Monera Digital | รายงานกองทุนประจำเดือนพฤษภาคม 2026: เติบโตอย่างมั่นคงท่ามกลางตลาดขาลง ขนาดสินทรัพย์ทำสถิติ新高

1. Market Review: Failed Liquidity Transmission, Crypto Market Weakens Independently 

In May 2026, macroeconomic factors continued to dominate market pricing. The triple pressure of geopolitical tensions, rebounding inflationary pressures, and expectations around Federal Reserve policy combined to suppress the overall performance of risk assets, with the crypto market's capacity to absorb these factors notably declining.

This month, the crypto market experienced a textbook example of "failed liquidity transmission." In the first half of the month, inflation data came in stronger than expected, significantly pushing back expectations for Fed easing, causing asset pricing to fall under the sway of macro narratives and putting sustained pressure on risk assets. Towards the end of the month, despite signs of a geopolitical thaw, with US Treasury yields and oil prices falling in tandem—a traditionally positive signal—the crypto market refused to embrace this macro easing, turning from gains to losses. This exposed the brutal reality of a cyclical deep bear market accelerating its cleansing process.

In terms of price performance, BTC touched $82,850 at the beginning of the month before declining steadily, closing the month at $73,674. ETH performed even weaker, with the ETH/BTC ratio hitting a low of 0.02675, showing significantly larger losses than BTC. BTC's dominance remained high, altcoin liquidity continued to shrink, and total market capitalization corrected overall.

On the capital front, the defining characteristic of the month was "severe internal capital hemorrhage": BTC spot ETFs completely reversed the net inflows seen in April, with net outflows reaching a massive $2.425 billion for the full month, making it the third-largest single-month outflow on record. ETH ETFs also saw significant capital flight. Concurrently, Coinbase experienced severe negative premiums, and both the short-term and long-term holder MVRV and SOPR metrics on-chain fell below the break-even line, presenting a classic pattern of capitulation and loss-taking.

Looking ahead, BTC has substantially broken through MicroStrategy's cost basis threshold of approximately $75,500, making $71,400 the final cyclical defense line below. In the short term, bottom-fishing carries extremely high risk. A true stabilization and bottoming out will not depend on a single day's improvement in macro indicators but must be confirmed by ETF capital returning and on-chain capitulation signals ending. If leading US AI stocks suffer an index-level crash, or if BTC reserve companies like MicroStrategy are forced to sell due to falling below their cost basis, triggering a chain of deleveraging, the crypto market would face significant panic risk. Investment caution remains paramount, with risk management being the priority.

2. Fund Data: Steady Counter-Cyclical Growth, AUM Hits New High 

Against the backdrop of overall market pressure, Monera Digital's funds continued to record positive growth in May 2026, with strong performance across key metrics.

As of the end of May, the fund's total Assets Under Management (AUM) reached $14.82 million, a net increase of approximately $2.9 million from $12.13 million at the beginning of the month, representing a monthly growth of 22.17%. New capital introduced this month amounted to $2.1308 million. Since the fund's inception, starting from an initial $1 million in January 2026, AUM has grown continuously over five months—surpassing $3.33 million in February, jumping to $6.78 million in March, breaking $12.13 million in April, and reaching a new high of $14.82 million in May. This represents a nearly 15-fold increase over five months, fully demonstrating the strategy's stability and sustained capital appeal.

In terms of returns, the fund achieved an actual yield (APY) of 16.23% and a weighted APY of 58.71%—a rare feat in the current market environment, consistently delivering robust, market-beating returns for investors.

3. Asset Allocation: Diversified Strategy, Proactive Trading as Core Driver 

This month, the fund's total assets of $14.82 million were allocated using a diversified strategy. Proactive Trading, the core source of fund returns, was allocated $9.8794 million, accounting for 66.7% of total AUM, serving as the main engine for overall returns. Quantitative Trading was allocated $3.8573 million, representing 26.0%, effectively complementing the proactive trading strategy and building a multi-dimensional revenue system. Venture Investing was allocated $1 million, making up 6.7%, focusing on early-stage allocations in high-quality projects. Other Assets totaled $83,424, serving as a supplementary allocation.

The overall allocation structure is centered on proactive trading, supplemented by quantitative strategies and early-stage investments. This effectively balances return generation and risk control amid the current increased market volatility.

4. Conclusion 

Despite the overall pressure on the crypto market and significant net ETF outflows in May 2026, the Monera Digital fund, through its diversified strategy allocation and strict risk management system, achieved a sequential AUM growth of 4.61% and a cumulative weighted APY of 58.71%, consistently generating excess returns for investors. Looking ahead to June, the team will maintain a risk-management-first approach, closely monitoring ETF capital flows, on-chain data recovery signals, and macro policy changes. We will adjust position structures as appropriate to seize the asymmetric opportunities presented by the cycle's bottom.

Interested parties are welcome to contact us:

X: https://x.com/Monera_Digital

TG：https://t.me/MoneraDigital_Official

This report is prepared by the Monera Digital trading team for reference purposes only and does not constitute investment advice.