Gate Institute: The market has deleveraged after the clearing | Asset management company Amundi enters the encryption ETF market

Crypto Market Overview

• BTC (+0.12% | Current Price 115,109 USDT): Following the largest liquidation over the weekend, Bitcoin's price is currently stabilizing above $115,000, with short-term moving averages (MA 5, 10, 30) forming a golden cross, and trading volume continuing to increase. The Bollinger Bands have narrowed again after expanding due to panic over the weekend, and market volatility is becoming more rational. On the technical side, the $110,000 area constitutes a key support level. If Bitcoin can steadily remain above $110,000, it is likely to confirm that the market has entered a relatively stable phase, opening up an upward space of $117,000 - $120,000; conversely, if it fails to stabilize, there is a risk of a pullback to the $100,000 range. On the macro level, the divergence among Federal Reserve policymakers regarding the interest rate cut path, combined with the absence of economic data due to the government shutdown, means that in this environment, the crypto market will be more sensitive to liquidity expectations and macro sentiment, and investors still need to maintain a cautious attitude.
• ETH (+2.34% | Current Price 4,232 USDT): On Tuesday, Ethereum broke through $4,200 and led the altcoin rebound. After a brief pullback, Ethereum took the lead in launching a counterattack, with the price regaining MA 5, 10, and 30 moving averages. The current resistance level is around $4,350, with support at approximately $3,800. Bitcoin's stabilization provides confidence and liquidity support for the overall market. Historical experience shows that market phases often transmit from Bitcoin to Ethereum and then to altcoins, so capital tends to seek higher risk-reward opportunities. If Ethereum can break through the key resistance level, it may constitute an important technical signal, potentially triggering buying power from algorithmic trading and trend-following capital, further driving the market upward.
• Altcoins: The rally in the altcoin sector was driven by Ethereum's lead and the accumulation by whales, with FF, BEL, and H leading in gains. The Fear and Greed Index remained flat compared to the previous trading day, holding at a level of 38, indicating that market sentiment is still in the panic zone, and investors are maintaining a relatively cautious attitude before a trend reversal.
• Macro: On October 13, the S&P 500 index rose by 1.56%, closing at 6,654.72 points; the Dow Jones index rose by 1.29%, closing at 46,067.58 points; the Nasdaq index rose by 2.21%, closing at 22,694.61 points. As of October 14, 9:00 AM (UTC+8), the spot gold price per ounce is temporarily reported at 4,140 dollars, up 0.77% within 24H, continuing to set a new historical high.

Popular Tokens on Juejin

FF Falcon Finance (+27.2%, circulating market cap 399 million USD)

According to Gate market data, the current price of the FF token is $0.17, with a 27.2% increase in the last 24 hours. Falcon Finance is a synthetic dollar protocol positioned as a universal collateral infrastructure, aimed at creating sustainable earning opportunities for users. This protocol is built on trust, transparency, and technical strength, with the goal of maximizing the efficiency of user asset utilization while adhering to strict accountability and risk control standards, all while maintaining high performance and reliability.

Recently, Falcon secured a strategic investment of $10 million from M2 Capital and Cypher Capital to drive the expansion of its universal collateral infrastructure. This funding will help Falcon accelerate the deployment of its global roadmap, focusing on: expanding fiat channels; deepening ecosystem partnerships; enhancing the resilience of its universal collateral model; supporting cross-protocol / cross-chain scalability. This financing is not only a capital support but also seen as another important milestone for Falcon's vision of “stability + capital efficiency” in the crypto world.

BEL Bella Protocol (+36.9%, circulating market cap 24.6 million USD)

According to Gate market data, the current price of the BEL token is 0.30 USD, with a 36.9% increase in the last 24 hours. Bella Protocol is an aggregated DeFi asset management platform initiated and incubated by the ARPA team. Its core goal is to allow users to participate in the decentralized finance ecosystem in a more convenient and cost-effective manner. Through Bella, users can complete asset allocation and participate in cross-protocol liquidity mining with one click, significantly reducing operational complexity and time costs.

The main driving factor behind the recent price increase is the strategic partnership between Bella Protocol and AITECH, which aims to accelerate AI-driven innovation in the Web3 space. AITECH is a leading AI infrastructure provider dedicated to reshaping how developers and enterprises access and deploy artificial intelligence, building a complete ecosystem that integrates high-performance computing power, AI development tools, and practical application scenarios. As Bella continues to expand its AI product suite, such as Bella Signal Bot and LLM Research Bot, the reliance on high-performance computing and advanced AI infrastructure is increasing. Through this collaboration, Bella will fully leverage AITECH's technology and resources at two levels: agent integration and ecosystem synergy. This not only strengthens Bella's product capabilities but also helps both parties achieve complementary growth in areas such as user coverage, community building, and industry applications.

H Humanity (+138%, circulating market cap $320 million)

According to Gate market data, the current price of the H token is $0.17, having increased by 138.0% in the last 24 hours. Humanity Protocol is a blockchain network focused on defending against Sybil attacks, aiming to achieve secure, private, and decentralized identity verification. In this system, zkProofers play a key role in verifying users' human identities through Zero-Knowledge Proof technology, earning the protocol's native token H as a reward. The entire verification process does not require the storage of any personal information, thereby ensuring the authenticity and security of identities while protecting privacy.

Recently, the rise of H is mainly driven by the following factors: First, the activity level of the Ethereum ecosystem has significantly increased, with stablecoin trading activities on the Ethereum network hitting new highs, and the number of unique sending addresses surpassing 1 million per week, demonstrating exponential growth year-on-year. This trend reflects the overall prosperity of the Ethereum ecosystem and creates positive spillover effects for projects built on it, enhancing its network visibility and valuation expectations. Second, there is a growing demand for DeFi and prediction markets. Recently, the collaboration between PYTH Network and Kalshi has brought real-time prediction market data, reflecting the market's ongoing demand expansion for decentralized finance (DeFi) and on-chain data services. As an emerging blockchain identity protocol, Humanity Protocol is expected to benefit from this trend, attracting more developers, users, and capital interest.

Alpha Interpretation

Kalshi has partnered with Pyth Network to bring real-time market data on-chain.

The prediction market platform Kalshi has partnered with Pyth Network to transmit its prediction market information to over 100 blockchains as the latest data publisher. Kalshi is an event trading platform regulated by the CFTC (Commodity Futures Trading Commission), offering contract trading on a variety of events including politics, economics, sports, encryption, and culture.

Traditional on-chain oracles mainly provide data such as asset prices, exchange rates, and interest rates, but the “probability of future events” has rarely been included in the on-chain data system. This integration will publish probability-based data from multiple regulated event markets, such as F1 driver championships and the number of interest rate cuts in 2025, to over 100 chains through Pyth. This initiative marks the first large-scale on-chaining of regulated event data, with event probabilities and prediction market data starting to be viewed as a category of on-chain infrastructure on par with price data. Additionally, developers or protocols can utilize this data for derivatives, governance models, prediction mechanisms, strategy models, and more. The collaboration between Pyth and Kalshi may spawn more cross-industry applications. From the DeFi perspective, some underdeveloped areas, such as “event-linked derivatives” and “smart contract insurance,” will have a more realistic foundation for implementation.

Asset management company Amundi will enter the crypto market for ETFs.

The largest asset management company in Europe, Amundi, will enter the crypto ETF market. Amundi is a heavyweight in the asset management industry, with assets of €2.3 trillion. French analyst Gregory Raymond confirmed that Amundi's leadership has approved the preparations for the launch, which is expected to take place in early 2026.

This move not only continues the interest of traditional financial institutions like BlackRock in encryption assets but also helps enhance the credibility of Bitcoin in Europe and boost institutional investor confidence, driving mainstream market adoption. Amundi's timing to enter the crypto market aligns with the openness of European cryptocurrency regulations, as the Polish parliament recently passed the regulatory framework for encryption assets (MiCA), providing fund managers with a clearer legal framework to introduce blockchain-based financial products. However, the current regulatory environment in Europe still presents unique challenges for Bitcoin ETFs, and Amundi's products may primarily target professional investors rather than retail investors. Nevertheless, from a long-term perspective, Amundi's entry could widen institutional clients' access to Bitcoin and encourage other large European institutions to launch similar products, further accelerating the integration of encryption assets with traditional finance, thus providing momentum for long-term market confidence and institutional development.

After the liquidation, the overall deleveraging of the market has occurred, but structural capital and institutional demand still exist.

Glassnode released its weekly market report stating that despite the severe impact of the crash event, the overall market structure remains intact. After reaching a recent peak last week, the open interest in Bitcoin sharply declined from $47 billion to $35 billion, marking one of the most significant contractions in recent futures positions. The estimated leverage ratio (ELR) for Bitcoin also significantly decreased after hitting a new high since 2022, indicating that the derivatives market is overall deleveraging. However, following the largest liquidation in history, Bitcoin's spot and ETF trading volumes have begun to recover, while the adjusted on-chain transfer volume indicates strong on-chain activity. Additionally, the Bitcoin stablecoin supply ratio (SSR) has dropped to its lowest level since April of this year, suggesting that stablecoin liquidity has increased relative to Bitcoin, which may indicate that potential market observation capital is accumulating purchasing power. These dynamics suggest that while leveraged participants have been forced to exit, real capital has not left the market, but rather shifted from leverage-driven speculation to more robust spot accumulation.

Overall, deleveraging marks a significant and necessary adjustment in the Bitcoin market, with excess leverage being cleared and speculative positions reduced, while short-term market sentiment has also been readjusted. Historically, such large-scale deleveraging events often signal a long-term significant upward trend. The market is currently entering a consolidation phase, which means it is searching for a new equilibrium. The key going forward is whether the market can establish effective support in the short term and re-attract incremental capital inflows to confirm the direction choice after consolidation.

Gate Launchpool

IPO details

• Subscription Project: Fleek
• Token Name: FLK
• New Listing Time: Until October 24, 2025, 20:00 (UTC+8)
• Participation Method: Stake GUSD, FLK to receive for free
• Total Airdrop: 240,000 FLK

Project Introduction

The platform is an artificial intelligence social platform that supports users in generating and enhancing content through artificial intelligence and sharing it on social media. As one of the first social platforms to integrate artificial intelligence and blockchain technology, it creates a unique new social experience. Users can create accounts representing any identity or theme on the platform, with each account associated with exclusive encryption assets [创作者代币]. The platform will automatically generate creator tokens for each newly created account, with supply and distribution mechanisms following standardized rules. <br> 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
• Investing, https://www.investing.com/currencies/xau-usd
• Falcon Finance, https://falcon.finance/news/m2-capital-and-cypher-capital-invest-10m-in-falcon-finance-to-accelerate-universal-collateralization-infrastructure
• Pyth, https://www.pyth.network/blog/pyth-network-partners-with-kalshi-to-deliver-real-time-prediction-market-data-onchain
• X, https://x.com/Cointelegraph/status/1977766512602583458
• Glassnode, https://www.papermark.com/view/cmgphiq870001l4048w2bcovk
• Gate, https://www.gate.com/announcements/article/47592

<br> Gate Research Institute is a comprehensive blockchain and encryption cryptocurrency 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 crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not bear any responsibility for any losses or damages arising from such investment decisions.