VIP Weekly Industry Report

Cooling conditions in the U.S. housing market and elevated long-term Treasury yields weighed on risk appetite, with BTC and ETH falling 2.38% and 3.34%, respectively, over the week, although both recorded smaller declines than gold. M, STABLE, and ENA ranked among the top performers, gaining 27.22%, 9.43%, and 6.22%, respectively, over the past seven days. Arbitrum recorded net inflows of approximately $579 million, while trading collateral capital saw significant outflows and was reallocated toward stablecoins, bridging, and cross-chain scenarios. Weekly nominal trading volume in prediction markets exceeded $27 billion, with short-duration contracts and combination trades driving on-chain capital toward higher-frequency trading scenarios.

Elevated inflation, high interest rates, and a technology-stock correction collectively weighed on crypto risk appetite, with BTC and ETH declining 1.97% and 4.98%, respectively, over the week. XMR, TIA, and INJ ranked among the top performers, posting 7-day returns of +12.09%, +9.20%, and +6.36%, respectively. Public blockchains recorded an overall net outflow of approximately $397 million over the past week, as capital rotated from general-purpose blockchains and L2 asset pools toward specific use cases such as leveraged trading, payments, stablecoins, and RWA infrastructure. StarkWare’s OffMarket introduced a position-privacy layer for Polymarket, advancing prediction markets toward a model that balances verifiability, trading privacy, and compliance auditing.

Economic resilience and rising oil prices reinforced concerns over persistent inflation and higher-for-longer interest rates, while elevated Treasury yields constrained crypto valuations. BTC and ETH both ended the week lower, significantly underperforming U.S. equities. STRK and NEAR ranked among the top performers, with 7-day returns of +101.57% and +20.04%, respectively. Major public blockchains recorded an overall net outflow of approximately $340 million over the past week, as capital continued rotating from broad crypto beta toward high-turnover trading and stablecoin infrastructure. Ethereum saw approximately $1.022 billion in net outflows. PaperTrade achieved a rapid initial launch with leverage of up to 1,000x, although its notional trading volume, liquidation risks, and pricing mechanism warrant further scrutiny.

U.S. economic resilience reinforced expectations that interest rates would remain higher for longer, while the 10-year Treasury yield’s move above 5% constrained crypto valuation expansion. The crypto market nevertheless edged higher, supported by lower oil prices, easing trade risks, and improving risk appetite for technology stocks. QNT, SEI, and ZRO ranked among the top performers, with 7-day returns of +305.84%, +53.91%, and +40.71%, respectively. Public blockchains recorded an overall net outflow of approximately $444 million over the past week, with capital increasingly concentrated in networks offering real revenue and stablecoin infrastructure. Arbitrum and Arc attracted net inflows of approximately $558 million and $229 million, respectively, while Hyperliquid recorded a net outflow of approximately $958 million.

The crypto market came under pressure early in the week amid expectations of a rate hike, with BTC and ETH both declining at one point. However, BTC and ETH posted weekly gains that significantly outperformed those of most traditional risk assets. Looking ahead, elevated bond yields and high oil prices remain the main constraints on further valuation expansion. NEAR, ARB, and ENA ranked among the top performers, with 7-day returns of +85.44%, +63.00%, and +61.63%, respectively. On-chain capital recorded a modest net inflow of approximately $140 million over the past week, with flows increasingly concentrated in RWA, real-revenue, and institutional narratives. Arc generated approximately $411 million in DEX trading volume on the first day of its mainnet launch, driven by the Launchpad and Meme frenzy. Its initial surge largely reflected spillover from the Robinhood Chain wealth effect, while the sustainability of long-term demand remains to be seen.

Last week, markets traded around energy shocks, sticky inflation, and expectations of further rate hikes. Higher oil prices pushed U.S. Treasury yields and the dollar higher, weighing broadly on risk assets. BTC and ETH fell 4.4% and 1.5%, respectively. Net on-chain inflows narrowed to approximately $41.15 million, with capital increasingly concentrated in core infrastructure such as Ethereum and BSC. Structural opportunities remained active, with VVV and FIL posting notable independent rallies. Meanwhile, the integration of Tokenized Stocks with Meme assets further expanded RWA use cases in on-chain trading and liquidity, with Meme-related transactions accounting for approximately 38.5% of the on-chain trading volume of related stock tokens.

Gate Research VIP Weekly Report: Last week, sticky inflation and Warsh's hawkish remarks pushed up expectations for a rate hike, while U.S. equities still posted modest gains with support from the AI theme. BTC and ETH rose 2.10% and 0.59%, respectively, as the market shifted from a broad-based rally toward more selective, structural rotation. VET, XMR, and SPX ranked among the top performers, with 7-day gains of +21.03%, +19.17%, and +16.10%, respectively. On-chain capital flows shifted from the previous week's heavy two-way turnover to lower-volume net outflows, with major chains recording combined net outflows of approximately $426 million. Capital became increasingly concentrated in ecosystems with clear user access points and trading use cases. Tectonic, the largest lending protocol on Cronos, was attacked following price manipulation of the low-liquidity TONIC token, affecting approximately $75 million in assets.

Gate Research VIP Weekly Report: The crypto market significantly outperformed global financial markets. BTC and ETH broke through key technical levels, ttriggering a positive feedback loop that fueled a short squeeze and gaining approximately 23.6% and 31.3%, respectively, over the week. ENA, STX, and TRUMP ranked among the top performers, with ENA and STX surging nearly 100% and 93%, respectively. On-chain capital experienced significant rotation over the past week. Major chains recorded only around $53.13 million in aggregate net outflows, while both gross inflows and outflows exceeded $2.4 billion. Stablecoin supply increased by approximately $2.4 billion, with USDC accounting for nearly 70% of the increase after expanding by $1.67 billion. This indicates that incremental dollar liquidity is increasingly flowing into trading, margin, market-making, and cross-chain settlement activities.

Gate Research VIP Weekly Report: The crypto market failed to benefit from easing inflation. BTC declined initially before stabilizing and staging a modest rebound, ending the week down 3.08%. ETH followed a similar pattern but posted a smaller weekly decline of 1.81%. VELVET, ETHFI, and LINK ranked among the top performers, with 7-day returns of +123.25%, +29.40%, and +15.42%, respectively. On-chain capital recorded net outflows of approximately $289 million over the past week, while Ethereum’s net outflows narrowed significantly from around $1.069 billion the previous week to $453 million. Capital increasingly flowed into high-efficiency and high-yield opportunities. Spark Liquidity Layer TVL rose 12.8% week over week to $1.765 billion, indicating that stablecoin liquidity is shifting from passive deposits toward active asset allocation.

Gate Research VIP Weekly Report: BTC and ETH both rebounded over the week, with BTC gaining 2.10% and ETH rising 1.35% alongside the broader recovery in risk assets. PUMP, ZRO, and CRV led the gainers, posting 7-day returns of +32.54%, +21.27%, and +18.23%, respectively. Market leadership was concentrated in the Solana meme ecosystem, cross-chain infrastructure, DeFi, and other high-volatility narratives. Over the past week, on-chain capital flows were characterized by “outflows from Ethereum and dispersed inflows across alternative ecosystems.” Major recipient chains recorded approximately US$571 million in combined net inflows, while Ethereum saw approximately US$1.069 billion in net outflows, accounting for around 96% of total outflows among the major chains tracked. Capital increasingly favored ecosystems offering tangible trading revenue, points-based incentives, and RWA-related use cases.

Gate Research VIP Weekly Report: BTC initially rallied before reversing course last week, breaking below its short-term consolidation range and ending the week down 2.8%. ETH followed a similar trajectory but experienced greater volatility, falling 3.56% over the week. Cardano (ADA), Audiera (BEAT), and Uniswap (UNI) topped the gainers list, posting 7-day gains of +12.39%, +8.33%, and +6.02%, respectively. On-chain capital flows shifted further from “narrative-driven” to “revenue- and trading-driven” activity, with major blockchains recording a modest net inflow of approximately $15.56 million overall. The shutdown of Odos further highlights the declining value of DEX aggregators as standalone entry points, as wallets, trading bots, in-app swaps, and solvers continue to divert order flow.

BTC posted a modest 1.5% gain over the week, while ETH rose 3.6%. The crypto market continued to find support from easing inflation, although higher oil prices and geopolitical risks still restrained the expansion of leveraged positions. Among the top gainers, Pump.fun (PUMP), Pi (PI), and Injective (INJ) ranked first, second, and third, recording 7-day gains of 31.44%, 22.17%, and 12.45%, respectively. Over the past week, public blockchains recorded a net capital outflow of approximately $485 million. Ethereum was the primary source of outflows, with net outflows of around $894 million, while Avalanche attracted the largest net inflow of approximately $146 million, driven by Progmat's $2.7 billion tokenized securities migration and the deployment of Aave V4. Meanwhile, increased Meme trading activity on Robinhood Chain significantly boosted Uniswap's trading fees.