Gate Research Institute: BTC breaks through $114,000 | ETH ETF ends five consecutive days of net outflows

Crypto Market Overview

• BTC (2.31% | Current Price 114,456 USDT): Today, the BTC trend showed oscillation in a low range at first, followed by a strong surge, and then maintained consolidation at a high level. From the chart, it can be seen that after fluctuating repeatedly in the range of 111.7K to 112.3K for a period of time, the market quickly broke above 113K with the increase in buying power, leading to a stronger overall trend. Since then, several retests have stabilized above the breakout range, indicating strong support. As the market gradually rises, it reached a peak near 114.7K, forming a temporary high. Overall, the current BTC trend is in a high-level oscillation pattern after a breakout, maintaining a mildly bullish trend in the short term; if it can continue to hold above 113K, the market may continue its upward momentum.
• ETH (1.83% | Current Price 4,199 USDT): The overall trend of ETH today shows a pattern of oscillating upwards. After hovering around 4,090 USDT for a while, there was a noticeable drop, but it quickly received capital support and rebounded rapidly, breaking through the 4,150 USDT level. Subsequently, multiple retests did not break the key support, indicating strong buying power. After entering the high range, the price further surged to around 4,220 USDT, creating a local peak. Although there was some oscillation at this position, it still maintained a relatively strong range. Overall, the performance of ETH today demonstrates strong rebound momentum, and the high-level consolidation shows a bullish market sentiment. If it can stabilize above 4,150 USDT, there is hope for a continuation of the upward trend.
• Altcoins: Most mainstream altcoins have seen a slight increase, with market sentiment primarily being "neutral" or "buying." The Fear and Greed Index today reports 50, which is within the normal range, indicating that market sentiment has improved compared to the previous pessimism.
• Macro: On September 29, the S&P 500 index increased by 0.26%, closing at 6,661.21 points; the Dow Jones index rose by 0.15%, closing at 46,316.07 points; the Nasdaq index increased by 0.48%, closing at 22,591.15 points. As of September 30, 10:50 AM ( UTC+8), the spot gold price is currently reported at 3,850 USD per ounce, with a 24H increase of 0.42%.

Trending Tokens on Juejin

XAN Anoma* (+102.45%, Circulating Market Cap 473 million USD)*

According to Gate market data, the current price of the XAN token is $0.192, with an increase of approximately 102.45% in the last 24 hours. Anoma is a decentralized operating system that drives a unified application layer for the global Web3. With Anoma, developers only need to write an application once to achieve multi-chain operation. Anoma allows developers to free themselves from the complexities of underlying infrastructure and focus on core tasks: creating applications and experiences that users love. Anoma adopts a next-generation intent-driven architecture, specifically designed for application development and user experience optimization, helping Web3 build a prosperous application ecosystem, ultimately achieving comprehensive competition with Web2 in terms of functionality and experience.

The recent surge is driven by the launch of trading on Gate, the activation of leverage tools, the stimulation of trading competitions, and the comprehensive expectations for project mainnet/governance. The market's short-term sentiment is highly enthusiastic, with significant capital inflow and explosive trading volume. If subsequent favorable developments are realized (such as the launch of adapters, support from more exchanges, and real-use implementations), it may support the future trend; however, if the outcomes do not meet expectations or if profit-taking leads to concentrated selling, there is also a risk of substantial pullback.

ORDER Orderly Network (+53.03%, circulating market value 83.67 million USD)

According to Gate's market data, the current price of the ORDER token is $0.391, having increased by 53.03% in the last 24 hours. Orderly Network is a cloud liquidity infrastructure project that integrates cross-chain derivatives liquidity, transforming Web3 trading. By consolidating orders from different chains into a unified on-chain order book, Orderly Network creates a unified cross-chain liquidity ecosystem, thereby improving trading efficiency, providing deeper liquidity, and reducing spreads. Orderly covers cloud liquidity across all chains, fully empowering developers and pushing DeFi to new heights, eliminating the risks associated with cross-chain asset transfers, and allowing developers to create a comprehensive range of financial products for traders with different needs. Orderly Chain is built on the OP Stack, leveraging Celestia's Data Availability and LayerZero's cross-chain information protocol, providing settlement layer and ledger functionality for cross-chain trading.

This increase is mainly driven by multiple stimuli, including the launch of new contracts by the exchange, expectations of community governance and ecological expansion, as well as a rapid increase in liquidity and trading volume, significantly warming market sentiment. The concentrated inflow of funds has led to a short-term price surge, but after a rapid rise, if profit-taking leads to concentrated selling, it may bring volatility and retracement risks; if key support levels can be maintained, a strong trend is expected to continue.

BLUE Bluefin (+43.64%, circulating market cap 58.81 million USD)

According to Gate's market data, the current price of the BLUE token is $0.1753, with an increase of about 43.64% in the last 24 hours. Bluefin is a decentralized spot and derivatives trading platform on the Sui blockchain, supported by leading companies including Polychain, SIG, Brevan Howard, and others. Bluefin is the protocol with the highest trading volume on Sui, having surpassed $39 billion in trading volume since its launch in September 2023.

The current surge reflects the characteristics of rapid capital inflow and a warming market sentiment, with investors' expectations for project development significantly enhanced. Coupled with increased trading activity and sector linkage effects, prices have formed a strong upward trend in the short term. The current trend shows some continuity, but due to the rapid increase, there may be profit-taking pressure in the short term. Whether it can hold the key support will become crucial for the subsequent market direction.

Alpha Interpretation

Keel Launch: Sky Introduces Solana Ecosystem "New Star", Plans $2.5 Billion Fund Layout for RWA and DeFi

Keel officially debuted in the Solana ecosystem on September 30, as the third autonomous unit "Star" under Sky (formerly MakerDAO). It will receive funding support from USDS stablecoin reserves and plans to deploy up to $2.5 billion in decentralized finance (DeFi) and real-world asset (RWA) markets. The protocol is positioned as an on-chain capital allocator, aiming to inject liquidity into Solana native protocols and support lending, routing, and liquidity pool construction for platforms such as Kamino, Jupiter, and Raydium.

Sky has currently formed an "Endgame" architecture composed of multiple autonomous units, where Spark and Grove focus on asset allocation and loan debt instruments in the Ethereum ecosystem, respectively. The launch of Keel marks a further expansion of its ecological landscape. The project team emphasizes that the next phase of on-chain financial growth requires not only new assets but also efficient and scalable liquidity. Lily Liu, Chair of the Solana Foundation, stated that Keel is an important step in driving Solana to become an internet-level capital market, while Rune Christensen, co-founder of Sky, indicated that Keel is expected to become the largest capital allocator on Solana, providing core driving force for the development of DeFi and RWA.

Gold prices reach new highs, the tokenized gold market size approaches $3 billion

As the spot gold price breaks through $3,800 per ounce, the tokenized gold market scale has surged to about $2.9 billion, marking historic growth. Data from DefiLlama shows that the monthly trading volume of Tether Gold (XAUT) and Paxos Gold (PAXG) both surpassed $3.2 billion for the first time in September, with PAXG also recording a net inflow of about $40 million. XAUT's market capitalization is close to $14.3 billion, while PAXG is around $11.2 billion, both reaching all-time highs.

The recent surge in gold prices is driven by multiple macro factors, including expectations regarding Federal Reserve policy, ongoing inflationary pressures, and the potential risk of a government shutdown in the United States. Gold prices have risen nearly 47% so far this year, making it one of the best-performing assets. Gold tokenized products, with their advantages of on-chain instant settlement and round-the-clock trading, are gradually becoming an important channel for hedging and liquidity in the market. Industry insiders generally believe that against the backdrop of global liquidity easing and escalating geopolitical risks, the tokenized gold market is expected to further expand, and as a representative track of the integration of blockchain and traditional assets, it has immense development potential in the future.

Ethereum spot ETF had a net inflow of $547 million yesterday, ending five consecutive days of net outflows

PANews reported on September 30 that according to SoSoValue data, on September 29, Eastern Time, Ethereum spot ETF saw a total net inflow of $547 million in a single day, ending the previous five days of net outflows.

Among them, Fidelity's FETH saw a net inflow of 202 million USD in a single day, with a total historical net inflow of 2.714 billion USD; BlackRock's ETHA recorded a net inflow of 154 million USD in a single day, bringing the total historical net inflow to 13.312 billion USD. As of now, the total net asset value of Ethereum spot ETFs is 27.544 billion USD, accounting for 5.4% of Ethereum's total market capitalization, with a historical cumulative net inflow exceeding 13.672 billion USD, indicating signs of market funds flowing back into Ethereum-related investment products.
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/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Coindesk, https://www.coindesk.com/business/2025/09/29/keel-debuts-as-sky-s-solana-focused-star-with-a-usd2-5b-roadmap-to-boost-rwas-and-defi
• Coindesk, https://www.coindesk.com/markets/2025/09/29/tokenized-gold-market-nears-usd3b-as-bullion-blasts-to-fresh-record-highs
• Panews, https://www.panewslab.com/articles/16faf2df-950d-40c4-bb7a-2cd59255c9cc

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