on-chain

According to the official announcement, Binance has launched the DYOR Research Center, integrating on-chain data to provide transparent information for all users.DYOR now supports Binance Alpha tokens, and users can view market information, trading data, token unlocks, and project fundamentals on the spot trading page of the Binance App. It will gradually expand to more tokens in the future.

According to monitoring by Hyperinsight, the largest on-chain ETH bull "BIT associated whale" with a position of $252 million is still in a significant loss state. Over the weekend, the ETH price briefly retraced to around $2000, causing the whale's unrealized loss to expand to $27.2 million. As of the time of writing, due to a slight rebound in the market, the unrealized loss has narrowed to $19.3 million.Currently, this whale has diversified its position across four addresses on Hyperliquid, with a total long position of 120,000 ETH and an overall weighted leverage of about 18 times. Based on the weighted calculation of the capital proportion of each address, the average entry price is approximately $2270. It is reported that this address belongs to the digital financial services group BIT (formerly Matrixport), which has repeatedly received fund transfers from its own accounts and previously took long positions in ETH on a scale of hundreds of millions, with profits exceeding $50 million.

Vitalik revealed in a post on X this morning that nearly 90% of his net worth is in ETH, with the remaining majority being about 40 million dollars in on-chain fiat, each dollar of which has already been allocated to certain open-source biotechnology, software, or hardware projects.

Solayer Labs announced the official launch of its Solana native perpetual trading platform Margin Trade public testnet.Margin Trade was jointly developed by the Solayer Labs team and former traders from Citadel and Kraken, adopting a unified margin model that supports trading multiple assets such as cryptocurrencies, commodities (gold, silver, crude oil), and stock indices (MT500) in a single chain environment.In addition, Solayer will gradually launch individual stocks and volatility products, and plans to introduce trading competitions, rankings, and incentive activities.

U.S. SEC Commissioner Hester Peirce stated that the SEC's "innovation exemption" for tokenized stocks is expected to apply only to on-chain equity products. She pointed out that synthetic tokens that merely mimic stock price performance but do not possess full shareholder rights are expected to not meet the relevant regulatory exemption requirements.

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.