Macro Trends

Gate Research Daily Report: On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

In September 2025, Solana and Base continued to dominate high-frequency on-chain activity, while Ethereum saw slight declines in transactions and active addresses but remained the leader in fee revenue, reinforcing its position in high-value scenarios. Arbitrum, boosted by the DRIP incentive program, recorded over $500 million in net inflows, with ecosystem activity rebounding and on-chain dynamics continuing to shift. Bitcoin consolidated at high levels, with weakening capital activity and reduced long-term holdings, though market pressure remained mild. Plasma gained traction rapidly with an integrated stablecoin architecture and aggressive incentives, surpassing $5.4 billion in TVL within its first week; MYX Finance surged on mechanism innovation and strong community momentum, emerging as a rising star in the derivatives sector.

Gate Research Weekly Report: Bitcoin has weakened after a brief rebound from last week’s liquidation-driven sell-off, falling 9.13% over the past week on increasing volume. Stablecoin inflows reached $74 billion, providing liquidity support amid the market downturn. JustLend DAO’s total value locked (TVL) surpassed $7.82 billion. Polymarket’s on-chain activity surged 192% in the past 30 days, with 56,000 daily active wallets. Aave’s RLUSD stablecoin supply reached a new all-time high of 448 million tokens. Over the past 24 hours, total market liquidations amounted to $441 million, including $290 million in long positions and $151 million in short positions.

The article provides a detailed analysis of the market performance of major asset classes, including gold, crude oil, U.S. equities, and Bitcoin. It also explores the macroeconomic factors underlying these market movements.

Gate Research Daily Report: On October 15, Bitcoin (BTC) experienced a strong upward move after a period of high-level consolidation; Ethereum (ETH), after a sharp decline, found support at lower levels and saw a short-term rebound; GateToken (GT) briefly touched the $17.5 mark; and BAS surged approximately 132.85% within 24 hours. Meanwhile, Base’s native token is set to launch soon, aiming to build an interconnected ecosystem on Ethereum. K33 Research Director Vetle Lunde noted in a recent report that the recent leverage flush in the market represents a “healthy adjustment.”

On October 13, BTC showed signs of a rebound after briefly dipping to around $102,000. ETH touched a low of $3,394 before quickly stabilizing and rebounding, showing strong short-term recovery momentum. GT found solid support near $14 after a sharp decline, then consolidated and began breaking out with rising volume. In addition, tokens such as SNX (+87.3%), DASH (+50%), and TAO (+40.1%) posted strong rebounds as capital rapidly flowed back into the Privacy and DeFi sectors, reigniting market momentum. The total global stablecoin supply surpassed $301.5 billion, reaching a new all-time high. Meanwhile, USST, a stablecoin launched by Tether co-founder Reeve Collins under the STBL project, has continued to depeg since its debut. Grayscale also filed a Form 10 with the SEC for its Bittensor Trust (TAO), marking a significant step toward full regulatory registration.

Gate Research Daily Report: On October 13, BTC showed signs of a rebound after briefly dipping to around $102,000. ETH touched a low of $3,394 before quickly stabilizing and rebounding, showing strong short-term recovery momentum. The total global stablecoin supply surpassed $301.5 billion, reaching a new all-time high. Meanwhile, USST, a stablecoin launched by Tether co-founder Reeve Collins under the STBL project, has continued to depeg since its debut. Grayscale also filed a Form 10 with the SEC for its Bittensor Trust (TAO), marking a significant step toward full regulatory registration.

Gate Research Daily Report: On October 10, BTC briefly surged above $126,000 before quickly retreating and subsequently fell below $121,800, forming a clear downward structure. ETH, after declining from a high near $4,755, briefly broke short-term support and touched a low of $4,265, followed by an oversold rebound. GT, from its peak of $17.31, gradually declined to a low of $16.10 before showing signs of a temporary bottom.Meanwhile, RAIL (+75.7%), ZEC (+41%), and SNX (+21%) rose strongly against the trend, highlighting renewed capital inflows and hot sentiment in the privacy and DeFi narrative sectors.Q3 DeFi TVL reached a record high, but user activity significantly declined. Aave partnered with Blockdaemon to facilitate institutional access to DeFi services. Flying Tulip announced its first public fundraising partner, Impossible, with whitelist applications officially open.

Gate Research Daily Report: On October 10, BTC briefly surged above $126,000 before quickly retreating, then dropped below $121,800, forming a clear downward structure. ETH, after falling from a high near $4,755, briefly broke short-term support and touched a low of $4,265, followed by an oversold rebound. Q3 DeFi TVL reached a record high, but user activity significantly declined. Aave partnered with Blockdaemon to facilitate institutional access to DeFi services. Flying Tulip announced its first public fundraising partner, Impossible, with whitelist applications officially open.

Gate Research Daily Report: On October 9, the crypto market continued to show a mixed and choppy trend. BTC edged up 0.46%, while SOL led gains among major assets. In contrast, ETH and XRP underperformed. AI and infrastructure-related tokens were notably active — LAVA surged nearly 198% amid rising interest in the “stablecoin migration and on-chain data infrastructure” narrative; COAI jumped over 80% following the launch of derivatives and expanded ecosystem partnerships. Meanwhile, the rise in gold prices pushed the market cap of tokenized gold asset XAUT past $1.5 billion, drawing renewed attention to real-world asset tokens. BlackRock’s Bitcoin ETF, IBIT, is approaching $100 billion in AUM, making it the firm’s most profitable product. Uniswap TVL Surpasses $7 Billion as V4 Progress and Multichain Expansion Boost Protocol Activity

Gate Research Weekly Report: On October 7, BTC broke above 126,000 to reach a new high and is now consolidating in a short-term range. Plume has acquired institutional staking protocol Dinero, strengthening its integration of RWA and compliant staking. 21Shares has partnered with wealth management platform Stratiphy to expand access to crypto ETNs for retail investors. Uniswap’s TVL has surpassed $7 billion, setting a new high for 2025. Bitcoin spot ETFs recorded a net inflow of $897 million over the past seven days, signaling a notable return of institutional buying. On October 8, DDC announced the completion of a $124 million funding round to advance its Bitcoin reserve strategy.

Last week, XPL surged over 70.87% at launch, emerging as the week's top-performing token. MYX and ZEC also gained 63% and 26% respectively, bucking the short-term market trend. Arbitrum topped the public chain rankings with $3.8 billion in net inflows. World Chain, fueled by internal treasury transfers, saw $122 million in net inflows and reached a record high in application activity. Meanwhile, Plasma—the Tether-backed stablecoin chain—went live on the mainnet with the launch of its native token XPL. Leveraging aggressive "airdrop-style" marketing and oversubscription, it quickly captured market attention. Within just days of launch, its TVL exceeded $4.9 billion, making it one of the hottest projects of the week.

Gate Research Daily Report: On September 30, today’s BTC price action showed initial consolidation in a lower range, followed by a strong rally and subsequent consolidation at higher levels. According to Gate market data, XAN is currently priced at $0.192, up about 102.45% in 24 hours; gold prices hit a new all-time high with the tokenized gold market approaching $3 billion; Bitcoin’s market capitalization has surpassed Amazon to rank sixth globally, while the total cryptocurrency market cap reached a record high of $4.1 trillion; Ethereum spot ETFs recorded $547 million in net inflows yesterday, ending five consecutive days of net outflows.

Gate Research Daily Report: On September 29, BTC led the rebound by breaking above $112,000, while ETH surged all the way to $4,146. KAITO stood out, with over $170 million committed to the Kaito Launchpad. FORM and COW rose 23% and 14% respectively, benefiting from strong buying momentum and short squeezes. Plasma DeFi’s TVL climbed to $5 billion, ranking sixth among DeFi protocols by total value locked.

Gate Research Daily Report: On September 29, BTC led the rebound by breaking above $112,000, while ETH surged all the way to $4,146. KAITO stood out, with over $170 million committed to the Kaito Launchpad. FORM and COW rose 23% and 14% respectively, benefiting from strong buying momentum and short squeezes. Plasma DeFi’s TVL climbed to $5 billion, ranking sixth among DeFi protocols by total value locked.