Has the market rotation appeared? Crypto credit and InfoFi may become the new focus

Bitcoin demonstrates strong resilience, with on-chain fund structure continuously optimizing and market risk appetite gradually increasing. High-ility assets and and quality Altcoins are starting to attract incremental attention, with rotation signs becoming increasingly apparent. In this issue, HTX Research Chloe (@ChloeTalk1) focuses on crypto lending and InfoFi fields, analyzing their potential and structural value in the new phase.

Structural Evolution Under Macro Support: Bitcoin Stable, Poised to Launch

As of May 21, 2025, the Federal Reserve's net liquidity rebounded to 6022.869, strongly bouncing back from the early month's point. Although not yet standing above the key central interval of 6100–6200,,200, trend initially releases a signal liquidity warming signal, providing macro support level for the crypto market>

Despite last week's cold US and Japanese long-term bond auctions - with US 20-year bond yields surging to 5% and Japanese long-term rates hitting a 25-year high - causing market concerns about global liquliquidity tightening, the US Treasury still primarily absorbs funds through 3-6 month T-Bills, mainly "draining" money market funds rather rather than risk assets. The The Federal Reserve can also pause reduction or activate repurchase windows, with limited pressure on risk assets.

Bitcoin thus demonstrates strong resilience: spot ETF continues small net inflows, over 70% of Bitcoin has been deposited for over half a year, exchange balances continuously decrease, with Asian and Middle Eastern funds buying on dips. Even if US debt net financing might surge to 1.25 trillion during July-September, short-end debt issuance and repurchase backstop weaken direct drainage pressure on high-beta assets. With ETF passive positions and "hard chips" dispersing selling pressure, coupled with US dollar depreciation expectations, Bitcoin remains strong.

From on-chain data, Solana, Base and other public chains' activity continues rising, with funds gradually shifting from Bitcoin-dominated safe-ens haven assets to high-beta Altcoin markets. BTC Dominance remains high, without significant decline, but if it falls below 52below %, combined with liquidity upward movement, it might officially launch a new Altcoin season.< h3>Current Potential Track Interpretation
<><>cantor A Bitcoin collateralalized credit plan totaling $2 billion, with first batch supporting crypto brokers Falconandconentrallending protocol Maple Finance, marking Wall Street capital's official major entryray into crypto credit markets. Among them, FalconX extracted over $100 million under this framework, and Maple has completed its its first loan issuance.$SYRUP's spot and contract trading and earning products have been launched on HTX, with spot trading sorising up to 110% since launch, contracts also performing well, demonstrating market recognition. Maple's newly launched syrupUSDC/USDT indefinite institutional credit pool offering 8–12% annual yield, with highly transparent collaterratealization attractinstitutional idle stablecoins, with this month's TVL soaring from $800 million $to..3 billion - market "voting with feet", verifying SYRUP model's attractiveness and potential growth space.<>on chain and macroidity COOKIE layout in the InfoFi track is on the eve of potential explosion. Market Compared to similarly positioned,ookFun current market value is only one-fifth of, once Cookie leaderboard, ad placement and other InfoFi mechanisms start monetizing, $COOKIE's market value may significantly increase, possessing reassessment potential. Currently, HTX has launched COOKIE/USDT contract, and previously introduced in HTX DeepThink column KAITO has also been listed on HTXXX strong with nearly 30-day increase reaching 138%.