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  • The crypto market experienced a strong upward momentum in May, closing the month with a 8.6% increase in total market capitalization. This market-wide rally was largely driven by favorable regulatory actions for crypto, including the approval of 19b-4 filings for 8 spot ETH ETFs by the U.S. Securities and Exchange Commission (“SEC”) and the passing of the Financial Innovation and Technology for the 21st Century (“FIT21”) Act by the U.S. House of Representatives. ETH’s price surged 21.2% in a single day leading up to the approval, followed by a broader market resurgence. Spot BTC ETFs also witnessed 14 consecutive days of net inflows in May, contributing to the positive overall market performance.

  • Leading up to the approval of spot ETH ETFs, Grayscale’s Ethereum Trust (“ETHE”) has experienced a continued narrowing of its discount to net asset value. The discount currently stands at 1.4%, its lowest in nearly three years. Looking ahead, it will be key to monitor flows from ETHE and the newly approved spot ETH ETFs.

  • Solana stakers passed a proposal to distribute 100% of priority fees to network validators. Prior to this proposal, 50% of priority fees were burned. Concurrently, Solana daily network transaction fees came closer than ever before to fees generated by Ethereum, while Phantom wallet climbed to third place in the utility category on the Apple app store. 

  • Tokenized U.S. treasuries hit a new high in May, recording around US$1.5B in value on-chain. The market has grown approximately 80% year-to-date (“YTD”), demonstrating the continued rise in demand for tokenized treasuries. BlackRock’s USD Institutional Digital Liquidity Fund has been a key driver of this growth, and its fund is now the largest in the space.

  • Prediction markets have seen a resurgence this year, marked by a 68.6% increase in total value locked (“TVL”) since January. May, in particular, saw net deposits exceed US$60M for the first time. The U.S. presidential election has arguably been a key driver of this growth, notably driving activity on prediction market platforms like Polymarket. With more than five months remaining until the election, prediction markets may see further growth as the election draws closer.


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