Summary of key factors contributing to this round of decline: Rising market expectations of interest rate hikes, renewed tensions between the US and Iran, and the crypto market's continued "bleeding" making it difficult to regain bullish momentum.

According to BlockBeats, on May 28th, Bitcoin fell below $74,000, Ethereum dropped below $2,000, SOL struggled to stay above $80, and HYPE and ZEC gave back some of their gains. Meanwhile, spot gold and silver fell in tandem with global capital markets, with gold falling below $4,400/ounce and silver below $73/ounce. US stock index futures and Japanese and South Korean stock markets also declined. With several consecutive days of outflows from US spot ETFs, the crypto market could not escape its weakness. Below are BlockBeats' key analytical points before and after this round of decline: With Kevin Warsh officially sworn in as Chairman of the Federal Reserve, the Fed has entered the "Warsh era." Market bets on further tightening of policy by the Fed have significantly increased. CME's "FedWatch" data shows that traders currently expect the probability of another Fed rate hike in 2026 to be close to 70%, while at the beginning of the year, the market generally expected a rate-cutting cycle. On the news front, tensions have flared up again, with the US military stating it is deployed and ready to attack Cuba at any time. Furthermore, US President Trump stated that negotiations are hopeless and expressed dissatisfaction with the Iran agreement, prompting Iran to strike US air bases. Bankless co-founder Hoffman liquidated his ETH holdings, stating, "Still bullish on ETH, and still bullish on Bankless. Bankless is entering its second era, and I plan to step back more. I will still do my weekly podcast, but I will play a less leading role in content direction and guest interviews. David will be in full control." Analyst Darkfost wrote that BTC spot trading volume has plummeted 81% since October 2025, a clear bear market signal, making it difficult to gain upward momentum. In addition, a massive talent migration from the crypto space to artificial intelligence is accelerating. According to developer reports, the number of monthly active developers in the crypto open-source community has fallen from its peak of approximately 45,000 in 2022 to approximately 23,000. Notably, this talent drain exhibits a clear structural characteristic. The majority of those leaving were newcomers who entered the industry during the last bull market and had less than a year of experience, with a turnover rate as high as 52%. Most of them were engaged in peripheral work that was highly dependent on market trends, such as NFT minting and DeFi protocol replication, and their code contributions never exceeded 25% of the total.