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Gate Research Daily Report: U.S. stocks edged lower as strong bank earnings were offset by a pullback in chip stocks. Hong Kong equities were mixed, while South Korean stocks plunged amid a semiconductor sell-off. BTC and ETH rebounded, with Q, ZCAT, and BAT leading the gains. A rebound in tokenized stock trading on Solana, the Moscow Exchange’s preparations for crypto trading, and European banks’ accelerated rollout of compliance services emerged as key market themes.

Last week, markets were characterized by strong U.S. equities, weak crypto, and on-chain deleveraging. Economic resilience and elevated oil prices kept U.S. Treasury yields high, while AI-related momentum and solid earnings expectations continued to support U.S. stocks. BTC and ETH, by contrast, were weighed down by high interest rates, ETF redemptions, and deleveraging pressure. On-chain liquidity also contracted, with DEX trading volume, stablecoin supply, LST TVL, and Aave borrowing all declining, while large institutional players actively reduced leverage and shifted capital across protocols in search of higher yields. Derivatives markets remained defensive as well: BTC open interest declined, funding rates hovered near zero, 25D Skew turned negative across all tenors, and DVOL rose notably during the price sell-off.

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.

Gate Research Daily Report: U.S. and Korean chip shares were under pressure while Hong Kong financials relatively outperformed. BTC fell toward 81,000 USDT and ETH weakened; GTC, OSMO and RSR advanced. Blur plans to close its frontend, CFTC rulemaking could extend to 2028, and Strategy acquired 250 BTC. Monitor U.S. inflation data, oil prices, ETF flows and market risk appetite.

In September, global capital markets shifted from broad recovery to sharper dispersion as resilient US activity, energy-driven inflation, and Middle East tensions reset the rates outlook. The Federal Reserve resumed tightening with a 25-basis-point hike, while the 10-year Treasury yield briefly moved above 5%. Higher discount rates weighed on traditional sectors, small caps, and gold, even as capital remained concentrated in AI and large technology companies with clearer earnings visibility. In crypto markets, both spot Bitcoin and Ethereum ETFs registered monthly net inflows, but allocations tilted more decisively toward Bitcoin. Risk reduction ahead of the Fed meeting was followed by a rapid post-decision recovery, underscoring institutional preference for liquidity and allocation certainty over higher-beta exposure. On-chain, NEAR Intents used ZEC liquidity to validate its intent-network expansion; Circle’s Arc mainnet ignited a Launchpad boom that cooled rapidly after launch; and E

Risk assets delivered mixed performance in September. BTC and ETH gained 6.4% and 8.84%, respectively, while an equal-weighted basket of seven crypto assets returned 18.93%, led by ZEC’s 69.65% monthly surge. Over the same period, the Nasdaq rose 1.86%, the U.S. Dollar Index gained 2.03%, and the 10-year U.S. Treasury yield increased by 54 basis points. U.S. spot BTC and ETH ETFs recorded net inflows of $2.65 billion and $832 million, respectively, while stablecoin supply and DeFi TVL both expanded. Gate futures data showed that open interest in BTC and ETH perpetual contracts declined by 1.85% and 8.97%, respectively, with funding rates remaining moderately positive. These conditions point to simultaneous spot-market inflows and a reduction in leveraged exposure. Among the four strategies tested, time-series momentum generated a cumulative return of 21.1% over the first nine months of the year, while cross-sectional momentum led in September with a 22.1% return. The volatility-managed

Gate Research Daily Report: On October 12, the crypto market continued its recovery from recent lows, with BTC reclaiming $83,000 and ETH and GT rebounding alongside it, although medium-term trends among major cryptocurrencies remained mixed. The Altcoin Season Index rose to 62, as capital flows concentrated in Layer 1 and RWA assets such as Sonic, PLUME, and LUMIA. On the industry front, Ledger confirmed unauthorized hardware implants in devices distributed through reseller channels, XRP Ledger patched a vulnerability that could have led to excessive token issuance, and South Korea advanced a licensing framework for virtual asset trading platforms.

Gate Research Daily Report: On October 12, all three major U.S. stock indices closed higher, while Hong Kong stocks rebounded, driven by gains in property, electric vehicle, and technology shares. South Korean stocks, meanwhile, came under pressure from foreign investor selling and weakness in heavyweight semiconductor stocks. The crypto market staged a modest recovery, with BTC and ETH rising 0.87% and 1.17%, respectively, while S, LUMIA, and PLUME led the gains. On the industry front, the Moscow Exchange plans to launch regulated crypto trading, CleanSpark secured financing for data center expansion, and attackers linked to the Ledger incident continued moving stolen assets.

The Federal Reserve’s September 2026 rate hike was primarily driven by persistent inflation, resilient economic growth, and a robust labor market. Higher interest rates affect the crypto market by raising risk-free yields, strengthening the U.S. dollar and real interest rates, and tightening liquidity, although price performance depends more heavily on the gap between policy expectations and actual outcomes. Compared with 2023, crypto markets have shown no consistent directional response following rate hikes: BTC has generally demonstrated greater defensive resilience, ETH is influenced by both staking yields and on-chain activity, while SOL and altcoins tend to exhibit greater volatility and price sensitivity. Overall, a single rate hike is insufficient to determine the broader market trend. Going forward, key indicators to monitor include the interest-rate path, U.S. Treasury yields, stablecoin supply, and changes in market leverage.

In September 2026, the crypto market continued to advance, building on the recovery seen in August. High-beta assets such as SOL and DOGE (+13.33%) outperformed BTC. Among the Top 500 cryptocurrencies, 369 posted gains while 96 declined, with an average return of +29.79% across the full sample. STONK (+1,456.56%) and ORBIO (+991.92%) ranked among the top performers. Among valid samples in September, the average trading volume expansion was approximately 2.43x, with a median of 0.95x. VTHO (181.47x) and QNT (82.94x) stood out at the top of the volume expansion rankings. The combination of rising prices and surging trading volumes emerged as one of the clearest structural signals in September.

Gate Research VIP Daily Report: BTC retreated toward the 82,000 USDT area, ETH fell below 2,500 USDT, and GT entered a short-term correction. Meanwhile, CAW, AMP, and SOSO advanced as capital rotated into meme assets, payment collateral, and AI-powered research tools. Markets are watching spot Bitcoin ETF outflows, the integration of stablecoins into mainstream mobile wallets, the launch of 1:1-backed tokenized U.S. equities, and growing debate over wallet security and post-quantum migration amid advances in AI-assisted mathematics.

Gate Research Daily Report: U.S. tech stocks pull back as Hong Kong and South Korean equities face similar pressure. BTC retreats toward 82,000 USDT, while ETH extends its losses and CAW, OGN, and EL lead the gainers. Key market themes include Samsung Wallet's integration of USDC cross-border transfers, Securitize's launch of tokenized U.S. stocks, and AI's potential implications for cryptographic security.