Leading Crypto Industry Research and Analysis

Most CeFi yields rest on a single lending spread. Coinhold runs on four revenue streams, including fee income from a top-seven Bitcoin mining pool, and the difference shows up in both the rate and the risk profile.

As prediction markets gain broader market attention, Hyperliquid is preparing to integrate outcome-based trading directly into HyperCore. HIP-4 could turn event contracts into a native part of the platform’s trading stack, creating a more capital-efficient model for binary outcomes, hedging, and new derivatives-like products.

Institutional capital, tokenized assets, and new licensing regimes are pulling crypto exchanges into territory long held by brokers and banks. The result is a generation of multi-asset platforms competing directly with the traditional financial system they once sat alongside.

In Q2 2026, projects raised just $58M through IEOs, ICOs, and IDOs, representing an 85% decline from the previous quarter.

While the S&P 500 has reached new all-time highs above 7,400 points, the total crypto market capitalization remains near $2.15T and well below its previous peak.

While TVL and user growth often dominate blockchain discussions, May once again demonstrated that one of the most important indicators of network strength is its ability to generate actual economic value through blockspace demand.

May 2026 marked a decisive rebound in crypto fundraising after the spring slowdown. Total capital raised jumped to $3.52B across 83 VC rounds, driven by several mega-rounds including Kalshi’s $1.2B Series F. The surge reflected renewed investor confidence, particularly in Prediction Markets, AI, and market-infrastructure sectors. M&A activity also spiked, anchored by Bullish’s $4.2B acquisition of Equiniti, signaling continued strategic appetite.

May marked the first meaningful stabilization across crypto trading markets after several months of declining activity. Spot volume stopped falling, Futures trading returned to growth, and Perp DEXs recorded the strongest recovery among all major trading segments. This report analyzes Spot CEX, Futures, Perp DEX trading volumes, CEX listing activity, and the relationship between listings and broader market participation.

May was not a broad risk-on month for crypto. Instead, capital continued rotating selectively across individual narratives.