The reporting period covers June 1 to June 7, 2026. The main change in the crypto primary market this week was not only the decline in financing volume, but also the adjustment in capital structure. 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 posted net outflows of about $168 million over the same period. Over four weeks, cumulative outflows from BTC ETFs and ETH ETFs reached $5.4 billion and $880 million respectively, marking the strongest consecutive outflow record in nearly a year.
At the same time, the stablecoin market did not contract in parallel. With the U.S. GENIUS Act entering a critical stage and U.K. regulators beginning to discuss adjustments to stablecoin regulatory rules, the global framework for stablecoin regulation is accelerating. The report describes this as a new logic of capital migration: funds are moving from “risk-asset allocation” toward “payment and yield infrastructure allocation.”
Funding Fell to $302 Million as ETF Outflows Expanded
This week, the number of valid financing projects was 26, compared with 31 in the previous week, down 16.10% week on week. Total financing volume was $302 million, down from $412 million, a decline of 26.70%. The largest single financing round was $40 million, compared with $85 million in the prior week, down 52.90%. In parallel, BTC ETF net flows were -$1.72 billion, compared with -$1.44 billion last week, meaning the outflow expanded by 19.4%. ETH ETF net flows were -$168 million, compared with -$257 million last week, meaning the outflow narrowed by 34.6%.
Other market indicators also show a mixed picture. DeFi total value locked fell from $80.1 billion to $77.8 billion, a decrease of 2.90%. 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 simply the fall in financing, but the shift in where funds are staying. BTC ETF outflows, including the $1.72 billion weekly withdrawal, represent one of the largest weekly withdrawals of 2026. However, stablecoin supply continued to expand, showing that liquidity remains on-chain rather than leaving the crypto market completely.
Stablecoin Infrastructure Ranked First in Funding Share
Stablecoin Infrastructure ranked first among funding categories, accounting for around 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 report lists the core stablecoin data as follows: 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 capital logic described in the report is that stablecoins are no longer only trading tools. Future competition in the sector is shifting toward payment, clearing and cross-border settlement networks. This explains why stablecoin infrastructure has become a leading area in the week’s primary-market financing despite the broader decline in funding activity and ETF demand.
AI Agent Infrastructure and RWA Remained Core Themes
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 and approximately $79 million in total financing, representing 26% of the overall total. Halliday belongs to the AI Agent Infrastructure track and was led by a16z. The investment logic cited in the report is that the future Agent era will generate large volumes of model-calling demand, and the model-routing layer may become a new infrastructure entry point.
The report also mentions a Decentralized AI Network track with a financing amount of $10 million. Decentralized computing power and inference networks are described as important infrastructure for the AI Agent ecosystem. In the report’s framing, the market has moved from the Agent concept to the Agent economy. The key projects to monitor include Halliday, Spectral and Virtuals, with the next four weeks focused on whether real payments and transactions begin to appear among Agents.
RWA remains another major capital direction. Representative projects include Ondo Finance, Plume Network and Centrifuge. The core data cited by the report include total RWA size exceeding $14 billion, Ondo TVL exceeding $1.4 billion, and more than 200 projects in the Plume ecosystem. The capital logic is that institutions are looking for on-chain cash-flow assets, while RWA is moving from the narrative stage into scaled competition. For future financing projects, security capability is also becoming an important positive factor.
On-Chain Derivatives Revenue and the Next 30 Days
In its outlook on future on-chain financing trends, the report states that stablecoin payment networks are set to become one of the largest main lines for Q3. After the GENIUS Act entered a critical stage, the market began reassessing the value of the stablecoin sector. Although the overall market adjusted this week, the on-chain derivatives market remained active. Hyperliquid continued to maintain a high revenue state, with open interest above $8 billion, average daily revenue of $1.8 million to $2.2 million, and annualized revenue above $700 million.
The report contrasts the past year’s investment focus with the coming year’s. Over the past year, capital invested in the Agent concept; over the next year, capital is expected to focus on Agent revenue. If a closed loop forms around actual payments and transactions among Agents, the Agent track would enter a new valuation stage under the report’s framework. For the coming month, the report expects the sector to remain centered on ecosystem incentives and testnet opportunities.
The data-driven investment analysis section states that ETF data alone would suggest a clear phase of risk contraction. BTC ETFs saw weekly outflows of $1.72 billion, one of the largest weekly withdrawals this year, and ETH ETFs also continued to experience outflows. However, the stablecoin market continued to expand. The report interprets this as a sign that funds have not truly left crypto, but are waiting for new opportunities with stronger certainty. Historically, this type of pattern has often appeared before a new main theme forms, and the report identifies stablecoin infrastructure and payment networks as the current direction most suited to absorb capital.
The report 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 clearer, VC investors are described as more inclined to raise investment standards. The success of Hyperliquid is used as evidence that protocols creating real cash flow can obtain a valuation system that is independent of broader market sentiment. The report says this may become an important change for the entire primary market.
The future 30-day watchlist includes GENIUS Act progress in June, with an importance level of five stars; the FOMC meeting on June 18, also five stars; CLARITY Act progress in late June, four stars; GRVT potential TGE in early July, four stars; and Initia ecosystem release from June to July, four stars. The report closes by summarizing the capital shift as follows: in the past, the market competed for narratives; today, it competes for cash flow. From stablecoin payment networks to on-chain derivatives infrastructure and the AI Agent economy, capital is searching for protocols that can create sustained value, while the key factor in fundraising is moving from “story” to “revenue.”