Over the past week, the Federal Reserve left interest rates unchanged for a fifth consecutive meeting, while adopting a more hawkish tone. Combined with slowing U.S. economic growth and still-resilient inflation, U.S. Treasury yields moved higher. U.S. equities continued to recover, supported by earnings from major technology companies, while the crypto market remained under pressure amid elevated interest rates and derivatives deleveraging. Both BTC and ETH declined over the week, although spot ETH ETFs still recorded modest net inflows, suggesting relatively resilient institutional demand.
Market Highlights of the Week:
- Market Focus: The Fed kept rates unchanged but turned more hawkish. Treasury yields rose, U.S. equities recovered, while the crypto market remained under pressure.
- Liquidity: Spot BTC ETFs saw net outflows of approximately $62 million after the previous week's inflows, while spot ETH ETFs recorded modest net inflows of around $10 million, reflecting relatively resilient institutional positioning.
- TradFi Liquidity: Gate TradFi trading volume remained near $100 billion for the week. Equities continued to dominate trading activity, with Korean equities accounting for a significantly larger share.
- On-chain Insights: PancakeSwap maintained its lead in DEX trading volume, while Robinhood Chain and PumpSwap remained active, with Meme- and RWA-related trading continuing to attract market activity.
- Stablecoins, Lending & Protocol Revenue: Stablecoin supply remained broadly flat, while application-driven stablecoins such as USDG and RLUSD continued to expand. Aave lending activity remained concentrated on Ethereum, and protocol revenue was primarily driven by stablecoin issuers, the Meme ecosystem, and trading tools.
- Derivatives: BTC open interest retreated after reaching recent highs, funding rates remained positive, while 25D Skew and DVOL both declined, indicating expectations for continued range-bound trading.
- This Week to Watch: The U.S. will release key economic data including the ISM Manufacturing and Services PMIs, ADP employment, JOLTS job openings, initial jobless claims, and Nonfarm Payrolls. Meanwhile, SUI, IMX, JTO, and DYDX are scheduled for token unlocks.
Discover more details today → Gate Institutional Weekly: BTC DVOL Continues to Decline, PancakeSwap Volume Exceeds $16 Billion (July 27 – August 2, 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
August 5, 2026
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