Artemis' June factor update (May data) is the cleanest read on what's working: the ONLY two positive factors in a risk-off month were Growth (+3.9%) and Fundamental 1 (+8.7%) - both isolate on-chain activity (fee + DAU growth, MC/fees mean-reversion) over price. Every price/flow factor bled: Momentum -7.9%, Size -12.8%, Stablecoin -10.3%. So I'm cloning the winners: long real usage, short decelerating protocols. INJ sustained genuine token demand (a top Growth/Momentum long, +75% in May); XLM screamed on MC/fees mean-reversion (the top Fundamental 1 long, +74% over two weeks). Shorts: ICP and ARB were both flagged as decelerating on-chain activity - ARB sat in the Growth short book, ICP is where usage failed to hold price. Confirms it: fee/DAU spreads keep widening in favor of the longs while ICP/ARB activity stays soft. Kills it: XLM's mean-reversion is exhausted (it already ran ~52%, so keep a trailing stop), or a broad risk-on melt-up lifts the laggards and compresses the spread. Source: Artemis Crypto Factor Model, June 2026 - https://www.artemis.ai/artemis/article/325711237350457010
INJ
XLM
ICP
ARB