The easing of tensions in the Middle East has driven a pullback in crude oil, 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 declined by about 6.9% and 9% respectively; spot ETFs for BTC and ETH saw significant net outflows. On-chain capital continued to concentrate on high-turnover trading scenarios, with PumpSwap becoming the largest incremental gainer this week. DeFi liquidity maintained 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% and ETH up approximately 12.2% for the week; Gate TradFi weekly trading volume remains high at around $85 billion, with US stock trading volume increasing for five consecutive weeks, reaching 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 as risk appetite improves.

Last week, global markets traded around the Fed's hawkish signals, with BTC and ETH both falling over 4%. The overall trend of ETF outflows remained unchanged. Gate TradFi Perp trading stayed active, with continuous expansion in US stock asset coverage. DEX trading volume showed divergence, with Uniswap slightly overtaking PancakeSwap, while Solana ecosystem trading recovered. Stablecoin supply did not show significant new USD inflows, with funds primarily rotating among existing holders.

Last week, BTC, ETH, and the broader crypto market all experienced a "decline followed by a rally" reversal; ETF fund flows also showed significant improvement. Over the past week, Gate TradFi Perp's daily trading volume exceeded $500 million multiple times, with stock trading volume accounting for a noticeably higher proportion compared to the previous period. DEX trading volumes generally declined from the prior week; the LST sector rebounded alongside the price recovery of ETH and SOL; Aave's lending scale stopped declining and began to rise, with borrowing rates remaining low and USDC funding pressure easing.

In May, the global capital market continued its overall recovery. The U.S. stock market rose steadily, driven by the AI narrative, corporate earnings resilience, and improved risk appetite, with the technology and semiconductor sectors performing particularly well. Meanwhile, structural differentiation in the market remained pronounced, with capital flowing more concentratedly towards core assets backed by deterministic growth and solid earnings. Against this backdrop, Gate officially launched its 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 gateway covering crypto assets, U.S. stocks, and ETFs.Core Viewpoint: In May 2026, the cryptocurrency market entered a volatile phase under the alternating influence of geopolitical risks and policy expectations; ETF capital inflows slowed, and the industry's focus shifted from trading to infrastructure construction driven by compliance and real revenue. The stablecoin market cap surpassed $300 billion, and VC fundraising showed a significant recovery.Key Factors:Recurring geopolitical disturbances (Middle East, Russia-Ukraine) suppress risk appetite, making the crypto market more of a zero-sum game. Bitcoin remains relatively stable, while altcoins face pressure.Crypto ETF capital inflows slowed significantly and even showed periodic net outflows, with institutions shifting from active allocation to a cautious stance. Both Bitcoin and Ethereum ETFs indicated adjustment trends.Global equity markets continued to rise. The U.S. market was led by the AI narrative (semiconductors) and the healthcare sector. A falling VIX index indicated improved risk appetite, while gold corrected after a period of high-level consolidation.Prediction market trading volume remained in the tens of billions of dollars. Kalshi led in trading volume and fees thanks to its compliant path, while Polymarket faces both global traffic and regulatory scrutiny.Cryptocurrency payment card transaction volume increased to $752 million. Stablecoins (USDT, USDC) dominate payment scenarios. The Red Sea market of payment cards is highly concentrated, differentiating into two models: large-scale withdrawals and small-scale, high-frequency payments.The stablecoin market cap surpassed $300 billion (tripling in a year), driven by the landing of regulatory frameworks, dollar demand in emerging markets, and the expansion of on-chain finance. However, the market is highly concentrated in Tether and Circle.Crypto VC fundraising is recovering, with a16z raising $2.2 billion and Haun Ventures raising $1 billion. Capital flows towards real revenue directions such as stablecoins, RWA, and AI Agent financial tracks.

Tuần trước, thị trường vĩ mô toàn cầu đã trải qua một sự chuyển đổi kịch tính từ "giai đoạn gia tăng cảm xúc" sang "đảo chiều nhanh chóng". Bitcoin giảm khoảng 15% trong tuần, Ethereum giảm khoảng 22%. Số lượng tài sản trên nền tảng giao dịch chứng khoán Mỹ của Gate mở rộng nhanh chóng sau khi ra mắt. Giao dịch DEX phục hồi rõ rệt, khối lượng giao dịch của các giao thức chính như Uniswap, PancakeSwap, Aerodrome tăng; lĩnh vực LST nói chung giảm, quy mô cho vay của Aave tiếp tục giảm, nhu cầu mới chủ yếu đổ vào các hệ sinh thái mới nổi như MegaETH.

市场重新定价 Fed 加息预期，加密市场持续承压，BTC 周跌约 4.3%，ETH 周跌约 4.8%；全球加密 ETP 连续两周净流出，累计流出达 25.4 亿美元。Gate 正式推出股票交易服务，支持超过 10,000 支美股及 ETF。PancakeSwap 交易量反超 Uniswap。LST 板块降温，SOL 生态表现相对稳健。

Over the past week, markets continued to fluctuate around US-Iran negotiations and expectations for Fed policy. Expectations of geopolitical easing initially weighed on oil prices, but U.S. Treasury yields rose to around 4.56%. While U.S. stocks showed a divergent uptrend, the crypto market remained relatively weak. BTC ETFs saw net outflows of approximately $1.256 billion for the week, and ETH ETFs had net outflows of about $216 million, indicating that institutional capital maintained 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. On-chain and TradFi CEX derivative trading continued to be dominated by safe-haven assets such as gold. On-chain liquidity remained concentrated in top DEXs like PancakeSwap and Raydium. Lending on Aave's mainnet and the LST sector experienced a pullback, with demand for leveraged positions on both the ETH and Solana sides cooling simultaneously. Meanwhile, new chains like Plasma and MegaETH continued to attract structural capital migration.

Last week, BTC broke through $82,000 driven by continued ETF inflows, with BTC ETFs recording a net inflow of $632 million for the week. CEX TradFi equity-class assets continued to grow. On-chain capital flowed back to leading DEXs and mature liquidity scenarios, with Uniswap and PancakeSwap as the core receiving platforms; Aave is still digesting the impact of the rsETH event, with the lending market remaining weak.

Last week, the crypto market exhibited an overall pattern of "cautious optimism," with BTC rising from $68,000 to above $77,000. Trading activity in TradFi has cooled somewhat, but gold remains a core trading asset. On-chain capital continues to concentrate in high-liquidity and high-turnover scenarios, with PancakeSwap's weekly trading volume approaching $36 billion. Stablecoin capital is clearly flowing back into settlement-type dollar assets, with USDT supply rising to nearly $200 billion. Following the rsETH incident, Aave's lending balance plummeted by 26.7% in a single week.Core View: Last week, the crypto market exhibited a pattern of "cautious optimism." BTC rose above $77,000 due to easing geopolitical risks and growing expectations of interest rate cuts. On-chain capital concentrated in high-liquidity and settlement-type assets, but the repricing of complex risk pathways (such as the rsETH incident) led to a structural migration of capital.Key Elements:BTC ETFs saw net weekly inflows of $585 million, with BlackRock's IBIT accounting for over 80%; total net asset value exceeded $102.64 billion, indicating a recovery in market confidence.Stablecoin capital flowed back into settlement assets, with USDT supply rising to nearly $200 billion, while the yield-bearing stablecoin USDe saw net outflows of nearly $2 billion in a single week.Following the rsETH incident, on-chain risk appetite declined. Aave's lending balance plummeted by 26.7% in a week, with capital accelerating its shift towards competing protocols like Spark. Core stablecoin borrowing rates surged significantly.The derivatives market exhibited a classic divergence structure of "negative funding rates + high-range volatility." BTC short positions remain crowded, but spot and institutional buying provide support, with implied volatility rebounding.Institutional trading activity rebounded, with spot trading volume increasing 20.09% week-over-week. CrossEx trading volume and capital scale hit new highs (up 79% and 816% week-over-week, respectively).

The market over the past week has been jointly driven by a ceasefire de-escalation, easing inflation, and stable policies. Oil prices have dropped sharply, the VIX has fallen, and risk appetite has recovered, pushing the BTC range up to $68,000 – $73,000. In terms of capital flows, a strong recovery followed a period of intense volatility. BTC ETFs recorded net inflows of approximately $833 million for the week, reaching a new high for the period. ETH ETFs also posted net inflows, with institutional buying power reasserting itself. Trading structures shifted towards macro high-volatility assets and top-tier platforms, with capital concentrated in energy commodities such as crude oil. On the DEX side, activity returned to high-liquidity platforms like Uniswap.

Tuần qua, thị trường biến động mạnh dưới tác động kép của những diễn biến bất ổn địa chính trị và dữ liệu kinh tế vượt kỳ vọng. Dầu thô WTI tăng hơn 7% trong tuần, có lúc vượt 113 USD, cùng với dữ liệu bán lẻ, ISM và việc làm phi nông nghiệp mạnh mẽ, đã đẩy thị trường chứng khoán Mỹ phục hồi, kim loại quý lập đỉnh mới, trong khi tài sản mã hóa cũng tăng theo sự cải thiện của tâm lý chấp nhận rủi ro. Về dòng tiền, ETF BTC ghi nhận dòng vốn ròng dương khoảng 22.3 triệu USD trong tuần, trong khi ETF ETH tiếp tục chứng kiến dòng tiền ròng âm. Việc tái cân đối cuối quý dẫn đến dòng tiền chảy vào rồi nhanh chóng rút ra.

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 recovered, and BTC's trading range shifted upward to $68,000–$73,000. At the capital level, there was a 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. ETH ETFs also saw net inflows, with institutional buying regaining dominance. Trading structures shifted towards macro high-volatility assets and leading platforms, with capital concentrating on energy commodities like oil, and DEX activity returning to high-liquidity platforms such as Uniswap.

Thị trường trong tuần qua chủ yếu chịu tác động từ việc leo thang căng thẳng Mỹ-Iran, giá dầu WTI tăng gần 17% trở lại trên mức 100 USD, kéo theo lợi suất trái phiếu Mỹ tăng (10Y lên 4.44%), đồng USD mạnh lên, thị trường tiền mã hóa tổng thể giảm hơn 6%, chỉ số VIX tăng lên 31. Về mặt dòng tiền, ETF BTC và ETH có dòng ròng rút khoảng 5 tỷ USD trong tuần, sau đó có dòng chảy vào nhỏ trở lại. Trên chuỗi, khối lượng giao dịch Perp DEX TradFi tăng lên khoảng 17 tỷ USD, khối lượng giao dịch vĩnh viễn TradFi trên CEX đạt mức cao mới theo giai đoạn; khối lượng giao dịch DEX tổng thể giảm.