This crypto primary market financing outlook covers the period from June 1 to June 7, 2026. From the perspective of traditional institutional flows, BTC ETFs recorded a fourth consecutive week of large net outflows, with roughly $1.72 billion leaving in a single week. ETH ETFs also saw net outflows of about $168 million over the same period. Over four weeks, cumulative outflows reached $5.4 billion for BTC ETFs and $880 million for ETH ETFs, marking the strongest continuous outflow sequence in nearly a year.
The stablecoin market did not contract in parallel. As the U.S. GENIUS Act entered a critical stage and regulators in the United Kingdom began discussing adjustments to stablecoin regulatory rules, the global framework for stablecoin regulation has been accelerating. The report describes this as a new capital migration logic: funds are moving from “risk asset allocation” toward “payment and yield infrastructure allocation.”
Financing Activity Fell as ETF Withdrawals Deepened
The number of valid financing projects this week was 26, down from 31 in the previous week, a week-on-week decline of 16.10%. Total financing volume fell to $302 million from $412 million, down 26.70%. The largest single financing round was $40 million, compared with $85 million in the prior week, a decline of 52.90%. On the ETF side, BTC ETF net flow was -$1.72 billion, compared with -$1.44 billion in the prior week, meaning the outflow expanded by 19.4%. ETH ETF net flow was -$168 million, compared with -$257 million previously, meaning the outflow narrowed by 34.6%.
DeFi total value locked decreased from $80.1 billion to $77.8 billion, a week-on-week decline of 2.90%. By contrast, the total market capitalization of stablecoins rose from $321.6 billion to $325.4 billion, with week-on-week growth recorded as 0.012. The report emphasizes that the biggest change this week was not merely the decline in financing, but the change in capital structure. BTC ETFs have now seen four straight weeks of net outflows, and the $1.72 billion weekly withdrawal was one of the largest weekly exits seen in 2026. At the same time, the aggregate stablecoin base continued to expand.
According to the report, this pattern indicates a defensive phase: investors are reducing risk exposure while keeping liquidity on-chain and waiting for new opportunities with clearer certainty. The distinction between ETF outflows and stablecoin growth is central to the report’s view of the current primary market.
Stablecoin Infrastructure Ranked First by Funding Share
Stablecoin Infrastructure ranked first among financing sectors this week, accounting for about 28% of total financing volume. Representative projects include M0 Protocol, Ethena and Agora. M0 Protocol raised $35 million, with Bain Capital Crypto as the lead investor. The sector’s core data include a total stablecoin market cap of $325.4 billion, week-on-week growth of 0.012, an approximately 10% share for yield-bearing stablecoins, and regulatory progress marked by the GENIUS Act entering a critical stage.
The report’s capital logic is that stablecoins are no longer just trading tools. Future competition will shift toward payment networks, clearing networks and cross-border settlement networks. This is why the report frames stablecoin infrastructure as a major direction in the capital rotation from risk exposure to payment and yield infrastructure.
AI Agent Infrastructure ranked second, accounting for about 26% of financing volume. Representative projects include Halliday, OpenRouter and Spectral. This week, the sector recorded 7 financing projects with total financing of approximately $79 million, representing 26% of the total. Halliday belongs to the AI Agent Infrastructure track and was led by a16z. The report’s investment logic is that the coming Agent era will generate large volumes of model-calling demand, and the model routing layer can become a new infrastructure entry point. A Decentralized AI Network track also recorded $10 million in financing, with decentralized computing power and inference networks described as important infrastructure for the AI Agent ecosystem.
RWA and On-Chain Cash Flow Became Key Institutional Themes
For the RWA segment, representative projects include Ondo Finance, Plume Network and Centrifuge. The core data listed in the report are: the total size of RWA exceeds $14 billion, Ondo TVL exceeds $1.4 billion, and the Plume ecosystem has more than 200 projects. The capital logic is that institutions are beginning to look for on-chain cash-flow assets. RWA is moving from a narrative stage into a stage of scaled competition.
The report also states that security capability is becoming an important positive factor for future financing projects. Within the forward-looking section on on-chain investment and financing trends, the report identifies stablecoin payment networks as the largest Q3 theme. After the GENIUS Act entered a critical stage, the market began reassessing the value of the stablecoin sector.
Although the broader market adjusted during the week, the on-chain derivatives market remained active. Hyperliquid continued to maintain a high-revenue state. Its core data include open interest of more than $8 billion, average daily revenue of $1.8 million to $2.2 million, and annualized revenue of more than $700 million. The report uses Hyperliquid as an example of how protocols that generate real cash flow can develop a valuation framework independent of broader market sentiment.
Agent Revenue, Regulation and Macro Events Define the Next Watch List
The report states that capital invested in the Agent concept over the past year, while capital in the coming year will focus on Agent revenue. Halliday, Spectral and Virtuals are listed as key projects to observe. Over the next four weeks, the central observation point is whether real payment and transaction behavior begins to appear between Agents. If a closed loop is formed, the Agent sector would enter the new valuation stage described by the report. Over the next month, the report expects ecosystem incentives and testnet opportunities to remain the main focus.
In its data-driven investment research section, the report asks what it means when ETFs continue to see outflows while stablecoins continue to grow. If only ETF data are considered, the market appears to have entered a clear risk-contraction phase. BTC ETFs saw $1.72 billion in weekly outflows, one of the largest weekly withdrawals this year, and ETH ETFs also continued to record outflows. However, the total stablecoin base kept expanding.
The report concludes that funds have not truly left the crypto market; rather, they are waiting for new opportunities with clearer certainty. Historically, this pattern has often appeared before the formation of a new main theme. The direction currently positioned to absorb that capital, according to the report, is stablecoin infrastructure and payment networks.
More specifically, the report says institutions are waiting for three key variables to land: the GENIUS Act, the Federal Reserve’s June interest-rate meeting, and progress on U.S. crypto regulatory legislation. Before the regulatory and macro environment becomes clear, VCs are more inclined to raise investment standards. Hyperliquid’s success demonstrates that protocols capable of creating real cash flow can obtain a valuation system separate from market sentiment, and the report presents this as an important change for the future primary market.
The 30-day watch list includes the GENIUS Act, with key progress in June and an importance rating of ★★★★★; the FOMC interest-rate meeting on June 18, also rated ★★★★★; progress on the CLARITY Act in late June, rated ★★★★; GRVT TGE in early July, rated ★★★★; and the Initia ecosystem release from June to July, rated ★★★★. The report closes with a clear distinction: the market previously competed for narratives, while today it competes for cash flow. From stablecoin payment networks to on-chain derivatives infrastructure and the AI Agent economy, capital is seeking protocols that can continuously create value, and the key financing factor for projects is shifting from “story” to “revenue.”