on-chain

Bitwise CEO Hunter Horsley stated, "A new category is emerging in the crypto industry—'revenue chains,' with Hyperliquid and Solana as the current leaders. He believes that while there is some overlap between the two, they each have distinct characteristics and both possess strong communities, use cases, and user bases. He mentioned that in the future, the two may benefit from the structural growth of the mobile internet, much like iOS and Android. Horsley pointed out that for 'revenue chains,' they are benefiting from the trend of capital markets going on-chain. Therefore, whether supporting HYPE, SOL, or both, what truly matters is not the competition between them, but the overall rise of on-chain capital markets. He stated, 'Support the on-chain capital markets. I am glad to see the success of the crypto industry.'"

Glassnode stated that Bitcoin has reclaimed the real market average at $78,300 but has failed to maintain a position above this level. Historical cycles suggest that several weeks to months of consolidation may be needed before confirming a credible bull market transition. The 30-day moving average has seen its risk-reward ratio rise from 0.4 in February to 1.8 during the rebound, indicating that demand is insufficient to absorb the wave of profit-taking. This indicator needs to remain above 2 to signal a true recovery of buyer strength.The 30-day cost baseline at $78,200 has shifted from a support level to an overhead resistance level, while the cost baseline of the accumulation group formed from February to April ($71,400) is currently the most direct support level in the ongoing pullback. The internal structure of the spot market has weakened in recent weeks, with the cumulative volume delta (CVD) remaining negative overall, and Coinbase activity continues to lag. This indicates that while there is sporadic offshore speculative demand, the participation of U.S. institutions in the spot market remains relatively weak.CME futures open interest has continued to rise alongside prices, indicating that while overall spot demand remains hesitant near the current range highs, institutional participation in the derivatives market is improving. The accumulation rate of U.S. spot ETFs has recently slowed, further indicating that positions are increasingly driven by futures activity. Implied volatility is rebounding from low levels, primarily concentrated in short-term contracts, while long-term expectations remain stable. Realized volatility continues to decline, and the volatility risk premium has expanded, making the cost of hedging relatively manageable. Options positions remain defensive. The skew indicator shows a resurgence in demand for downside protection, while the negative gamma range around $75,000 makes spot prices susceptible to amplified hedging flows and increased price volatility.

According to official news, the on-chain vault protocol Plume has been granted a digital asset business license by the Bermuda Monetary Authority, becoming the world's first regulated on-chain vault manager.Plume will be part of the Bermuda digital asset regulatory framework alongside Circle, Coinbase, and Kraken, which are already operating under this regulatory framework.

According to the official announcement, digital asset market data and analytics provider Kaiko has announced the acquisition of the European decentralized finance infrastructure provider Cometh, which holds a MiCA / CASP license, to integrate data, analytics, indices, and on-chain infrastructure capabilities, along with Cometh's expertise in smart contract engineering.Kaiko stated that after the transaction is completed, the company will form an integrated infrastructure covering BMR authorized indices, MiCA compliant products, oracle services, and on-chain execution capabilities. Cometh has previously been granted a MiCA / CASP license by the French AMF and holds ISO 27001:2022 certification.

Analyst Murphy (@Murphychen888) posted on social media that from May 15 to 19, Bitcoin fell for five consecutive trading days. Previously, the market sentiment, which was once worried about missing out, quickly shifted, and some investors began to expect prices to fall back to the range of $40,000 to $50,000. However, from the on-chain chip structure, the attitude of large funds presents a different picture.According to the data from May 15, $66,000 and $78,000 are the two price levels with the most concentrated turnover, clearly reflecting the entry positions of large funds. It is worth noting that the chip column in the range of $80,000 to $82,000 is relatively low. Although Bitcoin's price stayed in this range for nearly a week, the turnover was sparse, indicating that after the price returned above $80,000, funds began to become cautious.By May 19, as the price fell, the chip column at $78,000 not only did not decrease but actually increased. The most significant change was at the $76,000 price level; previously, when the price broke through this position, the chips at this level were just over 200,000, but when the price fell back to this position, the chips had increased to about 380,000. Analysts believe this indicates that the funds that entered at $78,000 did not panic and flee due to breaking below their cost. When the price fell to $76,000, new funds chose to enter and support, showing a clear attitude.From the chip structure, a reasonable correction range is roughly between $78,000 and $66,000. A second retest into this range and completing the turnover is expected to give the structure stronger resilience. Although the final price low is still difficult to predict, the attitude of funds starting to act around $76,000 indicates a clear willingness to support the market below.

According to The Block, the on-chain RWA market capitalization has exceeded $65 billion, an increase of about 44% from approximately $45 billion at the beginning of the year. Among them, Ethereum currently holds about 33% market share and remains the primary deployment network for institutional tokenized assets; Provenance Blockchain accounts for about 27%, while BNB Chain, XRP Ledger, and Solana each account for about 6%.The report points out that as traditional asset management institutions accelerate the push for asset tokenization on-chain, various public chains are competing around institutional issuers. The liquidity of RWA is highly sticky; once institutions complete the deployment of tokenization infrastructure on a specific chain, the cost of migration is usually high.

According to Gate Ventures' latest weekly report, global markets were significantly pressured last week due to inflation data and rising energy prices. The S&P 500 index initially broke through 7,500 points for the first time, but subsequently fell back as both CPI and PPI data exceeded expectations, leading the market to begin pricing in potential interest rate hike risks. Against this backdrop, the cryptocurrency market also weakened, with BTC dropping 8.1% last week and ETH falling 10.2%. The spot BTC ETF recorded a net outflow of $1 billion, and market sentiment returned to the "panic" range.At the industry level, institutional investments in stablecoins and on-chain financial infrastructure are accelerating. JPMorgan is advancing a tokenized money market fund aimed at stablecoin issuers; DTCC will use Chainlink to build an all-weather collateral management network; Hana Bank has acquired a stake in Upbit operator Dunamu for $670 million, further reflecting that traditional financial institutions are accelerating their entry into the cryptocurrency infrastructure sector.In terms of investment and financing, a total of 14 financing deals were completed last week, with a total scale of $1.113 billion, of which financing in the infrastructure sector exceeded $1 billion, dominating the market. Blockchain analytics firm Elliptic completed a $120 million financing round, with Deutsche Bank and Nasdaq participating; Bitcoin custody platform Onramp also completed a $12.5 million Series A financing, continuing to expand its institutional-grade custody infrastructure. Overall, in the context of rising macro uncertainty, market funds continue to concentrate on compliance, custody, and institutional-grade services.

On-chain data shows that on May 19 at 13:13 (UTC+8), the wallet marked as the Hyperliquid system address transferred 499,900 HYPE to the Gate address. Based on the on-chain price at that time, the value of this asset was approximately 23,730,253 USD.

Despite the ETH price dropping about 26% this year, the staking ratio of Ethereum has increased from 29% at the beginning of the year to about 31%, showing that long-term holders are ignoring price weakness and on-chain risks, continuously reducing the circulating supply. Historical data indicates that in the context of tightening circulating supply, once demand experiences a substantial recovery, it will provide favorable support for the price.Meanwhile, liquid staking protocols like Lido have significantly lowered the participation threshold, expanding the staking community from professional validators to a broader range of retail and institutional users. Analysis points out that as spot ETF products mature and the scale of RWA tokenization activities on Ethereum expands, institutional demand for staking ETH may bring structural capital inflows to the staking ecosystem.Although the ETH price performance has been poor, Ethereum's core position in RWA settlement, DeFi infrastructure, and Layer 2 activities continues to solidify. Whether the price can reverse may depend on the speed at which institutional capital shifts from narrative to actual allocation.

Smart money, which previously built a position of 11,004 ETH at an average price of $3.45 in 2016 and made a profit of $30.38 million, has once again bought 1,344.18 ETH ($2.83 million) on-chain 10 hours ago; currently, the average cost of the newly built position is $2,153.95, with an unrealized loss of $165,000, and all USDC on-chain has been used for building the position.

According to CoinDesk, the stablecoin payment blockchain Tempo, supported by Stripe and Paradigm, is integrating Morpho's $7.5 billion DeFi lending market to provide on-chain lending and yield products for fintech companies and enterprises built on it. This integration allows Tempo users to access one of the largest lending protocols in DeFi, transforming stablecoin balances from idle assets into interest-bearing assets.Previously, Tempo was primarily positioned as a funds transfer blockchain, providing enterprises with stablecoin transfer, foreign exchange, and settlement tools. The addition of Morpho expands it into a more complete financial stack.

The on-chain perpetual contract trading platform Ostium announced a partnership with Nasdaq to use its U.S. stock market data to support stock perpetual contract products on the platform. Ostium stated that this makes it the first on-chain trading venue to offer stock perpetual contracts supported by Nasdaq data.The platform claims that users will be able to gain exposure to U.S. stocks through on-chain infrastructure while retaining features such as transparency, instant settlement, and self-custody. Ostium focuses on on-chain leveraged trading of traditional financial assets, covering categories such as stocks, indices, commodities, ETFs, and foreign exchange. Currently, the platform's cumulative trading volume has exceeded $50 billion, with more than 26,000 trading users.

Gate, a global leading digital asset trading platform, released its transparency report for April 2026. As the on-chain infrastructure continues to improve and capital efficiency increases, the synergy between on-chain trading, financial products, and payment scenarios has further enhanced, maintaining a steady upward trend in overall ecosystem activity.In terms of on-chain network, the number of transactions on Gate Layer exceeded 36.3 million, with a month-on-month growth of over 11%. The proportion of non-API trading on Perp DEX is close to 90%, reflecting a continued recovery in retail participation. On the capital and product side, the peak TVL of Yubibao approached $1.8 billion, the scale of on-chain earning products continues to grow, GUSD's scale has increased to over $190 million, and the crypto payment scenario has further extended into daily consumption through Gate Card, with the user base continuously rising.In addition, Gate has joined the Mastercard crypto partner program and is deepening cooperation around crypto cards, stablecoin payments, and cross-border settlements, promoting the accelerated integration of digital assets into the global mainstream payment system.The platform ecosystem is also continuously evolving, with approximately 2.5577 million GT tokens burned on-chain in the first quarter of 2026, with a destruction value exceeding $20.68 million. As of now, the cumulative burn of GT has exceeded 187 million tokens, accounting for about 62.46% of the initial supply.On the basis of adhering to the stable execution of the established burn plan, the long-term supply contraction trend of GT has become clearer, providing a foundation for its scarcity and value support. Gate is continuing to strengthen the integrity and global connectivity of its multi-asset financial infrastructure through the synergy of on-chain ecosystem expansion and asset management.

According to The Block, Geoffrey Kendrick, the global head of digital asset research at Standard Chartered Bank, stated that the total scale of on-chain tokenized assets is expected to reach $4 trillion by the end of 2028, with stablecoins and real-world assets (RWA) each accounting for $2 trillion. Standard Chartered believes that DeFi protocols with mature risk control systems and scalability will be the main beneficiaries of this trend, while the advancement of the U.S. Clarity Act may become an important catalyst for accelerating the on-chain transition of traditional finance.Kendrick pointed out that the core advantage of DeFi lies in "composability." In an on-chain environment, the same asset can simultaneously earn yields, serve as collateral, and maintain liquidity, which the traditional financial system cannot achieve with similar efficiency. He stated that this structural advantage means "1+1=3." Standard Chartered cited BlackRock's tokenized U.S. Treasury fund BUIDL as an example, noting that the product not only yields about 4% from U.S. Treasuries but can also be converted into sBUIDL for use in lending protocol collateral and serves as a reserve asset for products like Ethena USDtb and Ondo OUSG.The report also noted that the current scale of off-chain assets is still about 1,000 times that of on-chain assets, and the tokenization of institutional-grade assets may become the core source of growth for the next phase of the industry. Regarding institutional adoption, Standard Chartered mentioned that Aave's asset scale once matched that of the 38th largest bank in the U.S., and the current daily trading volume of on-chain stablecoin lending has reached $1.5 billion to $2 billion.At the same time, the Bitcoin lending product developed in collaboration between Coinbase and Morpho currently has a loan scale of about $1.75 billion, covering approximately 22,000 borrowers, indicating that traditional financial institutions are gradually using DeFi as underlying infrastructure.

According to on-chain analysts, smart money that previously accumulated 11,004 ETH at an average price of $3.45 in 2016 and made a profit of $30.38 million has purchased a total of 5,283.61 ETH on-chain in the past two days, worth $11.48 million, with an average cost of $2,172.7, currently facing an unrealized loss of $320,000.

Binance Research released a chart analysis this week indicating that four on-chain signals point to the same conclusion: supply is tightening, and selling pressure has been exhausted.Long-term dormancy: Nearly 60% of BTC supply has not moved for over a year, significantly higher than 27% in 2012. The dormancy rate peaked at 69.5% when the spot Bitcoin ETF was approved in January 2024 and has since remained close to historical highs.SLRV indicator: The short-term to long-term holder value ratio is deeply entrenched in historical bottom territory, indicating a lack of market sentiment. Long-term holders dominate the supply, while short-term speculators have largely exited. Historically, every cycle bottom has been accompanied by this ratio entering the current region.Exchange balances: Since peaking at 17.6% during the pandemic, exchange balances have dropped to 15%, with approximately 500,000 BTC permanently leaving exchanges, and seller supply has fallen to a six-year low.STH MVRV indicator: Since November 2024, the BTC short-term holder MVRV has mostly remained below 1, gradually exhausting selling pressure. Currently, this ratio has rebounded to 1, and short-term holders are beginning to reaccumulate unrealized gains. As profit accumulation is still in its early stages, a new wave of selling pressure is unlikely to emerge immediately; historically, this pattern often appears before a sustained recovery.

According to CoinDesk, blockchain data analysis company Arkham Intelligence has monitored that the wallet holdings of Bhutan's sovereign wealth fund Druk Holding and Investments (DHI) have significantly decreased from about 13,000 BTC in October 2024 to approximately 3,100 BTC currently. Since mid-2025, over $1 billion worth of Bitcoin has flowed out, with funds directed to multiple exchanges and trading companies, including wallets interacting with Galaxy Digital and OKX.In response, DHI CEO Ujjwal Deep Dahal stated, "I don't remember when the last time we sold Bitcoin was." The official denied any selling activity but did not provide details on the specific wallet movements and did not confirm the current holdings.

Hyperliquid co-founder Jeff posted on the X platform, stating that he recently met with several policymakers in Washington, D.C. to discuss the ongoing "Clarity Act" and the cryptocurrency regulatory framework, focusing on promoting the compliance of on-chain derivatives trading markets in the United States.He mentioned that the discussions were divided into two levels: one part was more technical, involving Hyperliquid's on-chain trading architecture, global user demand, and its positioning as a financial innovation infrastructure; the other part was an introduction to the "first principles" of DeFi and on-chain markets, aimed at helping policymakers understand the relevant mechanisms and potential impacts.Jeff expressed that during these discussions, he sensed a "cautious but open" regulatory attitude towards the cryptocurrency industry from both parties in the U.S. and believes that the market is forming a policy window to promote the entry of on-chain derivatives into the U.S. system. He also emphasized that he will continue to advance relevant communications in Washington to strive for U.S. users to access Hyperliquid's on-chain trading market.