared to last week.

This does not signify a capital exodus.

More accurately:

Institutions are waiting for three key variables to materialize:

• The GENIUS Act
• The Fed's June FOMC meeting
• Progress on U.S. crypto regulation bills

Until the regulatory and macro environment becomes clearer, VCs tend to raise their investment standards.

Future financing will increasingly value:

• Revenue
• User growth
• Business model closure

Rather than pure narrative.

Why Is Hyperliquid Gaining Capital Recognition Counter-Cyclically?

In past years, the market was accustomed to measuring protocol value by TVL.

However, starting in 2026, the market is increasingly focused on revenue.

Hyperliquid's success proves that:

Protocols that truly generate cash flow can establish a valuation system independent of market sentiment.

This could become a significant shift for the entire primary market going forward.

5. 30-Day Observation Checklist

GENIUS Act: Key progress in June, Importance: ★★★★★

FOMC Meeting: June 18, Importance: ★★★★★

CLARITY Act Advancement: Late June, Importance: ★★★★

GRVT Potential TGE: Early July, Importance: ★★★★

Initia Ecosystem Launch: June-July, Importance: ★★★★

Conclusion

In the past, the market competed for narratives. Today, the market competes for cash flow.

From stablecoin payment networks, to on-chain derivatives infrastructure, to the AI Agent economy, capital is searching for protocols that can sustainably create value.

For the next quarter, the three most important themes to watch remain:

Stablecoin Infrastructure, AI Agent Infrastructure, Compliant Derivatives.

And the key factor determining whether a project can secure financing is shifting from "storytelling" to "revenue."