Crypto Market Overview

• BTC (+1.23% | Current Price: 111,326 USDT)

  • BTC has been moving upward with fluctuations, breaking the $111,000 mark, which has sparked strong optimism in the market. However, from a fundamental perspective, there is a lack of clear momentum for sustained short-term gains. Fluctuation and consolidation may be the main direction in the short term.
  • On Thursday, BTC ETFs saw a net inflow of $57.6 million, with Fidelity’s FBTC receiving $48.7 million, and Ark’s ARKB receiving $8.9 million.

• ETH (+2.44% | Current Price: 2,673 USDT)

  • ETH followed the broader market trend and broke the $2,600 mark. Lately, ETH has been fluctuating around the $2,500 mark but has shown considerably stronger performance compared to earlier times, with its market share continuing to rise, currently standing at 9.32%.
  • On Thursday, ETH ETFs recorded a net inflow of $110.5 million, marking a recent record high in inflows, with Fidelity’s FETH seeing a net inflow of $42.2 million and Grayscale ETH seeing $18.9 million.

• Altcoins: Altcoins are thriving with widespread gains, and the Altcoin Season Index has risen to 25.

• Macro:
  • On Thursday, the US stock market attempted to rally several times, but a late plunge led it to close around flat. By the close, the S&P 500 index fell 0.04%, marking its third consecutive day of decline; the Nasdaq Composite Index rose 0.28%; the Dow Jones Industrial Average slightly fell by 1.35 points.
  • Louis Navellier, Chief Investment Officer at Navellier & Associates, stated that despite some relief in the bond market, the stock market might need a “substantial drop” in bond yields to get the “green light” for returning to recent highs.
  • As of 10:00 AM (UTC+8) on May 23, the spot gold price per ounce is reported at $3,297.41, with a 24-hour drop of 0.01%.

Trending Tokens

WLD Worldcoin (+26.74%, Market Cap $2.41 Billion)

According to Gate market data, the current price of WLD token is $1.5720, with a 24-hour increase of 26.74%. Worldcoin is a blockchain-based global identity and financial network, aiming to provide everyone with a unique digital identity through biometric technology (iris scanning), thereby promoting widespread adoption of inclusive finance and decentralized identity verification. Its core vision is to build a fair and inclusive global economic system, offering secure and verifiable identity authentication and economic participation opportunities through World ID and WLD tokens. Worldcoin uses zero-knowledge proof (ZKP) to protect privacy and employs efficient Layer 2 solutions that are compatible with Ethereum, addressing issues of centralization, privacy leaks, and high access barriers in traditional identity systems. It offers secure and low-cost decentralized identity and financial services for users, developers, and enterprises, with extensive applications in DeFi, digital identity, payments, and social sectors.

In terms of news, the supporting organization behind Worldcoin (WLD), World Foundation, recently announced that it has raised $135 million through a token sale to expand its operations in the United States.

HYPE Hyperliquid (+14.68%, Market Cap $11.748 Billion)

According to Gate market data, the current price of the HYPE token is $35.221, with a 24-hour increase of 14.68%. Hyperliquid is a high-performance Layer 1 blockchain based on blockchain technology, designed to provide efficient, secure, and scalable trading infrastructure for decentralized finance (DeFi). Its core vision is to promote the widespread adoption of decentralized derivatives trading by offering a low-latency, high-throughput trading environment through an innovative order book model and efficient on-chain execution engine. Hyperliquid utilizes its unique on-chain matching mechanism and optimized consensus protocol to address performance bottlenecks, high costs, and liquidity shortages in traditional blockchain high-frequency trading. It provides fast, low-cost decentralized financial solutions for users, traders, and institutions, with extensive applications in perpetual contracts, options trading, DeFi, and other financial derivatives sectors.

In terms of market trends, the native token HYPE of Hyperliquid is experiencing a typical breakout scenario, supported by strong technical factors and on-chain activities. With increased leverage and the breakout of whale short positions, the possibility of continuing the breakout after reclaiming the $35 mark is becoming clearer.

Alpha Analysis

Ondo Finance Launches On-Chain Securities Trading Platform, Supports Public Securities Trading on Solana

On May 23, according to SolanaFloor, Ondo Finance announced the launch of the “Ondo Global Markets” platform, which will support on-chain trading of public securities (including stocks) on the Solana blockchain. As the competition for traditional financial market migration to blockchain intensifies, this platform plans to integrate deeply with the Solana DeFi ecosystem. Solana, known for its high performance and low cost, has become the preferred blockchain for RWA tokenization. In 2025, BlackRock’s BUIDL fund migrated from Ethereum to Solana, highlighting the maturity of its institutional-grade infrastructure. Ondo GM’s choice of Solana reflects the industry’s preference for high-throughput blockchains, particularly in markets requiring real-time trading like securities. Supporting securities trading represents a significant advancement for Ondo Finance in the RWA tokenization space, providing investors with low-cost, transparent investment channels. The platform’s use of instructive tokenization preserves traditional market liquidity, while API and DeFi integration enhances on-chain composability, expected to draw more attention and participation from developers, investors, and traditional financial institutions in the future.

Uniswap to Launch v4 Trading Route, Pledges $35,000 Donation for Development Support

On May 23, 2025, the Uniswap Foundation announced plans to donate $35,000 to developer Ross to develop a community trading router optimized for Uniswap v4, UniswapV4Router04, as an alternative to the existing general router. This router, funded by Sauce, aims to reduce the learning curve for developers integrating Uniswap v4 by serving as a “semantic converter” for the v4 architecture. Specifically, UniswapV4 helps developers build decentralized applications (dApps) or conduct complex transactions more efficiently by simplifying interactions with the v4 core contracts and hooks. Increasingly, DeFi protocols focus on reducing the entry barrier for developers, especially after launching complex features. By supporting community-developed dedicated routers, Uniswap continues its open-source tradition, aligning with the trend of Aave, Compound, and other protocols in attracting ecosystem growth by funding developer tools like SDKs or APIs. The router’s open-source nature and standardized interfaces not only improve developers’ experiences but also enhance security by reducing technical errors. Future iterations of UniswapV4 and community feedback will be a focal point of observation and could further cement Uniswap’s leading position in the DEX market.

Wormhole Launches Integration to Bring DOGE Multi-Chain and Onto Solana

Wormhole announced the integration of DOGE, with a market cap of $35 billion, into Solana as a native asset through its Native Token Transfers (NTT) framework and zero-knowledge proof technology provided by Psy and RISC Zero. This integration aims to enhance the usability and cross-chain interoperability of DOGE, catering to the growing demand for large-cap crypto assets and institutional-grade products. This initiative, leveraging NTT and zero-knowledge proof technology to enhance its multi-chain interoperability and usability, is also expected to attract institutional investors and drive growth in transaction volume and adoption within the Solana ecosystem.

Gate HODLer Airdrop

Subscription Details

• Project: SOON
• Token Name: SOON
• Subscription Time: May 23, 2025, 15:00 (UTC+8)
• Participation Method: GT
• Personal Participation Limit: 5,000 GT
• Total Airdrop: 166,667 SOON

Project Introduction

SOON is a multi-product platform that includes SOON Stack (SVM Rollup Stack), InterSOON (cross-chain communication protocol), and Simpfor.Fun (copy trading platform). The core positioning of SOON is as a high-performance engine for Solana Layer 2, but its technical framework surpasses the limitations of traditional Rollups. By decoupling the execution layer of SVM from Solana’s consensus layer, SOON achieves the flexibility for cross-chain deployment while retaining SVM’s parallel processing advantage (supporting 10,000 TPS). The total supply of SOON tokens is 1 billion, and they will be issued on both the Solana and BSC networks.


References

• Gate, https://www.gate.io/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Believe, https://www.believescreener.com/
• CoinMarketCap, https://coinmarketcap.com/cmclaunch/
• TheBlock, https://www.theblock.co/post/355127/sec-delays-decisions-on-xrp-and-dogecoin-etf-proposals-asks-for-public-input?utm_source=twitter&utm_medium=social
• TheBlock, https://www.theblock.co/post/355013/succinct-introduces-zkvm-sp1-hypercube-claims-real-time-ethereum-proving
• Cointelegraph, https://cointelegraph.com/news/is-xrp-price-rally-over-for-now
• X, https://x.com/SolanaFloor/status/1925653465960763564
• Uniswap, https://uniswapfoundation.mirror.xyz/mbmFs2lrKUrYyAmF7MPFFxPOl3sXBGdUNLQy7rm0LwM
• Strategy, https://www.strategy.com/strf-atm-launch-05-22-2025
• Gate, https://www.gate.io/zh/hodler-airdrop/2314?airdrop_name=TGT

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.