Report Period: June 1, 2026 – June 7, 2026
I. Core Conclusions for the Week (Executive Summary)
A notable phenomenon emerged in the crypto market over the past week:
Risk capital is withdrawing, but on-chain capital is not leaving.
From a traditional institutional perspective, BTC ETFs saw large-scale net outflows for the fourth consecutive week, with weekly outflows of approximately $1.72 billion; ETH ETFs saw net outflows of about $168 million over the same period. The cumulative outflow over four weeks reached $5.4 billion and $880 million respectively, setting the strongest consecutive outflow record in nearly a year.
However, on the other hand, the stablecoin market did not contract synchronously.
With the U.S. GENIUS Act entering a critical phase and UK regulators beginning discussions on adjustments to stablecoin regulatory details, the global stablecoin regulatory framework is accelerating.
This indicates a new capital migration logic is emerging in the market:
Capital is shifting from "risk asset allocation" to "payment and yield infrastructure allocation."
Meanwhile, primary market financing remains concentrated in three areas:
- Stablecoin Infrastructure
- AI Agent Infrastructure
- RWA Yield Layer
Compared to chasing public chains and narratives in the past, capital is now paying more attention to:
Revenue, payment capabilities, and genuine cash flow.
II. What Happened in the Past Week?
2.1 Overview of Core Market Data
MetricThis Week (6.1-6.7)Last Week (5.25-5.31)Change WoWNumber of Valid Financing Projects2631-16.10%Total Financing Volume$302 million$412 million-26.70%Largest Single Financing$40 million$85 million-52.90%BTC ETF Net Flow-$1.72 billion-$1.44 billionOutflow expanded by 19.4%ETH ETF Net Flow-$168 million-$257 millionOutflow narrowed by 34.6%DeFi TVL$77.8 billion$80.1 billion-2.90%Stablecoin Total Market Cap$325.4 billion$321.6 billion+0.012
Market Interpretation
The biggest change this week was not the decline in financing but the change in capital structure.
BTC ETFs saw net outflows for the fourth consecutive week, with weekly outflows reaching $1.72 billion, becoming one of the largest weekly capital withdrawals in 2026.
At the same time, the total stablecoin market cap continues to expand.
This phenomenon typically indicates the market is entering a defensive phase: investors are reducing risk exposure but still retaining on-chain liquidity, waiting for new definitive opportunities to emerge.
2.2 Key Financing Events of the Week
Halliday
Sector: AI Agent Infrastructure
Financing Amount: $20 million
Round: Series A
Lead Investor: a16z Crypto
Investment Thesis:
As AI Agents gradually enter the commercial validation stage, the market is beginning to focus on Agent execution layer infrastructure. Halliday aims to become the underlying network for future Agents to automatically execute on-chain operations.
OpenRouter
Sector: AI Infrastructure
Financing Amount: $40 million
Round: Series A
Lead Investor: a16z
Investment Thesis:
The Agent era will generate massive demand for model calls, and the model routing layer may become a new infrastructure entry point.
M0 Protocol
Sector: Stablecoin Infrastructure
Financing Amount: $35 million
Lead Investor: Bain Capital Crypto
Participating Investor: Pantera Capital
Investment Thesis:
With the regulatory framework gradually becoming clearer, stablecoin issuance and settlement networks are beginning to attract institutional attention.
Gradient Network
Sector: Decentralized AI Network
Financing Amount: $10 million
Lead Investor: Pantera Capital
Investment Thesis:
Decentralized computing power and inference networks are becoming important infrastructure for the AI Agent ecosystem.
2.3 Top 3 Sectors Drawing Capital Attention This Week
#1: Stablecoin Infrastructure (Approx. 28% of funding)
Representative Projects:
- M0 Protocol
- Ethena
- Agora
Core Data:
MetricDataStablecoin Total Market Cap$325.4 billionWeek-on-Week Growth+0.012Yield-bearing Stablecoin ShareApprox. 10%Regulatory ProgressGENIUS Act at Critical Stage
Capital Logic:
Stablecoins are no longer just trading tools.
The future competition will focus on payment, clearing, and cross-border settlement networks.
#2: AI Agent Infrastructure (Approx. 26% of funding)
Representative Projects:
- Halliday
- OpenRouter
- Spectral
Core Data:
MetricDataNumber of Financing Projects This Week7Total Financing AmountApprox. $79 millionProportion in Total Financing26%
Capital Logic:
The market has shifted from the Agent concept to the Agent economy.
Future Agents will need:
Identity, payment, credit, and collaboration networks.
#3: RWA (Approx. 18% of funding)
Representative Projects:
- Ondo Finance
- Plume Network
- Centrifuge
Core Data:
MetricDataTotal RWA SizeOver $14 billionOndo TVLOver $1.4 billionProjects within Plume EcosystemOver 200
Capital Logic:
Institutions are starting to look for on-chain cash flow assets.
RWA is moving from the narrative stage to the scaling competition stage.
2.4 Key Security Incidents and Protocol Risks of the Week
Gravity Bridge Security Incident
Loss Scale:
Approx. $5.4 million
Cause:
Validator node signing key leak
Risk Level:
★★★★★
DxSale Permission Control Incident
Loss Scale:
Approx. $7.3 million
Cause:
Admin permissions maliciously controlled
Risk Level:
★★★★☆
On-Chain Judicial Freeze Case (Zama cUSDC)
Freeze Scale:
Approx. $12.6 million
Cause:
Court order triggered asset freeze
Risk Level:
★★★★★
Risk Observation
This week's security incidents show a noticeable shift.
The focus of attacks is shifting from smart contract vulnerabilities to:
- Key Management
- Permission Control
- Regulatory Execution Risk
For future financing projects, security capabilities are becoming a significant plus factor.
III. Forward-Looking Trends in On-Chain Investment & Financing
3.1 Stablecoin Payment Networks May Become the Primary Theme for Q3
After the GENIUS Act enters a critical stage, the market is beginning to reassess the value of the stablecoin sector.
The past market debate was:
Are stablecoins legal?
The future market focus is:
Who controls the payment network?
Projects currently worth close attention include:
- M0 Protocol
- Ethena
- Agora
Key Observation Points for the Next 4 Weeks:
- Subsequent progress of the GENIUS Act
- Changes in USDC and USDT market share
- Growth in stablecoin payment scenarios
3.2 Compliant Derivatives Infrastructure Enters Value Reassessment Phase
Despite the overall market adjustment this week, the on-chain derivatives market remains active.
Notably, Hyperliquid continues to maintain a high-revenue state.
Core Data:
MetricDataOpen InterestOver $8 billionAverage Daily Revenue$1.8m – $2.2mAnnualized RevenueOver $700 million
A new consensus is forming in the market:
Revenue-generating protocols hold more long-term value than narrative-driven protocols.
3.3 AI Agents Begin Entering Commercial Validation Stage
Over the past year, capital invested in the Agent concept.
In the coming year, capital will invest in Agent revenue.
Projects to Focus On:
- Halliday
- Spectral
- Virtuals
Critical to Observe in the Next 4 Weeks:
Whether real payment and transaction behaviors begin to occur between Agents.
If a closed loop forms, the Agent sector may enter a new valuation phase.
3.4 Key TGE and Launch Events in the Next 1–4 Weeks
First-Tier Projects to Watch:
- GRVT
- Initia
- MegaETH
Second-Tier Projects to Watch:
- Monad Ecosystem Projects
- AI Agent Ecosystem Projects
- RWA Ecosystem Projects
The next month is expected to focus mainly on ecosystem incentives and testnet opportunities.
IV. Data-Driven Investment Research Analysis
Continuous ETF Outflows, But Stablecoin Growth – What Does It Mean?
Looking solely at ETF data, the market appears to have entered a clear risk contraction phase.
BTC ETF weekly outflow of $1.72 billion marks one of the largest weekly capital withdrawals this year. ETH ETFs also show continuous outflows.
Yet, simultaneously, the total stablecoin market cap is still expanding.
This indicates capital is not truly leaving the crypto market but is waiting for new definitive opportunities.
Historically, this phenomenon often precedes the formation of a new primary trend.
Currently, the direction most likely to absorb this capital is stablecoin infrastructure and payment networks.
Why Are VCs Starting to Reduce Investment Frequency?
This week's total financing volume decreased by approximately 27% compared to last week.
This does not mean capital is withdrawing.
More accurately:
Institutions are waiting for three key variables to materialize:
- GENIUS Act
- Fed's June FOMC Meeting
- Progress on U.S. Crypto Regulation Bills
Before regulatory and macro environments become clear, VCs prefer to raise their investment standards.
Future financing will increasingly prioritize:
- Revenue
- User Growth
- Commercial Closed Loop
Over mere narratives.
Why Has Hyperliquid Gained Capital Recognition Against the Trend?
In recent years, the market has been accustomed to using TVL to measure protocol value.
Starting in 2026, the market is paying more attention to revenue.
Hyperliquid's success proves:
Protocols that genuinely generate cash flow can obtain a valuation system independent of market sentiment.
This could become a significant change for the entire primary market moving forward.
V. Watchlist for the Next 30 Days
GENIUS Act: Key Progress in June, Importance: ★★★★★
FOMC Meeting: June 18, Importance: ★★★★★
CLARITY Act Progress: Late June, Importance: ★★★★
Potential GRVT TGE: Early July, Importance: ★★★★
Initia Ecosystem Release: June – July, Importance: ★★★★
Conclusion
The past market competed for narratives; today's market competes for cash flow.
From stablecoin payment networks to on-chain derivatives infrastructure, to the AI Agent economy, capital is seeking protocols that can continuously create value.
For the next quarter, the three most important primary themes remain:
Stablecoin Infrastructure, AI Agent Infrastructure, Compliant Derivatives.
The key factor determining whether a project can secure financing is also shifting from "story" to "revenue."
