Over the past week, renewed concerns over energy supply disruptions in the Middle East drove oil prices and inflation expectations higher. Brent crude briefly climbed above $100 per barrel, while the yield on the U.S. 10-year Treasuryrose toward 4.70%. Elevated interest rates, coupled with growing concerns over AI investment returns, weighed on large-cap technology stocks, sending the NASDAQ down approximately 2.1% for the week. The crypto market proved relatively resilient overall. BTC gave back part of its gains after reaching new highs but continued to consolidate at elevated levels, while ETH outperformed, supported by capital rotation and continued net inflows into spot ETFs.
Key highlights from last week:
- Market Focus: Renewed Middle East energy supply risks pushed oil prices and long-term Treasury yields higher, weighing on growth stocks. BTC remained range-bound at elevated levels, while ETH continued to outperform.
- Liquidity Analysis: Weekly net inflows into spot BTC ETFs fell by approximately 55% from the previous week. Spot ETH ETFs recorded approximately $104 million in weekly net inflows, marking the third consecutive week of positive flows.
- TradFi Liquidity: Gate TradFi trading activity shifted back toward equities, with stocks accounting for nearly 70% of total trading volume, while U.S. equities rebounded to approximately 71% of stock trading volume.
- On-Chain Insights: PancakeSwap overtook Uniswap in weekly trading volume, while PumpSwap and social media-driven meme token trading regained momentum.
- Stablecoins & Staking: Stablecoin supply remained broadly flat, with competition increasingly centered on distribution channels and yield sharing. ETH LST continued its recovery, while staked SOL and HYPE assets continued to cool.
- Lending & Protocol Revenue: Aave lending activity became increasingly concentrated on Ethereum, with outstanding borrowings on the network rising to approximately $8.65 billion. Stablecoin issuance, meme token launch and trading platforms, and high-frequency derivatives trading infrastructure remained the primary sources of protocol revenue.
- Derivatives Watch: BTC OI retreated after reaching recent highs, while funding rates remained modestly positive. The recovery in 25D Skew alongside subdued DVOL suggests easing defensive positioning, although leverage-driven momentum chasing remains relatively restrained.
Discover more details today → Gate Institutional Weekly: Rising Rate Hike Expectations, Crypto Market Demonstrates Relative Resilience (July 20–26, 2026)
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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 29, 2026
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