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In September, the total cryptocurrency market capitalization trended higher amid volatility, ending the month at approximately $2.95 trillion, up about 9% from the start of the month. BTC and ETH both saw a late-month pickup in trading activity and prices, alongside clear ETF inflows. On-chain, Solana continued to lead in transactions and active addresses, Base improved, and cross-chain flows diverged; Ethereum still accounted for 56.2% of DeFi TVL. Key themes included UNI burns driven by Robinhood Chain activity, ZEC cross-chain liquidity, social trading, and stablecoin payments. Web3 disclosed funding totaled about $1.174 billion, while disclosed security losses reached about $442 million.

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.

Gate Research VIP Daily Report: On October 8, crypto markets came under pressure as inflation and geopolitical risks rose, with BTC, ETH and GT declining and total market capitalization falling to $2.93 trillion. ITA, ZEUS and MET gained. Orca and Loopscale merged as Formation, Grayscale explored multi-asset ETFs, and Abstract plans to shut down on December 15.

Gate Research Weekly Report: BTC and ETH fell 3.78% and 1.64%, respectively, over the past seven days, as higher oil prices, rising yields, and expectations of further rate hikes weighed on risk appetite. ITA, ZEUS, and MET surged 207.10%, 124.80%, and 22.66%, respectively, driven by low liquidity, cross-chain narratives, and DeFi rotation. Polygon integrated TRON into its payments stack. Cardano launched a compliance-focused token standard to support on-chain regulatory controls, while Lido unveiled a lending protocol. U.S. equities came under pressure from rebounding oil prices and yields, with markets awaiting the Federal Reserve meeting minutes. Fundraising activity centered on RWA, on-chain issuance, and derivatives, with Spiko raising $90 million. CONX, STRK, and APT rank as the top three token unlocks over the coming week.

Gate Research VIP Daily Report: Amid moderate market risk appetite, with macroeconomic uncertainty still limiting investors’ willingness to chase gains, BTC remained range-bound and edged higher, yet has not broken out of its recent consolidation range. ETH retreated after an initial rally and continued to consolidate on a weak footing, still underperforming BTC. POND, MOVR, and GRASS rose 30.68%, 25.57%, and 25.41%, respectively, mainly driven by a rotation of market narratives around DeFi, cross-chain infrastructure, and decentralized data. Aave is considering introducing a token burn mechanism under Aavenomics 3.0; World Assets completed a $49 million OTC sale with a one-year lock-up period; and AMD acquired World Labs for $8.2 billion, stepping up its investment in physical AI.

Gate Research Daily Report: Amid moderate market risk appetite, with macroeconomic uncertainty still limiting investors’ willingness to chase gains, BTC remained range-bound and edged higher, yet has not broken out of its recent consolidation range. ETH retreated after an initial rally and continued to consolidate on a weak footing, still underperforming BTC. POND, MOVR, and GRASS rose 30.68%, 25.57%, and 25.41%, respectively, mainly driven by a rotation of market narratives around DeFi, cross-chain infrastructure, and decentralized data. Aave is considering introducing a token burn mechanism under Aavenomics 3.0; World Assets completed a $49 million OTC sale with a one-year lock-up period; and AMD acquired World Labs for $8.2 billion, stepping up its investment in physical AI.

Lower oil prices and easing trade risks supported U.S. equities and crypto assets, but the 10-year U.S. Treasury yield rising above 5% continued to weigh on valuations. BTC and ETH ETFs saw significant inflows, while stablecoin supply expanded in tandem, although trading activity across DEXs and TradFi markets cooled. On-chain capital increasingly concentrated in structural opportunities such as USDC, SOL staking, and tokenized equity-backed lending. In derivatives, BTC advanced while OI and options open interest declined markedly, funding rates temporarily turned negative, and DVOL fell while Skew remained negative, indicating that despite partial deleveraging, demand for downside protection persisted.

U.S. economic resilience reinforced expectations that interest rates would remain higher for longer, while the 10-year Treasury yield’s move above 5% constrained crypto valuation expansion. The crypto market nevertheless edged higher, supported by lower oil prices, easing trade risks, and improving risk appetite for technology stocks. QNT, SEI, and ZRO ranked among the top performers, with 7-day returns of +305.84%, +53.91%, and +40.71%, respectively. Public blockchains recorded an overall net outflow of approximately $444 million over the past week, with capital increasingly concentrated in networks offering real revenue and stablecoin infrastructure. Arbitrum and Arc attracted net inflows of approximately $558 million and $229 million, respectively, while Hyperliquid recorded a net outflow of approximately $958 million.

Gate Research Daily Report: Rising Treasury yields and oil pressured U.S. equities, while Hong Kong cyclical sectors outperformed and South Korean semiconductors weakened. BTC retreated and ETH held relatively firm as KAIO, CHEX and NMR advanced. The report also covers Senate scrutiny of Tether, Citi and Coinbase's U.S. stablecoin payment plans, and Strive's purchase of 1,107 BTC.

Global equity markets are shaped by a combination of economic growth, interest rates, exchange rates, technology investment, and regional industry cycles. Yet U.S., Japanese, South Korean, and Hong Kong equities have exhibited markedly different return profiles. U.S. equities have sustained their long-term advantage on the back of corporate earnings growth, AI-related capital expenditure, and the structural dynamics of major equity indices. Japanese equities have benefited from corporate governance reforms and improving capital efficiency, while South Korean equities have demonstrated strong earnings leverage to the semiconductor and export cycles. Hong Kong equities, meanwhile, continue to seek room for valuation recovery amid the interplay of Chinese corporate earnings, U.S. dollar financial conditions, and risk premia. Using market data since 2016, this report further compares the four markets across returns, volatility, drawdowns, and correlations, and evaluates the practical effec