TradFi

U.S. inflationary pressures eased, shifting the market’s focus toward growth risks, while crypto assets underperformed U.S. equities. BTC and ETH ETFs recorded net inflows of $865 million and $244 million, respectively, signaling a recovery in institutional allocation; Gate TradFi weekly trading volume remained around $115 billion. Weekly DEX trading volume declined 5.2%, although Uniswap V4 and Aerodrome recorded pockets of growth. Robinhood Chain contributed approximately 60% of Uniswap’s weekly protocol revenue, suggesting that capital is increasingly focused on whether trading activity can translate into protocol revenue and other forms of long-term value capture. BTC open interest rose to $12.3 billion while funding rates remained positive. Demand for options-based downside protection increased temporarily, but both Skew and DVOL subsequently normalized, leaving the medium- to long-term market outlook cautiously bullish.

In July, the crypto market continued its cautious recovery, with total market capitalization rebounding to $2.26 trillion, up approximately 7.6% month over month. As some capital shifted back toward stable-yield strategies, total GUSD issuance rose rapidly to approximately 215 million tokens. Gate Dual Investment delivered strong performance, with annualized yields on 0-day BTC Buy Low and Sell High products reaching 95.5% and 113.5%, respectively, outperforming the market averages by 34.4 and 32.6 percentage points. Among quantitative funds, Interstellar Pioneer led with a monthly return of 4.2%, while Interstellar Hedge recorded a cumulative return of 19.1% and maintained a 100% monthly win rate for 25 consecutive months. In terms of stock holdings, SK Hynix and SpaceX ranked as the top two positions, accounting for 59.3% and 15.2%, respectively.

U.S. employment data weakened significantly, reducing expectations for a September rate hike and pushing U.S. Treasury yields lower. BTC and ETH ETFs recorded weekly net inflows of approximately US$865 million and US$244 million, respectively, while Gate’s weekly trading volume approached US$115 billion, reaching a new recent high. On-chain activity shifted from short-lived thematic surges toward structural rotation: PancakeSwap continued to lead Uniswap, while stablecoins, LSTs, and Aave lending expanded moderately as risk appetite improved. Ethereum remained the primary anchor for lending demand, while Monad emerged as the largest source of incremental growth. BTC open interest increased moderately and funding rates remained positive, while options trading showed a bullish bias. The 25D Skew improved from approximately -4 to -6 vol to around -3.6 vol, while DVOL remained low at around 35.

The crypto CFD market is evolving from a mere product extension of crypto derivatives into a competitive phase centered on cross-asset integrated accounts. Platforms are no longer competing solely on leverage and short-term trading volume, but on asset coverage, capital retention, user composition, and cross-market infrastructure. Gate uses USDT as the funding medium to connect CFDs, perpetual contracts, stocks, ETFs, API trading, copy trading, and wealth management into a unified multi-asset ecosystem. By Q2 2026, its CFD offering had expanded to 663 tradable assets, with peak weekly trading volume exceeding $150 billion. The report concludes that Gate’s core breakthrough lies in converting TradFi trading scenarios into stronger account retention and the capacity to attract and retain professional capital.

In July, global capital markets continued their structural recovery amid slowing economic growth, persistent inflation, and prolonged high interest rates. U.S. equities remained driven by the AI theme, but capital became increasingly concentrated in large-cap technology companies with stronger earnings visibility and cash flow, while higher-beta growth stocks and commodity-related sectors experienced greater divergence. Although overall risk appetite improved, institutional investors remained selective in their allocations. Within the crypto market, spot Ethereum ETFs attracted substantially stronger inflows than Bitcoin ETFs, indicating a shift from purely defensive positioning toward relative value allocation among major digital assets. Meanwhile, tokenized stocks, Robinhood Chain, and prediction markets emerged as the key themes in on-chain finance. Centralized exchanges, brokerage platforms, and public blockchains competed for liquidity and user distribution, with Robinhood Chain l

Risks of a Fed rate hike and concerns over stagflation intensified. BTC fell 2.8% over the week, while ETH declined 3.56%, and BTC ETFs shifted back to net outflows. Gate TradFi trading volume approached $100 billion, with equity trading activity increasingly concentrated in U.S. and South Korean stocks. PancakeSwap trading volume rose to approximately $16.0 billion, surpassing Uniswap, while Robinhood Chain, RWA-related activity, and PUMP ecosystem meme tokens emerged as key sources of short-term trading flows. Stablecoin supply for USDG, RLUSD, and several others expanded against the broader trend. The LST sector broadly pulled back, although ETH staking assets showed relative resilience, while Aave lending activity was supported by Ethereum, Plasma, and Monad. BTC open interest declined from above $22.5 billion to around $22.0 billion, while funding rates remained positive. In the options market, 25D Skew weakened again as demand for downside protection recovered, while DVOL fell to

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.

Rising concerns over energy supply disruptions in the Middle East pushed both oil prices and inflation expectations higher. Brent crude briefly surpassed $100 per barrel, while the yield on the U.S. 10-year Treasury climbed toward 4.70%, weighing on growth stocks and sending the NASDAQ down about 2.1% for the week. The crypto market proved relatively resilient, with BTC consolidating at elevated levels and ETH outperforming on the back of capital rotation. Weekly net inflows into spot BTC ETFs slowed to approximately $34 million, while spot ETH ETFs recorded net inflows for a third consecutive week, reflecting a more selective allocation by institutional investors. On-chain activity showed increasing divergence: PancakeSwap overtook Uniswap, while PumpSwap and social media-driven meme token trading regained momentum. Stablecoin supply remained broadly flat, ETH LST continued to recover, and Aave lending activity became increasingly concentrated on Ethereum. In the derivatives market, B

Jersey Mike’s (NYSE: JMKE) has formally launched its IPO, offering 30 million shares of Class A common stock at an expected price range of $19 to $21 per share, implying a fully diluted market capitalization of approximately $8.3 billion to $8.9 billion. As the second-largest sandwich chain in the United States, Jersey Mike’s operates an asset-light model supported by a nearly 99% franchised store base and strong cash flow generation, although its store expansion is gradually shifting from rapid growth to a more mature growth phase. Proceeds from the primary offering will be used mainly to repay debt, while the transaction also includes a substantial secondary share component. Based on the company’s business model, financial performance, capital structure, use of IPO proceeds, and peer valuations, a reasonable valuation may fall within a range of 18–22x EV/Adjusted EBITDA, implying a fair value of approximately $21 per share.

Gate Wealth Report H1 2026 analyzes crypto market trends, Simple Earn, Dual Investment, On-Chain Earn, and Gate Stocks performance, highlighting yield strategies and asset allocation insights.

The cryptocurrency market remained under pressure in June, with both BTC and ETH posting monthly declines of around 20%. Gate Earn maintained relatively stable assets under management, fluctuating within the 1.5–1.6 billion USDT range. Total GUSD minted continued to trend lower, while its reference APY remained stable between 2.8% and 3.0%. Gate Dual Investment continued to outperform the market, with the Buy Low strategy offering a 0-day APY of 295%, significantly higher than the industry average of 166%. Among Gate Quant Funds, Interstellar Hedging (USDT) delivered the highest cumulative return at 18.7%. The top holdings in Gate Stocks remained highly concentrated in global semiconductor and technology growth companies, with SK Hynix ranking as the largest position.

BTC and ETH gained 1.48% and 3.62%, respectively, while spot ETF flows returned to net inflows overall, with Ethereum ETFs seeing a more pronounced recovery in capital inflows. Gate TradFi's weekly trading volume rebounded to approximately US$90 billion, accompanied by higher allocations to U.S. equities and ETFs. Robinhood Chain shifted market attention from the Solana meme ecosystem toward the "RWA + Tokenized Stocks + Meme" narrative. Uniswap continued to see user growth, the Ethereum ecosystem benefited accordingly, and both Lido's TVL and Aave's Ethereum lending market continued to expand. BTC funding rates remained positive throughout the week, although open interest (OI) showed no meaningful expansion, indicating restrained leverage despite constructive sentiment. Meanwhile, the options market was primarily driven by monthly contract rollovers and risk management, with 25D Skew continuing to normalize and DVOL remaining at subdued levels, suggesting that defensive positioning in