Quick Take

• Bitcoin’s market is showing signs of buyer stagnation despite a record of over 15.8 million BTC classified as long-term holder supply.
• U.S. spot BTC ETFs saw a net outflow of US$1.4 billion last week, higher than the $1.2 billion outflow the week prior. Spot ETH ETFs saw a net outflow of $241 million in the same period, compared to a $216 million outflow the week prior.
• The U.S. stock market extended its historic run, pushing some major indexes to fresh all-time highs. Investors shook off early-week caution as cooler-than-expected inflation data, blockbuster tech earnings, and plunging oil prices fueled robust risk-on sentiment.
• • Nasdaq Composite led the charge with an impressive 2.39% weekly gain; S&P 500  advanced 1.43% to finish at a record 7,580.06; Dow Jones Industrial Average climbed 0.90%.
  • Key market drivers: April’s Core PCE rose 0.2% month-over-month, beating expectations (0.3%) and driving the 10-Year Treasury yield down around 12 basis points to 4.45%. WTI crude fell about 10% toward $88/barrel amid U.S.-Iran ceasefire speculation, easing energy inflation fears. Highlighting the final stretch of earnings season, Dell (DELL) surged 32% on a $24.4 billion AI server backlog, while Snowflake (SNOW) revitalized the software sector.
  • Sector and Style Dynamics: Technology led with a 4.50% gain on enterprise demand, and Basic Materials rose 1.74%. Conversely, Energy dropped 5.31% amid an oil rout, while Consumer Defensives fell 3.09%. For investment styles, Pure Growth jumped 3.03% on AI tailwinds, outperforming a 1.79% gain in Blend. Value stocks dropped 0.72%, hindered by weak energy and defensive performance.

Research Dashboard

According to our research dashboard, the price and volume indices dropped -3.53% and -3.97%, respectively, while the volatility index grew +27.60% last week.

Most tokens in the index saw a downtrend. BTC and ETH prices decreased by -4.4% and -4.5%, respectively. Hyperliquid (HYPE), Toncoin (TON), and Hedera (HBAR) led the price growth, while HBAR also drove the volume and volatility spike. HYPE’s bullish price action was driven by whale activity and surging momentum following the launch of its U.S. spot ETFs, which drew over $100 million in May inflows.

Chart of the Week

Bitcoin’s market is showing signs of buyer stagnation despite a record of over 15.8 million BTC now classified as long-term holder supply — a metric traditionally viewed as bullish. Data indicates this figure reflects reduced market turnover rather than strong conviction; coins are aging into long-term status due to a lack of new buyers rather than active accumulation. Whale holdings (1,000–10,000 BTC) are contracting at the fastest rate in 2026, while growth in "dolphin" wallets (100–1,000 BTC) — driven by spot ETFs and corporate treasuries — slowed significantly.

The data suggests a market in equilibrium rather than decline, characterized by low participation rather than active selling. While not traditionally bearish, this lack of fresh demand may constrain upward momentum and lead to a period of consolidation.

Weekly Performance

Most top-cap tokens saw bearish price action last week, with SUI leading the plunge and TON leading the gains.

All categories saw a decline in market capitalization (MC), with RWA leading the drop.

Notable Updates

News Highlights

Company News

• Crypto.com and Fanatics Collectibles announced a groundbreaking partnership for the first-ever UEFA Champions League activation merging physical sports memorabilia with blockchain technology. Centered around the 2026 UEFA Champions League Final in Budapest, the initiative will embed an official Crypto.com Match Coin — used for the pre-match coin toss — into a unique, one-of-one Topps Now “Relic” Trading Card.
• The U.S. SailGP Team entered a multi-year global partnership with Crypto.com and OG Prediction Markets, designating Crypto.com as its Official Crypto Exchange and OG Prediction Markets its Official Prediction Market Partner.

Regulation

• The U.S. Securities and Exchange Commission (SEC) reportedly postponed its plan to grant an "innovation exemption" for trading tokenized stocks, following ownership verification and implementation concerns raised by stock exchange officials.

Adoption

• Mastercard secured a New York BitLicense from the New York State Department of Financial Services (NYDFS) to legally conduct virtual currency business operations. This license allows the corporation to accelerate the development of blockchain-based settlement networks, specifically targeting stablecoins and tokenized deposits to securely bridge traditional banking infrastructure with digital assets.
• CME Group expanded its crypto portfolio by launching continuous, 24/7 trading for cryptocurrency futures and options products on its CME Globex platform.

Others

• U.S. President Donald Trump publicly defended the Commodity Futures Trading Commission's (CFTC) exclusive authority over prediction markets, opposing state-level legislative and legal efforts to ban or restrict the platforms.

Catalyst Calendar

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