Internet Computer (ICP) posted a double-digit gain even as the broader crypto market logged about $53 billion in outflows over the past 24 hours. Derivatives data showed Open Interest topping $15 million with a positive weighted funding rate, while spot flows pointed to five days of accumulation totaling $5.67 million ahead of the move. The Long/Short Ratio reached 1.12 for the first time since April 18, with buying leading on most major exchanges except Binance.

Siren (SIREN) was up 12% over the prior day at press time, with trading activity accelerating as volume rose 177% to $14.43 million. Holder count also reached a new all-time high of 52,690, while perpetuals data showed open interest up 27% to over $32 million alongside a positive 0.0472% funding rate. Analysts noted liquidity clusters above spot could be cleared if momentum holds, while a move toward $0.48 becomes more relevant if strength fades.

Lighter (LIT) climbed 11% at press time after a pullback linked to the SEC continuing to delay approval for tokenized stock trading. Protocol activity strengthened, with fees reaching about $152,000 on May 23 and TVL rising to roughly $149 million. Derivatives demand also increased as Open Interest jumped about $29.9 million to $249 million, while Binance posted $69.82 million in LIT volume.

Artificial Superintelligence Alliance (FET) was up 10% at press time, while chart structure kept $0.22 and $0.24 as the next levels tied to a bullish-flag breakout. However, momentum and flow gauges showed weaker buying power and net outflows, keeping the upside scenario uncertain. Liquidation data also showed a tight loss gap—$45,740 on longs versus $33,490 on shorts—leaving reversal risk in play.

Morpho (MORPHO) rose 10.3% over the past day at press time, alongside increased activity in its perpetuals market. Longs made up 54% of perpetual volume and the Long/Short ratio hit 1.27, while open interest jumped 11% in the past 24 hours and funding reached 0.0053%. Technically, price was approaching $2.23; a break could target $2.36, while a rejection may pull it back toward rising channel support.

Jupiter (JUP) fell 13% over the past 24 hours, with the token’s market cap hovering around $635 million. Annualized Fees (30-day average) dropped 29% to about $332 million and Daily Active Users declined 19% over 30 days to 37,800, while spot netflow turned negative with $477,860 in net buying alongside roughly $3.43 million in total spot buys.

Bitcoin has failed to reclaim $80,000–$82,000 after 12 days of consolidation there, and it has since printed lower lows. Open Interest has risen from $6.4 billion to $8.96 billion since March, while spot net flow over the past 30 days is negative $1.19 billion, pointing to more withdrawals to private wallets than exchange deposits. Even so, apparent demand remains minimal, keeping the rebound signals tentative rather than decisive.

The current crypto upswing appears to be a narrative-led rotation rather than a broad bull market, with Bitcoin failing to hold above $80,000 and sliding to $77,000. Since May 19, $62.8 billion in inflows has favored a small set of altcoins while the wider market stayed range-bound. At press time, the Altcoin Season Index was 38, far below the level typically associated with an altcoin season.

Crypto markets are facing renewed macro headwinds as Japan's and the U.S.'s 10-year government bond yields push to multi-decade highs. Japan's 10-year reached 2.83% and the U.S. 10-year rose to 4.68%, alongside a reported BTC pullback from $82,000 toward the $77,000 area. Investors are also weighing rising inflation readings and increased odds of a rate hike.