From late May to early June, the crypto market experienced its most severe sell-off of the year. Bitcoin fell over 18% from a high of $78,000 to around $64,000; Ethereum slipped below the $2,000 mark, sliding towards $1,700.

In the medium to long term, when the on-chain trading depth and user experience of TradFi assets reach parity with traditional brokerages, crypto exchanges will truly complete their transformation from "crypto asset platforms" to "full-asset trading infrastructure."

In May 2026, the global crypto market underwent a profound liquidity repricing under the triple impact of the Federal Reserve power transition, anomalous bond market movements, and a Bitcoin crash. On May 15, Kevin Warsh officially took office as the new Fed Chair, immediately facing the challenging situation of a 6% year-over-year surge in April PPI, with inflation nearly offsetting three years of anti-inflation achievements. The three major changes under Warsh's policy—accelerated balance sheet reduction, redefining the inflation target, and downplaying forward guidance—fundamentally challenged market pricing logic. At the same time, the 30-year U.S. Treasury yield broke through the psychological 5% barrier, triggering a rare sell-off wave in the global bond market.

In 2026, the US stock crypto sector is at a critical stage of transitioning from a "product innovation period" to an "ecosystem maturity period."

In early May 2026, the global crypto market is exhibiting extreme divergence and heightened uncertainty under the combined influence of three major macro variables. On the geopolitical front, Trump grandly announced on May 4th the launch of the "Freedom Plan" to escort merchant ships through the Strait of Hormuz. Just one day later, he dramatically announced a suspension, claiming "significant progress in the comprehensive US-Iran agreement." However, Iran insists it remains in a state of war with the US and continues to close the Strait, demanding that all transiting vessels obtain permission from Iran. On the Federal Reserve front, around May 15th, Kevin Warsh is set to officially succeed Jerome Powell as Chair. The April 30th FOMC meeting, as expected, held interest rates steady.

On April 18, 2026, Kyrgyzstan's President Japarov held an official meeting in the capital Bishkek with TRON founder and Huobi HTX Global Advisor Justin Sun. The two sides engaged in strategic dialogue on topics including the implementation of TRON infrastructure in Kyrgyzstan, the expansion of the national stablecoin KGST ecosystem, and the deep integration of AI and blockchain technology.

In April 2026, the global crypto market exhibited structural differentiation and phased recovery amidst the interplay of three major variables. The US-Iran interim ceasefire agreement took effect on April 9th but showed severe分歧 on the very first day — the US claimed the Strait of Hormuz was "fully open," while Iran limited daily vessel passages to approximately 10 (less than 8% of pre-war levels). Negotiations collapsed on April 12th, leading to market volatility. On April 21st, Iran announced renewed participation in talks, causing Bitcoin to rebound above $76,000, but the ceasefire deadline approached again on April 22nd.

The on-chain lending market is transitioning from a peripheral track within DeFi to a core infrastructure component. As of early 2026, the total value locked (TVL) in on-chain lending protocols has reached $64.3 billion, accounting for 53.54% of the total DeFi TVL, making it the largest and most mature business model segment within the decentralized finance ecosystem.

In the early hours of April 8, 2026, less than an hour and a half before Trump's set "deadline," the US and Iran dramatically reached a two-week ceasefire agreement, pressing pause on the nearly forty-day-long Middle East conflict. For the crypto market, the short-term rebound in risk appetite, coupled with regulatory progress such as the CLARITY Act, constitutes a rare window for a rebound. However, the uncertainty surrounding the direction of negotiations after two weeks, the ripple effects of falling oil prices on inflation expectations, and changes in the macro liquidity environment remain key variables hanging overhead.

In 2026, the deep integration of AI, robotics technology, and Web3 infrastructure is giving rise to a new narrative—Web3 Robots.

In March 2026, the global crypto market exhibited severe divergence amidst the dual interplay of macroeconomics and geopolitics. The focus this month centered on the dramatic turn in the US-Iran conflict: after issuing a 48-hour ultimatum, the Trump administration suddenly announced a "five-day delay" in military strikes, claiming "productive dialogue" with Iran, which Tehran promptly denied having any direct or indirect contact. This move, widely interpreted by analysts as "stalling tactics," was essentially a forced compromise by the US government facing surging oil prices to $110 and mounting pressure from midterm elections. Concurrently, the Federal Reserve's March FOMC

By 2026, the integration of artificial intelligence and cryptocurrency has progressed from proof-of-concept to a new stage of "system-level integration." The core of this technological paradigm revolution lies in the deep coupling of AI as the decision-making and processing layer with blockchain as the execution and settlement layer. At the computing power level, DePIN networks are reshaping the supply and demand landscape of AI infrastructure by aggregating idle global GPU resources; at the intelligence level, protocols like Bittensor are creating machine intelligence markets through incentive mechanisms, promoting algorithmic democratization; at the application level, AI agents are evolving from auxiliary tools into native on-chain economic entities.

The global financial markets are undergoing a systemic reassessment triggered by geopolitical conflicts: the blockade of the Strait of Hormuz caused crude oil prices to surge by up to 30%. After the G7's emergency release of reserves, the gains narrowed. Stagflation risk has replaced inflation as the core concern. The US dollar has become the "only safe haven," approaching the 100 mark. Asia-Pacific and US stock markets experienced a "Black Monday," with all major indices plummeting. The AI sector presents a stark contrast, with China's National Development and Reform Commission proposing a target of 10 trillion yuan in scale by the end of the "15th Five-Year Plan," and the popularity of the OpenClaw project driving related concept stocks to soar. Bitcoin, amidst the macro storm, has fallen below the critical $70,000 support level.

While Web3 seeks to return value ownership to humans, a more profound paradigm shift has been quietly brewing in the silicon-based world. The concept of Web 4.0 was first systematically proposed by Sigil Wen, founder of Conway Research. Its core is no longer human-to-human interaction, nor human-to-information interaction, but rather economic interaction between AIs. The proposal of the Web 4.0 concept marks a fundamental shift in the direction of internet evolution: the end-users are no longer humans, but AI agents possessing economic agency.

In the first quarter of 2026, the crypto market experienced a historic deleveraging storm. Bitcoin retreated more than 40% from its highs, Ethereum fell even deeper, and altcoins were generally halved. This round of sharp decline was by no means solely due to a cooling market sentiment or regulatory rumors. Behind it lies the resonance of three liquidity tightening factors: the large-scale unwinding of the Yen carry trade, the withdrawal of market funds by the U.S. Treasury's TGA account rebuilding, and the systemic increase in margin requirements in the derivatives market. These factors, combined with the crypto market's own high-leverage structure and valuation bubbles, collectively triggered a stampede-like liquidation.