Macro Trends

The crypto market experienced a significant correction in October, with total market capitalization declining approximately 10.4% month-over-month. BTC fell 7.3% and ETH dropped 16.0%, reflecting weakening risk appetite and on-chain dollar liquidity. Capital shifted noticeably toward stablecoins, with USDT fixed-term holdings increasing 37% month-over-month, becoming the primary source of growth. Gate BTC Dual Investment maintained competitive yields across 3–22-day terms, particularly for 9-day and 15-day products. Gate Quant Funds' USDT strategies delivered an average 30-day annualized return of approximately 4.6%, with an October drawdown of just 0.01%. Gate Stocks trading became more diversified, although holdings remained highly concentrated in technology, semiconductors, and aerospace, with SPCX and SK Hynix accounting for a combined 58.5%.

Gate Research Daily Report: Bitcoin fell 5.70% to approximately $75,970, Ethereum declined 7.70% toward $2,235, and GT retreated to around $9.54 as a sharp selloff in U.S. technology stocks triggered more than $1 billion in cryptocurrency liquidations. FOCO, DESSA, and ELSA led the gainers among tokens meeting the market capitalization threshold, reflecting selective speculative interest despite broader market weakness. Circle reported third-quarter revenue and reserve income of $865 million, while USDC onchain transaction volume grew 49% year over year. The European Banking Authority is preparing to implement enhanced supervision of USDC on November 12, highlighting the growing importance of stablecoin regulation, payment infrastructure, and institutional adoption.

Gate Research Daily Report: Bitcoin fell below $76,000 and Ethereum declined toward $2,200 as a sharp selloff in U.S. technology stocks triggered more than $1 billion in cryptocurrency liquidations. DESSA, ELSA, and DACITYCOIN ranked among the strongest gainers meeting the market capitalization screening criteria. Circle reported third-quarter revenue of $865 million, while USDC onchain transaction volume grew 49% year over year. The European Banking Authority is preparing to implement enhanced supervision of USDC as a significant e-money token on November 12, highlighting the growing importance of stablecoin regulation, payment infrastructure, and institutional adoption.

In October 2026, the crypto market ended two consecutive months of gains, with BTC, ETH, and SOL declining 7.3%, 16.0%, and 19.2%, respectively. Only approximately 13.2% of the Top 250 crypto assets posted positive returns, reflecting a significant contraction in market breadth. U.S. spot BTC and ETH ETFs recorded net outflows of $514.4 million and $1.6074 billion, respectively, while total crypto liquidations reached approximately $6.22 billion, with long positions accounting for 68.7%. Meanwhile, stablecoin supply contracted by approximately $7.5 billion, and DeFi TVL fell 10.87%, placing further pressure on liquidity across the Ethereum and Solana ecosystems. The report further examines the trading dynamics of 20/60-day trend filters, cross-sectional momentum, mean reversion, and funding rate arbitrage. Combining key BTC price levels with ETF flows and derivatives positioning, it assesses market trends, relative asset value, and strategy execution conditions for November.

In October, global markets diverged amid high rates, energy inflation and Middle East supply risks. The Fed paused rate hikes, but rebounding inflation and resilient growth constrained easing. AI investment returns came under scrutiny, technology stocks corrected, gold declined and energy outperformed. Spot Bitcoin and Ethereum ETFs recorded net outflows, with greater redemption pressure on Ethereum, pointing to tactical risk reduction rather than a confirmed long-term reversal in institutional demand. Prediction markets posted record notional volumes as short-duration BTC contracts expanded high-frequency, multi-asset trading. Stablecoin payments expanded through Visa Direct and Gate Card, while finalized US rules clarified the compliance path. DTS and Gate gStocks highlighted distinct tokenized-equity models—on-chain securities entitlements, full shareholder-rights mapping and platform-based economic exposure.

Gate Research VIP Daily Report: On November 5, BTC returned above 80,000 USDT, while ETH and GT rebounded. Total cryptocurrency market capitalization stood at approximately $2.795 trillion, up 3.7% over 24 hours, as ELSA, DRV and DGAI gained. Circle reported $865 million in Q3 revenue and reserve income and disclosed an approximately 5% workforce reduction; Morgan Stanley became one of the first banks to tokenize U.S. equities and Treasuries through DTCC; and Crédit Mutuel Arkéa confirmed a cyberattack, with customer assets unaffected and the bank yet to confirm approximately $133 million as the final loss.

Gate Research Weekly Report: Over the past week, the conclusion of the U.S. midterm elections, falling oil prices, and lower Treasury yields supported a rebound in risk assets. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite gained approximately 1.4%, 3.1%, and 1.2%, respectively, for the week. BTC rose around 3.57% over the past seven days to $80,773, while ETH gained approximately 7.71% to $2,428. Total crypto market capitalization stood at roughly $2.72 trillion, with BTC dominance rising to approximately 59.59%. Total stablecoin supply was around $294.9 billion, while BEAM, CAP, and STX ranked among the week’s strongest-performing tokens. Major industry developments included the Binance hot-wallet security incident, BitGo’s institutional Bitcoin staking service, and Ethereum’s digital public infrastructure framework. Funding primarily flowed into stablecoin-based stock trading, AI-agent infrastructure, and cross-border payments. Over the next seven days, ADI, ALLO,

Gate Research VIP Daily Report: Global risk assets remain sensitive to high interest rates and volatility in technology stocks, while BTC continues to trade within a range as the market absorbs the aftermath of the security incident. LSK, COW, and DENT gained 45.54%, 30.81%, and 25.64%, respectively, driven by supply dynamics, trading activity, and momentum. A major crypto platform resumed withdrawals following a security incident, shifting market attention toward reserve coverage and asset migration. Zcash is set to activate its NU7 upgrade on November 5, drawing attention to network compatibility and privacy technologies. Regulators will conclude their consultation on restrictions involving Russia-linked online fund flows on November 4, with compliance boundaries influencing institutional access. Meanwhile, weak guidance from a semiconductor company triggered a sharp decline in its share price, while concerns over AI investment returns and interest rates weighed on risk asset valuati

Gate Research Daily Report: Global risk assets remain sensitive to high interest rates and volatility in technology stocks, while BTC continues to trade within a range as the market absorbs the aftermath of the security incident. LSK, COW, and DENT gained 45.54%, 30.81%, and 25.64%, respectively, driven by supply dynamics, trading activity, and momentum. A major crypto platform resumed withdrawals following a security incident, shifting market attention toward reserve coverage and asset migration. Zcash is set to activate its NU7 upgrade on November 5, drawing attention to network compatibility and privacy technologies. Regulators will conclude their consultation on restrictions involving Russia-linked online fund flows on November 4, with compliance boundaries influencing institutional access. Meanwhile, weak guidance from a semiconductor company triggered a sharp decline in its share price, while concerns over AI investment returns and interest rates weighed on risk asset valuations.

Last week, markets were shaped by the themes of “economic resilience, sticky inflation, and persistently high interest rates,” putting broad pressure on U.S. equities, gold, and crypto assets. Spot BTC and ETH ETFs recorded net outflows of $202 million and $431 million, respectively, while total stablecoin supply contracted by 1.4%. Aave’s outstanding borrowing declined even as stablecoin borrowing rates rose sharply, indicating that on-chain capital remained focused on deleveraging and staying on the sidelines. On-chain TradFi trading remained resilient, with Gate TradFi’s weekly trading volume increasing for a third consecutive week. U.S. equities continued to dominate, while the shares of ETFs, Hong Kong stocks, and South Korean stocks expanded. BTC prices declined, but perpetual futures open interest increased rather than fell, while funding rates remained positive for most of the period. Options skew stayed negative across all maturities, and DVOL rose notably during the market do

Market expectations for another rate hike in December increased. BTC rallied before retreating and subsequently staged a recovery from its lows last week, ending the week down 2.26%, while ETH recorded a larger decline and greater volatility. PEPE, HYPE, NIGHT, MORPHO, and STX ranked as the top five performers, with 7-day returns of +16.46%, +15.24%, +14.00%, +9.35%, and +7.42%, respectively. On-chain capital flows last week were largely driven by the Binance hot wallet attack, resulting in a clear risk rebalancing rather than a broad-based recovery in risk appetite across multiple chains. Cross-chain capital moved out of high-turnover collateral positions and mainnet asset pools, with Arbitrum leading with approximately $240 million in net inflows. Hyperliquid, meanwhile, recorded around $240 million in net outflows, making it the primary source of capital outflows, although the pace of withdrawals moderated compared with previous periods.

Gate Research Daily Report: On November 3, U.S. semiconductor shares came under pressure, while Hong Kong and South Korean equities advanced. BTC fell toward 77,000 USDT and ETH weakened, with total cryptocurrency market capitalization declining 3.04%. ELA, ARIA, and MPLX gained. North Korea denied the FBI’s attribution of the Binance theft; Mercado Bitcoin suspended deposits and withdrawals following a security incident, with the amount involved still undetermined; and Securitize expanded its tokenized U.S. equity offering to 25 products, while round-the-clock trading remains planned.