Crypto Market Overview

• BTC (+1.87% | Current Price: 109,759 USDT)

  • BTC continues to trade sideways after briefly breaking through the $111,000 level, followed by a pullback. Profit-taking after reaching new highs has led to short-term consolidation around recent peaks.
  • On Friday, BTC ETFs saw a net inflow of $211 million. Notably, Fidelity’s FBTC had a net outflow of $73.7 million, while Grayscale’s GBTC saw a net inflow of $89.2 million.

• ETH (+1.72% | Current Price: 2,560 USDT)

  • ETH followed the broader market trend, breaking above $2,600 before falling back. Its market dominance slightly declined to 9.11%.
  • On Friday, ETH ETFs saw a net inflow of $58.6 million. BlackRock’s ETHA accounted for $52.8 million of that, while Grayscale’s ETH fund contributed $5.8 million.

• Altcoins

  • The altcoin market saw another broad rally, pushing the Altcoin Season Index up to 27.

• Macro

  • U.S. equities were under pressure last week amid renewed concerns over national debt and rising tariffs. The S&P 500 fell 2.6%, while both the Dow and Nasdaq dropped 2.5%.
  • On Friday, the S&P 500 declined 0.67%, Nasdaq fell 1%, and the Dow dipped 0.61%.
  • Ross Mayfield, investment strategist at Baird, noted: “Markets enjoyed tailwinds from easing trade tensions over the past six weeks, marking one of the best six-week performances in 75 years. The escalation in trade war rhetoric threatens to reverse that momentum.”
  • As of 10:00 AM (UTC+8) on May 23, the spot gold price stood at $3,347.41 per ounce, down 0.31% in the last 24 hours.

Trending Tokens

HYPE – Hyperliquid (+11.52%, Market Cap: $11.748B)

Gate data shows HYPE trading at $128.67, up 11.52% in the past 24 hours.

Hyperliquid is a high-performance Layer 1 blockchain focused on DeFi. It features an innovative on-chain order book and efficient execution engine, aiming to enable low-latency, high-throughput trading of derivatives like perpetual contracts and options.

Recent price surges have been driven by short squeeze activity among whales, pushing HYPE to all-time highs. However, caution is warranted as whale trader James Wynn withdrew 28 million USDC (netting $25.2 million in profit and incurring $2.31 million in fees), introducing near-term uncertainty.

VIRTUAL – Virtuals Protocol (+9.41%, Market Cap: $1.404B)

VIRTUAL is trading at $2.1642 with a 24-hour gain of 9.41%.

Virtuals Protocol is a Layer 1 blockchain focused on merging decentralized AI and gaming. Its AI framework connects AI providers with game developers using a decentralized AI library and marketplace, offering SDKs to integrate AI-powered NPCs into games.

Price momentum stems from renewed AI market interest and statements from the Virtual CEO emphasizing the long-term potential of AI agents. Unlike fading GameFi narratives, VIRTUAL positions AI agents as standalone commercial products, helping to drive renewed investor enthusiasm. The token is currently testing the key $2.17 resistance level.

COOKIE – Cookie DAO (+24.76%, Market Cap: $185M)

COOKIE is priced at $0.36007, with a daily increase of 24.76%.

Cookie DAO powers an AI agent index platform and a data layer for AI-human interaction. Its signature product, cookie.fun, is the first crypto-native AI agent index, helping investors identify promising AI agents in real time.

The latest rally is fueled by renewed interest in AI agent narratives, bolstering community sentiment. COOKIE is showing leadership in this narrative wave, with short-term resistance at $0.45 and strong support at $0.082.

Alpha Analysis

Qatar Financial Centre to Tokenize Real Estate

Qatar Financial Centre (QFC) plans to tokenize over $500 million worth of high-rise assets in West Bay and Lusail. The initiative aims to boost real estate liquidity via blockchain and explore tokenized funds and regulatory frameworks.

Assets will be managed through special purpose vehicles and tested in QFC’s digital asset lab, potentially using Hedera’s DLT. This follows similar Middle East tokenization moves, such as Dubai’s MANTRA ($50M, 8% APY) and Saudi Arabia’s Al Rajhi Bank pilot.

The project is expected to increase real estate trading volume by 5%, reduce entry barriers, and address supply surpluses—strengthening the region’s leadership in asset tokenization and advancing the crypto RWA (real-world assets) ecosystem.

Sui Launches ZK Authenticator to Surpass zkLogin and Lightning Network

Sui recently introduced the Zero-Knowledge Authenticator (ZKAT), designed to outperform solutions like zkLogin, Plasma, and the Lightning Network in scalability, privacy, and UX. ZKAT allows users to prove access rights without revealing authentication details—ideal for DeFi and privacy wallets.

With ZK authentication expected to grow at a CAGR of 20% through 2030, ZKAT stands out for combining scalability and privacy. Despite its complexity, developer interest is expected to grow.

ZKAT may also strengthen the Sui ecosystem following the recent attack on DEX Cetus, which exposed smart contract vulnerabilities. Integration of ZKAT into user verification (e.g., KYC) could reduce Sybil attack risks and enhance ecosystem security.

Testing continues in Sui’s digital asset lab, with 10 dApps expected to integrate ZKAT by June. Projected outcomes include $1M in trading volume and 5,000 new users. Developers should monitor Sui’s SDK updates and trial results.

Solana Launches Attestation Service (SAS) for Off-Chain Data Verification

The Solana Foundation and Solana Identity Group have launched the Solana Attestation Service (SAS), a permissionless protocol now live on the Solana mainnet.

SAS links off-chain data like KYC, investor qualifications, and geolocation to Solana wallets using cryptographic signatures, producing reusable verifiable credentials without exposing sensitive information.

Compared to Ethereum’s UPort (on-chain storage) and Polygon ID (limited scalability), SAS provides a more efficient off-chain/on-chain hybrid model. Coupled with Solana’s low fees, SAS offers advantages in DeFi and tokenization use cases.

By addressing compliance and privacy challenges, SAS is positioned to enhance decentralized identity infrastructure, support compliant DeFi development, and reduce system-building costs for developers—ultimately strengthening Solana’s ecosystem.

Gate HODLer Airdrop

Subscription Details

• Token: FISHW
• Launch Date: May 23, 2025, 15:00 (UTC+8)
• Subscription Token: GT
• Personal Cap: 5,000 GT
• Total Airdrop Supply: 28,469,749.99 FISHW

Project Overview

Fishwar is the first AI-powered game on the Sei blockchain, featuring real-time strategy battles, an egg-hunting mechanism, and AI agents for automated task execution. Players can earn FISHW tokens, hatch rare NFTs, and compete in casual or ranked modes.

Fishwar combines GameFi, immersive storytelling, and AI by integrating NFT smart contracts and DeFi elements like staking and rewards. Built on Sei for speed, security, and scalability, the game delivers a seamless decentralized experience.


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/
• X, https://x.com/Cointelegraph/status/1926564040752386475
• X, https://x.com/Cointelegraph/status/1926367669457920398
• X, https://x.com/solana/status/1926008981635354646?s=46&t=bcMyidYO0QkS5ajIW9CBdg
• Gate, https://www.gate.io/zh/hodler-airdrop/2312?airdrop_name=FISHW

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, trending insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer
Investing in the crypto market involves a high level of risk. Users are advised to conduct independent research and fully understand the nature of any assets and products before making investment decisions. Gate.io assumes no responsibility for any losses or damages resulting from such investment activities.