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

Bitcoin has shown good resilience, the on-chain capital structure has continued to optimize, and the market risk appetite has gradually increased. High-Beta assets and high-quality altcoins have begun to attract incremental attention, and signs of rotation have become increasingly obvious. In this issue of HTX Research Chloe (@ChloeTalk1) focuses on the crypto credit and InfoFi fields, analyzing their potential and structural value in the new stage.

Structural evolution under macro support: Bitcoin is stable, and the altcoin season is ready to go

As of May 21, 2025, the Federal Reserve's net liquidity rebounded to 6022.869, which has rebounded strongly from the low point at the beginning of the month. Although it has not yet reached the key central range of 6100-6200, this trend has initially released a signal of liquidity recovery, providing macro support for the crypto market.

Although the long-term bond auctions in the United States and Japan were both cold last week - the yield on the US 20-year Treasury bond hit 5%, and the long-term interest rate in Japan hit a 25-year high - which led to market concerns about global liquidity tightening, the US Treasury still mainly absorbs funds through 3-6 month T-Bills, and mainly "drains" money funds rather than risky assets; the Federal Reserve can also suspend balance sheet reduction or activate the repurchase window at any time, and the pressure on risky assets is limited.

Bitcoin has therefore shown strong resilience: spot ETFs continue to have a small net inflow, more than 70% of the bitcoins on the chain have been deposited for more than half a year, the balance of exchanges continues to decrease, and funds from Asia and the Middle East buy on dips. Even though the net financing of US Treasuries may soar to $1.25 trillion during July-September, short-term bond issuance and repurchase guarantees have weakened the direct pumping pressure of high-Beta assets, while ETF passive holdings and "hard chips" dispersed selling pressure, coupled with the expectation of US dollar depreciation, Bitcoin is still strong.

From the on-chain data, the activity of public chains such as Solana and Base continues to rise, and funds are gradually shifting from safe-haven assets dominated by Bitcoin to the high-Beta altcoin market. BTC Dominance is still at a high level and has not yet fallen sharply, but if it falls below 52% next, combined with further upward liquidity, it may officially start a new round of altcoin season.

Interpretation of current potential tracks

Wall Street increases crypto credit, Maple ($SYRUP) becomes a bridgehead for institutional funds

Cantor Fitzgerald has launched a Bitcoin mortgage credit plan with a total scale of US$2 billion. The first batch of support targets include crypto broker FalconX and decentralized credit agreement Maple Finance, marking the official entry of Wall Street capital into the crypto credit market. Among them, FalconX has withdrawn more than US$100 million in funds under this framework, and Maple has also completed the first loan issuance.

The spot and contract trading of the project token $SYRUP and the coin-earning products have been listed on Huobi HTX. Since its launch, the spot price has increased by 110%, and the contract price has also performed well, which shows its market recognition. Maple's newly launched syrupUSDC/USDT perpetual institutional credit pool provides an annualized return of 8-12%, with a highly transparent collateral rate, which quickly attracted a large number of institutional idle stablecoins to enter the market. This month, the TVL has soared from US$800 million to US$1.3 billion - the market "votes with its feet", verifying the attractiveness and potential growth space of the SYRUP model.

InfoFi new star rises, $COOKIE is expected to trigger the next valuation revaluation cycle

According to the current on-chain and macro liquidity data, $COOKIE's layout in the InfoFi track is on the eve of explosive potential. Compared with Kaito, which has a similar positioning in the market, the current market value of CookieDotFun is only one-fifth of Kaito. Once InfoFi mechanisms such as Cookie leaderboard and advertising space bidding begin to monetize, the market value of $COOKIE is expected to increase significantly and have the potential for revaluation. Currently, Huobi HTX has launched COOKIE/USDT contract trading, and KAITO, which was introduced in the previous HTX DeepThink column, has also been launched on Huobi HTX, with a 30-day increase of 138%. Note: The content of this article is not an investment opinion, nor does it constitute an offer, solicitation or recommendation of any investment product.

About HTX DeepThink

HTX DeepThink is a crypto market insight column created by Huobi HTX, focusing on global macro trends, core economic data and crypto industry hotspots, injecting new thinking power into the market, and helping readers "find order in chaos" in the ever-changing crypto world.

About HTX Research

HTX Research is the exclusive research department of HTX Group, responsible for in-depth analysis, comprehensive reports and professional evaluations on a wide range of fields such as cryptocurrencies, blockchain technology and emerging market trends. HTX Research is committed to providing data-based insights and strategic foresight, playing a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methods and cutting-edge data analysis, HTX Research always stays at the forefront of innovation, leading the development of industry thought and promoting a deeper understanding of the changing market dynamics.

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