Token Metrics
Token Metrics Daily Pulse - 2026-05-24
$1.3B outflows hit Bitcoin ETFs. Is this the top?

Lead Change

Bitcoin ETFs shed $1.3B in their worst week since January. Ether funds saw 10-day outflow streak. Fear & Greed at 25.

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Market Snapshot

Metric Value 24h Change
BTC Price $77,021.00 ▲ 2.9%
ETH Price $2,117.00 ▲ 4.1%
SOL Price $86.00 ▲ 4.6%
Total Market Cap $2.6T ▲ 3.0%
BTC Dominance 58% ▲ 0.3%
DeFi TVL $82.45B
Stablecoin Supply $321.01B ─ 0.0%
Fear & Greed Index 25 (Extreme Fear) ▼ -3 pts

The market is bouncing slightly. BTC is up 2.9% and ETH is up 4.1%. But the Fear & Greed Index sits at 25. This shows Extreme Fear. Stablecoin supply remains flat.

Narratives Snapshot

Narrative Value Change (7d) Top Gainer (7d)
NFT Marketplace $2.575b ▲ 308.0%
Gaming (GameFi) $4.934b ▲ 171.0% Audiera BEAT ▲ 80.4% 7d
Analytics $2.089b ▲ 82.5% Genius GENIUS ▲ 66.3% 7d
Data Availability $4.095b ▲ 75.8% NEAR Protocol NEAR ▲ 54.0% 7d
Decentralized Identifier (DID) $2.039b ▲ 28.0% Worldcoin WLD ▲ 25.1% 7d
Artificial Intelligence (AI) $28.858b ▲ 25.6% Grass GRASS ▲ 78.9% 7d
Liquid Staking Governance Tokens $890.66m ▲ 16.5% Kinetiq KNTQ ▲ 54.1% 7d
DePIN $9.767b ▲ 10.8% Grass GRASS ▲ 78.9% 7d

Top narratives: NFT Marketplace, Gaming (GameFi), Analytics. Positive momentum across categories.

Alpha Spotlight

Gold · PAXG

Bearish $4,527 ▼ -0.4% 7d
Gold price structure chart

Gold trailed the majors at less than 1% this week.

Gold is a safe haven asset. Its small weekly move shows people want safety. This matters if crypto stalls and money moves away from risky bets.

5 Changes That Matter

Ether funds have seen ten days of outflows. This squeeze is spreading beyond Bitcoin.
Source: theblock.co

1 Ether funds have seen ten days of outflows. This squeeze is spreading beyond Bitcoin.

This isn't just profit-taking. It's a steady sell-off. The outflows hit as Bitcoin briefly dipped to $74k before recovering. This broke a key price level. When new money stops coming in and old money leaves, a liquidity gap forms. BTC has actually held steady around $77k despite the outflows. This means buyers are stepping in. But this support will fail without new money.

If Bitcoin ETFs see three days of inflows while BTC holds above $75k, the bottom's in. If outflows continue next week, expect continued downside pressure.

Bitcoin briefly jumped above $77k after President Trump announced an Iran peace deal. But the gains faded within hours.
Source: coindesk.com

2 Bitcoin briefly jumped above $77k after President Trump announced an Iran peace deal. But the gains faded within hours.

A peace deal should lift risky assets. Yet BTC couldn't hold a 1.5% rally. This shows weakness. The market treats good news as a quick boost that fades fast. When positive news fails to stick, the trend stays down. The deal's good news. But crypto's acting like just another headline to sell.

If BTC breaks $78k on new macro news, risk appetite's returning. If it fails to hold gains on positive news for a third time, support levels will likely be tested further.

The ECB warned EU finance ministers that easing euro stablecoin rules would hurt traditional banks.
Source: theblock.co

3 The ECB warned EU finance ministers that easing euro stablecoin rules would hurt traditional banks.

The central bank admits that stablecoins threaten banks. When regulators protect banks from crypto, it means crypto's winning. This is about market share. The ECB fears euros will move through USDC and EURC instead of bank accounts. This shifts how money moves.

If the EU passes stricter rules in three months, euro stablecoins'll face new hurdles. If they ease rules despite ECB warnings, expect a surge in adoption.

Hyperliquid token surged 15.7% as traders bet on AI tokens leading the next altcoin rally.
Source: coindesk.com

4 Hyperliquid token surged 15.7% as traders bet on AI tokens leading the next altcoin rally.

The market's shifting from memecoins to AI agents. Hyperliquid's DEX is now the top spot for AI trading. When traders chase new trends while BTC stays flat, money moves to riskier bets. Hyperliquid is rising with the AI tokens it hosts. The market's betting on the platform, not just the tokens.

If HYPE breaks $70 while BTC stalls, the AI rotation's accelerating. If HYPE drops today's gains in 48 hours, it was just leverage chasing hype.

A new Bitcoin reserve bill dropped its 1 million BTC purchase target and added a 20-year lockup period.
Source: theblock.co

5 A new Bitcoin reserve bill dropped its 1 million BTC purchase target and added a 20-year lockup period.

The bill went from bold to mild. Dropping the 1 million BTC target makes it easier to pass but less powerful. A 20-year lockup makes it a symbol, not a market mover. This happens when crypto policy hits Washington. Big ideas get watered down. The market's quiet reaction says it all.

If the bill passes with a BTC purchase mandate in six months, it's a real catalyst. If it gets watered down to just 'exploring reserves,' it'll fail.

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Risk Map

01 ETF Flow Reversal

Spot Bitcoin ETFs saw $1.3B in outflows this week. More outflows could force selling at key support levels.

02 Regulatory Crackdown in EU

The ECB's pushing against easier euro stablecoin rules. Stricter rules could slow stablecoin growth and limit DeFi access in Europe.

VIEW Bottom line

ETF outflows and Extreme Fear suggest the bottom's not in yet. This changes if flows turn positive for three days while BTC holds above $75k.

Catalysts (Next 7 Days)

📅 Follow-through: Bitcoin heads higher as President Trump announces Iran peace agreement Next 7 days

CD20, BTC, and ETH are reacting to the peace deal news.

Token Metrics Updates

TMAI Exchange Holder Migration Path Is Open May 21

If you held TMAI on Gate. io, Bitpanda, or MEXC, use the exchange holder migration checker.

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Disclosures

Not investment advice. For education only. Crypto is high risk. We may earn affiliate revenue from some links.

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