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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

Gate Research Daily Report: On April 7, Bitcoin dropped 5.22% to $78,236, while Ethereum fell 12.13% to $1,601. Aave's cumulative borrowing interest on Ethereum surpassed $1 billion. Solana's total value locked (TVL) reached 53.8 million SOL, marking its highest level since 2023. In March, most major DeFi protocols experienced sharp revenue declines, but Sky stood out with notable growth. Meanwhile, newly announced U.S. tariff policies triggered a global market shake-up, accelerating sell-offs across both traditional and crypto markets. Lens Chain officially launched its mainnet, offering a scalable and modular foundation for decentralized social applications. The SEC also initiated a review of digital asset policies introduced under the Biden administration, potentially signaling a move toward more relaxed regulation.

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.

Gate Research Daily: Mai 14 — BTC gained 1.91%, currently at $103,556; ETH gained 9.06%, now at $2,640.55. Meme, AI Agent, Solana Ecosystem, and other Zones all rallied, driving a broad altcoin Marché uptrend led by PEOPLE, BOME, and SATS. Trump once again talked up the stock market for the third time, while crypto surged from its lows. LetsBonk's 24h issuance volume is nearing Pumpfun, with several Tokens exceeding $1 million in market cap.

Gate Research Weekly Report: BTC experienced a sharp pullback over the past 24 hours, briefly falling toward $62,000 as more than $500 million in spot ETF outflows and broad deleveraging pressure weighed heavily on market sentiment. ETH followed the decline and continued to underperform BTC, trading below key short-term moving averages. The altcoin market remained under pressure overall, although AI-related tokens such as WLD and MAGMA outperformed with notable gains. Meanwhile, total crypto liquidations reached $1.74 billion in 24 hours, with long positions accounting for nearly 90% of the total, while open interest and derivatives trading activity both declined, signaling an accelerated deleveraging cycle. In addition, the depeg of apxUSD renewed concerns over the resilience of crypto-native stablecoins during market stress. Over the next seven days, major token unlocks from HYPE, HOME, and ENA are expected to be key events to watch for potential supply-side pressure on the market.

Gate Research Daily Report: Over the past 24 hours, BTC experienced a clear downside breakdown, with persistent ETF outflows emerging as the primary driver behind the decline. ETH also remained weak, though its losses were slightly smaller than those of BTC. WLD surged more than 31% on the back of growing AI-related optimism and expectations surrounding the launch of the World Chain mainnet, while MAGMA soared nearly 59% following the rollout of liquidity incentive programs and new ecosystem partnerships. Meanwhile, SUSHI gained over 15%, supported by capital rotation into the DeFi sector and improving on-chain activity metrics. At the same time, apxUSD depegged to $0.94 as Bitcoin's decline triggered a chain reaction of collateral value erosion. BTC is also facing more than $600 million in potential long liquidations around the $62,000 level, highlighting strong bearish momentum in the market. Separately, the U.S. Treasury Secretary confirmed that the Strategic Bitcoin Reserve initiat

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.

The market repriced expectations for further Fed rate hikes, keeping pressure on crypto assets. BTC declined approximately 4.3% over the week, while ETH fell around 4.8%. Global crypto ETPs recorded net outflows for a second consecutive week, totaling $2.54 billion. Gate officially launched stock trading, providing access to more than 10,000 U.S. stocks and ETFs. PancakeSwap surpassed Uniswap in trading volume, while activity in the LST sector cooled, with the Solana ecosystem remaining relatively resilient. Risk appetite across DeFi remained cautious, as Aave's lending volume continued to decline, although borrowing rates for its three core assets largely stabilized. In the derivatives market, BTC exhibited a combination of falling prices, persistently positive funding rates, and continued volatility compression.

Gate Research Daily Report: Over the past 24 hours, BTC remained under downward pressure amid the sharp escalation of the U.S.–Iran military conflict and bearish developments such as Strategy's reported BTC sales. MYX surged more than 16% as market attention toward on-chain perpetual futures protocols intensified, while ZEC benefited from rising demand for privacy-focused assets driven by escalating geopolitical tensions and sanctions-related concerns. ENA also advanced following Coinbase Ventures' first public-market purchase of the token and the announcement of a strategic partnership. Meanwhile, SpaceX is reportedly planning an IPO next week, with shares priced at $135 and a target valuation of $1.75 trillion. Coinbase Ventures has established its first position in ENA, while the ongoing escalation of the U.S.–Iran conflict has weighed heavily on risk assets, triggering a broad sell-off across the crypto market.

Gate Research Daily Report: Over the past 24 hours, BTC remained under downward pressure amid the sharp escalation of the U.S.–Iran military conflict and bearish developments such as Strategy's reported BTC sales. MYX surged more than 16% as market attention toward on-chain perpetual futures protocols intensified, while ZEC benefited from rising demand for privacy-focused assets driven by escalating geopolitical tensions and sanctions-related concerns. ENA also advanced following Coinbase Ventures' first public-market purchase of the token and the announcement of a strategic partnership. Meanwhile, SpaceX is reportedly planning an IPO next week, with shares priced at $135 and a target valuation of $1.75 trillion. Coinbase Ventures has established its first position in ENA, while the ongoing escalation of the U.S.–Iran conflict has weighed heavily on risk assets, triggering a broad sell-off across the crypto market.

BTC trended lower throughout the week, while ETH also experienced a pullback. Crypto ETF products recorded net outflows for a second consecutive week. H led the market with a gain of 175.79%. Gate officially launched stock trading, allowing users to trade stocks, ETFs, and other assets listed on major U.S. securities markets directly with USDT, offering access to more than 10,000 securities. On-chain capital flows showed a notable shift, with Ink attracting approximately $132 million in net inflows, making it the largest destination for capital inflows, while BSC recorded a period of capital returning to the ecosystem. Following the rsETH risk incident, Morpho has continued to attract liquidity in the lending market, with its modular architecture and risk isolation capabilities emerging as a new competitive advantage.