Summary
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BTC continued to drift lower over the past 24 hours. On the 1-hour chart, moving averages remain bearishly aligned and MACD is still in a death-cross structure, suggesting a weak rebound rather than a confirmed reversal.
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ETH underperformed BTC on a phase basis. Although intraday rebound quality is still limited, the daily chart has printed its first 20D/50D golden cross in recent months, indicating that medium-term momentum is starting to improve.
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Altcoins saw a broad but structural pullback, while Web3 infrastructure and DeFi remained relatively active against the trend. BTRST, OSMO, POLS, and UB led gains, highlighting clear sector rotation.
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Total stablecoin supply remains high at around $322.7 billion, keeping on-chain USD liquidity ample. Meanwhile, Tether and Circle continue to dominate fee revenue, reinforcing stablecoins as the core cash-flow engine of the industry.
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Ethereum mainnet gas is still near historical lows at around 0.1 Gwei. Very low on-chain interaction costs continue to provide efficiency support for trading, deployment, and broader network activity.
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The market’s main narrative has shifted to a three-way game of policy, capital flows, and supply: Kevin Warsh’s appointment as Fed Chair has raised policy-trajectory sensitivity; weekly BTC ETF net outflows of about $965.9 million signal stronger institutional defensiveness; and rising mid-to-late May unlock pressure will continue to test market absorption capacity.
Market Overview
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BTC Market Update — Over the past 24 hours, BTC has continued to fluctuate downward overall, with the current price now hovering near the intraday low. In the short term, the market structure still reflects a weak corrective phase rather than a confirmed reversal. From a technical perspective, the 1-hour moving averages remain in a bearish alignment. MA5 and MA10 are only providing limited support on the shortest timeframes, while MA20, MA50, MA100, and MA200 are all positioned above the current price, continuing to act as overhead resistance. MACD remains in bearish territory following a death cross, and the negative histogram has yet to show a meaningful reversal. Although trading volume has stayed relatively active, the activity appears more consistent with passive selling pressure during a decline rather than aggressive buying interest. Overall, the market still leans bearish in the short term, and any rebound would first need to reclaim the medium- and short-term moving averages.
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ETH Market Update — ETH recorded a larger decline than BTC over the past 24 hours, with a more pronounced intraday pullback following an earlier upward move. The asset remains within a weak consolidation range overall. Technically, most of the 1-hour moving averages from MA5 through MA100 are still positioned above the current price, with only MA200 remaining below it, suggesting that the rebound structure remains unstable. MACD continues to operate below the zero axis while maintaining a death cross formation, indicating that bearish momentum still dominates. StochRSI has already entered overbought territory, signaling that the recent hourly rebound may face exhaustion risk. In addition, the price still struggles to firmly reclaim key EMA levels.
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Altcoins — Over the past 24 hours, the Fear & Greed Index stood at 28, while the Altcoin Season Index was at 17, indicating persistently low risk appetite. Altcoins remain clearly differentiated, with capital largely staying defensive. Major altcoins such as SOL and XRP saw modest pullbacks, and the broader market continues to trade in a range-bound structure.
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Stablecoins — Total stablecoin supply remains elevated at around $322.7 billion, indicating that on-chain USD liquidity remains ample and continues to provide base settlement depth for both spot and derivatives markets.
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Gas Fees — Ethereum mainnet gas remains near historical lows, around 0.1 Gwei, keeping on-chain interaction costs very low.
Trending Tokens
Over the past 24 hours, altcoins broadly declined in a structural selloff, with roughly 69.35% of tokens down. Yet Web3 infrastructure and DeFi remained relatively strong, with BTRST, OSMO, POLS, and UB averaging 40.17% gains, and BTRST rising over 69%. The Fear & Greed Index stands at 46, down day-over-day but still neutral.
OSMO Osmosis (33.23% | Circulating Market Cap: $66.7 million)
According to Gate market data, OSMO is currently trading at $0.08195, up 33.23% over the past 24 hours. Osmosis is a leading decentralized exchange (DEX) within the Cosmos ecosystem, supporting cross-chain asset trading and liquidity provision.
Recently, the Osmosis community passed a new proposal regarding adjustments to token swap ratios. Meanwhile, its 24-hour trading volume surged by 3,620% to surpass $60 million, far exceeding its market capitalization. This reflects exceptionally strong capital inflows and a notable increase in ecosystem activity.
POLS Polkastarter (29.46% | Circulating Market Cap: $10.02 million)
According to Gate market data, POLS is currently trading at $0.09408, up 29.46% over the past 24 hours. Polkastarter is a decentralized protocol designed for cross-chain token pools and auctions, commonly used for IDO launches.
Polkastarter recently announced multiple IDO plans involving high-quality Web3 projects, reigniting market enthusiasm toward the token launch sector. Although the token had previously experienced a week of narrow-range pullbacks, today’s high-volume rally indicates strong bottom support and a clear recovery in bullish community sentiment.
BTRST Braintrust (69.45% | Circulating Market Cap: $22.63 million)
According to Gate market data, BTRST is currently trading at $0.11286, up 69.45% over the past 24 hours. Braintrust is the first user-owned decentralized talent network, directly connecting freelancers with some of the world’s leading companies.
After experiencing a prolonged period of liquidity exhaustion, BTRST saw a significant short squeeze rally today. Although previous analysis had pointed to a relatively bearish market outlook, the magnitude of today’s oversold rebound was substantial. In addition, its unique “user-owned” narrative regained market attention during the Senate Crypto Vote discussions, further accelerating the token’s price recovery.
Key Market Data Highlights
The U.S. Senate Confirms Kevin Warsh as Federal Reserve Chair, Marking the Beginning of the “Post-Powell Era”
On May 14, the U.S. Senate officially confirmed Kevin Warsh as Chair of the Federal Reserve with a 54–45 vote. Warsh had previously been approved to serve a 14-year term as a Fed Governor, and the latest vote highlighted clear partisan divisions, with only one Democrat voting in favor. He will succeed Jerome Powell, whose term as Chair ends on May 15. Although Powell will step down as Chair, he is expected to remain on the Board of Governors. Warsh will formally assume office after completing the White House signing procedures.
Warsh’s appointment could mark a significant shift in the Federal Reserve’s policy style. Widely viewed as relatively market-oriented and more open toward digital assets, his leadership has raised expectations of a more crypto-friendly policy environment. Against a backdrop of persistent inflation uncertainty and an unclear rate-cut trajectory, markets will closely watch how Warsh balances monetary tightening with economic growth. For crypto assets, this could imply marginal improvements in the regulatory environment, although markets may still need time in the short term to digest the policy uncertainty associated with the leadership transition.
Jane Street Q1 Portfolio Rebalancing: Major Reduction in Bitcoin ETF Exposure, Strategic Increase in Ethereum ETFs and Galaxy Digital Holdings
Wall Street giant Jane Street disclosed major changes to its crypto-related holdings in its 13F filing for the first quarter of 2026. The firm significantly reduced its positions in BlackRock’s IBIT (down 71%) and Fidelity’s FBTC (down 60%), while also heavily cutting its holdings in MicroStrategy shares. At the same time, Jane Street increased its exposure to Ethereum ETFs, adding approximately $82 million in new positions, and aggressively accumulated shares of Galaxy Digital, expanding its holdings from 17,000 shares to 1.5 million shares. In addition, the firm reported a record-breaking $16.1 billion in trading revenue during the first quarter.
As one of the world’s leading market makers, Jane Street’s portfolio adjustments carry strong signaling effects for the broader industry. The capital rotation from Bitcoin ETFs into Ethereum ETFs suggests that institutional investors may be seeking higher-beta opportunities after Bitcoin completed a phase of price discovery. The explosive increase in Galaxy Digital holdings further indicates confidence in the long-term value of crypto-native financial service providers. This transition — from allocating capital to a single asset toward deeper participation across the broader crypto ecosystem — suggests that institutional crypto strategies are entering a more sophisticated and diversified stage.
The Gap Between Ethereum and Solana DEX Monthly Trading Volume Narrows to the Lowest Level in Nearly 12 Months
Over recent months, the gap in decentralized exchange (DEX) monthly trading volume between Solana and Ethereum has narrowed significantly. Solana’s DEX volume ratio relative to Ethereum has fallen to approximately 94%, marking a 12-month low and reversing sharply from the 218% peak recorded in January 2026. Currently, both blockchain networks process roughly $45 billion in monthly DEX trading volume, placing them nearly on equal footing. Ethereum’s relative resilience during this period has largely been driven by the structural composition of its trading activity. Deeper liquidity pools, stablecoin trading pairs, and stronger DeFi participation have proven more durable amid declining speculative sentiment. The current near-parity between the two ecosystems creates new opportunities for both chains to compete for market share as on-chain activity potentially rebounds.
The bullish case for Solana lies in its low-fee, high-throughput architecture, which is naturally suited for retail-driven activity and the potential revival of Meme coin and AI agent narratives. Ethereum, meanwhile, continues to benefit from its deep total value locked (TVL), stronger institutional familiarity, and higher-quality transaction composition. A key point to monitor is whether Solana’s trading volume floor can stabilize at current levels or continue tightening further. If Solana manages to hold these levels while Bitcoin dominance begins to weaken, it could signal the early return of speculative capital into the market — with Solana potentially emerging as one of the first major beneficiaries due to its strong retail user base.
Focus of the Week
On-chain protocol fees remain elevated, stablecoin issuers still dominate revenue
According to on-chain fee statistics, total protocol fees were about $52.7M in the last 24 hours, with about $1.633B over the last 30 days and a weekly change of around -7.77%. Structurally, fees remain elevated, indicating that on-chain capital and transaction demand have not materially cooled, though growth has moderated compared with earlier high-volatility phases.
On revenue mix, stablecoin issuers remain dominant. Tether generated about $16.5M in 24-hour fees and $115.43M over 7 days; Circle generated about $6.59M in 24-hour fees and $40.01M over 7 days. In a volatile market, stablecoin-related business continues to show the strongest cash-flow resilience, while “payments + clearing + on-chain settlement” characteristics further reinforce revenue visibility.
Bitcoin ETF flows weakened this week, institutions moved into short-term defense
For spot Bitcoin ETFs, total weekly net flow turned to approximately -$965.9M, indicating a clear defensive shift by institutions in the second half of the week. On May 13 alone, net outflow was about -$345.7M, a key pressure-release point reflecting de-risking and short-term profit-taking amid overlapping macro and risk-event uncertainty.
In rhythm terms, this looks more like position rebalancing than a core allocation thesis reversal. Prior inflow streaks had accumulated meaningful gains; as the market entered high-range consolidation, profit realization and risk-budget tightening were natural. Put differently, weaker short-term flows do not automatically imply vanished medium-term demand, but rather normal institutional response to volatility and uncertainty. More importantly, ETFs remain BTC’s most critical institutional access channel. Their transparent, compliant, and allocatable structure makes them difficult to replace in traditional portfolios. If macro expectations improve at the margin, ETF flows may return to net inflow and again become a key marginal driver of BTC recovery.
Mid-to-late May unlock pressure is rising, supply-side disturbance needs close tracking
According to Tokenomics’ May panel, total scheduled token unlocks for May 2026 are about $3.3B, with the monthly single-day peak expected on May 29 at around $594.6M. Compared with early May, multiple medium-to-high unlock days have already appeared in the May 7–May 14 window, showing that supply factors are beginning to price in ahead of actual release. For high-valuation, low-float, narrative-driven assets, unlock expectations often enter pricing before tokens hit circulation, creating a two-stage pattern: “trade the expectation first, then trade the realization.”
Whether unlock pressure becomes a real shock depends on three factors: (1) whether incremental float size matches historical liquidity depth, (2) actual sell intent from project teams and early holders, and (3) whether market risk appetite and volume can absorb new supply. If absorption is weak, unlocks can amplify downside elasticity in local assets; if absorption is strong, impact may remain short-term noise. In the current environment—high fees but fragmented risk appetite and weak ETF flows—supply-side variables have become more important.
Funding Weekly Recap
According to RootData, from May 7, 2026 to May 14, 2026, there were 17 announced crypto-related financings or M&A deals across sectors including payment infrastructure, on-chain security, and multisig asset management. The top three by deal size are below:
Reap
On May 7, Reap disclosed a $600M M&A deal with Kraken.
This large transaction highlights how leading trading and financial platforms are accelerating integration of payments and account infrastructure. By filling gaps in enterprise payments, clearing, and cross-region capital rails through M&A, platforms can improve transfer efficiency under compliant frameworks and further connect a “trading–payments–accounts” integrated service stack.
Arc
On May 11, Arc announced a $222M raise at a $3B valuation, with investors including Andreessen Horowitz and General Catalyst.
In the current market, the coexistence of large growth financing and high valuations indicates strong institutional consensus on long-term certainty for top infrastructure and platform plays. These projects typically have stronger network effects and scalability, making it easier to expand strategic advantage in subsequent cycles.
Elliptic
On May 12, Elliptic announced a $120M raise at about a $670M valuation, with investors including Deutsche Bank and Nasdaq.
Participation from traditional financial institutions further reinforces that compliance, risk control, and on-chain security remain key allocation themes. As crypto and traditional finance continue to integrate, providers with regulatory technology and risk-management capabilities are likely to play a more central role in institutional onboarding.
Next Week to Watch
Token Unlocks
According to Tokenomist, in the next 7 days (2026-05-15 to 2026-05-22), the market will see about $217M in token unlocks. Overall short-term pressure appears somewhat lower than previously feared, but select projects still warrant close attention. Top three unlocks:
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PYTH: about $109M unlock, around 37% of circulating supply.
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ZRO: about $36.25M unlock, around 10.2% of circulating supply.
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CONX: about $17.88M unlock, around 58.4% of circulating supply.
References:
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Gate, https://www.gate.com/trade/BTC_USDT
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Farside Investors, https://farside.co.uk/btc/
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Gate, https://www.gate.com/trade/ETH_USDT
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Gate, https://www.gate.com/crypto-market-data
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CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
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CoinGecko, https://www.coingecko.com/en/categories
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DefiLlama, https://defillama.com/stablecoins
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Etherscan, https://etherscan.io/gastracker
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Rootdata, https://www.rootdata.com/Fundraising
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Tokenomist, https://tokenomist.ai/
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The Block, https://www.theblock.co/post/400806/ethereum-closes-gap-solana-dex-volumes-converge-45-billion
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FinanceFeeds, https://financefeeds.com/jane-street-cuts-bitcoin-etf-exposure/
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CNN, https://edition.cnn.com/2026/05/13/economy/kevin-warsh-confirmation-trump-fed-chair
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Farside, https://farside.co.uk/btc/
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