Middle East energy supply risks pushed oil prices and inflation expectations higher, with Brent crude briefly breaking above $100. The US 10-year Treasury yield rose to around 4.70%, pressuring growth stocks, and the NASDAQ fell about 2.1% on the week. The crypto market was relatively resilient, with BTC consolidating at highs and ETH showing relative strength supported by capital rotation. BTC spot ETF weekly net inflows fell to approximately $34 million, while ETH spot ETFs recorded net inflows for a third consecutive week, with institutional capital shifting toward structural selection.

BTC、ETH 分别上涨 1.48% 和 3.62%，ETF 资金整体恢复净流入，其中 ETH 资金回流更为明显。Gate TradFi 周成交额回升至约 900 亿美元，美股、ETF 配置占比同步提升。Robinhood Chain 带动市场关注点从 Solana Meme 转向“RWA + Tokenized Stocks + Meme”叙事。

Thị trường tiền mã hóa tiếp tục xu hướng phục hồi dao động, BTC và ETH tăng nhẹ, dòng vốn ETF chuyển từ ròng rút sang ròng vào. Cơ cấu giao dịch Gate Stocks ngày càng đa dạng, cổ phiếu Hàn Quốc nhanh chóng trở thành động lực chính về khối lượng giao dịch. Câu chuyện Meme trên Robinhood Chain thúc đẩy khối lượng giao dịch Uniswap tăng trưởng đáng kể. Các giao thức hệ sinh thái Ethereum như Lido, Aave tiếp tục hưởng lợi từ dòng vốn tổ chức đổ vào RWA, stablecoin.

In June, global capital markets oscillated between high interest rate constraints, easing geopolitical tensions, and declining risk appetite, with the overall picture characterized by intensifying volatility and structural divergence. US equities shifted from the unilateral rally driven by the AI theme to a high-level rebalancing, with AI leaders and semiconductor sectors experiencing notable pullbacks while defensive assets such as healthcare outperformed. Institutional capital increasingly favored reducing exposure to highly volatile positions and allocating to assets with more reasonable valuations and stronger earnings certainty. Against this backdrop, Gate became the largest weekly distribution channel for Polymarket Builders.

With the continuous inflow of ETFs, RWAs, and institutional capital, crypto assets are gradually integrating into the traditional financial system. Wall Street is not unilaterally "taking over" crypto, but rather forming a two-way integration with the crypto ecosystem. Gate and Robinhood represent two paths moving in opposite directions, ultimately aiming to create a unified, comprehensive financial account. RWAs and tokenized U.S. Treasuries are becoming the asset-layer infrastructure connecting TradFi and Crypto.

In June 2026, the crypto market failed to sustain the recovery rebound seen in May. BTC and ETH posted monthly declines of over 20%, while mainstream assets such as BNB, XRP, DOGE, and ADA also faced downward pressure. Among the top 500 tokens, 70.99% recorded losses. The average decline for the top 1–100 was -8.35%, while the 401–500 range saw an average drop of -11.09%.

The crypto market continued its weak adjustment in June. After a rapid decline at the beginning of the month, BTC and ETH entered a phase of low-level recovery. A mid-month rebound failed to reopen upward momentum, and prices fell again at the end of the month, with the overall market price center continuing to shift downward. Open interest in the futures market decreased persistently, long liquidations significantly exceeded short liquidations, and the funding rate remained largely neutral. This indicates that the price decline primarily reflects spot selling pressure and a simultaneous weakening of risk appetite. The market frequently transitioned from narrow-range consolidation to directional expansion, making it more suitable for trend-following and breakout confirmation strategies.

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.