The research period covered in the report is June 1 to June 7, 2026. The main change in the crypto primary market this week was not only the decline in financing activity, but also the shift in the structure of capital allocation. From the perspective of traditional institutions, BTC ETFs recorded large net outflows for the fourth consecutive week, with weekly outflows of about $1.72 billion. ETH ETFs also posted 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 consecutive outflow record in nearly a year.
At the same time, the stablecoin market did not contract in parallel with ETF flows. With the U.S. GENIUS Act entering a critical stage and U.K. regulators beginning to discuss adjustments to detailed stablecoin rules, the global regulatory framework for stablecoins is accelerating. The report frames this as a new capital migration logic: capital is moving from “risk-asset allocation” toward “payment and yield infrastructure allocation.”
ETF outflows expanded while stablecoin supply kept growing
The report recorded 26 valid financing projects this week, compared with 31 in the previous week, a week-on-week decline of 16.10%. Total financing volume was $302 million, down from $412 million one week earlier, a decline of 26.70%. The largest single financing round was $40 million, compared with $85 million the previous week, a drop of 52.90%. BTC ETF net flow stood at -$1.72 billion, compared with -$1.44 billion in the previous week, meaning the outflow expanded by 19.4%. ETH ETF net flow was -$168 million, compared with -$257 million in the prior week, meaning the outflow narrowed by 34.6%.
Other market indicators also showed a split pattern. DeFi total value locked fell from $80.1 billion to $77.8 billion, a week-on-week decline of 2.90%. By contrast, the total market capitalization of stablecoins increased from $321.6 billion to $325.4 billion, with week-on-week growth of 0.012. The report states that BTC ETF outflows of $1.72 billion made the week one of the largest single-week capital withdrawals of 2026, while the continued expansion in stablecoin supply showed that on-chain liquidity remained in the system.
The report interprets this combination as a defensive phase: investors are reducing risk exposure, but they are also keeping liquidity on-chain while waiting for clearer opportunities. If the market were judged only by ETF data, the conclusion would be a clear contraction in risk appetite. The simultaneous increase in stablecoin market capitalization creates a more nuanced picture, in which funds have not fully left the crypto market.
Stablecoin infrastructure ranked first by financing share
The largest financing theme of the week was Stablecoin Infrastructure, which accounted for about 28% of total financing volume. Representative projects listed by the report include M0 Protocol, Ethena and Agora. M0 Protocol raised $35 million, with Bain Capital Crypto as lead investor. The stablecoin data highlighted in the report include a total stablecoin market capitalization of $325.4 billion, week-on-week growth of 0.012, yield-bearing stablecoins accounting for approximately 10%, and the GENIUS Act entering a critical stage.
The report’s capital logic is that stablecoins are no longer only trading tools. The competitive focus is shifting toward payment, clearing and cross-border settlement networks. After the GENIUS Act entered a critical stage, the market began to reassess the value of the stablecoin sector. The report also lists stablecoin payment networks as one of the central themes for Q3.
AI Agent infrastructure moved from concept to economy
The second-largest theme was AI Agent Infrastructure, accounting for about 26% of total financing. Representative projects include Halliday, OpenRouter and Spectral. The report recorded seven financing projects in this category during the week, with total financing of about $79 million. Halliday was listed under the AI Agent Infrastructure track, with a16z as the lead investor. The investment logic given by the report is that the future Agent era will generate large demand for model calls, and the model routing layer can become a new infrastructure entry point.
The report also recorded a Decentralized AI Network financing amount of $10 million and stated that decentralized computing power and inference networks have become important infrastructure for the AI Agent ecosystem. In the report’s wording, capital invested in the Agent concept over the past year, while capital over the next year is focused on Agent revenue. Key projects to observe include Halliday, Spectral and Virtuals. Over the next four weeks, the report identifies one key question: whether real payment and transaction behavior begins to appear between Agents. It also describes the coming month as centered on ecosystem incentives and testnet opportunities.
RWA and on-chain cash flow became financing filters
The RWA section lists Ondo Finance, Plume Network and Centrifuge as representative projects. Core data include total RWA size of over $14 billion, Ondo TVL of over $1.4 billion, and more than 200 projects in the Plume ecosystem. The report states that institutions are beginning to look for on-chain cash-flow assets, and that RWA is moving from the narrative stage into a phase of scaled competition. For future financing projects, security capability is also becoming an important positive factor.
Despite the broader market adjustment this week, the on-chain derivatives market remained active. Hyperliquid continued to maintain a high revenue state. The report’s core data for Hyperliquid include open interest of over $8 billion, average daily revenue of $1.8 million to $2.2 million, and annualized revenue of over $700 million. The report states that Hyperliquid’s success shows that protocols generating real cash flow can obtain a valuation framework independent of market sentiment, and that this can become an important change for the primary market.
In its data-driven investment research section, the report focuses on the meaning of continued ETF outflows alongside continued stablecoin growth. BTC ETFs recorded a weekly outflow of $1.72 billion, one of the largest weekly withdrawals this year, and ETH ETFs also continued to see outflows. At the same time, the stablecoin market cap continued to rise. The report states that this shows capital has not truly left the crypto market, but is waiting for clearer opportunities. Historically, the report says this pattern often appears before a new main theme takes shape.
The report points to stablecoin infrastructure and payment networks as the current direction for capital absorption. It also lists three key variables institutions are waiting for: 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, VC investors are more inclined to raise investment standards. The report’s final conclusion is that the decisive factor for project financing is shifting from “story” to “revenue.”
Thirty-day watchlist
The report’s watchlist for the next 30 days includes the GENIUS Act, with key progress in June and an importance rating of five stars; the FOMC interest rate meeting on June 18, also rated five stars; progress on the CLARITY Act in late June, rated four stars; a potential GRVT TGE in early July, rated four stars; and the release of the Initia ecosystem from June to July, also rated four stars.
The report closes by stating that the market used to compete 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 looking for protocols that can continuously create value.