Gate Institutional Monthly: High Rates Reshape Asset Valuations, Crypto Pivots to Fundamentals

Global capital markets shifted from a broad-based rebound to structural divergence in September. The Federal Reserve’s renewed rate hike, rising energy prices, and higher long-term U.S. Treasury yields weighed on risk-asset valuations, while capital increasingly concentrated in core assets offering stronger liquidity and earnings visibility, including AI-driven mega-cap technology stocks and Bitcoin.

Highlights from last month:

• Macro trends: The Federal Reserve raised interest rates by 25 basis points, with economic resilience and energy-driven inflation weakening expectations for monetary easing. U.S. spot BTC and ETH ETFs continued to record net inflows, although at a slower pace than in August. Institutional capital returned quickly after the rate decision, with demand for BTC notably stronger than for ETH.

• Trending sectors: On-chain narratives rotated rapidly. ZEC cross-chain demand pushed NEAR Intents into a phase of scaled validation, while Arc’s mainnet launch initially sparked a Launchpad-driven trading boom before activity quickly subsided. AI agent coordination networks and privacy projects subsequently brought a brief revival to Ethereum mainnet. Meanwhile, investors placed greater emphasis on protocol revenue, token buybacks, and demonstrable value capture.

• Industry developments: The U.S. Senate’s stalled progress on the CLARITY Act showed that crypto regulation is evolving from a jurisdictional dispute into a broader political and conflict-of-interest debate. Circle’s launch of the Arc mainnet marked its expansion into stablecoin settlement infrastructure, while the introduction of ARKVX fund interests on Ethereum highlighted the continued development of on-chain distribution for real-world assets.

Discover more details → Gate Institutional Monthly: High Rates Reshape Asset Valuations, Crypto Pivots to Fundamentals

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
October 13, 2026

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