This week's hot topics focus on the rising narrative of stablecoins, the Aster project, the SEC roundtable and Sol ETF hype opportunities.

Disturbed by geopolitical factors such as the Israeli-Iranian conflict, the crypto market sentiment fluctuated repeatedly. Although the capital momentum has been marginally restored, the continuity is insufficient. ETFs have returned to net inflows, the issuance of stablecoins has slowed down, and the USDT premium has weakened, indicating that the willingness of capital to enter the market is still sluggish. BTC's strength has slowed down, ETH's rebound has been weak, and the structure of the altcoins has failed to rebound. The market is at the end of the consolidation. In the short term, we need to pay attention to the return of funds from mainstream currencies and the strengthening of the altcoin structure, and maintain a cautious wait-and-see strategy.

This week's hot topics mainly focus on Pump.Fun's coin issuance and South Korea & Singapore's encryption policies.

Against the backdrop of increasing macro uncertainty and weakening capital momentum, the crypto market as a whole has entered a defensive consolidation phase. The Fed's postponed rate cut expectations, rising geopolitical risks, and tariffs have suppressed risk appetite. Among mainstream currencies, Bitcoin has been volatile and resilient, while Ethereum has shown signs of bottoming out. The liquidity of the altcoin market has dried up, risks continue to be released, and TOTAL2 and TVL have declined simultaneously. The capital structure has been clearly differentiated, ETFs have turned negative after being strong in the early stage, and the decline in USDT OTC premiums highlights the cautious sentiment in the market. It is recommended to maintain a defensive position and pay attention to the turning point of ETH and the rhythm of capital repatriation.

Stablecoins are still the main theme of the market this week, and are gradually becoming one of the directions for the US government and global institutions to deploy. Although there is no substantial positive news from the Bitcoin conference, the mainstream views can be paid attention to. With the relaxation of SEC supervision, the time has come for the staking track and Binance to stride into the US market.

This week, the crypto market showed obvious signs of shrinking volume, with ETF inflows plummeting by 76% and the premium of over-the-counter stablecoins falling back to zero, indicating a slowdown in incremental buying and insufficient market liquidity. At the same time, MicroStrategy's stock price did not hit a new high, the exchange's ETH balance rose, the positions of large investors on the chain loosened, and short-term selling pressure increased. Although BTC is still supported by ETFs, the overall market sentiment tends to be cautious, and the resonance between the capital side and the technical side indicates that it may face a pullback pressure in the short term. Investors are advised to be defensive and cautious in chasing highs.

Starting from multiple dimensions, this article systematically sorts out the definition, calculation method, advantages and disadvantages of REV and its relationship with other valuation models such as FDV/REV and MEV. Combining on-chain data with market dynamics, it helps readers establish a more three-dimensional and dialectical public chain valuation framework to avoid misjudgment caused by the isolated use of a single indicator.

The Bitcoin 2025 conference will be held at the Venetian Convention Center in Las Vegas from May 27 to 29, and is expected to attract more than 30,000 participants. U.S. Vice President JD Vance will deliver a keynote speech at the world's largest Bitcoin conference for the first time. This article will briefly analyze and look forward to the important focus of the conference.

The Bitcoin 2025 conference will be held at the Venetian Convention Center in Las Vegas from May 27 to 29, and is expected to attract more than 30,000 participants. U.S. Vice President JD Vance will deliver a keynote speech at the world's largest Bitcoin conference for the first time. This article will briefly analyze and look forward to the important focus of the conference.

This week, driven by institutions, Bitcoin has risen strongly, breaking through 110,000 on Pizza Day on May 22, setting a new record. Ethereum and strong tracks AI and Meme have all seen a general rise. In terms of policy supervision, Hong Kong and the United States GENIUS Act have laid out stablecoin tracks, and related DeFi assets have seen abnormal movements. The Texas Senate passed the Bitcoin Reserve Act, and Governor Abbott is expected to sign the bill, and is expected to become the third state to establish an official Bitcoin reserve. In addition, the theft of $223 million from Cetus caused a flash crash in the Sui ecosystem in a short period of time, and Trump's dinner aroused suspicion of political corruption.

This week, the market sentiment was complicated due to the macro disturbance caused by Moody's downgrade, tariffs and tax reduction bills. The sharp rise in gold reflected the rising risk aversion sentiment. Although ETF and stablecoin funds have strong inflows, BTC prices have maintained a volatile upward trend, but the momentum of funds and market structure have diverged, and the risk of a correction cannot be ignored. Strategically, it is recommended to maintain a defensive posture, pay attention to the key support of BTC 103,000 and the relative strength changes of ETH/BTC and SOL/BTC, and flexibly adjust global asset allocation to cope with potential fluctuations.

This week, the meme coin market entered a white-hot stage, with three major platforms, Pump.fun, Believe and LetsBONK.fun, competing fiercely, and launching a "meme Three Kingdoms" around token launch, liquidity and community influence. At the same time, the chairman of the SEC delivered a major speech on asset tokenization, providing a clearer regulatory framework for the issuance, custody and trading of crypto assets, heralding the advent of a new era of compliance and mainstreaming.

The macroeconomic situation has warmed up this week. Trump's easing trade rhetoric and the cooling of CPI have boosted market confidence, but the structural risks behind it cannot be ignored. Although BTC has maintained high volatility, the inflow of ETFs and stablecoins has continued to decline, the over-the-counter premium is sluggish, and there are obvious signs of weakening momentum. Combined with the high leverage pressure of enterprises and consumers, the risk of market correction has intensified. The short-term strategy recommends defense as the main strategy, paying attention to the BTC 100,000 support and the rhythm of altcoin reduction.

This week, as Trump's tariff trade trend improved, the market saw a massive general rise, led by Ethereum ecology and AI, which rose by more than 20%. At the same time, the crypto market was in turmoil again. Movement was accused of manipulating the market-making agreement, which led to the collapse of the coin price. Operators such as Web3Port were involved, which triggered the market to reflect on industry ethics and supervision. At the same time, AI and PayFi tracks accelerated their development, BNB Chain promoted the MCP standard, OKX and Binance laid out the payment ecology, and the policy trends indicated that the crypto market is facing a new round of reshuffles and opportunities.

The Federal Reserve kept interest rates unchanged at its May FOMC meeting, emphasizing the challenges brought by tariff uncertainty, and the market entered a "wait-and-see period". Although macroeconomic policies remain cautious, ETF net inflows and the issuance of stablecoins show signs of capital reflux. BTC maintains high volatility, ETH is relatively weak, and although altcoins rebound quickly, the risk of a correction still exists. Short-term strategy recommendations are mainly defensive, focusing on key support levels and strong track dynamics.

This week, BTC fluctuated at a high level, with the price hovering between $93,500 and $95,500, and the market was waiting for key data such as non-agricultural data. The ALPACA incident revealed that the dealer manipulated low-market-cap coins, using short squeeze and funding rates to harvest retail investors. The price soared 7 times and then collapsed, highlighting the risk of speculation. At the same time, the US encryption policy has been favorable. Arizona passed the Strategic Bitcoin Reserve Act, which may become the first state to establish a Bitcoin reserve and plans to invest $7.8 billion in BTC. The bill reflects the mainstream trend of cryptocurrency, but the risk of the governor's veto still exists. In the future, more states and federal levels may accelerate similar legislation, and the trend of BTC reserves can be expected in the long run.

The Sino-US trade war has fallen into a "chicken game", and the mutual imposition of tariffs has aggravated the global economic losses. In the future, it may evolve into a "hawk-dove game", and the positions of 80 countries around the world will become the key variable. The manufacturing industry is facing the pressure of decoupling and rising costs, and the reconstruction of the global supply chain is accelerating. In the mainstream crypto market, ETF funds have significantly returned, and the issuance of stablecoins is moderate. BTC is at a high level and needs to be vigilant about a correction. ETH's trend is weak, but the activity on the chain has rebounded, or a phased rebound may be brewing. As market sentiment warms up, we still need to pay attention to the sustainability of funds and policy changes.

The Sino-US trade war has escalated, and the global economic situation has become more complicated, but it has not caused a significant blow to market sentiment. Benefiting from the large net inflow of ETFs and the issuance of stablecoins, the funds in the crypto market have rebounded, supporting the trend in the short term. BTC fluctuated at a high level, ETH was weak, and the altcoins recovered quickly but still had the risk of callback. At present, we need to maintain a defensive mentality, pay attention to the key defensive position of BTC at $91,600, control positions, and select strong sectors for layout. The position of global economies will profoundly affect the final direction of the Sino-US game and market trends.

The current market is in a stage of shock bottoming, funds are rationally repaired, BTC's dominance is stable, and the main turnover is concentrated around $84,500. ETF and stablecoin funds have returned slightly, and the sentiment in the market has become cautious. In the short term, pay attention to whether BTC can break through $88,700, and in the medium term, pay attention to the impact of the Supreme Court ruling in May on the independence of the Federal Reserve. The SOL chain is active, and the on-chain data has warmed up, with the potential for a structural rebound. In the long run, BTC benefits from the credit risk of the US dollar and the logic of sovereign crypto reserves. It is recommended to pay attention to its asset allocation value.

Affected by the escalation of the global trade war and capital outflow, the crypto market will maintain a volatile downward trend in the short term, with the key support of $74,500. Negative ETF and stablecoin fund flows reflect a decline in risk appetite. Bitcoin's structural rebound is hindered, and selling pressure is formed in the chip-intensive area; Ethereum is relatively weak but the on-chain activity has rebounded. In the medium term, we still need to pay attention to the rebound opportunities brought about by interest rate cuts and changes in the geopolitical situation. Structural opportunities focus on BTC dominance, RWA and re-staking.