[Binance Research: Tokenized RWA Market Size Grows Approximately 589% by Early 2025, Crypto Card Transaction Volume Increases 48.6% This Year] Binance Research highlighted in its June Market Insights report that the crypto market's pullback in May was driven by macroeconomic factors. Bitcoin tested the 200-day moving average and the realized price for short-term holders but failed to hold these levels. ETF outflows reflected short-term pressure, while the trend of tightening on-chain supply remained unchanged. The market is focusing on the new Federal Reserve Chair Warsh's dot plot, the progress of the 'Clarity Act,' and the repricing of AI sentiment. In May, capital shifted toward specific narrative-driven sectors, with quantum-resistant computing transitioning from a tail risk to a portfolio necessity. This sector outperformed Bitcoin by approximately 59.3% (month-over-month). BTC and ETH ETF fund flows have structurally decoupled from equities, and capital flow behavior is increasingly aligning with corporate and government bonds.