Yeliz Akmaca 
The crypto market rebounded in May. However, volatility remained high due to changes in U.S. trade policies. Binance Research has published its May analysis report, addressing the growth and challenges in areas such as decentralized finance (DeFi), exchange-traded funds (ETFs), gaming, and tokenization.
Bitcoin Hits All-Time High, Institutional Demand Surges
According to Binance Research, the crypto market grew by 10.3% in May. This growth was driven by Bitcoin (BTC) reaching a new all-time high (ATH) and strong capital inflows into ETFs. Although Ethereum (ETH) lagged in this bull run, it still gained 43.9% in May, continuing its upward trend from April.
Meanwhile, increasing tariff tensions between the U.S., China, the European Union, and the United Kingdom caused uncertainty in the markets. Although tariffs were temporarily halted by a court ruling, the U.S. government later reinstated them.
Despite ongoing macroeconomic uncertainty, institutional interest in Bitcoin accelerated. Companies began to view BTC as a long-term store of value. In total, 116 publicly traded companies hold 809,100 BTC in their treasuries. With increasing regulatory clarity, more companies have announced plans to purchase Bitcoin. Some firms diversified their holdings into assets such as ETH, XRP, and Solana (SOL).
Binance Research stated:
“The direction of institutional crypto assets will depend on macro conditions, regulatory developments, and market cycles. However, current momentum is strong. Bitwise projects that institutional treasuries could reach 1 million BTC by 2026.”
DeFi Rises by 19%, Gaming Sector Lags Behind
In May, the crypto sectors experienced capital rotation and structural divergence. The DeFi sector grew by 19%, fueled by new product launches and yield opportunities. Meme coins rose by 9.3%, AI-themed tokens gained 4.7%, and real-world assets (RWA) increased by 3.6%. However, the gaming sector and Layer-2 solutions showed weak performance.
On the other hand, U.S. spot Bitcoin ETFs saw at least $5.2 billion in inflows—marking the highest level since November 2024. Toward the end of the month, rising uncertainty and profit-taking led to approximately $962 million in outflows.
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