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📈 Derivatives Volumes Soared as Markets Sold Off in Early June
Despite a weak market environment, derivatives activity expanded sharply in early June.
The combined volume of the top 3 perp DEXs rose from $12.18B on June 1 to $23.95B on June 5, up +96.6%. @HyperliquidX led the segment, growing from $7.78B to $16.34B.
Meanwhile, the top 3 CEX futures venues increased volume from $111.3B to $201.5B, up +81.0%. @binance remained the clear leader, reaching $115.4B on June 5.
Rising derivatives volumes suggest that volatility remained a key driver of trading activity across both DEX and CEX markets.
The gap between crypto and equities continues to widen
While the S&P 500 has reached new all-time highs above 7,400 points, the total crypto market capitalization remains near $2.15T and well below its previous peak.
This divergence suggests that capital continues to favor traditional markets, while investors remain selective within crypto.
Crypto’s Journey Over 5 Years – Nothing Has Changed?
Five years later, the crypto market cap is still in the same range, at around $2.08T, while Bitcoin trades at a similar price.
⚡️ 32 crypto ETFs now offer institutional access to digital assets.
⚡️ RWA has grown over 460× since 2021, evolving from a niche into a broad sector where assets like stocks, commodities, real estate, and various credit instruments are now tokenized.
⚡️ Stablecoins now account for roughly 15% of total crypto market cap, supported by broader use in payments, settlements, and institutional adoption.
Five years later — same market cap, broader adoption.
📊 May Sees Biggest Crypto Capital Inflow Since Oct 2025
May 2026 saw a decisive reversal in the spring slowdown, with $3.52B raised across 83 VC rounds — up 408% MoM and the highest total since October 2025.
Mega-rounds drove the surge, including @Kalshi $1.2B and @arc $222M, signaling renewed conviction despite round counts still below late-2025 peaks.
🔓 Top 7 Token Unlocks of the Upcoming Week
The following tokens with the largest unlock value will be unlocked this week:
$RAIN — $666.66M
$ASTER — $60.11M
$HOME — $30.92M
$STABLE — $29.55M
$ADI — $25.78M
$PUMP — $15.62M
$ME — $9.99M
Top Chains by Network Real Economic Value (REV) in May
*The fees and tips paid for general purpose blockspace. Excludes additional sources of revenue
🥇@trondao — $32.8B
🥈@ethereum — $19.5B
🥉@solana — $18.1B
Real Economic Value (REV) is a metric that tracks blockchain value accrual generated by general purpose blockspace. Net REV is just as important a metric as a network's TVL.
REV = transaction fees + out-of-protocol tips. It measures the monetary demand to transact on a chain.
In some cases, such as @HyperliquidX or arbitrum, REV is only a subset of Network Revenue, as networks can offer additional products or services that generate revenue.
📊 Stock Products on CEXs Compared
Crypto exchanges are entering the stock market, but they're doing it in very different ways.
@binance and @Gate focus on brokerage-based access to U.S. equities, while @bitget is building around tokenized stocks that can be used across its crypto ecosystem.
Three platforms. Three different ways to access U.S. equities through crypto exchanges.
A Historic Moment
On June 6, the market capitalization of $USDT briefly surpassed that of $ETH for the first time in history.
This milestone came amid a sharp decline in $ETH price and the continued growth of $USDT circulating supply and market capitalization.
As of now, $ETH has reclaimed its position as the second-largest cryptocurrency by market capitalization.
⚡️The Tokens Every CEX Wanted to List
Across the last 100 listings on Binance, Bybit, OKX, Bitget, Gate, HTX, KuCoin, and MEXC, only one project was listed by all 8 exchanges:
🏆 $MEGA (@megaeth)
Five projects reached 7 out of 8 exchanges:
$CHIP (@USDai_Official)
$ROBO (@FabricFND)
$ZAMA (@zama)
$SENT (@SentientAGI)
$BREV (@brevis_zk)
Broad exchange coverage doesn't guarantee performance, but it highlights the projects that achieved the strongest listing consensus among major CEXs.
Top #AI Gainers in May 2026
With a $10M+ M/C filter, the strongest AI gainers in May were:
🥇@Unibase_AI +176.4%
🥈@AlloraNetwork +122.4%
🥉@TalusNetwork +119.8%
🎖@AskVenice +115.0%
🎖@QuackAI_AI +90.5%
🎖@SaharaAI +52.3%
The AI sector delivered strong performance over the past month, with several projects posting gains of more than 50%, while the top performers more than doubled in price.
📉 The Biggest Altcoin Victims of the Current Market Decline
🔻-45.9%: $BCH — $247.89
🔻-40.7%: $PENGU — $0.006756
🔻-27.8%: $PI — $0.1294
🔻-27.8%: $PEPE — $0.000012957
🔻-27.6%: $ADA — $0.1877
🔻-27.0%: $VET — $0.005343
🔻-26.8%: $BONK — $0.000014778
🔻-26.5%: $ETH — $1,759
🔻-25.4%: $TAO — $214.09
🔻-25.3%: $ARB — $0.08939
As Bitcoin continues its month-long decline, several major cryptocurrencies have suffered even larger losses over the past 30 days.
Which of these surprised you the most?
Top Chains by DEX Volume in May
Tracked #DEX volume reached $178.0B in May.
🥇@solana led the market with $43.9B
🥈@ethereum with $36.4B
🥉@base with $29.2B
🎖@BNBCHAIN with $23.0B
The top 4 chains captured 74.4% of total volume, while the top 10 accounted for 90.8%.