DeFi

Crypto market risk appetite recovered, with BTC gaining approximately 6.8% and ETH rising about 12.2% over the week. Gate TradFi maintained a high weekly trading volume of around $85 billion, while U.S. stock trading volume extended its growth streak to five consecutive weeks, reaching a new period high. DEX activity continued to diverge, with Uniswap and PancakeSwap recording lower trading volumes, while PumpSwap sustained strong growth. The LST sector also rebounded, with ETH- and SOL-based liquid staking assets recovering alongside improving market sentiment. BTC open interest (OI) climbed back to $22 billion, and funding rates remained positive throughout the week, indicating renewed leveraged positioning. Meanwhile, Gate Institutional spot and futures trading volumes increased 17.71% and 10.70% week over week, respectively, while CrossEx trading volume rose 26% WoW during the first week of July.

The easing of geopolitical tensions in the Middle East drove oil prices lower, shifting market focus from the "war premium" to the prospect of higher interest rates for longer from the Federal Reserve. The Nasdaq declined about 3.3%, while BTC and ETH fell approximately 6.9% and 9.0%, respectively, accompanied by significant net outflows from spot BTC and ETH ETFs. On-chain liquidity continued to concentrate in high-turnover trading venues, with PumpSwap emerging as the week's largest source of incremental activity. Meanwhile, DeFi liquidity remained defensive, as stablecoins, the LST sector, and lending markets all exhibited cautious sentiment. Although BTC prices retreated, open interest (OI) remained broadly stable, indicating that the derivatives market continued to operate in a relatively low-leverage environment. At the same time, 25D Skew weakened further and DVOL climbed to around 47–48, suggesting that the options market was repricing downside risk.

Prediction markets transform World Cup-related events such as championship outcomes, qualification paths, and individual match lines into tradable probability assets, shifting sports participation from one-off outcome speculation toward continuous pricing, hedging, and arbitrage. With sports trading volume across major platforms surpassing $7 billion during the opening week of the World Cup, Kalshi and Polymarket have emerged as the primary liquidity hubs. Single-match markets drive high-frequency activity, while championship markets serve as vehicles for long-term narratives and social engagement. At the same time, AI models provide pre-match probability estimates based on historical performance, player form, and tournament variables, while prediction markets continuously incorporate news, sentiment, and capital flows through real-money trading to generate dynamic posterior probabilities. That said, challenges remain, including liquidity concentration, sentiment-driven premiums on pop

Global markets traded around the Fed’s hawkish signals last week, with both BTC and ETH declining by more than 4%. The overall outflow trend from ETFs remained unchanged, while Gate TradFi Perp trading activity stayed elevated and coverage of U.S. equity assets continued to expand. DEX trading volumes showed divergence, with Uniswap slightly overtaking PancakeSwap and Solana ecosystem activity recovering; stablecoin supply saw no significant new dollar inflows, with capital rotation remaining the dominant trend. BTC’s derivatives market continued its deleveraging process, with open interest declining rapidly while funding rates remained positive. Cooling options trading activity, weakening Skew, and a rebound in DVOL indicated rising short-term defensive demand and renewed expectations for market volatility.

Last week, BTC, ETH, and the broader crypto market staged a sharp reversal, recovering after an initial sell-off, while ETF fund flows improved significantly. Over the same period, Gate TradFi Perp recorded daily trading volumes exceeding $500 million on multiple occasions, with stocks accounting for a noticeably larger share of total volume, reflecting growing interest in equities and Pre-IPO-related assets. Meanwhile, DEX trading volumes declined across major protocols compared with the previous week, indicating softer on-chain trading activity. The LST sector rebounded alongside the recovery in ETH and SOL prices, while Aave lending activity stabilized and resumed growth, supported by persistently low borrowing rates and easing liquidity pressure in USDC markets. In derivatives markets, sentiment improved in tandem with BTC's rebound. Leverage began rebuilding as traders re-entered the market, downside hedging demand eased significantly, and both options trading volume and implied v

Uniswap V4 Hooks have evolved from a foundational technological innovation into a major driver of ecosystem growth. V4’s TVL has reached $682 million, with cumulative trading volume surpassing $422 billion. Powered by its programmable liquidity mechanism, developers can now implement features such as dynamic fees, custom curves, MEV protection, and on-chain content generation. The rise of projects like uPEG, SATO, and Slonks has further extended Hooks into areas including on-chain collectibles, fair launches, and AI-driven creation. This pushes liquidity beyond traditional trading infrastructure toward content generation, community participation, and asset issuance.

Last week, global macro markets experienced a dramatic shift from rising optimism to a sharp reversal. Bitcoin fell approximately 15% for the week, while Ethereum declined around 22%. Following the launch of Gate’s U.S. stock trading service, the number of listed assets expanded rapidly. On-chain trading activity rebounded notably, with major DEXs including Uniswap, PancakeSwap, and Aerodrome recording higher trading volumes. Meanwhile, the LST sector broadly weakened, Aave’s lending volume continued to contract, and new demand increasingly flowed into emerging ecosystems such as MegaETH. In derivatives markets, BTC open interest (OI) dropped by more than 15%, while 25D Skew plunged to deeply negative levels and DVOL briefly surged to 52–54, indicating that short-term downside hedging demand reached one of the highest levels of the current cycle. On the institutional side, Gate’s spot trading volume increased 92.16% week-over-week, while CrossEx trading volume rose 47.1% over the same

In May, global capital markets continued their recovery, with U.S. equities extending gains as the AI theme, resilient corporate earnings, and improving risk appetite supported the broader market, especially in technology and semiconductors. At the same time, structural divergence remained evident, with capital increasingly concentrated in core assets backed by visible growth and solid earnings. Against this backdrop, Gate officially launched real stock trading, further connecting crypto assets with traditional financial markets and providing users with a one-stop multi-asset trading gateway covering crypto, U.S. stocks, and ETFs. This also signals that crypto platforms are accelerating their evolution into comprehensive global financial infrastructure.

Over the past week, the market was jointly driven by easing geopolitical tensions, cooling inflation, and stable policy expectations. Oil prices declined sharply, the S&P 500 Volatility Index moved lower, and risk appetite rebounded, with BTC shifting its range upward to $68,000–$73,000. On the capital side, the market saw a strong recovery following prior volatility, with Bitcoin ETF net inflows reaching approximately $833 million for the week—marking a new cyclical high—while Ethereum ETFs also recorded net inflows, indicating a return of institutional dominance. Trading structure shifted toward macro-driven, high-volatility assets and leading platforms, with capital concentrating in energy products such as crude oil, while on the DEX side, liquidity gravitated back to major venues like Uniswap. Stablecoins and DeFi showed structural recovery, with USDC emerging as the primary source of incremental liquidity, and funds flowing back into leading staking protocols and core lending mark

Over the past week, the market was jointly driven by easing geopolitical tensions, cooling inflation, and stable policy expectations. Oil prices declined sharply, the S&P 500 Volatility Index moved lower, and risk appetite rebounded, with BTC shifting its range upward to $68,000–$73,000. On the capital side, the market saw a strong recovery following prior volatility, with Bitcoin ETF net inflows reaching approximately $833 million for the week—marking a new cyclical high—while Ethereum ETFs also recorded net inflows, indicating a return of institutional dominance. Trading structure shifted toward macro-driven, high-volatility assets and leading platforms, with capital concentrating in energy products such as crude oil, while on the DEX side, liquidity gravitated back to major venues like Uniswap. Stablecoins and DeFi showed structural recovery, with USDC emerging as the primary source of incremental liquidity, and funds flowing back into leading staking protocols and core lending mark

This article explores how reciprocal tariff policies affect global financial markets through macroeconomic transmission mechanisms. It further analyzes their impact on the ecosystems of stablecoins, real-world assets (RWAs), and decentralized finance (DeFi), examining both the underlying mechanisms and the potential risks and opportunities involved.

Over the past week, markets were primarily driven by the escalation of the US Iran conflict. WTI crude rose nearly 17% and returned above the $100 level, pushing US Treasury yields higher, with the 10 year reaching 4.44%, while the US dollar strengthened. The crypto market declined by more than 6% overall, and the S&P 500 Volatility Index climbed to 31. On the capital side, BTC and ETH ETFs recorded about $500 million in net outflows mid week, followed by a modest rebound.