Cryptocurrency Markets May Crypto Monthly: Prices Lag, Activity Continues to Decline in Low Volatility Environment; Hyperliquid Captures Public Market Investors’ Attention

Research evidence excerpt

Cryptocurrency Markets May Crypto Monthly: Prices Lag, Activity Continues to Decline in Low Volatility Environment; Hyperliquid Captures Public Market Investors’ Attention

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 09 June 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

• Total crypto market cap shrinks 2% in May to $2.5tr. The cryptoecosystem’s total

crypto market cap shed ~2% of value in May, ending the month at $2.47tr with the

average market cap rising 4% MoM. The total market cap is now tracking 16% lower

YTD. Bitcoin’s market cap ($1.47tr) fell 4% MoM, with Ether’s cap ($242bn) fell by

~11% MoM. The major altcoins we track posted negative returns in May with

stablecoins’ market caps flat to slightly lower. DeFi’s aggregated market cap performed

in-line with the broader market (-2% MoM). Regardless of token, crypto significantly

underperformed the traditional equity markets in May with the S&P 500 gaining +5%

MoM and Nasdaq-100 jumping 11% MoM. Gold fell 1% MoM, also slightly edged out

crypto in May.

• Trading volumes mostly lower in May, continuing to set new lows. Total

cryptoecosystem activity levels and trading volumes were lower in May for the third

consecutive month. CoinDesk Data illustrated total spot crypto ADV contracting 5%

MoM, dragged by Bitcoin and Ether, which were both down 15% MoM. Stablecoins’

aggregated ADV fell more significantly (-19% MoM), normalizing from the outsized

growth experienced last month (+40% MoM). We continue to see overall ecosystem

activity set new lows 2026TD as price action and momentum remains weak. May has now

posted the lowest ADV through the current cycle / market drawdown.

• Crypto U.S. spot ETP flows retrun to net redemptions in May. The U.S. bitcoin spot