Gate Research Institute: Crypto market sentiment is high｜Grayscale promotes TAO trust sign up driving TAO rise

https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/e5261c66b64a23285bfca4c812404ca95397e3f8.pnghttps://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/3526723471776a122a9b4730791abdaf202291a7.pnghttps://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/4fc3b195efb9d9684cd679236080f656b6a46169.pnghttps://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/21b41eba1a17467939ea18125f39babee2b68aef.pnghttps://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/77cff2cdb3cea8d327822dd718a260997d84fa1b.png

Encryption Asset Overview

BTC ( 4.31% | Current Price 115,308 USDT)

BTC is showing signs of a rebound after a rapid decline on October 11, where the low point briefly touched around $102,000. The short-term moving averages (MA5, MA10) have formed a golden cross at a low position and have crossed above MA30, indicating that the short-term rebound trend is continuing. The price is currently running above MA5, with momentum remaining moderate, but there is some resistance in the $115,500–$116,000 range above. If it can break through with increased volume, it may further test the previous highs in the $118,000–$120,000 range.

In terms of trading volume, the volume during the bottom rebound phase has significantly increased, indicating that the bulls are trying to regroup; however, if the subsequent volume is insufficient, it may fall into a consolidation range between 112,000 and 116,000. Overall, in the short term, the trend appears to be strong for recovery, but in the medium term, it still needs to confirm that it stands firmly above 116,000 USD to restart the upward trend.

In addition, on October 10, the net outflow of BTC ETF reached 4.5 million USD in a single day, with BlackRock's IBIT inflowing 74.2 million USD and Fidelity's FBTC outflowing 10.2 million USD.

ETH (11.77% | Current Price 4,159 USDT)

Affected by tariff news and the decoupling of USDE, ETH experienced a significant decline with increased volume on October 11, reaching a low of $3,394 at one point, but quickly stabilized and rebounded, showing a strong recovery trend in the short term. The price has now re-established itself above the MA5 and MA10 moving averages, forming a golden cross structure, while also breaking through the MA30, indicating that short-term bullish forces are dominant.

The trading volume has significantly increased during the rebound, indicating that funds are flowing back into the market. Currently, ETH is consolidating around the $4,150 level. If it can firmly establish itself above this position and break through the $4,200 mark with volume, it is expected to further target the $4,350–$4,400 range; conversely, if it falls below $4,050, it may retest the $3,850 support level. Overall, the short-term trend is slightly bullish, but until the upward pressure is effectively broken, it may still be in a phase of repair and oscillation.

In addition, on October 10, the ETH ETF had a net outflow of $174 million in a single day, with BlackRock's ETHA seeing an outflow of $80.2 million and Fidelity's FETH experiencing an outflow of $30.1 million.

GT (8.66% | Current Price 17.31 USDT)

GT experienced a rapid decline on October 11, finding strong support near $14, followed by a consolidation phase and a volume breakout starting on the evening of the 12th. The current price has been climbing with several consecutive bullish candles, and the short-term moving averages MA5 and MA10 have quickly crossed above MA30, forming a clear bullish arrangement, indicating strong upward momentum.

The synchronized increase in trading volume indicates that bullish funds are actively entering the market, driving the price to quickly break through the $17 mark and reach a recent high. If the price can steadily hold above $17, it is expected to further challenge the $17.8–18 range; conversely, if it short-term declines to around $16.7, attention should be paid to the effectiveness of this area as a support level. Overall, GT is currently in a short-term strong rebound phase, with significant volume-price resonance, but the risk of chasing high prices is also gradually increasing, and attention should be paid to confirmation signals for a pullback.

Daily Price Change Tokens

In the past 24 hours, the encryption market sentiment has significantly improved, showing a strong upward trend overall. BTC rose by 5.14%, continuing to hold its position as the market benchmark; ETH performed even better, soaring by 12.09%, leading the rebound of mainstream assets. Major public chain tokens also strengthened simultaneously, with SOL rising by 12.25% and XRP increasing by 10.03%.

The overall bullish trend has further spread to the altcoin sector, with tokens such as SNX (+87.3%), DASH (+50%), and TAO (+40.1%) showing strong rebounds. Funds are rapidly flowing back into the privacy and DeFi sectors, and the hotspots are heating up again. Overall, market funds are accelerating towards high-quality projects with clear narratives and solid fundamentals, and short-term risk appetite has significantly increased.

SNX Synthetix (+87.3%, circulating market cap 609 million USD)

According to Gate's market data, the current price of the SNX token is $1.77, with an increase of approximately 87.3% in the past 24 hours. Synthetix is a decentralized synthetic asset protocol running on Ethereum, allowing users to mint and trade various synthetic assets (Synths), whose value derives from traditional fiat currencies, commodities, stocks, or encryption. Synthetix provides on-chain exposure for synthetic assets by using the native token SNX as collateral, playing a role as the liquidity layer of the DeFi ecosystem.

SNX has recently experienced a strong rebound, driven by two major positive factors. Previously, Synthetix announced plans to launch the first Ethereum-based perpetual contract decentralized exchange (DEX) in the fourth quarter of this year, with market expectations that this product will significantly enhance protocol trading volume and token demand. Additionally, after the significant downturn in the cryptocurrency market on October 11, funds quickly flowed back into high-quality projects with fundamental support, leading SNX to lead the rebound, with an increase of over 100%, surpassing pre-crash levels and hitting a new high for 2025. Furthermore, Synthetix is about to kick off a mainnet trading competition, inviting 100 top traders to compete for a $1 million prize, further increasing market attention and token popularity.

DASH Dash (+50%, circulating market cap $720 million)

According to data from CoinGecko, the current price of DASH token is 58.56 USD, having increased by approximately 50% in the last 24 hours. DASH is a fast, private, and divisible open-source peer-to-peer (P2P) encryption currency that provides instant transactions, has anonymous transaction and currency functions, and is suitable for online trading and anonymous payments.

The recent rise of DASH is mainly driven by the overall recovery of the privacy coin sector. With Zcash leading the privacy coin race, market funds are starting to be reallocated to this long undervalued area. Against the backdrop of mainstream cryptocurrencies slowing down and liquidity seeking new narratives, privacy assets have regained favor among traders due to their payment and anonymity features. At the same time, the topic of stablecoin regulation has heated up again, drawing market attention to privacy payments and decentralized settlements. Investors generally believe that privacy coins are likely to play the role of "payment alternative layer" in the future regulatory landscape. DASH, due to its payment scenario foundation and network stability, has become a key focus for fund allocation.

TAO Bittensor (+40.1%, circulating market cap 3.978 billion USD)

According to Gate.io market data, the current price of the TAO token is $412, with a 40.1% increase in the last 24 hours. Bittensor is an open-source decentralized machine learning network protocol designed to create a trustless, incentivized AI market. Its native token TAO is used to reward participants who contribute computing power, data, and models to the network, as well as for transaction fees, governance, and access to AI services.

TAO has recently surged significantly, driven mainly by the dual benefits of Grayscale advancing its trust product registration and ecological expansion. Grayscale Investments submitted a Form 10 registration statement regarding Bittensor Trust (TAO) to the US SEC; if approved, it will shorten the private placement holding period from 12 months to 6 months, greatly enhancing liquidity and paving the way for institutional funds to enter. This move is seen as an important signal for TAO's entry into the mainstream investment market. Meanwhile, the Bittensor Universe Index, jointly launched by TrustedStake and Bittensor, constructs the Bittensor ecological investment portfolio using a method similar to the S&P 500 index, further strengthening market confidence in its long-term ecological value and institutional narrative.

Hotspot Interpretation

The total supply of global stablecoins has surpassed 301.5 billion USD, reaching a historical high.

According to the latest on-chain data statistics, the total supply of stablecoins worldwide has surpassed $301.5 billion, setting a new historical record. This growth marks the acceleration of the expansion momentum of the stablecoin market, especially against the backdrop of the advancing compliance processes and increasing institutional adoption, making stablecoins one of the most certain asset classes in the global encryption financial system.

The supply of stablecoins has reached a new high, reflecting the ongoing growth in market demand for on-chain US dollars. Against the backdrop of increasing uncertainty in traditional markets and the recovery of DeFi yield-bearing assets, stablecoins have evolved from a medium of exchange to an "encryption liquidity anchor." The entry of institutions and payment giants (such as PayPal and Visa) is driving stablecoins into the mainstream financial system, and their market size is expected to continue expanding, becoming a core engine driving the process of "on-chain dollarization."

Tether's co-founded stablecoin project STBL has continued to decouple after the launch of USST.

According to market monitoring data, the stablecoin project STBL, founded by Tether co-founder Reeve Collins, has experienced a continuous depegging phenomenon since the issuance of USST. USST dropped to as low as $0.9620 today, and although it subsequently slightly rebounded to about $0.9746, it has not yet restored its 1:1 peg with the US dollar. There are certain concerns in the market regarding its reserve mechanism and stability.

The USST de-pegging incident once again highlights the risk hidden in emerging stablecoin projects regarding transparency and reserve trust mechanisms. Despite the project being backed by the reputation of Tether's co-founder, the market's trust in the "new stable mechanism" still requires time for validation. In the short term, this incident may weaken investor confidence in algorithmic or experimental stablecoins, and it also reminds the market that compliance, transparency, and sustainable asset backing are key to long-term survival amidst the wave of stablecoin expansion.

Grayscale submits SEC Form 10 for TAO Trust

The cryptocurrency asset management giant Grayscale announced that it has submitted Form 10 for the Bittensor Trust (TAO) to the U.S. Securities and Exchange Commission (SEC). This move marks the trust's official first step towards becoming an SEC-registered reporting company, aimed at enhancing its transparency and compliance. If approved, TAO trust shares are expected to be publicly quoted on the over-the-counter (OTC) market, and its private placement holding period will be reduced from 12 months to 6 months, paving the way for a future transition to an exchange-traded product (ETP).

Grayscale has submitted Form 10 for the TAO trust, which is an important signal of the integration of the AI track with traditional capital markets. Bittensor, as a representative project combining AI computing and blockchain, receiving compliance support from Grayscale means that institutions are accelerating their involvement in "decentralized AI" assets. In the short term, this event not only enhances market confidence in TAO but also provides a template for Grayscale's layout in emerging narrative fields (such as AI, DePIN). In the long term, this move could become a key milestone for the recognition of AI encryption assets by mainstream finance.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/price
• Cointelegraph, https://x.com/Cointelegraph/status/1977539963911635377/photo/1
• Geckoterminal, https://www.geckoterminal.com/eth/pools/0x55db32b79de03b2b3093063407581c98f51d37d1?utm_source=coingecko&utm_medium=referral&utm_campaign=searchresults
• X, https://x.com/Grayscale/status/1976761631263858812

[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate shall not be liable for any losses or damages arising from such investment decisions.