Over the past week, markets continued to reprice expectations around potential Fed rate hikes and persistent inflation pressures. Rising U.S. inflation, higher bond yields, and renewed geopolitical tensions weighed on overall risk appetite. BTC declined approximately 4.3% on the week, while ETH fell around 4.8%. Global crypto ETPs recorded a second consecutive week of net outflows, bringing the two-week total to $2.54 billion. On-chain liquidity continued to consolidate around leading platforms, with PancakeSwap overtaking Uniswap in trading volume, while Aave lending activity continued to decline, reflecting still-cautious risk appetite across DeFi. In derivatives markets, the combination of falling prices, positive funding rates, and compressed volatility suggests leveraged longs are still positioning for a potential rebound.
Key Highlights from Last Week
- Market Focus: Expectations of further Fed tightening and rising global bond yields continued to pressure the crypto market, while institutional risk appetite remained subdued.
- Liquidity Analysis: BTC and ETH ETFs extended their streak of net outflows, while total TradFi Perp DEX trading volume declined to approximately $12 billion. Meanwhile, Gate officially launched stock trading services, offering access to more than 10,000 U.S. equities and ETFs.
- On-Chain Insights: PancakeSwap reclaimed the top spot ahead of Uniswap in trading volume as liquidity became increasingly concentrated among leading platforms. Stablecoin supply remained largely unchanged, the LST sector cooled, and the Solana ecosystem continued to demonstrate relative resilience.
- Derivatives Tracking: BTC funding rates remained positive, open interest stayed range-bound at lower levels, and 25D Skew remained in negative territory, indicating that market participants continue to maintain downside protection.
- Outlook for This Week: Key macro events include the U.S. May Nonfarm Payrolls report and ISM Services PMI. Markets will also be closely watching HYPE's upcoming token unlock, valued at approximately $684 million, for its potential impact on liquidity and market sentiment.
Discover more details today → Gate Institutional Weekly: BTC Leveraged Longs Under Pressure, Gate Officially Launches Stock Trading (May 25–May 31, 2026)
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
June 3, 2026
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