BTC continues to fluctuate, experiencing a downward trend after breaking through the 111,000 USD level. Due to profit-taking needs after surpassing previous highs, it may continue to show a fluctuating consolidation trend around recent high points in the short term.
Last Friday, BTC ETF had a net inflow of 211 million USD, with Fidelity's FBTC seeing an outflow of 73.7 million USD, while Grayscale's GBTC received an inflow of 89.2 million USD.
ETH (+1.72% | Current price 2,560 USDT)
ETH followed the market trend, breaking through the $2,600 mark earlier and then fluctuating downwards. With the decline in coin price, the recent ETH market share has also shown a slight decrease, currently reported at 9.11%.
Last Friday, ETH ETF net inflows were $58.6 million, with BlackRock ETHA net inflows of $52.8 million and Grayscale ETH net inflows of $5.8 million.
Altcoins: Altcoins have once again entered a bullish trend, with the Altcoin Season Index rising further to 27.
Macroeconomics:
Since last week, the U.S. stock market has been shrouded in panic over the deficit crisis, and by the weekend, concerns over tariffs have resurfaced. The S&P 500 index fell by 2.6% last week; the Dow Jones and Nasdaq both dropped by 2.5%. As of last Friday's close, the S&P 500 index was down 0.67%; the Nasdaq Composite index fell by 1%; the Dow Jones Industrial Average dropped by 0.61%.
Ross Mayfield, an investment strategist at Baird, interpreted: "For about the past six weeks, the market has been enjoying a tailwind from the easing of trade tensions, and this period has also been one of the best six weeks for the market in the past 75 years. However, the escalation of trade war rhetoric threatens this situation. Unless things really worsen, I don’t think we will test the lows again or anything like that. But from the market's perspective, this is undoubtedly a step in the wrong direction."
As of May 23, 10:00 AM (UTC+8), the spot gold price is currently reported at $3,347.41 per ounce, with a 24H decline of 0.31%.
Popular Tokens on Juejin
HYPE Hyperliquid (+ 11.52%, circulating market cap 11.748 billion USD)
According to Gate's market data, the current price of HYPE token is 12.867 billion dollars, with a 24-hour increase of 11.52%.
Hyperliquid is a high-performance Layer 1 public chain focused on decentralized finance (DeFi). It provides a low-latency, high-throughput trading environment through an innovative on-chain order book and efficient execution engine, addressing the performance and cost issues of traditional blockchains in high-frequency trading, and widely supports trading of financial derivatives such as perpetual contracts and options.
The core driving force behind HYPE's recent price surge lies in the breakout of short positions by whales, which has now reached an all-time high. However, caution is warranted as whale trader James Wynn withdrew 28 million USDC from Hyperliquid, realizing a profit of 25.2 million dollars and contributing approximately 2.31 million dollars in fees. This profit withdrawal adds uncertainty to the subsequent trend of HYPE.
According to Gate.io market data, the current price of the VIRTUAL token is $2.1642, with a 24-hour increase of 9.41%.
Virtual Protocol is a high-performance Layer 1 public chain focused on the integration of decentralized artificial intelligence and gaming ecosystems. Through a democratized artificial intelligence framework, it provides efficient AI-driven solutions for game developers. Its innovative on-chain AI library and market mechanism seamlessly connect AI contributors (supply side) with game developers (demand side), supporting a low-latency, high-throughput AI integration environment. Virtual Protocol offers a dedicated SDK to help developers efficiently integrate AI-driven game NPCs, such as Pikachu, John Wick, or Mikasa, into their games, addressing AI performance and cost issues in traditional game development, and is widely used in decentralized gaming platforms and immersive interactive scenarios.
Recently, the price of VIRTUAL tokens has been continuously rising and is currently testing the key resistance level of $2.17. This is mainly attributed to the renewed enthusiasm in the AI field, as well as VIRTUAL's CEO emphasizing the lasting impact of the AI narrative as a hot topic in technology. He pointed out that each developed AI entity can be seen as a business or product, contrasting with the waning narrative of the gaming industry. As a potential project in the AI boom, VIRTUAL shows a tendency to lead the market trend.
COOKIE Cookie DAO (+ 24.76%, Circulating Market Cap 185 million USD)
According to Gate's market data, the current price of the COOKIE token is 0.36007 dollars, with a 24-hour increase of 24.76%.
Cookie DAO is an AI agency index platform and a data layer for AI and human interaction, aimed at connecting the DeFi and AI ecosystems. Its launched cryptocurrency, the first AI agency index cookie.fun, helps investors efficiently and securely select the most promising AI agencies through real-time data aggregation and analysis, and captures market dynamics in real-time, widely applied in DeFi, AI investment platforms, and market analysis.
Recently, the price of Cookie tokens has entered a clear upward channel, mainly due to the renewed activity in the AI agent sector, which has boosted the optimistic sentiment within the Cookie community. In this round of AI narrative frenzy, Cookie has shown a clear leading momentum. Its short-term resistance level is at $0.45, and the short-term strong support level is at $0.082.
Alpha Interpretation
Qatar Financial Centre plans to tokenize real estate
Recently, the Qatar Financial Centre (QFC) plans to tokenize real estate, with the first targets being high-rise building assets in the West Bay and Lusail areas, valued at over $500 million. This move aims to enhance real estate liquidity through blockchain technology and explore fund tokenization and digital asset regulatory frameworks. The project will be tested within the QFC Digital Assets Lab and may be based on Hedera distributed ledger technology, with the initial assets managed by a special purpose vehicle.
This initiative is another testament to the Middle East's active embrace of blockchain tokenization, echoing the previous $50 million tokenization project by Dubai MANTRA (offering 8% APY) and the pilot by Saudi Al Rajhi Bank. QFC, with its English common law system and 100% foreign ownership, holds strong appeal for international investors, and the first batch of tokenization projects is expected to boost real estate transaction volume by 5%.
The project utilizes low-threshold and high-performance blockchain technology, which not only attracts retail and international investors but also hopes to address the oversupply issue in the real estate industry. For the crypto industry, this move will strengthen the Middle East's leading position in the tokenization field and significantly enhance the activity of the RWA (real-world assets) ecosystem in the crypto space.
Sui launched a zero-knowledge authenticator aimed at surpassing the scalability of zkLogin and the Lightning Network.
Recently, the Sui team launched the Zero-Knowledge Authenticator (ZKAT), an innovative authentication technology based on zero-knowledge proof, aimed at surpassing the performance of existing solutions (such as zkLogin, Plasma, and Lightning Network) in scalability, privacy, and user experience. ZKAT allows users to prove access rights without exposing the details of the authentication system, making it particularly suitable for scenarios such as crypto DeFi and privacy wallets.
The launch of ZKAT aligns with the growing market demand for zero-knowledge authentication, with an expected compound annual growth rate (CAGR) of 20% from 2025 to 2030. This technology significantly outperforms Plasma (Ethereum Layer-2) with limited scalability and the Lightning Network (Bitcoin payment network) with weaker privacy features, thanks to its high scalability and privacy protection characteristics. Although technical complexity and user education remain challenges, ZKAT is expected to attract a large number of developers.
It is worth noting that the decentralized exchange Cetus of the Sui ecosystem was attacked in May 2025, exposing vulnerabilities in its smart contracts and raising concerns about the security of the Sui ecosystem. The market expects that ZKAT's privacy certification capabilities, such as strengthening user verification for Cetus (e.g., KYC integration), can effectively reduce the risk of Sybil attacks, thereby enhancing the overall security of the ecosystem.
The testing of ZKAT will continue at the Sui Digital Asset Laboratory, with integration into 10 dApps expected in June, and is anticipated to bring a trading volume of 1 million USD. Sui's low fees and high performance will support the promotion of ZKAT, with an expected new user count of 5,000. It is recommended to closely follow the updates and testing results of the Sui official SDK.
Solana has launched a new validation service SAS, supporting multiple data validations.
The Solana Foundation has partnered with the Solana Identity Group to launch the Solana Attestation Service (SAS), which has gone live on the Solana mainnet. SAS, as an open and permissionless verification protocol, aims to become the trust layer for the internet capital market. It allows off-chain data such as KYC verification, investor qualifications, and geographical locations to be linked with Solana wallets, generating reusable verifiable credentials through encryption signatures without exposing sensitive data.
SAS effectively addresses the core pain point of Web3 in meeting regulatory requirements while ensuring privacy protection. Compared to Ethereum's UPort (which requires on-chain storage of some data) and Polygon ID (which has lower scalability), SAS's model of combining off-chain data with on-chain verification is more efficient. Coupled with Solana's low fee advantage, it has significant advantages in DeFi and asset tokenization scenarios. This is seen by many investors as a potential key to reshaping the trust layer of Web3.
Taken together, SAS will significantly outperform centralized KYC in terms of privacy and efficiency by leveraging Solana's high performance to meet the needs of decentralized identity. It will continue to promote the development of blockchain technology in the fields of compliant DeFi and asset tokenization, and improve the privacy and cross-dApp convenience of Solana users, while reducing the cost of building compliant systems for developers, and further improving the security and intelligence of the Solana ecosystem.
Gate HODLer Airdrop
IPO details
Subscription Project: Fishwar
Token Name: FISHW
New issuance time: May 23, 2025, 15:00 (UTC+8)
Participation Method: GT
Individual participation limit: 5,000 GT
Total airdrop: 28,469,749.99 FISHW
Project Introduction
Fishwar is the first AI-powered game on the Sei blockchain, offering real-time strategic battles, "egg hunting" mechanics, and automating missions through AI agents. Players can earn FISHW dollars, hatch rare NFTs, and compete in both casual and competitive modes. The game's key features include "feed to earnings," VIP and referral rewards, and a dynamic ocean world that changes as the game progresses, making Fishwar a unique blend of artificial intelligence, GameFi, and immersive storytelling.
Fishwar is built on the high-performance Sei blockchain, enabling fast, secure, and scalable gaming. The game integrates artificial intelligence agents for automating tasks, NFT smart contracts for asset ownership, and DeFi mechanisms such as staking and token rewards, creating a seamless, decentralized gaming experience.
Reference Materials:
[Gate Research Institute](https://www.gate.io/learn/category/research) is a comprehensive blockchain and encryption currency 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 high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Gate Research Institute: Qatar plans to tokenize real estate | Sui launches zero-knowledge verifier ZKAT to enhance scalability
Crypto Market Overview
BTC (+1.87% | Current Price 109,759 USDT)
ETH (+1.72% | Current price 2,560 USDT)
Altcoins: Altcoins have once again entered a bullish trend, with the Altcoin Season Index rising further to 27.
Macroeconomics:
Popular Tokens on Juejin
HYPE Hyperliquid (+ 11.52%, circulating market cap 11.748 billion USD)
According to Gate's market data, the current price of HYPE token is 12.867 billion dollars, with a 24-hour increase of 11.52%.
Hyperliquid is a high-performance Layer 1 public chain focused on decentralized finance (DeFi). It provides a low-latency, high-throughput trading environment through an innovative on-chain order book and efficient execution engine, addressing the performance and cost issues of traditional blockchains in high-frequency trading, and widely supports trading of financial derivatives such as perpetual contracts and options.
The core driving force behind HYPE's recent price surge lies in the breakout of short positions by whales, which has now reached an all-time high. However, caution is warranted as whale trader James Wynn withdrew 28 million USDC from Hyperliquid, realizing a profit of 25.2 million dollars and contributing approximately 2.31 million dollars in fees. This profit withdrawal adds uncertainty to the subsequent trend of HYPE.
VIRTUAL Virtuals Protocol (+ 9.41%, circulating market cap 1.404 billion USD)
According to Gate.io market data, the current price of the VIRTUAL token is $2.1642, with a 24-hour increase of 9.41%.
Virtual Protocol is a high-performance Layer 1 public chain focused on the integration of decentralized artificial intelligence and gaming ecosystems. Through a democratized artificial intelligence framework, it provides efficient AI-driven solutions for game developers. Its innovative on-chain AI library and market mechanism seamlessly connect AI contributors (supply side) with game developers (demand side), supporting a low-latency, high-throughput AI integration environment. Virtual Protocol offers a dedicated SDK to help developers efficiently integrate AI-driven game NPCs, such as Pikachu, John Wick, or Mikasa, into their games, addressing AI performance and cost issues in traditional game development, and is widely used in decentralized gaming platforms and immersive interactive scenarios.
Recently, the price of VIRTUAL tokens has been continuously rising and is currently testing the key resistance level of $2.17. This is mainly attributed to the renewed enthusiasm in the AI field, as well as VIRTUAL's CEO emphasizing the lasting impact of the AI narrative as a hot topic in technology. He pointed out that each developed AI entity can be seen as a business or product, contrasting with the waning narrative of the gaming industry. As a potential project in the AI boom, VIRTUAL shows a tendency to lead the market trend.
COOKIE Cookie DAO (+ 24.76%, Circulating Market Cap 185 million USD)
According to Gate's market data, the current price of the COOKIE token is 0.36007 dollars, with a 24-hour increase of 24.76%.
Cookie DAO is an AI agency index platform and a data layer for AI and human interaction, aimed at connecting the DeFi and AI ecosystems. Its launched cryptocurrency, the first AI agency index cookie.fun, helps investors efficiently and securely select the most promising AI agencies through real-time data aggregation and analysis, and captures market dynamics in real-time, widely applied in DeFi, AI investment platforms, and market analysis.
Recently, the price of Cookie tokens has entered a clear upward channel, mainly due to the renewed activity in the AI agent sector, which has boosted the optimistic sentiment within the Cookie community. In this round of AI narrative frenzy, Cookie has shown a clear leading momentum. Its short-term resistance level is at $0.45, and the short-term strong support level is at $0.082.
Alpha Interpretation
Qatar Financial Centre plans to tokenize real estate
Recently, the Qatar Financial Centre (QFC) plans to tokenize real estate, with the first targets being high-rise building assets in the West Bay and Lusail areas, valued at over $500 million. This move aims to enhance real estate liquidity through blockchain technology and explore fund tokenization and digital asset regulatory frameworks. The project will be tested within the QFC Digital Assets Lab and may be based on Hedera distributed ledger technology, with the initial assets managed by a special purpose vehicle.
This initiative is another testament to the Middle East's active embrace of blockchain tokenization, echoing the previous $50 million tokenization project by Dubai MANTRA (offering 8% APY) and the pilot by Saudi Al Rajhi Bank. QFC, with its English common law system and 100% foreign ownership, holds strong appeal for international investors, and the first batch of tokenization projects is expected to boost real estate transaction volume by 5%.
The project utilizes low-threshold and high-performance blockchain technology, which not only attracts retail and international investors but also hopes to address the oversupply issue in the real estate industry. For the crypto industry, this move will strengthen the Middle East's leading position in the tokenization field and significantly enhance the activity of the RWA (real-world assets) ecosystem in the crypto space.
Sui launched a zero-knowledge authenticator aimed at surpassing the scalability of zkLogin and the Lightning Network.
Recently, the Sui team launched the Zero-Knowledge Authenticator (ZKAT), an innovative authentication technology based on zero-knowledge proof, aimed at surpassing the performance of existing solutions (such as zkLogin, Plasma, and Lightning Network) in scalability, privacy, and user experience. ZKAT allows users to prove access rights without exposing the details of the authentication system, making it particularly suitable for scenarios such as crypto DeFi and privacy wallets.
The launch of ZKAT aligns with the growing market demand for zero-knowledge authentication, with an expected compound annual growth rate (CAGR) of 20% from 2025 to 2030. This technology significantly outperforms Plasma (Ethereum Layer-2) with limited scalability and the Lightning Network (Bitcoin payment network) with weaker privacy features, thanks to its high scalability and privacy protection characteristics. Although technical complexity and user education remain challenges, ZKAT is expected to attract a large number of developers.
It is worth noting that the decentralized exchange Cetus of the Sui ecosystem was attacked in May 2025, exposing vulnerabilities in its smart contracts and raising concerns about the security of the Sui ecosystem. The market expects that ZKAT's privacy certification capabilities, such as strengthening user verification for Cetus (e.g., KYC integration), can effectively reduce the risk of Sybil attacks, thereby enhancing the overall security of the ecosystem.
The testing of ZKAT will continue at the Sui Digital Asset Laboratory, with integration into 10 dApps expected in June, and is anticipated to bring a trading volume of 1 million USD. Sui's low fees and high performance will support the promotion of ZKAT, with an expected new user count of 5,000. It is recommended to closely follow the updates and testing results of the Sui official SDK.
Solana has launched a new validation service SAS, supporting multiple data validations.
The Solana Foundation has partnered with the Solana Identity Group to launch the Solana Attestation Service (SAS), which has gone live on the Solana mainnet. SAS, as an open and permissionless verification protocol, aims to become the trust layer for the internet capital market. It allows off-chain data such as KYC verification, investor qualifications, and geographical locations to be linked with Solana wallets, generating reusable verifiable credentials through encryption signatures without exposing sensitive data.
SAS effectively addresses the core pain point of Web3 in meeting regulatory requirements while ensuring privacy protection. Compared to Ethereum's UPort (which requires on-chain storage of some data) and Polygon ID (which has lower scalability), SAS's model of combining off-chain data with on-chain verification is more efficient. Coupled with Solana's low fee advantage, it has significant advantages in DeFi and asset tokenization scenarios. This is seen by many investors as a potential key to reshaping the trust layer of Web3.
Taken together, SAS will significantly outperform centralized KYC in terms of privacy and efficiency by leveraging Solana's high performance to meet the needs of decentralized identity. It will continue to promote the development of blockchain technology in the fields of compliant DeFi and asset tokenization, and improve the privacy and cross-dApp convenience of Solana users, while reducing the cost of building compliant systems for developers, and further improving the security and intelligence of the Solana ecosystem.
Gate HODLer Airdrop
IPO details
Project Introduction
Fishwar is the first AI-powered game on the Sei blockchain, offering real-time strategic battles, "egg hunting" mechanics, and automating missions through AI agents. Players can earn FISHW dollars, hatch rare NFTs, and compete in both casual and competitive modes. The game's key features include "feed to earnings," VIP and referral rewards, and a dynamic ocean world that changes as the game progresses, making Fishwar a unique blend of artificial intelligence, GameFi, and immersive storytelling.
Fishwar is built on the high-performance Sei blockchain, enabling fast, secure, and scalable gaming. The game integrates artificial intelligence agents for automating tasks, NFT smart contracts for asset ownership, and DeFi mechanisms such as staking and token rewards, creating a seamless, decentralized gaming experience.
Reference Materials:
[Gate Research Institute](https://www.gate.io/learn/category/research) is a comprehensive blockchain and encryption currency 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 high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.