Gate Institutional Weekly: Major DEX Trading Activity Cools, the Market Continues Orderly Deleveraging (October 19–25, 2026)

Over the past week, high interest rates and weakening risk appetite continued to weigh on markets, with BTC and ETH falling 2.42% and 3.37%, respectively. Spot BTC ETFs recorded net inflows of approximately $301 million, while ETH ETFs saw net outflows of $221 million. Gate TradFi weekly trading volume rebounded to over $110 billion, with U.S. stocks remaining the primary driver. On-chain liquidity contracted, with DEX trading volumes, stablecoin supply, and protocol revenue broadly declining. In derivatives, BTC open interest (OI) retreated after a midweek surge, while put demand remained elevated and skew stayed negative across all tenors, indicating continued orderly deleveraging.

Last Week's Market Highlights:

• Market Focus: The S&P 500 and Nasdaq fell 0.47% and 0.71%, respectively, while the Dow gained 0.41%. BTC and ETH declined 2.42% and 3.37%.

• ETF Flows: BTC ETFs recorded approximately $301 million in net inflows, while ETH ETFs saw $221 million in net outflows, highlighting diverging institutional allocation preferences.

• Gate TradFi: Weekly trading volume exceeded $110 billion, with CFDs accounting for over 80%. U.S. stocks remained dominant, while dip-buying interest in XAUT strengthened.

• On-Chain: DEX trading volumes broadly declined, stablecoin supply fell by approximately $2.05 billion, and Aave outstanding borrowings dropped 0.65%, while lending rates remained stable.

• Derivatives: BTC OI fell 0.64% over the week, with funding rates positive most of the time. Put trading dominated, and 25D skew remained negative across all tenors, signaling sustained demand for downside protection.

Discover more details today → Gate Institutional Weekly: Major DEX Trading Activity Cools, the Market Continues Orderly Deleveraging (October 19–25, 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
October 28, 2026

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