On the last day of May, the market still shows a relatively strong oscillation. BTC is around 73.9k USD, ETH has returned to 2024 levels, SOL is at 82.8, BNB is the most aggressive, rising nearly 12% in 24 hours. The overall total market capitalization has regained over 2.58 trillion USD, but the trading volume has shrunk quite a bit compared to yesterday, indicating that money is still there, and the enthusiasm for chasing prices isn't as crazy.

What I care more about now is the structure: BTC's market share is still above 57%, the overall market is stable, and altcoins are starting to rotate locally. Today, the hot topics are clearly meme coins and on-chain trading themes. BONK, PENGU, and Hyperliquid are among the top trending on CoinGecko, and in such an environment, it's easiest for "mainstream coins to look fine, while small caps go crazy."
The news side is also quite interesting. CoinDesk has been talking about Hyperliquid these days—on one hand, traditional exchange executives are starting to pay attention to its trading volume; on the other hand, it continues to expand into the event market. My simple understanding is: funds are still looking for places with higher efficiency, higher volatility, and 24/7 operation, and the on-chain derivatives sector is unlikely to cool down in the short term.
Today, my own rhythm remains the same old story: big positions first watch whether BTC and ETH are stable; small positions only focus on strong themes with trading volume; don’t chase blindly during volume shrinkage. If it can hold through the weekend, it’s strong; if not, treat it as a rebound within the range.