The research period covered June 1 to June 7, 2026. The main change in the crypto primary market during the week was not simply a decline in financing activity, but a more visible shift in the structure of capital allocation. The number of valid financing projects fell from 31 in the previous week to 26, down 16.10% week on week. Total financing volume dropped from $412 million to $302 million, a 26.70% decrease. The largest single financing round also contracted sharply, falling from $85 million to $40 million, a decline of 52.90%.
From the perspective of traditional institutional vehicles, BTC ETFs recorded large-scale net outflows for the fourth consecutive week. Weekly net outflows reached about $1.72 billion, compared with $1.44 billion in the previous week, meaning the outflow expanded by 19.4%. ETH ETFs recorded net outflows of about $168 million over the same period, compared with $257 million a week earlier, narrowing by 34.6%. Over the four-week period, cumulative outflows from BTC ETFs and ETH ETFs reached $5.4 billion and $880 million respectively, marking the strongest consecutive outflow record in nearly one year.
ETF Withdrawals and Stablecoin Expansion Move in Parallel
Stablecoins did not contract in parallel with ETF outflows. DeFi total value locked stood at $77.8 billion this week, down from $80.1 billion in the prior week, a 2.90% decrease. By contrast, total stablecoin market capitalization rose from $321.6 billion to $325.4 billion, with week-on-week growth recorded as 0.012. As the U.S. GENIUS Act entered a critical stage and U.K. regulators began discussing adjustments to detailed stablecoin rules, the global stablecoin regulatory framework has been moving toward clearer formation. The report describes the capital rotation as a move from “risk asset allocation” toward “payment and yield infrastructure allocation.”
At the project level, Halliday was categorized under the AI Agent Infrastructure track, with a16z as the lead investor. Its investment logic centers on the large volume of model-call demand expected in the Agent era, where the model routing layer is positioned as a new infrastructure entry point. M0 Protocol was categorized under Stablecoin Infrastructure, with $35 million in financing led by Bain Capital Crypto. Another financing case was listed under the Decentralized AI Network track, with $10 million raised; decentralized computing power and inference networks were described as important infrastructure for the AI Agent ecosystem.
Stablecoin Infrastructure Leads by Funding Share
The top-ranked track by financing amount this week was Stablecoin Infrastructure, accounting for about 28% of total funding. Representative projects included M0 Protocol, Ethena and Agora. The core data points for this track were: total stablecoin market capitalization of $325.4 billion, week-on-week growth of 0.012, yield-bearing stablecoins accounting for approximately 10%, and regulatory progress marked by the GENIUS Act entering a critical stage. The report emphasized that stablecoins are no longer merely trading tools, with future competition shifting toward payment, clearing and cross-border settlement networks.
AI Agent Infrastructure ranked second, accounting for about 26% of total financing. Representative projects included Halliday, OpenRouter and Spectral. The track recorded seven financing projects during the week, with total financing of approximately $79 million and a 26% share of the total. The report stated that the market has moved from the Agent concept toward the Agent economy. In its wording, capital invested in the Agent concept over the past year, while in the coming year capital will invest in Agent revenue. Over the next four weeks, the key observation point will be whether real payment and transaction behavior begins to emerge between Agents.
The RWA section named Ondo Finance, Plume Network and Centrifuge as representative projects. The core data included total RWA size exceeding $14 billion, Ondo TVL exceeding $1.4 billion, and more than 200 projects in the Plume ecosystem. The report stated that institutions have started to look for on-chain cash-flow assets, and that RWA is moving from the narrative stage into scaled competition. It also noted that security capability is becoming an important positive factor for future financing projects.
On-Chain Derivatives and Agent Revenue Enter the Watch List
In its outlook for on-chain financing trends, the report identified stablecoin payment networks as one of the main themes for Q3. After the GENIUS Act entered a critical stage, the market began to reassess the value of the stablecoin sector. Although the broader market adjusted during the week, on-chain derivatives remained active. Hyperliquid continued to maintain a high-revenue status, with open interest above $8 billion, average daily revenue between $1.8 million and $2.2 million, and annualized revenue exceeding $700 million.
For the Agent track, the projects highlighted for observation included Halliday, Spectral and Virtuals. The report said that if Agents form a closed loop of real payments and transactions, the Agent sector would enter a new valuation stage. Over the coming month, the report expects the focus to remain on ecosystem incentives and testnet opportunities. The simultaneous appearance of continued ETF outflows and stablecoin growth indicates, in the report’s framing, that capital has not truly left the crypto market, but is waiting for new areas of certainty. The current directions positioned to absorb capital are stablecoin infrastructure and payment networks.
Key Items for the Next 30 Days
The report’s 30-day watch list included several dated items. GENIUS Act progress in June was assigned an importance level of ★★★★★. The FOMC meeting on June 18 was also assigned ★★★★★. CLARITY Act progress in late June was assigned ★★★★. GRVT’s potential TGE in early July was assigned ★★★★. Initia ecosystem releases from June to July were also assigned ★★★★.
For primary-market investment research, the report framed three variables as the items institutions are waiting for: the GENIUS Act, the Federal Reserve’s June interest-rate meeting, and progress on U.S. crypto regulation legislation. Before regulatory and macro conditions become clear, VC investors are more inclined to raise their investment standards. Hyperliquid’s success was used as evidence that protocols capable of generating real cash flow can obtain a valuation framework independent of broader market sentiment. The report concluded that earlier competition centered on narratives, while current competition centers on cash flow. From stablecoin payment networks to on-chain derivatives infrastructure and the AI Agent economy, the key factor for project financing is shifting from “story” to “revenue.”