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In January 2026, the public chain landscape showed structural reallocation rather than an overall cooldown, with on-chain activity concentrating in high-frequency and high-efficiency networks. Solana maintained strong activity levels, Ethereum reinforced its role as a settlement layer, and Base expanded on the back of narrative-driven momentum, while some traditional L2s and sidechains weakened. Market capital allocation logic is increasingly shifting toward real usage efficiency. On Bitcoin, price action continues to oscillate around the short-term holder cost basis, with profit-taking cooling and selling pressure easing. Stress remains concentrated among short-term holders, while long-term holder structure stays intact, suggesting a mid-cycle consolidation rather than a trend reversal. At the project level, the rebound in Solana meme activity has reignited launchpad ecosystems. Pump.fun remains dominant, while Bags App has scaled rapidly through its novel “donation-driven” mechanism, leaving the sector in a

Gate Research Weekly Report: Following the sharp market sell-off, prices have entered a phase of corrective consolidation. BTC and ETH remain capped by mid-term moving averages, with rebounds lacking sufficient volume support. Within altcoins, capital has shown a tentative rotation into high-beta sectors such as AI Meme and AI Framework. Net inflows from new Bitcoin investors have turned negative, suggesting that selling pressure has yet to be fully absorbed by fresh demand. Meanwhile, Ethereum’s staking ratio has surpassed 30%, reaching a record high. While this reinforces ETH’s positioning as a yield-bearing asset, it also implies a contraction of trading liquidity, the structural implications of which warrant continued monitoring. The convergence between stablecoin infrastructure and macro interest rates is accelerating, as Zerohash advances the adoption of stablecoin payments on Layer 1 networks.

Gate Research Weekly Report: After a sharp sell-off, the market has entered a consolidation phase, with BTC and ETH still capped by key moving averages. Capital is rotating back into high-beta sectors such as AI, signaling a modest recovery in risk appetite. Ethereum’s staking ratio has surpassed 30%, reaching a new all-time high and pointing to ongoing supply contraction and a rebalancing of liquidity structures. Zerohash’s integration with Monad and USDC is advancing the deployment of stablecoin payment infrastructure at the L1 level. Tether’s U.S. Treasury holdings continue to expand, accelerating the integration of stablecoins into the short-term interest rate system. Overall crypto market capitalization continues to decline, indicating that the market remains in a near-term de-risking phase. Meanwhile, Anchorage has completed a strategic financing round of approximately $100 million, with participation from Tether.