Gate Research Institute: 4.41 billion dollars liquidated across the network in the past 24 hours | Polymarket on-chain activity has surged significantly

Abstract

1. After experiencing the liquidation market last week, Bitcoin has shown a rebound but has recently continued to weaken, with a volume drop of 9.13% over the past week.
2. Stablecoin inflows of $74 billion support crypto liquidity amid market crash.
3. JustLend DAO TVL broke 7.82 billion USD.
4. Polymarket's on-chain activity has recently surged by 192%, with daily active wallets reaching 56,000.
5. The total supply of the stablecoin RLUSD on the Aave protocol has reached a historic high of 448 million.
6. In the past 24 hours, the entire network experienced liquidations of 441 million USD, with long positions liquidated at 290 million USD and short positions liquidated at 151 million USD.

Market Interpretation

Market Commentary

• BTC Market —— After experiencing a liquidation market last week, Bitcoin did see a rebound, but has continued to weaken recently, dropping 9.13% in volume over the past week. The technical outlook is bearish, having broken below the MA 5, 10, and 30-day moving averages, with MACD forming a death cross. In the short term, market sentiment is cautious, with investors generally waiting for new macro signals or capital inflow to confirm direction. If the price fails to quickly recover above the 111,000 USD range, Bitcoin may enter a prolonged consolidation phase, with the next support likely around 109,000 USD. Overall, there is a clear divergence between bulls and bears, intensifying market contention, but trading volume remains active. If significant news or positive catalysts arise, the trend may quickly reverse in the short term. Some analysts believe that against the backdrop of increasing geopolitical and macroeconomic uncertainty, if Bitcoin can hold above the 111,000 USD level, it still demonstrates some resilience. On the other hand, the market's expectation of a substantial rate cut by the Federal Reserve within the year may serve as an important catalyst for driving Bitcoin's rebound.
• ETH Market —— Ethereum has dropped 8.52% in the past week, currently breaking below the 30-day moving average and oscillating near the 5-day and 10-day moving averages. The MACD, which formed a golden cross yesterday, quickly turned into a death cross, indicating a weakening of short-term bullish momentum, and the market has returned to a bearish dominance. The price has broken below the critical level of $4,000, halting the rebound momentum from the previous days, and is now approaching the next support level of $3,750. The Relative Strength Index (RSI) is at 43.5, slightly below the neutral level of 50, indicating that Ethereum has not yet entered the oversold territory. However, ETH remains below the key resistance zone ($4,200-$4,300), suggesting that the recent rebound is an early stage of structural repair rather than a confirmation of bullish continuation.
• Altcoins —— This week, mainstream altcoins are generally showing a downward trend, with the altcoin seasonal index at 29, overall market sentiment is bearish, and the willingness to seek safe-haven assets is rising.
• Stablecoin —— The total market value of stablecoins is currently $306.3 billion. After experiencing the most severe sell-off in the cryptocurrency market, Tether and Circle continue to mint new stablecoins to inject liquidity and stabilize the market.
• Gas Fee —— The Gas fee on the Ethereum network has retreated from a peak of an average of 15.9 Gwei on October 10, and as of October 16, the average Gas fee for that day was 0.17 Gwei.

popular tokens

This week, mainstream altcoins are generally showing a downward trend, with overall market sentiment leaning bearish and a rising risk aversion among funds. According to CoinGecko data, this week the AI Framework and AI Applications sectors performed well, with an increase of over 48% in the past 7 days. Below are analyses of representative popular tokens in each sector and the reasons for their rise.

DEGODego Finance (+18.97%, circulating market cap 25.3848 million USD)

According to Gate.io market data, the DEGO token is currently priced at $1.20, with a 24-hour increase of 18.97%. Dego Finance is a cross-chain NFT + DeFi protocol and infrastructure, as well as an open NFT ecosystem. Anyone can create NFTs, initiate NFT mining, auction, and trade. Dego Finance also provides a cross-chain infrastructure to enable blockchain projects to expand their user base, distribute tokens, and develop more NFT-powered applications.

According to the announcement from the official DEGO X account, DEGO is incubating BOT3 AI, aimed at elevating AI-driven Web3 social interactions to new heights. In addition, DEGO has partnered with BOT3 AI and DeFusion AI to launch several activities and giveaways to enhance its influence in the Web3 community. DEGO has surged by 78% since October 11, breaking through all key resistance levels, accompanied by high momentum and sustained volume, indicating a clear dominance of buyers. If the upward momentum continues, the price is expected to further reach the range of 1.60-1.70. At the same time, traders need to pay attention to the short-term pullback risk around 1.45, as profit-taking may temporarily cool down the upward trend.

YGGYield Guild Games (+12.72%, circulating market cap 102 million USD)

According to the Gate market data, the YGG token is currently priced at $0.16, with a 24-hour increase of 12.72%. Yield Guild Games is a decentralized autonomous organization (DAO) that provides global players access to “Play-to-Earn” (P2E) games through blockchain technology. YGG not only invests in NFTs used in blockchain games but also offers players the opportunity to participate in the virtual economy, allowing them to earn income within the games.

The recent surge in popularity is attributed to the announcement by a globally renowned CEX that it will officially list YGG on October 15. This news has sparked market interest in the blockchain gaming sector and increased trading activity. The support from the CEX is expected to enhance YGG's liquidity and may attract more mainstream investors and gaming enthusiasts into the P2E ecosystem, thereby driving the development of the entire blockchain gaming industry.

BLESSBless (+503.87%, Market Cap 354 million USD)

According to Gate.io market data, the BLESS token is currently priced at 0.19 USD, with a 24-hour increase of 503.87%. Bless is a decentralized edge computing network that provides on-demand CPU and GPU capabilities for AI, machine learning, and advanced data tools near end users.

The factors driving the price increase of BLESS are as follows: first, the formation of a double bottom bullish pattern at the price of $0.0234, with these lows appearing on October 1st and 10th; the double bottom is one of the most bullish patterns in technical analysis. Second, the momentum from the CEX Alpha competition, where participating users can share a reward pool of $2 million, further propelling BLESS's rise. Third, developers recently released a roadmap revealing Bless's future potential, which includes the launch of GPU-ready nodes and fiat deposit channels in the coming weeks, providing support for ecosystem expansion. These factors, combined with technical indicators and external positive news, have resulted in strong recent performance for the Bless token, attracting more attention within the P2E and blockchain ecosystems.

Focus of the Week

Stablecoin inflow of $74 billion supports crypto liquidity amid market crash.

Matrixport pointed out that during the recent sharp correction in the cryptocurrency market, stablecoins played a key role as a “liquidity buffer,” supporting the overall market's capital liquidity. Despite significant declines in mainstream assets like Bitcoin and Ethereum, stablecoins (particularly USDT and USDC) continued to attract massive inflows. Reports indicate that Tether has issued approximately $42 billion in new stablecoins, while Circle has also issued about $32 billion, together contributing approximately $74 billion in new stablecoin supply, injecting momentum into the crypto ecosystem and strengthening the market's capacity during times of crisis.

The influx of these funds reflects investors' preference for safe-haven assets during periods of significant market volatility, and stablecoins have developed into an indispensable fundamental asset class in the cryptocurrency market. The overall market capitalization of stablecoins has now surpassed $300 billion, becoming an important part of the market structure. Furthermore, U.S. Treasury Secretary Janet Yellen has predicted that the size of stablecoins will reach trillions of dollars in the future. Although the current level is still relatively low, their role in stable asset allocation, capital entry, and capital circulation is becoming increasingly prominent, fully demonstrating that the field of crypto assets is accelerating its maturity and development.

JustLend DAO TVL breaks through 7.82 billion USD

The core lending protocol of the TRON ecosystem, JustLend DAO, has announced the latest data, with the total locked value (TVL) surpassing $7.82 billion, the number of users exceeding 477,000, and cumulative Grants issued exceeding $129 million.

As a leading decentralized lending platform on TRON, JustLend DAO has become one of the most important DeFi infrastructures within the ecosystem, supporting the rapid growth of core businesses such as stablecoin lending and liquidity mining. The continuous increase in TVL indicates the steady improvement in asset security and user trust on the platform, reflecting the expansion momentum of the TRON DeFi ecosystem. In the future, JustLend DAO plans to continue enhancing the lending efficiency and yield experience for global users by optimizing on-chain governance and risk control mechanisms, accelerating the influence of the TRON ecosystem in the global decentralized finance landscape.

The stablecoin infrastructure company OwlTing is about to go public on NASDAQ.

Taiwan's stablecoin infrastructure company OwlTing will be listed on the Nasdaq Global Market on Thursday, marking its first entry as one of the first Asian blockchain companies to be directly listed on a major exchange in the United States. The company’s Class A common stock is expected to begin trading on October 16, with the stock symbol OWLS. This move makes OwlTing one of the first blockchain enterprises from Asia to publicly trade on the U.S. main board market in this way. In terms of business, OwlTing's core product is OwlPay, a payment infrastructure platform that supports stablecoin and fiat payment, designed to provide global enterprises with convenient cross-border payment solutions. The company expects to achieve a revenue of $7.6 million in 2024, a year-on-year increase of approximately 18%, with a total payment volume of $218 million, a year-on-year increase of approximately 62%. Despite a net profit loss due to listing costs, the company expects that profitability will gradually improve as scale expands and business optimizes.

Through the path of being listed on NASDAQ and strict governance standards, OwlTing may enhance its credibility in the international market, helping to attract long-term capital and successfully opening new pathways for other Asian Web3 and blockchain companies in the North American capital market. In addition, OwlTing's public listing helps to bring stablecoin infrastructure projects into the view of traditional capital markets, driving more institutional capital towards the blockchain payment and stablecoin fields.

Highlight Data

Polymarket's on-chain activity has recently surged by 192%, with daily active wallets reaching 56,000.

The on-chain activity of the decentralized prediction market Polymarket has recently surged significantly. Data shows that its daily active wallet count has exceeded 56,000, with a growth rate of up to 192% over the past 30 days. The platform's total trading volume has also reached $15.4 billion. As one of the largest crypto projects in terms of funding scale in recent years, Polymarket's ecological activity and market attention are rapidly increasing, with the community generally expecting that its upcoming airdrop may become the next hot event.

Polymarket's explosive growth reflects the mainstream trend of on-chain prediction markets, which combines news events, political forecasts, and on-chain speculation, greatly enhancing user participation and topic popularity. Against the backdrop of the increasingly apparent trend of “financialization of social narratives,” Polymarket has become a representative platform for on-chain real-world event trading (RWA of sentiment). If airdrops are introduced in the future, it will further expand its user base and promote prediction markets to become a core sector of the new round of capital and narrative focus.

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) The total supply of the stablecoin RLUSD on the Aave protocol has reached a historic high of 448 million.

The total supply of the stablecoin RLUSD on the Aave protocol has risen to 448 million, setting a new historical high. This growth reflects the increasing market demand for Aave's native yield-bearing stablecoin, with funds continuously flowing into the ecosystem.

The supply of RLUSD has reached a new high, indicating that liquidity in the DeFi market is being re-accumulated into leading protocols. As the Aave ecosystem gradually forms a complete stablecoin yield loop, RLUSD may become an important driving force for protocol revenue and liquidity growth. At the same time, this also shows that market funds are flowing back from speculative assets to stablecoin assets that have practical application scenarios and yield logic.

In the past 24 hours, the entire network experienced liquidations of 441 million USD, with long positions liquidated at 290 million USD and short positions liquidated at 151 million USD.

According to Coinglass data, the total amount of liquidations across the network in the past 24 hours reached as high as $441 million, with market volatility triggering large-scale liquidations on both long and short positions. Among them, long position liquidations amounted to about $290 million, while short position liquidations were approximately $151 million, reflecting that bullish sentiment has faced significant pressure during the recent rebound. Specifically, Bitcoin and Ethereum accounted for the majority of the liquidation volume, with BTC long position liquidations around $60 million and ETH long position liquidations approximately $78 million.

Recently, market volatility has intensified, and the concentrated liquidation of leveraged funds indicates that market sentiment remains fragile. As mainstream cryptocurrencies oscillate repeatedly at key support levels, long positions in leveraged funds have become the primary victims. In the short term, the market may enter a phase of high volatility and low leverage as a risk defense, but if liquidity stabilizes subsequently accompanied by a rebound in trading volume, the wave of liquidations may instead create a healthier chip structure for a new round of rebound.

Financing Weekly Report

According to RootData, from October 10 to October 16, 2025, a total of 12 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as payment networks, stablecoins, AI, and infrastructure. Below is a brief introduction to the top three projects by financing scale for this week:

Better Payment Network

Announced on October 16 the completion of a $50 million financing round aimed at accelerating the development of multi-stablecoin payment infrastructure.

Better Payment Network is a programmable payment network that realizes the minting, exchange, and settlement of fiat-supported stablecoins through a unified layer, connecting centralized finance and decentralized finance. The network adopts a CeDeFi dual-track system, supporting real-time minting, exchange, and destruction of stablecoins, aiming to shorten cross-border settlement times and reduce costs.

Inference

Announced the completion of a $11.8 million seed round financing on October 15, led by Multicoin Capital and a16z CSX.

Inference is a decentralized distributed GPU inference network built on Solana, aimed at providing high-performance computing support for large language models (LLM). Its core platform, Inference.net, connects global data centers to provide high-speed, scalable, token-based API services for various models including DeepSeek V3 and Llama 3.3, enabling an efficient on-chain AI inference infrastructure.

Crown

Announced the completion of a $8.1 million seed round financing on October 14, led by Framework Ventures.

Crown is a stablecoin issuer aimed at providing institutional investors with access to Brazil's high-yield fixed income market by issuing the stablecoin BRLV, which is backed by Brazilian government bonds. This stablecoin is designed to lower the barriers for foreign investors entering the Brazilian market, overcoming obstacles such as bureaucracy, complex taxation, and currency exchange.

Attention Next Week

token unlock

According to data from Tokenomist, the market will see significant unlocks of certain important tokens over the next 7 days (2025.10.17 - 2025.10.23). The top 3 unlocks are as follows:

• ZRO will unlock approximately $47.3 million worth of tokens in the next 7 days, accounting for 23.1% of the circulating supply.
• FTN will unlock approximately $40.4 million in the next 7 days, accounting for 4.6% of the circulating supply.
• ARB will unlock tokens worth approximately $30.35 million in the next 7 days, accounting for 1.7% of the circulating supply. <br> Reference Source

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