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According to Gate platform data, gold (XAU) reached a maximum of $4561.69 and a minimum of $4495.52 in 24 hours; silver (XAG) reached a maximum of $77.20 and a minimum of $74.55 in 24 hours. The metal market has experienced a short-term correction, maintaining overall high volatility, which has driven active trading. According to CoinGlass data, the 24-hour trading volume for Gate XAU contracts reached $171 million, with a current open interest of $136 million; the 24-hour trading volume for XAG contracts reached $190 million, with an open interest of $108 million, both ranking among the industry's top.Gate pioneered the metal contract trading sector, providing 24/7 uninterrupted trading, offering users higher strategic flexibility and asset management efficiency in volatile markets. Gate contracts cover various traditional financial assets, including stocks, metals, foreign exchange, indices, and commodities, supporting trading in core assets such as gold, silver, and globally popular stocks. Gate continues to build a more efficient and professional multi-asset one-stop trading platform for global users.

CryptoQuant analyst Darkfost stated that due to the recent intensified selling pressure from institutions, the Coinbase premium has fallen into negative territory, recording a monthly low of negative 0.0983%. This indicates that institutions and professional investors trading on Coinbase Advanced are selling more aggressively than retail investors on Binance.Analyst Axel Adler pointed out that this indicates a zero confirmation of U.S. spot demand. LVRG research director Nick Ruck stated that the decline in the premium reflects the emergence of net selling pressure from large holders, as institutions are taking profits or readjusting their positions.In addition, CoinGlass data shows that since May 14, there have been four trading days of net outflows from U.S. spot Bitcoin exchange-traded funds, totaling $1.3 billion. Bitfinex reported that this week, the open interest in Bitcoin futures or perpetual contracts has decreased by about $1.5 billion, clearing most of the leverage.

According to Cointelegraph, the key indicator measuring institutional participation in the crypto market, the Coinbase premium, has fallen into a deeper negative territory, indicating increased selling pressure from institutions. This premium has mostly been negative since the end of April, accelerating its decline over the past seven days, recording a monthly low of -0.0983%. CryptoQuant analyst Darkfost stated that the selling pressure from institutions has intensified recently, suggesting that institutions and professional investors trading on Coinbase Advanced are selling more aggressively than investors on Binance.Since May 14, the U.S. spot Bitcoin ETF has seen net outflows for four consecutive trading days, totaling $1.3 billion. Bitcoin futures and perpetual contracts' open interest has decreased by about $1.5 billion this week. Bitcoin has fallen 4.5% over the past week, hitting a monthly low above $76,000 on Tuesday.

According to SoSoValue data, yesterday (Eastern Time May 21) the total net outflow of Ethereum spot ETFs was $32.577 million.The Ethereum spot ETF with the highest net inflow yesterday was Blackrock Staked ETH ETF ETHB, with a net inflow of $3.2936 million, and the historical total net inflow of ETHB has reached $518 million. The second was Bitwise ETF ETHW, with a net inflow of $2.1371 million, and the historical total net inflow of ETHW has reached $384 million.The Ethereum spot ETF with the highest net outflow yesterday was Blackrock ETF ETHA, with a net outflow of $38.0076 million, and the historical total net inflow of ETHA has reached $11.629 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $12.211 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.73%, with a historical cumulative net inflow of $11.622 billion.

According to SoSoValue data, yesterday (Eastern Time May 21) the total net outflow of Bitcoin spot ETFs was $101 million. The Bitcoin spot ETF with the highest net inflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a net inflow of $2.8287 million. Currently, the historical total net inflow of ARKB has reached $1.282 billion.The Bitcoin spot ETF with the highest net outflow yesterday was the Blackrock ETF IBIT, with a net outflow of $104 million. Currently, the historical total net inflow of IBIT has reached $64.842 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $101.058 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.49%, with a historical cumulative net inflow of $57.189 billion.

The cross-chain network Everclear officially announced on social media that it has decided to end the operations of the Everclear Foundation and Labs, and to stop product development. Currently, the protocol has been shut down, and the Everclear UI and chain have ceased operation. The team stated that the remaining TVL in the protocol has been fully withdrawn, and to their knowledge, no user funds are trapped.Regarding the reasons for the shutdown, Everclear stated that although the monthly trading volume had previously reached $500 million, the team failed to establish sufficient commercial depth and convert it into effective revenue due to users' high price sensitivity in the cross-chain solver field. Additionally, the team exhausted its funds (runway) during the transition to a B2B2C model over the past six months, and several acquisition proposals explored were also unsuccessful.For future arrangements, Everclear is conducting an orderly liquidation to address outstanding debts. The team stated that if there are remaining funds after the debts are settled, they will explore repurchasing existing tokens, with a potential total repurchase amount estimated between $50,000 and $200,000, but this has not yet been finalized. Furthermore, the foundation is considering open-sourcing the protocol's intellectual property (IP) to give the DAO the option to continue advancing work under new management; currently, the DAO itself is still operational.

According to Fireblocks' "2025 Stablecoin Status Report," the trading volume of euro stablecoins processed by retail virtual asset service providers (VASP) has grown 12 times in 15 months, reaching $777 million.European banks and fintech companies are accelerating the production and deployment of compliant stablecoins following the implementation of the EU's Markets in Crypto-Assets Regulation (MiCA). Banking Circle and SG-Forge have become pioneers of MiCA-compliant stablecoins, launching euro-backed digital assets EURI and EURCV, respectively, both of which are currently expanding their production operations.This growth reflects a broader transformation of the European digital asset infrastructure, as banks have moved from pilot projects to building production systems for tokenized assets and stablecoin payment rails. Fireblocks' research indicates that European banks view stablecoins and tokenized asset infrastructure as key components of their 2026 roadmap, with MiCA compliance reducing regulatory uncertainty and accelerating the deployment process.

Tom Lee, the chairman of BitMine, Ethereum's largest treasury, stated that Ethereum has a strong group of leaders and developers who can ensure it continues to be the future settlement layer for finance and AI.Currently, much of the bearish sentiment is just despair and mutual blame at the bottom of the crypto winter. Blockchain is the only viable way for agentic AI to conduct business interactions while significantly improving the profitability of the financial system. I will continue to be optimistic about ETH.

According to Jinshi reports, Federal Reserve official Barkin stated that there are currently no signs of runaway inflation based on the inflation expectations reflected in the long-term bond market.

According to market data, HYPE has broken through 60 USDT and continues to set new highs, currently reported at 59.844 USDT, with a 24H increase of 16.15%.

According to the official announcement, Bitget has now launched the U-based 10000NEX perpetual contract, supporting up to 20x leverage, and the contract trading bot will be opened simultaneously.In addition, you can participate in the NEX CandyBomb event. New contract users who complete net deposits and trading tasks can earn up to 20 million NEX individually, with a total prize pool of 2 billion NEX. The event ends on May 28 at 20:00 (UTC+8), and more details can be found on the Bitget official platform.

The cryptocurrency trading platform SuperEx announced that it will officially launch the GEVUSDT and URNMUSDT U-based perpetual contract trading pairs today at 21:30 Beijing time (13:30 UTC).It is reported that the newly launched contract trading pairs support full margin, cross margin, and split margin modes, and users can experience trading through SuperEx's web and app platforms.

According to the official announcement, Bitget has launched the SpaceX pre-market perpetual contract SPCXUSDT, with a maximum leverage of 5 times. For more details, please check the Bitget official platform.

Binance updated the funding rate for the SPCXUSDT U-based Pre-IPO perpetual contract to 0% on May 21, 2026, at 16:00. If the funding rate for this contract remains at 0% on May 22, 2026, at 00:00, Binance will notify separately. Users holding open positions are advised to reassess their hedging strategies.

According to the latest data from the prediction market by Gate, the popularity of the "Champions League Champion" prediction market continues to rise, and market divergence has further intensified. Paris Saint-Germain (PSG) currently has a predicted probability of 59%, while Arsenal stands at 43%. The support rates for both sides continue to fluctuate, and the market remains highly attentive to the eventual champion.As the first centralized exchange (CEX) platform to connect with Polymarket, Gate consistently ranks among the top three in the Polymarket partnership channels, with a significant increase in user participation, reflecting the growing activity and engagement of platform users in the prediction market. Currently, users can directly access the prediction market through the Gate App, entering the Polymarket page from the platform's homepage Alpha and using USDT in their exchange accounts to participate in event predictions. Gate continues to optimize the prediction market functions and ecosystem, providing users with a diversified market experience from expectation judgment to trading participation.

Glassnode stated that Bitcoin has reclaimed the real market average at $78,300 but has failed to maintain a position above this level. Historical cycles suggest that several weeks to months of consolidation may be needed before confirming a credible bull market transition. The 30-day moving average has seen its risk-reward ratio rise from 0.4 in February to 1.8 during the rebound, indicating that demand is insufficient to absorb the wave of profit-taking. This indicator needs to remain above 2 to signal a true recovery of buyer strength.The 30-day cost baseline at $78,200 has shifted from a support level to an overhead resistance level, while the cost baseline of the accumulation group formed from February to April ($71,400) is currently the most direct support level in the ongoing pullback. The internal structure of the spot market has weakened in recent weeks, with the cumulative volume delta (CVD) remaining negative overall, and Coinbase activity continues to lag. This indicates that while there is sporadic offshore speculative demand, the participation of U.S. institutions in the spot market remains relatively weak.CME futures open interest has continued to rise alongside prices, indicating that while overall spot demand remains hesitant near the current range highs, institutional participation in the derivatives market is improving. The accumulation rate of U.S. spot ETFs has recently slowed, further indicating that positions are increasingly driven by futures activity. Implied volatility is rebounding from low levels, primarily concentrated in short-term contracts, while long-term expectations remain stable. Realized volatility continues to decline, and the volatility risk premium has expanded, making the cost of hedging relatively manageable. Options positions remain defensive. The skew indicator shows a resurgence in demand for downside protection, while the negative gamma range around $75,000 makes spot prices susceptible to amplified hedging flows and increased price volatility.

According to a post by Santiment on social media, a large number of traders have bet on the decline of HYPE in the past few days, and significant negative spikes in funding rate data have appeared across trading platforms. However, the price of HYPE continues to rise, forming a classic short squeeze that forces bearish traders to automatically buy back their positions, further driving up the price. Currently, the total value of HYPE's open contracts remains at a very high level of over $1.92 billion.Although the market generally believes that liquidations will lead to the collapse of open contracts, HYPE remains one of the hottest assets in the crypto market, with new traders continuously entering, keeping the open contracts at a high level.The main catalyst for this round of increase is the growing enthusiasm for Hyperliquid-related ETF products. In May 2026, companies like Bitwise and 21Shares launched HYPE-linked ETFs, providing traditional investors with a channel to gain exposure to the asset without the need to directly use crypto wallets or decentralized exchanges. Market analysis suggests that the launch of these ETFs marks Hyperliquid's transition from a niche DeFi platform to an institutionally recognized crypto ecosystem.

According to SoSoValue data, yesterday (Eastern Time May 20), the total net outflow of Bitcoin spot ETFs was $70.4655 million.The Bitcoin spot ETF with the highest net inflow yesterday was the Morgan Stanley ETF MSBT, with a net inflow of $1.1107 million. Currently, the historical total net inflow of MSBT has reached $234 million.The Bitcoin spot ETF with the highest net outflow yesterday was the Blackrock ETF IBIT, with a net outflow of $61.4516 million. Currently, the historical total net inflow of IBIT has reached $64.946 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $101.117 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.49%. The historical cumulative net inflow has reached $57.29 billion.

According to SoSoValue data, as of May 20, Eastern Time, the total net outflow of Ethereum spot ETFs was $28.1395 million.The Ethereum spot ETF with the highest single-day net inflow yesterday was Blackrock Staked ETH ETF ETHB, with a single-day net inflow of $4.3933 million. Currently, the historical total net inflow of ETHB has reached $515 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Blackrock ETF ETHA, with a single-day net outflow of $30.9358 million. Currently, the historical total net inflow of ETHA has reached $11.667 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $12.243 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.75%. The historical cumulative net inflow has reached $11.655 billion.