1. Market Overview
This week, the global cryptocurrency market experienced limited overall volatility, with relatively stable price swings. The focal event was the passage of the Clarity Act by the U.S. Senate Banking Committee on May 14, with a 15–9 vote, advancing the bill to the full Senate for consideration. The act aims to clearly classify digital assets as either “securities” or “commodities,” regulated respectively by the SEC and the CFTC, thereby establishing a clearer federal regulatory framework for the crypto market. The market responded rationally to the bill’s progress, with mainstream crypto asset prices showing limited fluctuations and no significant short-term movements. Weekly Hot Coins Guide will continue to monitor the top 300 tokens by market capitalization on Bitunix Exchange, while also tracking popular U.S. stock contracts, providing investors with strategic insights and short-term trading observations.
2. Weekly Performance of Crypto Assets
The Clarity Act’s passage through the Senate Banking Committee indicates that the U.S. The legislative body is gradually establishing a clear regulatory framework for digital assets, which helps alleviate market concerns over policy uncertainty. As investors gain a clearer outlook on crypto regulation, market sentiment tends to stabilize rationally. In the short term, price volatility remains limited, but over the long term, a transparent regulatory framework is expected to attract more institutional capital, providing a solid foundation for the crypto market’s growth.
This week, the median return of the top 300 tokens by market capitalization was +1.11%, with approximately 60% of crypto assets posting gains. Overall market volatility remained limited, and price swings were relatively stable. In terms of individual asset performance, INJ led with a 34% increase, followed by H at +28% and PIEVERSE at +27%. On the downside, SIREN fell over 43%, while TON, MEGA, VIRTUAL, DYDX, and SKYAI all declined by more than 10%.
3. Hot Token Analysis — INJ
INJ is the native governance token of the Injective blockchain. Holders can participate in network proposal voting and ecosystem decisions, wielding significant influence over the chain’s development direction. Injective is a Layer 1 blockchain focused on decentralized finance (DeFi), with a core mission to build high-performance, low-latency trading infrastructure supporting derivatives, perpetual contracts, and cross-chain asset trading. Founded in 2018 by Eric Chen and Albert Chon, Injective aims to address the inefficiencies, high transaction fees, and limited liquidity of traditional blockchains. In the crypto market, Injective is regarded as one of the leading decentralized trading protocols, offering global traders a more flexible financial operating environment through its high throughput and cross-chain capabilities.
3.1 INJ's technical analysis of the past week
Injective is a relatively early cryptocurrency project, and its native token INJ has been listed on multiple crypto exchanges since 2021. In December 2023, INJ reached a temporary high, surpassing $43. Thereafter, the token experienced prolonged volatility and decline, falling to $2.84 by February 2026. Entering May, INJ saw a strong rebound. On May 1, the MACD indicator for INJ generated a golden cross for the first time, pushing the price from $3.40 to $3.85; on May 8, another golden cross occurred, further lifting the price to $4.20. By May 13, trading volume expanded rapidly, driving the price to a local high of $6.11 in this cycle.
3.2 INJ Fundamental Analysis of the Past Week
According to Artemis data, multiple on-chain indicators for the Injective blockchain have been declining. Over the past year, weekly transaction volume dropped from 30 million to 7 million, and transaction gas fees also fell significantly compared with a year ago. In addition, at the beginning of 2026, white-hat hacker f4lc0n posted on X that through Immunefi, they discovered a critical vulnerability on the Injective chain. This flaw allowed any user to directly steal funds from any on-chain account without special permissions, involving assets worth over $500 million. Furthermore, Agora announced that starting April 3, 2026, it will gradually cease issuance and support for AUSD on the Injective network to optimize resource allocation and improve overall operational efficiency. Overall, the fundamentals of the Injective project have continued to weaken recently and are not the driving factor behind INJ’s price increase.
3.3 On-chain and Off-chain Trading Structure
As an early blockchain project, Injective’s INJ spot and derivative products are listed on major exchanges including Bitunix, Binance, and OKX. Based on the past 24 hours of trading, INJ trading volume is relatively dispersed, with only Binance accounting for more than 10%, while other exchanges each hold over 3%. On decentralized exchanges, INJ trading volume is far lower than on centralized exchanges; only Helix recorded INJ volume exceeding $1 million, indicating that the recent price rise was likely mainly driven by market makers on centralized exchanges.
Monitoring of on-chain large transactions shows that Coinbase’s hot wallet (0xA9D) has consistently been the most active address in large INJ trades. This wallet currently holds approximately $293 million worth of crypto assets. A week ago, part of the INJ held by Coinbase was transferred to this hot wallet. During the sharp price surge, some tokens were further transferred to address 0x6605, with the remainder flowing to other centralized exchange accounts.
3.4 Summary of recent trends in INJ
Recently, INJ has experienced a strong price rebound, but its fundamental indicators continue to weaken, with on-chain activity and transaction volume declining, and the blockchain previously exposed a severe security vulnerability. The price increase has been primarily driven by centralized exchange market makers, particularly the movements of large hot wallets. Considering technical indicators, fundamentals, and trading structure, this rebound largely reflects short-term speculative sentiment rather than an improvement in the project’s underlying fundamentals.
4. Weekly Performance of Stock Derivatives
In a week lacking clear guidance from economic data, marginal changes in geopolitical developments have become the core focus of market dynamics. Global investors are closely monitoring the latest progress in high-level U.S.–China dialogues, as interactions on key issues may trigger far-reaching ripple effects in capital markets. Bitunix offers trading tools with up to 50x leverage, supporting both long and short strategies, designed to help users enhance capital efficiency in low-volatility environments and capture structural trading opportunities to amplify potential investment returns.
5. Featured Stock Derivative Analysis — NVDA
NVIDIA is a pioneer in accelerated computing, having redefined modern computer graphics and computing architecture with its invention of the GPU. Today, the company has evolved into a full-stack computing firm, providing foundational infrastructure for data centers, generative AI, robotics, and the metaverse, addressing complex scientific and commercial challenges that traditional computing cannot handle. With positive signals emerging from high-level U.S.–China meetings, the market anticipates a relaxation of high-end GPU export controls, potentially reopening direct procurement channels in the Greater China region. This expectation has significantly boosted investor confidence in NVIDIA’s order growth, driving NVDA’s stock to a strong 4.39% gain on May 14.
Conclusion
This week, the crypto market was influenced by progress on the U.S. Clarity Act, which clarified the regulatory framework and contributed to more rational and stable global investor sentiment. In terms of individual asset performance, INJ led the rebound on technical momentum, but weakening on-chain data indicates that the price surge was largely driven by capital flows on centralized exchanges, rather than fundamental improvements. Meanwhile, the U.S. stock market remains highly focused on policy signals from U.S.–China high-level meetings, particularly the anticipated relaxation of GPU export restrictions, which has strengthened NVIDIA’s stock performance.