BlockBeats News, May 28th. Today, Bitcoin fell below $74,000, Ethereum lost the $2,000 level, SOL struggled to stay above $80, and HYPE and ZEC retraced some of their gains. At the same time, spot gold and silver followed a global capital market decline, with gold falling below $4,400 per ounce and silver below $73 per ounce. US stock index futures and the Korean and Japanese stock markets all declined simultaneously. With consecutive outflows from US spot ETFs in recent days, the crypto market could not escape a weak trend. Below are the key analysis points compiled by BlockBeats before and after this round of decline:

As Kevin Warsh was officially sworn in as the Federal Reserve Chair, marking the beginning of the "Warsh Era," the market's bet on further Fed tightening has significantly increased. CME's "FedWatch" data shows that traders currently expect the Fed to raise rates again by 2026, with the probability nearing 70%, while at the beginning of the year, the market had generally expected a rate cut cycle.

On the news front, the specter of war has risen again, with the US military claiming to have deployed troops ready to attack Cuba at any time. In addition, US President Trump expressed his dissatisfaction with the Iran deal, stating there is no hope for negotiation, and Iran subsequently launched attacks on US airbases.

Bankless co-founder Hoffman liquidated his ETH holdings and stated, "I still believe in ETH and Bankless. Bankless is entering a new era, and I plan to take a step back. I will still host the podcast weekly, but will reduce my role in content direction and guest interviews. David will take the lead."

Analyst Darkfost posted that BTC spot trading volume has plummeted by 81% since October 2025, signaling a bear market and a lack of upward momentum.

Furthermore, a significant talent migration from the crypto sector to the artificial intelligence sector is accelerating. According to a developer report, the monthly active developer count in the crypto open-source community has dropped from about 45,000 at its peak in 2022 to around 23,000. Notably, this talent drain exhibits a clear structural feature. The departing individuals mainly entered during the last bull market, had less than a year of industry experience, with an attrition rate of up to 52%. They were mostly engaged in peripheral work highly dependent on market hype, such as NFT minting and DeFi protocol replication, and their code contributions never exceeded 25% of the total.