Highstreet Price(HIGH)

Avalanche's on-chain activity has surged significantly, with daily transactions reaching a yearly high of 3.5 million. This growth is attributed to three key factors: the launch of Grayscale's AVAX staking ETF (GAVA) on Nasdaq, regulatory clarity from the SEC and CFTC classifying AVAX as a digital commodity, and Broadridge bringing proxy voting on-chain. Active addresses have also risen substantially, from 100K to a new floor of 500K-700K, while non-Sybil users increased from 5k to 49k, indicating growth driven by real users rather than bots. Despite this surge in network usage and increased demand from large entities (with whales establishing a demand wall around $8.9-$9.3), AVAX remains in a bearish trend. It has been in a downtrend for the past two weeks, trading below its key moving averages. For a trend reversal, demand needs to drive AVAX above $10; otherwise, it may continue trading sideways in the $8.4-$9.7 range.

XRP's network activity has significantly cooled in May, with a sharp decline in new user adoption. According to Glassnode data, daily new wallet addresses have plummeted by over 85%, falling from a peak of 18,000 in December 2024 to around 2,700. This drop indicates waning retail investor interest, which previously fueled the network's growth. Concurrently, monthly active supply has also decreased, suggesting the speculative wave from late 2024 has largely unwound. While market sentiment has shifted, causing a broader pullback, XRP's price decline appears driven more by a lack of buyers than by strong selling pressure. Notably, significant long futures positions are being accumulated at current levels, potentially capping price upside despite emerging buying interest.

Bitcoin is diverging from a record-high global M2 money supply (over $135 trillion), challenging the historical assumption that rising liquidity directly lifts BTC prices. While a bullish view suggests Bitcoin is merely lagging and will eventually catch up as capital rotates into riskier assets, a more cautious "regime-change" argument posits that factors like spot ETFs, institutional flows, and a stronger dollar may have weakened the direct correlation. For traders, this divergence presents a clear macro question to monitor: whether Bitcoin's price will confirm a delayed rally or signal a lasting change in its relationship with global liquidity. The outcome will shape how future liquidity data is interpreted.