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The market remained under pressure from elevated interest rates and weakening risk appetite, with BTC and ETH falling 2.42% and 3.37%, respectively. U.S. spot BTC ETFs returned to net inflows of approximately $301 million, while ETH ETFs continued to record net outflows of around $221 million. Gate TradFi weekly trading volume rebounded to over $110 billion, with U.S. stocks remaining the core segment, while stronger bid-side support emerged for XAUT at lower price levels. On-chain activity weakened broadly, with DEX trading volume, stablecoin supply, LST TVL, and protocol revenue all declining, while Aave borrowing and interest rates remained stable, indicating active risk reduction rather than liquidity stress. In derivatives, BTC OI declined after a midweek surge, while stronger demand for puts and negative 25D Skew across all maturities indicated continued downside hedging demand, with the market remaining in an orderly deleveraging phase overall.

Markets remained cautious last week ahead of key events including the FOMC meeting and the release of GDP and PCE data, with BTC and ETH falling 1.97% and 4.48%, respectively. U.S. spot BTC and ETH ETFs continued to record net outflows, although redemption pressure eased significantly. Gate TradFi trading activity rebounded, with the trading share of indices and ETFs increasing. On-chain capital remained broadly tilted toward deleveraging, as stablecoin supply, LST TVL, and Aave borrowing balances all declined, while activity on EVM DEXs and in derivatives markets showed signs of recovery. BTC open interest edged higher and funding rates remained positive, but Put trading dominated and short-dated negative Skew deepened, indicating that long positioning remained resilient while the market continued to maintain strong protection against near-term downside risks.

Last week, markets were characterized by strong U.S. equities, weak crypto, and on-chain deleveraging. Economic resilience and elevated oil prices kept U.S. Treasury yields high, while AI-related momentum and solid earnings expectations continued to support U.S. stocks. BTC and ETH, by contrast, were weighed down by high interest rates, ETF redemptions, and deleveraging pressure. On-chain liquidity also contracted, with DEX trading volume, stablecoin supply, LST TVL, and Aave borrowing all declining, while large institutional players actively reduced leverage and shifted capital across protocols in search of higher yields. Derivatives markets remained defensive as well: BTC open interest declined, funding rates hovered near zero, 25D Skew turned negative across all tenors, and DVOL rose notably during the price sell-off.

In September, global capital markets shifted from broad recovery to sharper dispersion as resilient US activity, energy-driven inflation, and Middle East tensions reset the rates outlook. The Federal Reserve resumed tightening with a 25-basis-point hike, while the 10-year Treasury yield briefly moved above 5%. Higher discount rates weighed on traditional sectors, small caps, and gold, even as capital remained concentrated in AI and large technology companies with clearer earnings visibility. In crypto markets, both spot Bitcoin and Ethereum ETFs registered monthly net inflows, but allocations tilted more decisively toward Bitcoin. Risk reduction ahead of the Fed meeting was followed by a rapid post-decision recovery, underscoring institutional preference for liquidity and allocation certainty over higher-beta exposure. On-chain, NEAR Intents used ZEC liquidity to validate its intent-network expansion; Circle’s Arc mainnet ignited a Launchpad boom that cooled rapidly after launch; and E

Risk assets delivered mixed performance in September. BTC and ETH gained 6.4% and 8.84%, respectively, while an equal-weighted basket of seven crypto assets returned 18.93%, led by ZEC’s 69.65% monthly surge. Over the same period, the Nasdaq rose 1.86%, the U.S. Dollar Index gained 2.03%, and the 10-year U.S. Treasury yield increased by 54 basis points. U.S. spot BTC and ETH ETFs recorded net inflows of $2.65 billion and $832 million, respectively, while stablecoin supply and DeFi TVL both expanded. Gate futures data showed that open interest in BTC and ETH perpetual contracts declined by 1.85% and 8.97%, respectively, with funding rates remaining moderately positive. These conditions point to simultaneous spot-market inflows and a reduction in leveraged exposure. Among the four strategies tested, time-series momentum generated a cumulative return of 21.1% over the first nine months of the year, while cross-sectional momentum led in September with a 22.1% return. The volatility-managed

The Federal Reserve’s September 2026 rate hike was primarily driven by persistent inflation, resilient economic growth, and a robust labor market. Higher interest rates affect the crypto market by raising risk-free yields, strengthening the U.S. dollar and real interest rates, and tightening liquidity, although price performance depends more heavily on the gap between policy expectations and actual outcomes. Compared with 2023, crypto markets have shown no consistent directional response following rate hikes: BTC has generally demonstrated greater defensive resilience, ETH is influenced by both staking yields and on-chain activity, while SOL and altcoins tend to exhibit greater volatility and price sensitivity. Overall, a single rate hike is insufficient to determine the broader market trend. Going forward, key indicators to monitor include the interest-rate path, U.S. Treasury yields, stablecoin supply, and changes in market leverage.

Lower oil prices and easing trade risks supported U.S. equities and crypto assets, but the 10-year U.S. Treasury yield rising above 5% continued to weigh on valuations. BTC and ETH ETFs saw significant inflows, while stablecoin supply expanded in tandem, although trading activity across DEXs and TradFi markets cooled. On-chain capital increasingly concentrated in structural opportunities such as USDC, SOL staking, and tokenized equity-backed lending. In derivatives, BTC advanced while OI and options open interest declined markedly, funding rates temporarily turned negative, and DVOL fell while Skew remained negative, indicating that despite partial deleveraging, demand for downside protection persisted.

The Federal Reserve raised interest rates by 25 basis points, while the U.S. 10-year Treasury yield climbed to around 5%. BTC and ETH came under pressure early in the week but significantly outperformed most traditional risk assets on a weekly basis. Weekly BTC ETF flows improved from net outflows to roughly flat, while ETH ETFs shifted to a net outflow of $141 million. Total stablecoin supply contracted slightly, with USDe and USDS capturing structural inflows. The earlier explosive growth driven by stock-related Meme trading began to cool. LSTs broadly recovered, while Aave’s outstanding borrowings increased by 2.2%. BTC OI rose by 6.42%, with funding rates remaining positive throughout the week. BTC’s 7-day 25D Skew climbed to +3.30%, while DVOL declined by 8.33% from the beginning of the week.

Last week, markets traded around energy shocks, sticky inflation, and expectations of further rate hikes, with WTI briefly surpassing $100 and risk assets coming under broad pressure. Institutional flows diverged significantly, as BTC ETFs shifted to net outflows while ETH ETFs maintained net inflows. TradFi trading activity remained elevated, with commodities seeing a notable increase in interest; total DEX trading volume rose approximately 6.7% week-over-week. On-chain borrowing demand remained resilient, although stablecoin funding costs began to rise. In derivatives, BTC and OI declined in tandem while funding rates remained positive. However, medium- to long-term Skew stayed negative, suggesting that the market has not entered a state of broad-based panic, while risk pricing remains cautious.

Crypto IPO Access adds a layer of stablecoin settlement, on-chain accounts, and global distribution on top of the traditional financial infrastructure. Using SpaceX as an example, assuming the same subscription amount, a 3% allocation rate, and an identical lock-up period, the stock gained 19.22% on its first trading day. The return on total subscription capital was approximately 0.54% through a traditional broker, compared with approximately 0.39% through Gate due to its 5% subscription fee. While traditional brokers offer a lower cost per allocated share, crypto platforms improve accessibility through lower minimum subscription thresholds, stablecoin-based funding, and globally accessible accounts. Going forward, the key competitive advantage will lie in consistently securing genuine IPO allocations and delivering them to investors through a transparent, cost-efficient, and legally robust structure.

Last week, markets entered a high-level structural rotation amid increasingly hawkish rate-hike expectations. BTC briefly broke above 81,000 USDT, while BTC and ETH gained 2.10% and 0.59%, respectively. Institutional allocation diverged, with net inflows into BTC ETFs declining to $925 million, while ETH ETF inflows increased to $816 million. Gate TradFi trading volume rose approximately 17% to $123 billion, with capital rotating back toward U.S. equities and ETFs. On-chain activity shifted toward Meme and retail trading, while stablecoin supply increased by approximately $1.7 billion and SOL staking assets significantly outperformed ETH. BTC OI fell to approximately $12.4 billion, while demand for short-dated Puts increased. However, 25D Skew recovered to -3% and DVOL declined to around 37, indicating that leveraged momentum buying was cooling.

In August, global capital markets continued to recover amid weakening employment and growth momentum, although inflationary pressures remained unresolved. Policy expectations shifted from further tightening toward a pause in rate hikes and the prospect of eventual easing. AI and mega-cap technology stocks regained prominence in US equities, while gold, energy, and major crypto assets also attracted renewed investor interest. However, elevated US Treasury yields and geopolitical risks continued to constrain institutional risk appetite. In crypto markets, both spot Bitcoin and Ethereum ETFs recorded sustained net inflows. Bitcoin re-emerged as the core institutional holding, while Ethereum retained its role as a higher-beta allocation. Meanwhile, tokenized equities, Meme trading front ends, and x402 emerged as key on-chain themes. GMGN regained its edge as a leading gateway for Meme trading through its multi-chain coverage, while x402’s high-frequency micropayments provided early validat