Stablecoin infrastructure and AI agent funding dominate as ETFs continue to see outflows.

Research Report Period: June 1, 2026 – June 7, 2026

Over the past week, a highly noteworthy phenomenon has emerged in the crypto market:

Risk capital is withdrawing, but on-chain funds remain.

From a traditional institutional perspective, BTC ETFs experienced a large net outflow for the fourth consecutive week, with a weekly outflow of approximately $1.72 billion; ETH ETFs saw a net outflow of about $168 million during the same period. The cumulative outflows over the past four weeks reached $5.4 billion and $880 million, respectively, marking the strongest consecutive outflow trend in nearly a year.

On the other hand, the stablecoin market has not experienced a corresponding contraction.

As the U.S. GENIUS Act enters a critical phase and UK regulators begin discussing adjustments to stablecoin regulatory guidelines, the global stablecoin regulatory framework is accelerating toward formation.

This means a new logic for capital migration is emerging in the market:

Funds are shifting from "risk asset allocation" to "payment and yield infrastructure allocation."

Meanwhile, primary market funding remains concentrated in three areas:

• Stablecoin Infrastructure
• AI Agent Infrastructure
• RWA Yield Layer

Compared to previously chasing public blockchains and narratives, capital is now beginning to focus more on:

Income, payment capacity, and actual cash flow.

2.1 Overview of Core Market Data

Metrics for the week (6.1–6.7) vs. last week (5.25–5.31) 环比 Effective funded projects: 263 | 311 | -16.10% Total funding: $302 million | $412 million | -26.70% Largest single funding: $40 million | $85 million | -52.90% BTC ETF net flow: -$1.72 billion | -$1.44 billion | Increased by 19.4% ETH ETF net flow: -$168 million | -$257 million | Narrowed by 34.6% DeFi TVL: $77.8 billion | $80.1 billion | -2.90% Total stablecoin market cap: $325.4 billion | $321.6 billion | +0.012%

Metrics This Week (Jun 1 – Jun 7) | Last Week (May 25 – May 31) | Week-on-Week Change Number of Valid Financing Projects | 26 | 31 | -16.10% Total Financing Volume | $302 million | $412 million | -26.70% Largest Single Financing Round | $40 million | $85 million | -52.90% Net Flow of BTC ETFs | -$1.72 billion | -$1.44 billion | Outflow expanded by 19.4% Net Flow of ETH ETFs | -$168 million | -$257 million | Outflow narrowed by 34.6% DeFi Total Value Locked (TVL) | $77.8 billion | $80.1 billion | -2.90% Total Market Cap of Stablecoins | $325.4 billion | $321.6 billion | +0.012%

Market Analysis

The biggest change this week was not a decrease in funding, but a shift in funding structure.

BTC ETF experienced a fourth consecutive week of net outflows, with a single-week outflow of $1.72 billion, marking one of the largest weekly fund withdrawals since 2026.

Meanwhile, the total size of stablecoins continues to grow.

This phenomenon typically indicates that the market has entered a defensive phase: investors are reducing their risk exposure while still maintaining on-chain liquidity, waiting for new opportunities with greater certainty.

2.2 Key Funding Events This Week

Halliday

Track: AI Agent Infrastructure

Funding amount: $20 million

Round: Series A

Lead Investor: a16z Crypto

Investment rationale:

As AI agents gradually enter the commercial validation phase, the market is beginning to focus on infrastructure for agent execution layers. Halliday aims to become the underlying network for autonomous on-chain operations by future agents.

OpenRouter

Track: AI Infrastructure

Funding amount: $40 million

Round: Series A

Lead investor: a16z

Investment rationale:

The future agent era will generate massive demand for model calls, and the model routing layer may become a new infrastructure entry point.

M0 Protocol

Track: Stablecoin Infrastructure

Funding amount: $35 million

Lead Investor: Bain Capital Crypto

Lead Investor: Pantera Capital

Investment rationale:

Amid a gradually clearer regulatory framework, stablecoin issuance and settlement networks are beginning to attract institutional attention.

Gradient Network

Track: Decentralized AI Network

Funding amount: $10 million

Lead Investor: Pantera Capital

Investment rationale:

Decentralized computing and inference networks have become essential infrastructure for the AI Agent ecosystem.

2.3 The Three Sectors Most Focused on by Capital This Week

First place: Stablecoin Infrastructure (accounting for approximately 28% of funding)

Representative Projects:

• M0 Protocol
• Ethena
• Now

Core data:

Indicator Data: Total market capitalization of stablecoins is $325.4 billion, up 0.012%环比. Yield-bearing stablecoins account for approximately 10%. Regulatory update: GENIUS Act in a critical phase.

Metrics Data Total Market Cap of Stablecoins: $325.4 billion Week-on-Week Growth: 0.012% Share of Yield-bearing Stablecoins: Approximately 10% Regulatory Progress: The GENIUS Act has entered a critical stage

Capital logic:

Stablecoins are no longer just trading tools.

The future competitive focus will shift to payment, clearing, and cross-border settlement networks.

Second place: AI Agent Infrastructure (accounting for approximately 26% of funding)

Representative Projects:

• Halliday
• OpenRouter
• Spectral

Core data:

This week, 7 projects raised funding, totaling approximately $79 million, accounting for 26% of total funding.

Metrics Data Number of Financing Projects This Week: 7 Total Financing Amount: Approximately $79 million Proportion of Total Financing: 26%

Capital logic:

The market has shifted from the concept of agents to agent economies.

Future Agent needs:

Identity, payment, credit, and collaboration networks.

Third place: RWA (approximately 18% of funding)

Representative Projects:

• Ondo Finance
• Plume Network
• Centrifuge

Core data:

Metrics: RWA total size exceeds $14 billion; Ondo TVL exceeds $1.4 billion; over 200 projects in the Plume ecosystem.

Metrics Total Size of RWA: Over $14 billion TVL of Ondo: Over $1.4 billion Projects within the Plume Ecosystem: Over 200

Capital logic:

Institutions are beginning to seek on-chain cash flow assets.

RWA is transitioning from the narrative stage to the stage of scalable competition.

2.4 Key Security Events and Protocol Risks This Week

Gravity Bridge Security Incident

Loss scale:

Approximately $5.4 million

Reason:

Verification node signature key compromised

Risk Level:

★★★★★

DxSale Permission Control Event

Loss scale:

Approximately $7.3 million

Reason:

Admin privileges have been maliciously compromised

Risk Level:

★★★★☆

On-chain judicial freeze case (Zama cUSDC)

Frozen amount:

Approximately $12.6 million

Reason:

Court order triggers asset freeze

Risk Level:

★★★★★

Risk Monitoring

This week's security incidents showed a clear change.

The focus of attacks is shifting from smart contract vulnerabilities to:

• Key Management
• Access Control
• Regulatory enforcement risk

For future fundraising projects, security capabilities are becoming an important advantage.

3.1 Stablecoin payment networks could become the biggest theme of Q3

After the GENIUS Act entered a critical phase, the market began reassessing the value of the stablecoin sector.

In the past, the market debated whether:

Are stablecoins legal?

The future market will focus on:

Who controls the payment network?

Projects currently worth paying close attention to include:

• M0 Protocol
• Ethena
• Now

Key observations over the next 4 weeks:

• Follow-up developments on the GENIUS Act
• Changes in Market Share Between USDC and USDT
• Growth of stablecoin payment use cases

3.2 Compliance-based derivatives infrastructure enters a phase of value reassessment

Although the overall market adjusted this week, the on-chain derivatives market remained active.

In particular, Hyperliquid continues to maintain a high-income status.

Core data:

Open interest exceeds $8 billion; daily revenue ranges from $1.8 to $2.2 million; annualized revenue exceeds $700 million.

Metrics Data Open Interest: Over $8 billion Average Daily Revenue: $1.8 million – $2.2 million Annualized Revenue: Over $700 million

The market is forming a new consensus:

Income-generating protocols offer greater long-term value than narrative-driven protocols.

3.3 AI Agent Enters the Business Validation Phase

Over the past year, capital investment has focused on the Agent concept.

Capital investment over the next year will be in Agent revenue.

Key projects to monitor:

• Halliday
• Spectral
• Virtuals

Key areas to monitor over the next 4 weeks:

Are agents beginning to engage in actual payments and transactions?

If a closed loop is formed, the Agent sector could enter a new valuation phase.

3.4 Key TGE and Launch Events in the Next 1–4 Weeks

Top-tier projects under observation:

• GRVT
• Initia
• MegaETH

Second-tier projects of interest:

• Monad ecosystem projects
• AI Agent Ecosystem Project
• RWA ecosystem projects

Over the next month, the focus is expected to remain primarily on ecosystem incentives and testnet opportunities.

ETFs continue to see outflows, but stablecoin growth continues—what does this mean?

If only ETF data is considered, the market appears to have entered a clear phase of risk contraction.

BTC ETF experienced a weekly outflow of $1.7 billion, one of the largest weekly withdrawals this year. ETH ETF also continued to see outflows.

At the same time, the total market size of stablecoins continues to grow.

This indicates that the funds have not truly left the crypto market but are instead waiting for new opportunities with greater certainty.

Historically, this phenomenon often occurs before a new main trend forms.

The most likely direction to absorb current capital flows is stablecoin infrastructure and payment networks.

Why are VCs reducing their investment frequency?

This week's total funding decreased by approximately 27% compared to last week.

This does not mean capital is fleeing.

More precisely:

Institutions are waiting for three key variables to be finalized:

• GENIUS Act
• Federal Reserve's June interest rate meeting
• Progress of U.S. Cryptocurrency Regulatory Legislation

Before regulatory and macroeconomic conditions become clearer, VCs tend to raise their investment criteria.

Future financing will increasingly emphasize:

• Income
• User growth
• Business closed loop

Rather than merely narrating.

Why has Hyperliquid gained capital recognition despite market headwinds?

Over the past few years, the market has commonly used TVL to measure protocol value.

Starting in 2026, the market will increasingly focus on revenue.

The success of Hyperliquid demonstrates:

Protocols that genuinely generate cash flow can establish a valuation system independent of market sentiment.

This could become a significant shift in the entire primary market in the future.

GENIUS Act: Key Progress in June, Importance: ★★★★★

FOMC Interest Rate Meeting: June 18, Importance: ★★★★★

CLARITY Act Progress: Late June, Importance: ★★★★

GRVT Potential TGE: Early July, Importance: ★★★★

Initia ecosystem release: June–July, Importance: ★★★★

In the past, markets competed over narratives; today, they compete over cash flow.

From stablecoin payment networks to on-chain derivatives infrastructure, and再到 AI agent economies, capital is seeking protocols that can continuously create value.

Over the next quarter, the three most important themes to watch remain:

Stablecoin Infrastructure, AI Agent Infrastructure, Compliant Derivatives.

The key factor determining whether a project can secure funding is shifting from "story" to "revenue."