1. Market Overview
According to data released by the U.S. Bureau of Labor Statistics on May 8, non-farm payrolls increased by 115,000 in April, marking the first consecutive growth in nearly a year and the largest two-month gain since 2024, significantly exceeding the Bloomberg consensus estimate of 65,000. Meanwhile, the March figure was revised upward to 185,000. Following the release, market sentiment improved significantly, with Nasdaq rising 1.71% and crypto assets strengthening in tandem. As geopolitical tensions ease and U.S. Economic data continues to improve, major global assets have seen a broad rebound this week. The Weekly Hot Coin Guide will continue to focus on the top 300 tokens by market capitalization listed on Bitunix, while also analyzing trending U.S. equity derivatives, aiming to identify high-volatility, high-amplitude assets and help investors capture short-term trading opportunities across crypto and equities.
2. Weekly Performance of Crypto Assets
The strong non-farm payrolls data indicates that U.S. companies are continuing to expand hiring, reflecting ongoing resilience in overall economic activity and market demand. This has helped ease investor concerns over a potential economic recession. As risk appetite recovered, capital began flowing back into higher-risk sectors such as technology stocks and crypto assets, further driving a rebound across global risk markets. This week, the median return among the top 300 tokens by market capitalization reached +9.59%, while approximately 85% of crypto assets posted gains, signaling a broad improvement in market sentiment alongside continued capital inflows.
In terms of individual asset performance, TON ranked first with a 96% weekly gain, followed by ONDO with a 75% increase. SKYAI placed third with a 64% rise and has now appeared on the weekly top gainers list for three consecutive weeks, highlighting sustained market momentum and investor interest. On the downside, MEGA — which was only recently listed on exchanges — recorded the largest decline of the week, falling more than 20%. Apart from MEGA, the remaining underperforming major cryptocurrencies all posted losses of less than 10%.
Note: Price and fluctuation data are included at 1:00 am UK time (UTC + 0)
3. Hot Token Analysis — ONDO
ONDO is the native governance token of institutional-grade DeFi protocol Ondo Finance. The core mission of Ondo Finance is to bring the creditworthiness and liquidity of traditional finance (TradFi) on-chain by tokenizing real-world assets (RWAs), enabling global investors to gain decentralized access to high-quality financial products such as U.S. Treasuries and money market funds. Ondo Finance was founded in 2021 by Nathan Allman, a former member of Goldman Sachs’ digital assets team. Within the crypto market, RWA is widely regarded as one of the most promising trillion-dollar sectors, and Ondo Finance is considered one of the leading players in this field. For a more detailed analysis of the ONDO token, please refer to the Bitunix Academy article “Ondo: A Complete Analysis of Real-World Asset Tokenization”
3.1 Technical Analysis
ONDO’s historical peak occurred in 2024, during the critical phase when the RWA (Real-World Asset) narrative transitioned from concept to real-world implementation, driving extremely strong market speculation around the sector. However, as tokenized U.S. Treasuries, tokenized equities, and tokenized money market funds gradually entered practical adoption stages. The novelty of the RWA narrative began to fade, leading to a cooling of market enthusiasm.
After falling below the $1 level in September 2025, ONDO remained in a prolonged downtrend and traded within a narrow range between $0.24 and $0.27 from February to April 2026. The turning point came on May 2, when news emerged that a U.S. Treasury funds involving Ondo Finance had successfully completed a cross-border redemption process, rapidly reviving market sentiment and triggering a new upward trend for ONDO. From a technical perspective, the MACD indicator formed bullish golden crosses on both May 6 and May 7, while the token price surged from $0.32 to $0.45 within a short period.
3.2 Fundamentals of the Public Chain Project
In its early stages, Ondo Finance primarily focused on the on-chain U.S. Treasury sector. Its treasury-backed token, OUSG, uses BlackRock’s BUIDL fund as the underlying collateral asset, which helped it gain widespread market recognition and quickly establish itself as one of the leading projects in the RWA sector. As the market for tokenized equities gradually opened up, Ondo Finance also expanded into this segment, where its main competitor is currently Backed Asset. Since entering the tokenized equities market in September 2025, Ondo Finance’s TVL in this sector has continued to grow rapidly. By May 2026, the monthly growth rate of its tokenized stock asset TVL had exceeded 33%, demonstrating strong business momentum overall. Ondo Finance’s tokenized stock assets are currently deployed across multiple major public blockchains, including Ethereum, Solana, and BNB.
3.3 On-chain and Off-chain Trading Structure
As the governance token of a well-known RWA project, ONDO spot and futures products are listed on major crypto exchanges such as Bitunix, Binance, and OKX, giving it broad exposure across both CeFi and DeFi markets. Based on trading distribution over the past 24 hours, ONDO’s trading volume is relatively diversified, with Binance, LBank, and Upbit each recording more than $50 million in volume, reflecting broad market participation and strong liquidity foundations. On the decentralized exchange side, Uniswap currently provides the primary source of spot liquidity for ONDO. Compared with several previously hyped tokens that relied heavily on PancakeSwap for market momentum, ONDO demonstrates a more institutionally driven market-making structure, liquidity distribution, and participant composition.
As a relatively blue-chip-oriented token, ONDO’s price movements are primarily driven by institutional capital, making the impact of early smart-money positioning on-chain comparatively limited. Currently, more than 50% of ONDO’s total supply has already been unlocked, while the Ondo Finance team still controls over 57% of the token supply, indicating that the project retains significant influence over circulating liquidity and market supply. At the end of April, the project transferred 1.25 million ONDO tokens into a multisig wallet. After passing through multiple wallet addresses, most of these tokens eventually flowed into the Coinbase exchange. This movement raised market concerns regarding potential liquidity arrangements and future selling pressure.
3.4 Social Media
On May 6, Ondo Finance’s official social media account announced that Ondo Finance had collaborated with Kinexys by J.P. Morgan, Mastercard, and Ripple to complete the first near-instant cross-border and cross-bank exchange transaction involving a tokenized U.S. Treasury fund. This case successfully validated the feasibility of integrating public blockchain infrastructure with traditional interbank settlement systems, while also establishing an important technical framework and proof-of-concept for future 24/7 real-time cross-border settlement using tokenized assets by global banks.
On May 9, The Wall Street Journal also reported on the event and cited comments from Ondo’s president regarding the future development of tokenized finance. Notably, the timing of this news dissemination closely coincided with ONDO’s sharp price rally, suggesting that market sentiment may have been significantly catalyzed by this positive development.
3.5 Summary
From a fundamental perspective, Ondo Finance’s TVL and the trading volume of its tokenized equity products continue to maintain steady growth momentum. However, the project team gradually transferred 125 million ONDO tokens to exchanges at the end of April. Combined with the recent price rally driven by positive news surrounding cross-border redemption of tokenized U.S. Treasury funds. This may suggest that the team is taking advantage of favorable market sentiment to realize liquidity at elevated price levels. Under this framework, the coordinated timing between large-scale token transfers and bullish news catalysts may indicate a relationship between short-term price volatility and token redistribution. Although business expansion remains ongoing, investors should remain cautious about potential hidden selling pressure triggered by future on-chain movements.
4. Weekly Performance of Stock Derivatives
Supported by the positive impact of the strong nonfarm payroll data, the U.S. The stock market closed broadly higher on May 8, with Nasdaq posting a single-day gain of 1.78%. Against this backdrop, Bitunix offers trading tools with up to 50x leverage and supports both long and short strategies, aiming to help users improve capital efficiency in relatively low-volatility environments while capturing structural trading opportunities to maximize potential investment returns.
5. Featured Stock Derivative Analysis — SNDK
SanDisk, a major player in NAND flash memory and comprehensive storage solutions, operates across both consumer products and enterprise-grade SSD systems. Benefiting from the AI large-model-driven computing power race, enterprises continue to expand capital expenditure on high-performance computing (HPC), further increasing demand for high-speed storage solutions. As one of the core beneficiaries within the supply chain, SNDK demonstrated strong momentum this week, with its stock price surging more than 46% cumulatively. Notably, SanDisk has now appeared on the “Weekly Hot Assets Guide” for the third time, reflecting that the storage sector continues to exhibit abundant liquidity and high price elasticity.
SanDisk released its third-quarter earnings report on April 30, and its strong financial performance drove the stock price up more than 8% on the same day. Financial data showed quarterly revenue reaching $3.112 billion, representing a 44% year-over-year increase, while Non-GAAP net profit climbed to $934 million, up 129% compared to the same period last year. Overall, the company’s results significantly exceeded market expectations.
Conclusion
Looking back at this week’s market performance, the strong nonfarm payrolls data successfully eased concerns surrounding a potential economic recession, while global assets demonstrated robust recovery momentum amid the growing correlation between the crypto market and U.S. equities. From the institutionally favored RWA leader ONDO to the standout AI storage beneficiary SanDisk, the current high-volatility environment presents an ideal window for investors to deploy flexible long and short strategies using Bitunix’s professional trading tools. Moving forward, Bitunix will continue focusing on high-volatility and high-elasticity assets, helping investors capture alpha-generating opportunities amid the increasingly interconnected crypto and equity markets.