VIP Weekly Industry Report

Last week, BTC moved into a high-level consolidation phase after the previous sharp rally, but the market structure has not flipped bearish. ETH showed greater resilience than BTC, holding up better during pullbacks. On-chain flows clearly reflect a "trading-scenario-first" trend. Capital is rotating out of low-velocity, general settlement layers and into networks with higher trading efficiency and stronger support for active strategies. Perp DEXs and prediction markets have become the main liquidity magnets in this cycle. Both Hyperliquid and Polygon PoS recorded net inflows of over $100 million. Meme activity across the Solana ecosystem is also picking up again. Bags App has risen quickly on the back of its "donation-driven" mechanic, amplifying FOMO and viral growth dynamics.

Gate Research: BTC has stabilized again on the 4-hour timeframe, with a clear upside structure in place. Overall price action points to a mild and orderly recovery. ETH's catch-up move is gradually taking shape, with a noticeably steeper trend slope than BTC. Supported by returning capital inflows, its upside pace has continued to accelerate. Capital flows across public blockchains are showing clear divergence. More conservative, allocation-oriented capital is rotating back into core settlement layers, led by Ethereum. Base, as a user onboarding and asset distribution layer, is also seeing sustained net inflows. Polymarket Builders trading volume has reached a new all-time high, further strengthening the head effect. The increase in trading activity is mainly concentrated in a small number of mature tools, including betmoar.

BTC consolidated between $87,000 and $90,500 and gradually stabilized, but upward momentum remains limited. ETH continued its low-level recovery, slowly climbing after finding solid support around $2,900. CC surged 43.84% over the past week, standing out as the top performer. Ethereum led net inflows with nearly $200 million. This trend largely reflects defensive capital reallocation during a contraction phase. Transaction volumes on crypto payment cards continue to expand, and stablecoin payment use cases are accelerating, emerging as one of the few areas that maintain growth certainty in a cautious market environment.

BTC rebounded after a swift dip near $83,800, while ETH regained a foothold above the $3,000 psychological level over the weekend. Overall, the crypto market is showing a technical rebound rather than a trend reversal. BEAT surged more than 46.00% last week, making it the top-performing token. Ethereum emerged as the primary destination for capital inflows, significantly outperforming other networks. Within the BSC ecosystem, competition among prediction markets has intensified sharply. Opinion has taken a leading position, supported by low fees and early liquidity advantages. While newer platforms have introduced innovations in mechanisms and incentives, their marginal contribution to overall market scale remains limited.

Gate Research: BTC pulled back sharply after pushing above $94,000, with the $90,000–91,000 zone flipping from support to resistance. ETH retreated from around $3,400 but continues to consolidate above $3,000. M surged more than 46.63% last week, standing out as the top-performing token. Hyperliquid led by a wide margin with roughly $190 million in net inflows, reflecting a clear market consensus bet on on-chain perpetuals, high-frequency trading, and capital-efficient infrastructure. Following its mainnet launch, the stablecoin-focused chain Stable has underperformed narrative expectations, with its next phase hinging on application adoption and real-world use cases.

Gate Research: Bitcoin stabilized and rebounded last week, reclaiming the $90,000 level. Ethereum also recovered above $3,000, with both assets showing a steady, moderate correction. KAS led the market with a weekly gain of 27.19%, standing out as the top-performing asset. Starknet was the strongest-momentum ecosystem, with STRK staking participation and decentralization indicators trending higher. DeFi TVL has accelerated meaningfully since July, nearing its all-time high. Monad, on the other hand, showed a clear pattern of high network activity paired with heavy airdrop-driven sell pressure. Even with higher TPS and ecosystem incentives after its mainnet launch, over half of recipients sold their tokens, resulting in sharp price volatility.

Last week, the government reopening failed to bring liquidity back to the market, and Bitcoin slipped below $100,000 once again. TEL skyrocketed over 100%, standing out as the top performer. Sei accelerated across funding, ecosystem development, and institutional adoption, emerging as one of the most promising layer-1 projects. Uniswap rolled out its most groundbreaking governance proposal yet, enabling protocol fees and directing the revenue toward UNI burns. Gate Connect officially launched Apple Pay for crypto sales, positioning it as the first Web3 exchange to support this feature.

Last week, the crypto market came under pressure from both government shutdown concerns and DeFi security incidents. Mainstream coins continued to decline, while only a few altcoins bucked the trend and posted gains. SOON surged over 195.63% last week, emerging as the standout token. WorldChain saw significant increases in activity and capital inflows, becoming a highlight in multi-chain rotation. Regulators are actively promoting the launch of leveraged spot crypto products, which could go live as early as the end of the year. Gate has rolled out a decentralized Web3 Launchpad, pushing token issuance toward fully on-chain deployment.

Last week, DASH surged over 67%, standing out as the top-performing token. TRUMP and ICP also posted gains of 24.85% and 16.70%, respectively, rising against the short-term market trend. Benefiting from simultaneous performance upgrades and ecosystem expansion, Starknet delivered the strongest performance, attracting net inflows of over $100 million in a single week, making it a new hotspot for capital. Meanwhile, heightened narrative attention combined with tightening regulations has once again positioned privacy assets as a hedge for "censorship resistance and asset sovereignty". The privacy token sector has regained market focus, with ZEC soaring over 190% in the past month, leading gains in the privacy track.

Last week, ENA surged over 15.09%, emerging as the standout token. TAO and PAXG also posted gains of 8.93% and 5.19%, respectively, bucking the broader trend in the short term. The Starknet ecosystem is gradually recovering, centering around "BTCFi" with initiatives including Bitcoin staking, institutional onboarding, and a 100 million STRK incentive program. Both TVL and stablecoin supply have reached new highs. The prediction market sector is heating up—Polymarket's active wallets surpassed 56,000, and together with Kalshi, monthly trading volume hit a record $1.44 billion.

Last week, XPL surged over 70.87% at launch, emerging as the week's top-performing token. MYX and ZEC also gained 63% and 26% respectively, bucking the short-term market trend. Arbitrum topped the public chain rankings with $3.8 billion in net inflows. World Chain, fueled by internal treasury transfers, saw $122 million in net inflows and reached a record high in application activity. Meanwhile, Plasma—the Tether-backed stablecoin chain—went live on the mainnet with the launch of its native token XPL. Leveraging aggressive "airdrop-style" marketing and oversubscription, it quickly captured market attention. Within just days of launch, its TVL exceeded $4.9 billion, making it one of the hottest projects of the week.

Last week, DEXE surged over 58.3%, delivering a standout performance. IP and IMX also posted strong gains of 41% and 13% respectively, bucking the short-term downtrend. Avalanche's RWA sector saw trading volume soar 130% over the past 30 days, with its market share climbing to 2.69%. The network further advanced in stablecoins, cross-chain assets, and ETFs, while the $1 billion reserve program reignited ecosystem momentum. Meanwhile, the Perp DEX sector continued its bullish run, accelerating into an explosive growth phase with trading volumes hitting repeated all-time highs.