on-chain

On-chain data shows that on May 19 at 13:13 (UTC+8), the wallet marked as the Hyperliquid system address transferred 499,900 HYPE to the Gate address. Based on the on-chain price at that time, the value of this asset was approximately 23,730,253 USD.

Despite the ETH price dropping about 26% this year, the staking ratio of Ethereum has increased from 29% at the beginning of the year to about 31%, showing that long-term holders are ignoring price weakness and on-chain risks, continuously reducing the circulating supply. Historical data indicates that in the context of tightening circulating supply, once demand experiences a substantial recovery, it will provide favorable support for the price.Meanwhile, liquid staking protocols like Lido have significantly lowered the participation threshold, expanding the staking community from professional validators to a broader range of retail and institutional users. Analysis points out that as spot ETF products mature and the scale of RWA tokenization activities on Ethereum expands, institutional demand for staking ETH may bring structural capital inflows to the staking ecosystem.Although the ETH price performance has been poor, Ethereum's core position in RWA settlement, DeFi infrastructure, and Layer 2 activities continues to solidify. Whether the price can reverse may depend on the speed at which institutional capital shifts from narrative to actual allocation.

According to official news, Ju.com’s latest live broadcast will officially start today (May 19) at 20:00 (UTC+8). The theme of this live broadcast is "Focusing on Incremental Markets: In-depth Analysis of the Growth On-chain Asset System and Ju.com Contract Practical Strategies," marking an important milestone in the official implementation of the global strategic ecological cooperation between Ju.com and Growth Protocol, focusing on the new generation of Meme asset issuance mechanisms and solutions for breaking through the contract market.Senior investor Sky and core team member of Growth Protocol, Mario, will join forces with PhD in Financial Management and early Binance investor Shi Yuhua, along with several industry veteran KOLs, to engage in in-depth dialogue on core topics such as the innovative economic model of Growth Protocol and strategies for responding to the current stock game in the contract market. During the broadcast, the audience will be able to ask questions in real-time, so please stay tuned.

Smart money, which previously built a position of 11,004 ETH at an average price of $3.45 in 2016 and made a profit of $30.38 million, has once again bought 1,344.18 ETH ($2.83 million) on-chain 10 hours ago; currently, the average cost of the newly built position is $2,153.95, with an unrealized loss of $165,000, and all USDC on-chain has been used for building the position.

According to CoinDesk, the stablecoin payment blockchain Tempo, supported by Stripe and Paradigm, is integrating Morpho's $7.5 billion DeFi lending market to provide on-chain lending and yield products for fintech companies and enterprises built on it. This integration allows Tempo users to access one of the largest lending protocols in DeFi, transforming stablecoin balances from idle assets into interest-bearing assets.Previously, Tempo was primarily positioned as a funds transfer blockchain, providing enterprises with stablecoin transfer, foreign exchange, and settlement tools. The addition of Morpho expands it into a more complete financial stack.

The on-chain perpetual contract trading platform Ostium announced a partnership with Nasdaq to use its U.S. stock market data to support stock perpetual contract products on the platform. Ostium stated that this makes it the first on-chain trading venue to offer stock perpetual contracts supported by Nasdaq data.The platform claims that users will be able to gain exposure to U.S. stocks through on-chain infrastructure while retaining features such as transparency, instant settlement, and self-custody. Ostium focuses on on-chain leveraged trading of traditional financial assets, covering categories such as stocks, indices, commodities, ETFs, and foreign exchange. Currently, the platform's cumulative trading volume has exceeded $50 billion, with more than 26,000 trading users.

Gate, a global leading digital asset trading platform, released its transparency report for April 2026. As the on-chain infrastructure continues to improve and capital efficiency increases, the synergy between on-chain trading, financial products, and payment scenarios has further enhanced, maintaining a steady upward trend in overall ecosystem activity.In terms of on-chain network, the number of transactions on Gate Layer exceeded 36.3 million, with a month-on-month growth of over 11%. The proportion of non-API trading on Perp DEX is close to 90%, reflecting a continued recovery in retail participation. On the capital and product side, the peak TVL of Yubibao approached $1.8 billion, the scale of on-chain earning products continues to grow, GUSD's scale has increased to over $190 million, and the crypto payment scenario has further extended into daily consumption through Gate Card, with the user base continuously rising.In addition, Gate has joined the Mastercard crypto partner program and is deepening cooperation around crypto cards, stablecoin payments, and cross-border settlements, promoting the accelerated integration of digital assets into the global mainstream payment system.The platform ecosystem is also continuously evolving, with approximately 2.5577 million GT tokens burned on-chain in the first quarter of 2026, with a destruction value exceeding $20.68 million. As of now, the cumulative burn of GT has exceeded 187 million tokens, accounting for about 62.46% of the initial supply.On the basis of adhering to the stable execution of the established burn plan, the long-term supply contraction trend of GT has become clearer, providing a foundation for its scarcity and value support. Gate is continuing to strengthen the integrity and global connectivity of its multi-asset financial infrastructure through the synergy of on-chain ecosystem expansion and asset management.

According to The Block, Geoffrey Kendrick, the global head of digital asset research at Standard Chartered Bank, stated that the total scale of on-chain tokenized assets is expected to reach $4 trillion by the end of 2028, with stablecoins and real-world assets (RWA) each accounting for $2 trillion. Standard Chartered believes that DeFi protocols with mature risk control systems and scalability will be the main beneficiaries of this trend, while the advancement of the U.S. Clarity Act may become an important catalyst for accelerating the on-chain transition of traditional finance.Kendrick pointed out that the core advantage of DeFi lies in "composability." In an on-chain environment, the same asset can simultaneously earn yields, serve as collateral, and maintain liquidity, which the traditional financial system cannot achieve with similar efficiency. He stated that this structural advantage means "1+1=3." Standard Chartered cited BlackRock's tokenized U.S. Treasury fund BUIDL as an example, noting that the product not only yields about 4% from U.S. Treasuries but can also be converted into sBUIDL for use in lending protocol collateral and serves as a reserve asset for products like Ethena USDtb and Ondo OUSG.The report also noted that the current scale of off-chain assets is still about 1,000 times that of on-chain assets, and the tokenization of institutional-grade assets may become the core source of growth for the next phase of the industry. Regarding institutional adoption, Standard Chartered mentioned that Aave's asset scale once matched that of the 38th largest bank in the U.S., and the current daily trading volume of on-chain stablecoin lending has reached $1.5 billion to $2 billion.At the same time, the Bitcoin lending product developed in collaboration between Coinbase and Morpho currently has a loan scale of about $1.75 billion, covering approximately 22,000 borrowers, indicating that traditional financial institutions are gradually using DeFi as underlying infrastructure.

According to on-chain analysts, smart money that previously accumulated 11,004 ETH at an average price of $3.45 in 2016 and made a profit of $30.38 million has purchased a total of 5,283.61 ETH on-chain in the past two days, worth $11.48 million, with an average cost of $2,172.7, currently facing an unrealized loss of $320,000.

Binance Research released a chart analysis this week indicating that four on-chain signals point to the same conclusion: supply is tightening, and selling pressure has been exhausted.Long-term dormancy: Nearly 60% of BTC supply has not moved for over a year, significantly higher than 27% in 2012. The dormancy rate peaked at 69.5% when the spot Bitcoin ETF was approved in January 2024 and has since remained close to historical highs.SLRV indicator: The short-term to long-term holder value ratio is deeply entrenched in historical bottom territory, indicating a lack of market sentiment. Long-term holders dominate the supply, while short-term speculators have largely exited. Historically, every cycle bottom has been accompanied by this ratio entering the current region.Exchange balances: Since peaking at 17.6% during the pandemic, exchange balances have dropped to 15%, with approximately 500,000 BTC permanently leaving exchanges, and seller supply has fallen to a six-year low.STH MVRV indicator: Since November 2024, the BTC short-term holder MVRV has mostly remained below 1, gradually exhausting selling pressure. Currently, this ratio has rebounded to 1, and short-term holders are beginning to reaccumulate unrealized gains. As profit accumulation is still in its early stages, a new wave of selling pressure is unlikely to emerge immediately; historically, this pattern often appears before a sustained recovery.

According to CoinDesk, blockchain data analysis company Arkham Intelligence has monitored that the wallet holdings of Bhutan's sovereign wealth fund Druk Holding and Investments (DHI) have significantly decreased from about 13,000 BTC in October 2024 to approximately 3,100 BTC currently. Since mid-2025, over $1 billion worth of Bitcoin has flowed out, with funds directed to multiple exchanges and trading companies, including wallets interacting with Galaxy Digital and OKX.In response, DHI CEO Ujjwal Deep Dahal stated, "I don't remember when the last time we sold Bitcoin was." The official denied any selling activity but did not provide details on the specific wallet movements and did not confirm the current holdings.

Hyperliquid co-founder Jeff posted on the X platform, stating that he recently met with several policymakers in Washington, D.C. to discuss the ongoing "Clarity Act" and the cryptocurrency regulatory framework, focusing on promoting the compliance of on-chain derivatives trading markets in the United States.He mentioned that the discussions were divided into two levels: one part was more technical, involving Hyperliquid's on-chain trading architecture, global user demand, and its positioning as a financial innovation infrastructure; the other part was an introduction to the "first principles" of DeFi and on-chain markets, aimed at helping policymakers understand the relevant mechanisms and potential impacts.Jeff expressed that during these discussions, he sensed a "cautious but open" regulatory attitude towards the cryptocurrency industry from both parties in the U.S. and believes that the market is forming a policy window to promote the entry of on-chain derivatives into the U.S. system. He also emphasized that he will continue to advance relevant communications in Washington to strive for U.S. users to access Hyperliquid's on-chain trading market.

According to CoinDesk, on-chain analysis firm Arkham Data shows that over the past year, wallets associated with Bhutan have seen outflows of approximately $1 billion in Bitcoin, with funds flowing to multiple trading platforms and trading institutions, reducing their holdings from about 13,000 BTC to around 3,100 BTC.Arkham speculates that there may be ongoing selling behavior, and if the trend continues, the relevant addresses may be cleared of holdings before October 2026. However, Bhutan's sovereign fund Druk Holding and Investments (DHI) stated that "they do not recall any recent Bitcoin sales," did not respond to specific changes in on-chain addresses, and did not confirm the current holding size, only emphasizing that there are no additional comments.The report points out that some of the fund inflow paths are related to institutions such as Galaxy Digital and OKX, leading the market to interpret this as selling or over-the-counter trading behavior, but there are also possibilities of transfers into custody, collateralization, or structured trading that do not involve selling. Additionally, some trading institution personnel stated that there has been no clear selling recently.Furthermore, Bhutan's previous commitment to a reserve of 10,000 BTC for the "Gelephu Mindfulness City" project has also been questioned due to potential sell-offs. Currently, there is still significant disagreement regarding its actual holdings and mining operations.

Aptos Labs announced that the world's first stablecoin pegged to the Korean won, KRW1, will be launched on the Aptos network. This stablecoin was chosen by BDACS Korea to be issued on Aptos, aiming to promote on-chain payments and digital business applications in Korea and the broader market.Aptos stated that the choice of its infrastructure for issuance is based on its full-stack blockchain capabilities oriented towards "market and machine," designed to support cross-border and local on-chain business scenarios.

In response to Bloomberg's report on CME and ICE pressuring the CFTC regarding Hyperliquid, the Hyperliquid Policy Center, a lobbying organization led by prominent crypto lawyer Jake Chervinsky and funded by the Hyper Foundation, tweeted that the concerns lack basis.The organization stated that Hyperliquid publishes complete on-chain transaction records in real-time, with transparency far exceeding that of traditional exchanges, which serves as a strong deterrent against insider trading and price manipulation, and is beneficial for regulatory agencies and law enforcement to conduct monitoring and investigations.Additionally, Hyperliquid offers 24/7 uninterrupted trading, effectively eliminating price gaps between the opening and closing of traditional markets. The organization acknowledged that current U.S. laws have not yet made specific provisions for on-chain derivatives markets and will continue to work with Washington policymakers to promote the implementation of relevant regulatory frameworks.Previously, the Hyperliquid Policy Center was established on February 18 of this year in Washington, with former Blockchain Association and Variant Chief Legal Officer Jake Chervinsky serving as CEO, receiving a donation of 1 million HYPE from the Hyper Foundation, focusing on promoting a compliant regulatory path for DeFi in the United States.

According to on-chain analyst Ai Yi's monitoring, the address 0xB4d...B186a has sold 250 WBTC on-chain in the past 5 hours, worth 20.275 million dollars. This address has frequent interactions with the block builder Titan builder, and currently holds 80.95 million dollars in ETH and 2.088 million dollars in WBTC on-chain.

JPMorgan analysts stated that despite the overall recovery of the cryptocurrency market after the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has formed since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications.The report pointed out that, based on spot ETF fund flows and institutional futures positions, the recovery of Bitcoin is stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. At the same time, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, while Ethereum futures positions remain below previous levels.JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may continue due to the lack of stronger on-chain fundamentals and real-world application support.

CoinList announced the launch of Passage, positioned as the "access layer" for on-chain capital markets, aimed at providing compliant distribution, capital access, allocation, and infrastructure support for tokenized assets.CoinList stated that as tokenized stocks, funds, yield products, and Pre-IPO assets gradually migrate on-chain, the current market still faces fragmentation issues among issuers, chains, and compliance rules, and that "asset tokenization does not equal effective distribution." Passage will connect issuers, platforms, and investors, helping tokenized assets achieve large-scale on-chain circulation.According to reports, Passage is built on CoinList's existing infrastructure. CoinList claims that since 2017, its platform has covered over 160 countries and has completed more than $1.2 billion in asset distribution.

The Gate Research Institute recently released the "April 2026 Cryptocurrency Market Review" report, which pointed out that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly rising compared to March. The trading volume of BTC and ETH ETFs remained high and volatile. The report indicates that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remained in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report noted that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within days, and net outflows for the month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward topped the monthly financing with 200 million USD. On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a single cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of a market recovery, on-chain activity and capital liquidity are improving simultaneously, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.