Over the past week, easing tensions in the Middle East drove oil prices lower, shifting market focus from a "war premium" to expectations that the Federal Reserve will keep interest rates higher for longer. Although declining energy prices helped ease some inflationary pressure, core inflation remained sticky, keeping overall risk sentiment subdued. The NASDAQ fell approximately 3.3% for the week, while BTC and ETH declined around 6.9% and 9%, respectively. Meanwhile, spot BTC and ETH ETFs recorded significant net outflows, on-chain capital continued to concentrate in high-turnover trading activities, and the derivatives market maintained a low-leverage, defensive positioning.
Key Highlights from Last Week:
- Market Focus: Easing geopolitical tensions pushed oil prices lower, prompting markets to reprice the higher-for-longer interest rate outlook, while BTC and ETH extended their declines.
- Liquidity Analysis: Spot BTC and ETH ETFs posted substantial net outflows, with BlackRock's IBIT and ETHA accounting for the largest redemptions. Trading activity on TradFi Perp DEXs shifted back toward equities and equity index products.
- On-chain Insights: DEX trading activity remained broadly stable, with PumpSwap emerging as the week's most notable structural outperformer. Stablecoin supply stayed defensive, the LST sector retreated again, and Aave lending activity contracted modestly.
- Lending & Protocol Revenue: Borrowing rates for Aave's core assets remained low, while protocol revenue continued to be primarily supported by stablecoin issuers, trading protocols, and infrastructure providers.
- Derivatives: BTC open interest remained subdued while funding rates stayed positive. The 25D Skew continued to weaken, and DVOL moved higher, reflecting renewed pricing of downside risk.
- Institutional Updates: Gate's futures trading volume increased 15% week over week, while CrossEx weekly trading volume rose 6%. CrossEx's June monthly trading volume also increased 10% from the previous month, reaching another record high. Meanwhile, Gate's AI customer service assistant continued to improve, achieving a basic inquiry resolution accuracy of over 85%.
Discover more details today: Gate Institutional Weekly: WTI Crude Oil Falls Below $70, the LST Sector Retreats Again (June 22–28, 2026)
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
July 1, 2026
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