Monera Digital | 2026年5月基金月報：逆市穩健增長，規模再創新高

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

In May 2026, macroeconomic factors continued to dominate market pricing. The combined pressures of geopolitical tensions, rebounding inflation, and the Federal Reserve's policy expectations weighed on the overall performance of risk assets, with the crypto market's capacity for absorption notably declining.

This month, the crypto market experienced a textbook case of "failed liquidity transmission." In the first half of the month, stronger-than-expected inflation data pushed back expectations of Fed easing, causing asset pricing to realign with the macro narrative and putting sustained pressure on risk assets. Towards the end of the month, despite signs of a geopolitical thaw and a simultaneous decline in US Treasury yields and oil prices—factors typically seen as bullish—the crypto market refused to embrace this macro loosening, ultimately turning from gains to losses. This exposed the brutal reality of an accelerated, cycle-level bear market purge.

In terms of price performance, BTC touched $82,850 at the beginning of the month but subsequently declined, closing at $73,674. ETH performed even more weakly, with the ETH/BTC ratio hitting a low of 0.02675, showing a significantly larger decline than BTC. BTC dominance remained high, while alternative coin liquidity continued to shrink, leading to an overall market cap correction.

On the capital front, the most significant characteristic of this month was "severe internal capital hemorrhage": BTC spot ETFs completely reversed their April trend of net inflows, recording massive net outflows of $2.425 billion for the month—the third-largest single-month outflow in history. ETH ETFs also experienced significant capital flight. Concurrently, Coinbase saw a severe negative premium, and both short-term and long-term holder MVRV and SOPR on the chain fell below the breakeven line, presenting a classic pattern of capitulatory selling.

Looking ahead, BTC has substantially breached MicroStrategy's cost threshold of approximately $75,500, leaving $71,400 as the last line of defense on a cycle basis. Bottom-fishing in the short term carries extremely high risk. A true stabilization and turnaround will not depend on a single day's macro improvement; instead, it requires a clear return of ETF capital flows and an end to on-chain capitulation signals. If a major US AI stock experiences an exponential crash, or if BTC reserve companies like MicroStrategy are forced to sell due to breaching cost bases, triggering a chain of deleveraging, the crypto market faces a significant risk of panic. Investment requires prudence, with risk management taking precedence.

2. Fund Data: Steady Growth Against the Trend, AUM Reaches New High 

Against the backdrop of overall market pressure, Monera Digital's fund continued to record positive growth in May 2026, with key core metrics performing strongly.

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. The monthly growth rate was 22.17%, with newly introduced capital for the month amounting to $2.1308 million. Since its inception, the fund's AUM has grown consistently over five months, starting from an initial $1 million in January 2026—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 cumulative increase of nearly 15 times in five months, fully demonstrating the strategy's stability and sustained capital appeal.

In terms of returns, the fund's actual yield APY was 16.23%, while the weighted yield APY reached an impressive 58.71%. Such performance is rare in the current market environment, consistently providing investors with stable returns that surpass the market.

3. Asset Allocation: Diversified Layout, Active Trading as Core Driver 

This month, the fund's total assets under management stood at $14.82 million, allocated using a diversified strategy. Of this, Proactive Trading is the fund's primary source of returns, with an allocation of $9.8794 million, accounting for 66.7% of total AUM, making it the main engine driving overall performance. Quantitative Trading has an allocation of $3.8573 million, representing 26.0%, effectively complementing the proactive trading strategy to build a multi-dimensional return system. Venture Investing has an allocation of $1 million, accounting for 6.7%, focusing on early-stage positions in high-quality projects. Other Assets total $83,424, serving as a supplementary allocation.

The overall allocation structure is centered on active trading, complemented by quantitative strategies and early-stage investments. This approach effectively balances return generation and risk control amidst the current period of heightened market volatility.

4. Conclusion 

Despite the adverse conditions of a pressured crypto market and significant net outflows from ETFs in May 2026, the Monera Digital fund achieved a month-over-month AUM growth of 4.61% and a cumulative weighted APY of 58.71%, thanks to its diversified strategy allocation and stringent risk management system, consistently generating excess returns for investors. Looking ahead to June, the team will prioritize risk management while closely tracking ETF capital flows, on-chain data recovery signals, and macro policy changes. We will adjust position structures in a timely manner to capitalize on the asymmetric opportunities presented by the cycle 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.