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ETH $1,878.67 -4.96%
BNB $640.49 -5.53%
XRP $1.24 -1.52%
SOL $75.39 -4.45%
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DOGE $0.0942 -4.62%
ADA $0.2175 -2.46%
BCH $249.96 -12.02%
LINK $8.58 -2.58%
HYPE $72.93 +0.70%
AAVE $76.54 -1.08%
SUI $0.8333 -1.26%
XLM $0.2288 -1.13%
ZEC $597.91 +4.67%
BTC $67,075.96 -3.38%
ETH $1,878.67 -4.96%
BNB $640.49 -5.53%
XRP $1.24 -1.52%
SOL $75.39 -4.45%
TRX $0.3322 -2.69%
DOGE $0.0942 -4.62%
ADA $0.2175 -2.46%
BCH $249.96 -12.02%
LINK $8.58 -2.58%
HYPE $72.93 +0.70%
AAVE $76.54 -1.08%
SUI $0.8333 -1.26%
XLM $0.2288 -1.13%
ZEC $597.91 +4.67%

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Analysis: Over the past 30 days, more than 100,000 BTC flowed into trading platforms while stablecoins accelerated outflow, increasing market selling pressure

Cryptocurrency analyst Axel Adler Jr. stated that the inflow of BTC to trading platforms and the outflow of stablecoins from trading platforms simultaneously release a "risk aversion" signal, indicating that selling pressure in the market is increasing. Data shows that the net inflow of BTC to trading platforms over the past 30 days has shifted from an extreme net outflow of 300,000 BTC at the end of March to an inflow of 103,000 BTC, meaning more BTC is being reintroduced to trading platforms in preparation for sale. During the same period, the price of BTC dropped from $80,000 to $73,700.Meanwhile, stablecoins are flowing out of centralized trading platforms at a record pace. The average net flow of stablecoins over the past 30 days has shifted from an inflow of $164 million per day at the end of April to an outflow of $153 million per day. This indicates that the liquidity available for purchasing BTC in the market is decreasing. Axel Adler Jr. pointed out that when BTC flows into exchanges while stablecoins simultaneously flow out of trading platforms, it creates an unfavorable structure of "increased supply and decreased demand," which is a typical risk aversion market condition.He believes that if the net inflow of BTC continues to exceed +100,000 BTC, the market may face a deeper correction; while stable signals would include BTC turning back to a net outflow or stablecoins flowing back into trading platforms.

Wintermute: The key support level for Bitcoin is in the range of $75,000 to $76,000, and the market structure has not completely deteriorated

Wintermute stated that the macro environment improved significantly last week, with Brent crude oil dropping 9% due to easing tensions in Iran, the 10-year U.S. Treasury yield falling to 4.5%, and U.S. stocks rising for the eighth consecutive week to reach a historic high, alleviating inflationary pressures driven by energy.However, consumer-level concerns have not dissipated, as the University of Michigan Consumer Confidence Index fell to a historic low of 44.8, and one-year inflation expectations rose to 4.8%. Meanwhile, the manufacturing PMI for May reached a four-year high, with input costs rising to their highest level since 2022, indicating a resurgence in commodity inflation.The minutes from the Federal Reserve's April meeting also signaled that "if inflation remains stubborn, further tightening of policy may occur," and the market has not fully priced in the hawkish expectations. In the tech sector, Nvidia reported "explosive" earnings: Q1 revenue reached $81.6 billion, a year-on-year increase of 85%, with data center business growth of 92%, and announced a $80 billion buyback and a 25-fold increase in dividends.More critically, its Q2 guidance has already assumed zero revenue from Chinese data centers, indicating stronger actual AI demand. However, the market reacted unusually coldly, with after-hours stock prices barely moving, reflecting that AI trading has entered a "perfect pricing" phase, where simply exceeding expectations is no longer enough to drive the market.This serves as an important warning for risk assets, including the crypto market—if AI momentum weakens, weak consumption, sticky inflation, and a potentially hawkish Federal Reserve will re-dominate market narratives. Compared to the strength of U.S. stocks, the crypto market has clearly lagged. BTC hovers around $76,000, and ETH has fallen to $2,140, neither following the rise of risk assets.In the past two weeks, over $2 billion has flowed out of BTC spot ETFs, with institutional funds noticeably cooling, and marginal risk appetite has shifted back to AI stocks rather than crypto assets. The ETH/BTC exchange rate continues to weaken, hitting a new 10-month low, while the few assets that have remained strong against the trend are HYPE, which saw a single-day ETF inflow record of $25.5 million and signs of large institutional wallets continuously accumulating.The current market structure has not completely deteriorated; long-term holders are still increasing their positions, and trading platform reserves remain low, but the capital flow that determines short-term prices is turning negative. The key support level for BTC is currently between $75,000 and $76,000; if it falls below this range, the market may quickly test the $70,000 to $72,000 area; if it holds, there is still a chance to challenge $80,000 again.

After the attack on KelpDAO, multiple protocols have abandoned LayerZero, with $4 billion in assets migrated to Chainlink CCIP

According to CoinDesk, after KelpDAO was attacked resulting in a loss of $292 million, the industry's scrutiny of the security of cross-chain infrastructure continues to heat up, with approximately $4 billion in assets having completed or currently migrating from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP).The DeFi protocol Lombard is the latest project to join this migration trend. The protocol announced it would abandon LayerZero and migrate over $1 billion in Bitcoin-backed assets to Chainlink CCIP, stating that this decision stemmed from a comprehensive internal security review following the April attack incident.Lombard issues two types of Bitcoin-backed tokens—LBTC and BTC.b—and will prioritize the migration of assets on chains such as Solana, Etherlink, Berachain, Corn, and TAC, while terminating the use of LayerZero on Morph and Swell. Lombard stated that the reason for choosing CCIP is its independent node operators, built-in rate limiting mechanisms, and audited infrastructure. Additionally, the protocol will adopt Chainlink's cross-chain token standard to achieve asset cross-chain circulation through a burn-and-mint model.Previously, Kelp DAO, Solv Protocol, Re, and the cryptocurrency exchange Kraken have all completed similar migrations, with these projects collectively transferring approximately $4 billion in assets. Chainlink Labs Chief Business Officer Johann Eid stated, "We are witnessing a continued wave of risk-averse migration within the industry."

Bernstein reiterated the target price of $67 for Figure, optimistic about a 72% upside driven by tokenization

Bernstein reiterated its "Outperform" rating on Figure Technology Solutions (FIGR) and maintained a target price of $67, implying about a 72% upside from the current stock price of $38.97. Figure's Q1 2026 performance was strong: loan issuance reached $2.9 billion, a year-on-year increase of 113%; adjusted revenue was $167 million, a year-on-year increase of 92%, exceeding market expectations by 6%; adjusted EBITDA was $82.7 million, with a profit margin of about 50%, slightly above market expectations. However, the GAAP diluted EPS was $0.18, about 9% below expectations, primarily impacted by $26 million in equity incentive expenses.Bernstein's analysis suggests that this performance should reshape the market's perception of Figure, as it is not a traditional credit company, but rather a "tokenization-driven capital market platform," with core profits coming from network fees and operational leverage, and it maintains a pricing model based on a 25x EBITDA valuation for 2027. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS reached $598 million (up 80% quarter-on-quarter); the balance of stock lending products was $368 million (up 79%); and the small business loan segment contributed $6 million in revenue. Figure's current stock price is still not far from the 2025 IPO issue price of $36, but there remains a significant gap from the historical high of $78.

The advantages of the Gate multi-asset platform are highlighted, accelerating the construction of integrated financial infrastructure

According to CryptoRank, Gate is accelerating its efforts in the multi-asset track and forming differentiated advantages through a native construction path. Data shows that Gate has launched over 430 types of TradFi CFD assets, covering multiple categories such as stocks, foreign exchange, indices, metals, and commodities, and is continuously expanding at a rate of 10 to 20 new assets daily, with peak single-day trading volume exceeding $25 billion.In terms of product structure, Gate has simultaneously connected five core forms, including TradFi CFD, traditional asset perpetual contracts, tokenized stocks, RWA yield products, and Pre-IPO, all operating under the same account system. Through a collateral and settlement mechanism centered on USDT, the platform has achieved efficient connectivity between crypto assets and traditional assets, significantly enhancing cross-market capital utilization efficiency and trading flexibility.Moreover, in terms of transparency and infrastructure, Gate continues to strengthen the foundation of market trust. The platform's latest reserve coverage exceeds 122%, and it enhances asset transparency through verifiable mechanisms. As the industry accelerates towards multi-asset and institutional evolution, Gate further consolidates its leading position in the new competitive landscape through product depth, asset breadth, and infrastructure synergy capabilities.
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