PANews reported on June 9th that Binance Research's June Market Insights report indicated that the May crypto market correction was driven by macroeconomic factors. Bitcoin tested the 200-day moving average and short-term holders' support level but failed to hold. ETF outflows reflected short-term pressure, while the tightening trend of on-chain supply remained unchanged. The market focused on the dot plot of new Federal Reserve Chairman Warsh, the progress of the Clarity Act, and AI sentiment repricing. In May, funds shifted to a specific narrative, with quantum-resistant computing transitioning from a tail risk to a portfolio necessity, outperforming Bitcoin by approximately 59.3% (month-over-month).

The correlation between BTC and ETH ETF fund flows and equities has structurally decoupled, while fund flow behavior is increasingly converging with corporate and government bonds. The size of active tokenized RWAs grew by approximately 589% from the beginning of 2025 to June 2026, with bond and money market funds leading the growth in USD amounts, adding $6.5 billion, an 83% increase. Public equity categories saw the fastest growth at 422%. Crypto card transaction volume exceeded $747 million in May, a 48.6% increase year-to-date, far exceeding the 3.2% increase in stablecoin supply. Execution-driven chains such as BNB Chain and Solana accounted for the majority of transaction volume, while Ethereum, despite holding 53% of the stablecoin supply, only accounted for 12% of crypto card transaction volume.