Gate Ventures This Week's Cryptocurrency Market Trends (April 27, 2026)

Summary

• Strong earnings reports from major tech companies drove weekly gains in the S&P 500 and Nasdaq, despite continued pressure on the industrial sector.

• Economic data remains resilient, combined with market expectations for the Federal Reserve to keep interest rates higher for longer, pushing the US 10-year Treasury yield up to 4.31%.

• The crypto market rebounded significantly last week, with BTC rising 6.6% and recording $823.7 million in net inflows into spot ETFs; ETH increased by 4.7%, corresponding to $155 million in ETF net inflows.

• STRC remains under pressure, with $846 million in trading volume but still trading below face value of $100. The upcoming semi-monthly dividend vote on April 28 may reduce dividend-driven volatility and push the price back toward face value.

• The Bank of Korea governor expressed support for CBDCs and tokenized deposits, and advanced the pilot process of the Hangang Project.

• JPYC completed a $17.62 million Series B extension financing to expand its Japanese yen stablecoin infrastructure and ecosystem integration capabilities.

• 3F completed a $4 million seed round to promote the on-chain leverage carry trade strategy for RWA.

Macro Overview

Tech earnings drive gains in the S&P and Nasdaq, Dow under pressure; PMI and employment data exceed expectations, highlighting economic resilience

Last week, US stock performance was mixed. The S&P 500 rose 0.79%, closing at 7,165.08; the Nasdaq Composite increased 1.77% to 24,836.60, mainly driven by strong quarterly earnings from large tech firms. In contrast, the Dow Jones Industrial Average fell 0.43%, closing at 49,230.71, weighed down by industrial and energy sectors.

Overall market sentiment remains cautious, as investors weigh optimistic corporate guidance against ongoing geopolitical tensions in the Middle East. Meanwhile, the labor market remains resilient, reinforcing expectations that the Fed may keep rates higher for longer. Technology remains the main driver of index gains, while traditional industrial sectors face ongoing headwinds from high energy costs and global supply chain restructuring.

The energy sector continues to be a key source of market volatility. Ongoing US-Iran tensions impact global energy supply expectations. News of potential diplomatic breakthroughs mediated by Oman and Qatar caused WTI crude oil prices to fluctuate. The US indicated that, while maintaining high military readiness, there is room for easing if the Strait of Hormuz fully reopens to international traffic. However, the energy market remains highly sensitive; any signals of stalled negotiations could quickly push oil prices higher. Persistently high energy prices are gradually feeding into broader inflation pressures, complicating the Fed’s path to bring inflation back to 2%.

Latest economic data show continued resilience of the US economy. The composite PMI remains in expansion territory, indicating that despite high financing costs, both services and manufacturing sectors remain robust. Weekly jobless claims fell below expectations, further reflecting a tight labor market. While solid economic fundamentals support growth, they also lead markets to reassess interest rate expectations. The consensus now is that the Fed may delay rate cuts until late 2026 or even 2027. The narrative of “higher rates for longer” continues to strengthen, exerting upward pressure on Treasury yields.

Asian markets faced pressure last week, as regional investors continued to assess the impact of US-Iran tensions on energy-importing economies. The Nikkei 225 and Hong Kong Hang Seng experienced increased volatility. The Bank of Japan maintained its ultra-loose monetary policy but expressed heightened concern over yen depreciation and high oil prices driving imported inflation. The region’s highly interconnected supply chains make it especially sensitive to potential further disruptions in the Middle East.

Looking ahead, markets will focus on the ongoing tech earnings season to further gauge growth momentum and profit margins under high interest rates. Geopolitical developments, especially US-Iran diplomacy, will continue to influence risk appetite. Investors will closely monitor related news to assess the likelihood of easing or escalation. Meanwhile, upcoming PMI and employment data will be key indicators of economic sustainability, and inflation figures will directly impact expectations for Fed policy paths. (1)

Dollar Index DXY

The dollar index edged slightly higher this week to 98.51, supported by strong economic data and rising US Treasury yields. Ongoing tensions in the Middle East continue to sustain safe-haven demand. (2)

US 10-year and 30-year Treasury yields

US Treasury yields rose modestly as markets began to price in a more hawkish Fed policy outlook. Strong PMI and employment data further reinforced expectations that the economy can withstand current interest rates. (3)

Gold

Gold prices retreated from recent highs to $4,708.62, as rising Treasury yields and a stronger dollar increased the opportunity cost of holding gold. News of potential diplomatic progress in the Middle East prompted profit-taking. (4)

Crypto Market Overview

Main Assets

Bitcoin Price

Ethereum Price

ETH/BTC Ratio

BTC rose 6.6% last week, ETH increased 4.7%. Spot BTC ETF recorded $823.7 million in net inflows, while spot ETH ETF saw $155 million in net inflows. Meanwhile, the ETH/BTC exchange rate declined slightly by 1.7%. (5)

Market sentiment slightly improved compared to the previous week, with the Fear & Greed Index rising to 47, still in the neutral zone. (6)

Total Market Cap

Crypto Market Total Capitalization

Market cap excluding BTC and ETH

Market cap excluding the top ten tokens

Crypto market cap increased by 5.2% last week, with the market cap excluding BTC and ETH rising 2.6%. Altcoins outside the top ten also grew by 3.7%, indicating a slight broadening of risk appetite beyond major assets.

STRC Performance

STRC recorded $846 million in trading volume last week, all below its face value of $100. This reduces the attractiveness of the ATM (market price issuance) mechanism, as discounts could further depress prices and create negative feedback loops.

Historically, STRC tends to trade below face value around dividend dates, with an average decline of about $0.45, taking roughly 12 days to recover.

A proposal to change dividend frequency from monthly to semi-monthly will be voted on April 28. If approved, this smaller, more frequent dividend mechanism could reduce dividend-driven volatility, bring STRC closer to face value trading, and improve liquidity. (7)

Within Strategy’s various financial instruments, STRC accounts for 85% of total trading volume, down from 93% the previous week. Next are SATA (Strategy’s floating-rate perpetual preferred stock) at 7.1%, and STRK (convertible perpetual preferred stock) at 3.6%.

Last week, Strategy bought approximately 34,164 BTC at an average price of about $74,400, increasing its total Bitcoin holdings to 815,061 BTC.

Top 30 Crypto Assets Performance

Source: Coinmarketcap and Gate Ventures, as of April 27, 2026

Among the top 30 crypto assets, average prices increased by 4.2%, led by Memecore, ZCash, and XMR.

Key Developments in the Crypto Industry

Coinbase Launches Crypto-Backed USDC Loans in the UK, FCA Advances Regulatory Framework

Coinbase has launched a crypto-backed USDC loan service in the UK, allowing users to borrow via the Morpho lending protocol on the Base network, using BTC, ETH, and cbETH as collateral, with individual loan limits up to $5 million (depending on collateral and market-based floating rates).

This marks Coinbase’s expansion of on-chain lending from the US to international markets. Meanwhile, the UK Financial Conduct Authority (FCA) is soliciting feedback on a comprehensive crypto regulation framework, expected to be implemented by October 2027, covering stablecoins, exchanges, custody, and staking. (8)

Bank of Korea Governor Supports CBDCs and Tokenized Deposits, Advances “Hangang Project” Pilot

The Bank of Korea reaffirmed support for wholesale CBDCs and tokenized deposits, confirming that the “Hangang Project” blockchain settlement pilot has entered its second phase. It also continues participation in the BIS-led Agora cross-border tokenization project.

Notably, the current policy outlook does not mention stablecoins, despite ongoing domestic discussions on issuing a Korean won-pegged stablecoin. Meanwhile, the Korean Ministry of Finance plans to launch a government expenditure pilot based on tokenized deposits in 2026, indicating a preference for a bank-centric digital currency infrastructure over private stablecoin schemes in evolving digital payment systems. (9)

Thai SEC Proposes Allowing Crypto Firms to Offer Derivatives Under Existing Licenses

The Thai Securities and Exchange Commission (SEC) is seeking public comment on a rule change proposal that would permit licensed digital asset firms to directly apply for derivatives licenses without establishing separate entities, lowering market entry barriers and strengthening regulation and conflict-of-interest management.

This proposal builds on previous progress integrating digital assets into qualified futures products, aiming to diversify hedging tools for investors and align Thailand’s derivatives market with international standards. Public consultation runs until May 20. (10)

Major Venture Capital Deals

JPYC Completes $17.62M Series B Extension to Accelerate Yen Stablecoin Infrastructure and Ecosystem Integration

Japanese yen stablecoin issuer JPYC raised an additional $17.62 million in its Series B extension, with investors including Metaplanet, bringing total Series B funding to approximately $28.9 million.

Funds will be used for system development, team expansion, stablecoin issuance and settlement infrastructure, and strategic growth initiatives. JPYC has partnered with Sony Bank and LINE NEXT’s Unifi wallet, and is advancing cross-border payment applications including a pilot in El Salvador, aiming to build a programmable yen settlement layer covering Web3 payment, commercial use cases, and AI agent economy. (11)

KAIO Raises $8 Million in Strategic Funding to Build Compliant RWA and Cross-Chain Asset Infrastructure

KAIO secured $8 million in a strategic round, bringing total funding to $19 million. Existing investors Laser Digital and Further Ventures continued support, with new investor Tether joining.

The protocol focuses on providing compliant access to DeFi for qualified investors via fiat and stablecoin channels, while building appchain infrastructure to support cross-chain transfer of tokenized real-world assets like securities and real estate. Tether’s involvement suggests future collaboration on stablecoin integration, reinforcing KAIO’s role in connecting traditional assets with on-chain liquidity. (12)

3F Completes $4 Million Seed Round to Onboard Leveraged RWA Carry Trades

3F raised $4 million in a seed round led by Maven 11, with participation from F-Prime Capital, Metalayer, GSR, Susquehanna Crypto, and Gate Ventures, aiming to develop infrastructure for leveraged exposure to tokenized real-world assets.

Built on the Morpho protocol, 3F aims to address key bottlenecks in RWA demand by creating leveraged carry trade positions within a single settlement cycle, avoiding inefficient manual cycles caused by T+1 or longer settlement periods. Its private beta has launched the JAAA leverage vault product, with underlying assets tokenized by Centrifuge and sub-managed by Janus Henderson, positioning 3F as a leverage and distribution layer for on-chain RWA issuers. (13)

Venture Market Data

Last week, 12 deals closed, including 8 in Infrastructure, 3 in DeFi, and 1 in Social.

Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of April 27, 2026

Total disclosed funding was $54.89 million, with one deal undisclosed. The largest sector was DeFi, with $29.62 million. The project with the highest funding was JPYC, raising $17.62 million.

Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of April 27, 2026

In the third week of April 2026, weekly funding surged to $41.8 million, a 31% increase from the previous week.

About Gate Ventures

Gate Ventures is the venture capital arm of Gate, focusing on investments in decentralized infrastructure, ecosystems, and applications, dedicated to reshaping the Web 3.0 era. Collaborating with industry leaders worldwide, Gate Ventures empowers innovative teams and startups to redefine social and financial interactions.

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References:

1. S&P Global Week Ahead Economic Preview,

2. DXY Index, TradingView,

3. US 10 Year Bond Yield, TradingView,

4. Gold Price, TradingView,

5. BTC & ETH ETF Inflows:

6. BTC Fear & Greed Index:

7. MicroStrategy STRC Dashboard:

8. Coinbase launches crypto-backed USDC loans in the UK as FCA advances regulatory framework,

9. Bank of Korea governor endorses CBDCs and tokenized deposits while advancing Project Hangang pilot,

10. Thailand SEC proposes allowing crypto firms to offer derivatives within existing licenses,

11. JPYC raises $17.62M in Series B extension to scale yen stablecoin infrastructure and ecosystem integrations,

12. KAIO raises $8M in strategic funding to build compliant RWA and cross-chain asset infrastructure, []$8M (

13. 3F raises $4M seed round to bring leveraged RWA carry trades onchain, [])$4M