Crypto Digest: May 25 – June 1, 2026

Crypto Digest: May 25 – June 1, 2026

Bitcoin closed the week at $72,728. The market holds steady amid unstable oil prices and capital rotation out of China. Whales aren't selling – on-chain metrics confirm it. Below – everything that mattered over the past seven days.

Market Overview

The week was defined by resilience. BTC and ETH held their ground while oil fell and US equities climbed – an unusual correlation worth keeping in mind. At the same time, analysts are tracking a record $1.04T capital outflow from China: some of that money is flowing into stablecoins and bitcoin, creating hidden demand that doesn't show up in order books.

Stellar gained 30% on the week – one of the strongest results among top assets. Hyperliquid keeps attracting institutional attention: large players are accumulating HYPE alongside the Bitwise ETF launch, and Grayscale called the protocol a "breakthrough in DeFi." The overall market tone is cautiously bullish, with caveats.

Our macro dashboard keeps the full picture in one place – oil, indices, BTC dominance, and the fear/greed index.

Top 5 Events of the Week

1. Fidelity Outlined Crypto Market Trends for 2026

The largest US asset manager published its outlook for the remainder of the year. Key points: institutional adoption is accelerating, bitcoin maintains its role as digital gold, and real-world asset (RWA) tokenization is moving from experimentation into practical application. For us, this is a clear signal – institutions aren't leaving, they're building positions. Our portfolio tracks our own allocations and reflects how we're positioning in this environment.

2. Record Capital Outflow from China and Stablecoin Demand

$1.04T left China over recent months – a record. Part of that capital is seeking shelter in USDT, USDC, and bitcoin. BeInCrypto recorded rising P2P stablecoin trading volumes across Southeast Asia. This is structural demand, not speculative. It supports prices regardless of short-term sentiment.

3. Whales Aren't Selling: Three On-Chain Metrics

BeInCrypto compiled three indicators pointing to accumulation by large holders:

• HODL Waves – the share of coins older than 1 year keeps growing
• Exchange Netflow – bitcoin is leaving exchanges, not entering them
• Whale Transaction Count – the number of $1M+ transactions is above the 90-day average

CryptoQuant also flagged one concerning signal – more on that in the on-chain section below.

4. Azul Upgrade on the Base Mainnet

Coinbase's layer-2 network deployed the Azul upgrade. It improves EVM performance and reduces transaction costs. Base continues to accumulate TVL – it has become one of the fastest-growing L2 networks in 2026. This matters for anyone holding positions in the Coinbase ecosystem or working with DeFi protocols on Base.

5. ICE Head Calls for Level Playing Field on On-Chain Futures

Intercontinental Exchange – the NYSE operator – formally acknowledged Hyperliquid's growth and called on regulators to apply traditional exchange rules to on-chain derivatives. This is a two-sided signal: recognition of DeFi trading's legitimacy on one hand, and the start of regulatory pressure on decentralized exchanges on the other. We're watching how this develops.

On-Chain Signal of the Week

CryptoQuant analysts flagged a warning signal – a sharp spike in the Coindays Destroyed (CDD) metric. This means long-dormant coins have started moving. Historically, such spikes have preceded either a correction or a final growth impulse before a reversal.

A rising CDD isn't bearish on its own. Context matters: if coins are moving to exchanges, that's selling pressure. If they're going to cold wallets, that's accumulation. Right now Netflow remains negative, meaning coins are leaving exchanges.

Benjamin Cowen, widely cited for his macro analysis, has outlined specific timing for the end of the current bear cycle. Without spoiling it: his timeline aligns with the historical halving cycle. If he's right, the months ahead are an accumulation window, not a time to panic.

Why is bitcoin lagging behind mining company stocks? BeInCrypto explained it plainly: miners trade like tech companies with leverage on BTC. When the market anticipates a bitcoin price rise, equities outpace the underlying asset – this is normal market dynamics, not an anomaly.

DeFi: Hyperliquid in Focus

Grayscale published a detailed report calling Hyperliquid a "breakthrough in DeFi." The case: the protocol has achieved trading volumes comparable to centralized exchanges while running on a fully on-chain architecture. Large wallets are accumulating HYPE – visible in on-chain data and confirmed by the Bitwise ETF launch.

Following the Azul upgrade, DeFi protocol activity on the Base mainnet is expected to rise. We're watching Aerodrome and other native Base protocols.

To participate in DeFi while reducing entry price risk, our DCA calculator helps plan an optimal buying schedule for any asset.

Airdrops and Activities

The week brought several interesting opportunities for airdrop hunters:

• Base ecosystem – activity on the network picked up after the Azul upgrade. Protocols launched on Base have historically distributed tokens to active users. Now is a good time to build up transaction history.
• Hyperliquid – the main airdrop has already happened, but the ecosystem keeps growing. New protocols building on HyperEVM may announce their own drops.
• Stellar – the 30% gain drew attention to the ecosystem. Several projects on Stellar have announced early-user programs.

All active campaigns and participation guides are in our airdrops section.

Regulatory Backdrop

The CLARITY Act – the US crypto market bill – is back at the center of debate. BeInCrypto broke down who is blocking it and why: behind the scenes, traditional financial lobbyists and the crypto industry are fighting for influence. TD Cowen analysts openly questioned whether the bill will pass this year – too many political forks in the road.

In parallel, US authorities are arresting major fraudsters from Odessa who used cryptocurrency for money laundering. The FBI also uncovered a hidden miner embedded under a GPU. For the market, this is background noise, but it feeds the "crypto = fraud" narrative in media, which periodically weighs on sentiment.

Technology: Two Pieces from ForkLog

"Give Me Back My Web 1.0" – a column arguing that the decentralized internet of the 1990s was closer to web3 ideals than today's platforms. Good reading for understanding the philosophy behind bitcoin and open protocols.

"Johnny's No Longer a Mnemonic" – a piece on how the culture of storing seed phrases is changing. New security standards, next-generation hardware wallets, biometrics as an additional factor. If you've been putting off revisiting your storage setup, now is the time.

Also: Keenon unveiled the XMAN-L1 service robot, and Micron Technology joined the $1T market cap club. Both events are part of a broader trend toward physical automation and AI infrastructure. PJM (the largest US energy operator) estimated the cost of servicing the data center boom at $23.1B – enormous sums flowing into infrastructure that also supports crypto networks.

Our Tools This Week

A few reminders of what we offer:

• Portfolio – see how we allocate capital in current conditions
• DCA Calculator – plan a cost-averaging strategy for BTC, ETH, or any other asset
• Macro Dashboard – all key indicators in one place: oil, DXY, equities, bitcoin dominance
• Exchanges – trading conditions compared, with a selection of well-regarded platforms
• Airdrops – active campaigns with step-by-step guides

The next digest is on June 8. If the market moves unexpectedly before then, we'll publish an unscheduled breakdown.