1. Market Review: Liquidity Transmission Failure, Crypto Market Weakens Independently

In May 2026, macro factors continued to dominate market pricing. The triple pressure of geopolitical tensions, rebound in inflationary pressures, and the game of expectations surrounding Federal Reserve policy jointly suppressed the overall performance of risk assets, with a noticeable decline in the crypto market's digestion capacity.

This month, the crypto market experienced a textbook example of “liquidity transmission failure.” In the first half of the month, inflation data exceeded expectations, and expectations for Federal Reserve easing significantly retreated, returning asset pricing weight to macro narratives and continuously pressuring risk assets; by the end of the month, despite signs of thawing in geopolitical tensions, the simultaneous retreat of U.S. Treasury yields and oil prices released positives, but the crypto market refused to absorb macro easing, turning from an upward trend to a downward one, exposing the harsh backdrop of cyclical deep bear acceleration.

In terms of price performance, BTC briefly touched $82,850 at the beginning of the month, then continued to decline, ending the month at $73,674. ETH performed even more weakly, with the ETH/BTC ratio hitting a low of 0.02675, with a decline significantly greater than that of BTC. BTC's dominance remained high, while altcoin liquidity continued to shrink, leading to an overall market cap adjustment.

On the funding side, the most significant feature this month was “internal funds severely bleeding”: BTC spot ETF completely reversed the net inflow from April, with a net outflow of $2.425 billion for the month, setting the third-largest single-month outflow record in history; ETH ETF concurrently experienced significant losses. At the same time, Coinbase presented a severe negative premium, with both on-chain short-term and long-term holder MVRV and SOPR falling below the breakeven line, reflecting a typical surrender-like loss-cutting pattern.

Looking ahead, BTC has substantially broken through MicroStrategy's cost threshold of about $75,500, with $71,400 becoming the last cyclical defense line below. In the short term, the risk of left-side bottom-fishing is extremely high; true stabilization isn't reliant on a single-day warm-up of macro indicators, but must see ETF funds flow back and the ends of on-chain surrender signals. If major U.S. AI stocks experience a severe setback, or if companies like MicroStrategy holding BTC are forced to sell due to a breach of cost lines triggering a chain of deleveraging, the crypto market will face significant panic risk. Investment should be approached with caution, with risk management being a priority.

2. Fund Data: Steady Growth Against the Trend, Scale Hits New Highs

Amidst overall market pressure, funds under Monera Digital continued to record positive growth in May 2026, with various core indicators performing brightly.

As of the end of May, the total asset scale (AUM) of the fund reached $14.82 million, a net increase of approximately $2.9 million from the beginning of the month’s $12.13 million, with a monthly increase rate of 22.17%, of which new capital introduced this month was $2.1308 million. Since the fund's inception, AUM has grown from an initial $1 million in January 2026, experiencing five consecutive months of growth - breaking through $3.33 million in February, soaring to $6.78 million in March, surpassing $12.13 million in April, and reaching a new high of $14.82 million in May, accumulating nearly a 15-fold increase within five months, fully reflecting the strategy's stability and continued capital attractiveness.

In terms of yield performance, the fund's actual yield APY recorded 16.23%, with a weighted yield APY as high as 58.71%, which is quite rare in the current market environment, continuously generating stable returns beyond the market for investors.

3. Asset Allocation: Diversified Layout, Active Trading as Core Driver

This month, the fund's total asset scale is $14.82 million, employing a diversified strategy allocation. Among them, Proactive Trading is the core source of fund income, with a scale of $9.8794 million, accounting for 66.7% of the total AUM, serving as the main engine driving overall returns; Quantitative Trading is allocated $3.8573 million, accounting for 26.0%, effectively complementing the proactive trading strategy to build a multi-dimensional income source system; Venture Investing is allocated $1 million, accounting for 6.7%, focusing on early layouts of quality projects; Other Assets totaled $83,424, serving as supplementary allocation.

The overall allocation structure focuses on proactive trading while also considering quantitative strategies and early investments, effectively balancing return acquisition and risk control against the backdrop of heightened market volatility.

4. Conclusion

In May 2026, under the overall pressure on the crypto market and the significant net outflow of ETF funds, the Monera Digital fund achieved a month-on-month growth of 4.61% through diversified strategy allocation and a strict risk management system, with a cumulative weighted APY reaching 58.71%, continuously creating excess returns for investors. Looking ahead to June, the team will closely track ETF fund flows, on-chain data recovery signals, and macro policy changes, adjusting position structures in a timely manner while prioritizing risk management to capture asymmetric opportunities presented by cyclical bottoms.

For those interested in learning more, feel free to contact us:

X: https://x.com/Monera_Digital

TG: https://t.me/MoneraDigital_Official

This report is issued by the Monera Digital trading team for reference only and does not constitute investment advice.

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