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Gate Research Institute: Privacy track tokens strongly rise | Flying Tulip public sale Allowlist has been opened
Encryption Asset Panorama
BTC (-0.73% | Current price 121,348 USDT)
The current market for BTC is overall in a weak consolidation pattern. After briefly rising above $126,000 on October 8, the price quickly retreated, and then on October 9, it fell below the MA30 (around $121,800), forming a clear downward structure. The short-term moving averages MA5 and MA10 are currently in a "death cross" state and are running below the MA30, indicating that the short-term is still dominated by bears.
From the perspective of trading volume, the decline from the 8th to the 9th was accompanied by a significant increase in trading volume, indicating that the selling pressure is real and the downward momentum is strong; however, the subsequent rebound showed a clear lack of trading volume, reflecting limited buying interest. If BTC cannot regain a position above the MA30 and break through the $122,000 area, there is still a possibility of a short-term test of the $120,000 support level. If that support is broken, pay attention to the stage low around $119,600. Overall, the short-term trend of BTC remains weak, and a confirmation of a trend reversal signal can only be made after waiting for a volume breakout above the MA30 and the high price range.
In addition, on October 9, the net inflow of BTC ETF reached $197 million in a single day, with BlackRock's IBIT inflow of $255 million and Fidelity's FBTC outflow of $13.2 million.
ETH (-1.59% | Current Price 4,378 USDT)
Recently, the price trend of ETH has shown a structure of "oscillating downward followed by stabilization and rebound". Since the high point near $4,755 on October 7, ETH once fell below the short-term support and touched a low of $4,265, followed by an oversold rebound. Currently, the price is operating around $4,370, with MA5 and MA10 showing signs of a short-term golden cross, but still below MA30 (approximately $4,394), indicating that the rebound has not yet reversed the overall downward trend.
In terms of trading volume, the recent two rebound candlesticks accompanied by moderate volume show a certain willingness to support buying, but the volume is still insufficient to support a trend reversal. If ETH can break through MA30 with increased volume and stabilize above $4,400, it is likely to test the resistance area of $4,450–$4,500 in the short term; conversely, if the rebound is weak and falls below $4,320 again, caution is warranted regarding the risk of the price dropping back to the $4,250 area. Overall, ETH is currently in a weak rebound phase, with intense short-term bullish and bearish contention, and no clear trend reversal signal has yet appeared.
In addition, on October 9, the ETH ETF saw a net outflow of $8.7 million for the day, with BlackRock's ETHA inflowing $39.3 million and Fidelity's FETH outflowing $30.3 million.
GT (-1.25% | Current Price 16.27 USDT)
GT's recent trend is overall in a downward channel, with the price fluctuating downwards from the high point of 17.31 USD on October 7, hitting a low of 16.10 USD before showing a phase of stabilization. The current price is around 16.27 USD, and the short-term moving averages MA5 and MA10 have slightly converged and are attempting to cross above, indicating an intention for a short-term rebound. However, MA30 (around 16.32 USD) is still in a downward trend, limiting the upward rebound space.
In terms of trading volume, the price rebounded from the bottom with certain signs of increased volume, indicating that bulls are supporting at low levels, but overall volume is still weak, and market confidence has not yet recovered. If GT can effectively break through and maintain above MA30, there is hope for a further rise to the resistance zone of 16.50–16.70 USD in the short term; conversely, if the rebound is weak and falls below 16.10 USD again, it may continue the downward trend and test the support at 16 USD. Overall, GT is currently in a weak rebound phase, and it is necessary to observe whether it can break through the moving average resistance with increased volume to confirm a short-term trend reversal.
Daily Price Fluctuation Tokens
From the overall market performance perspective, the cryptocurrency market has been relatively weak in the past 24 hours, with mainstream assets generally declining, market risk appetite clearly decreasing, and funds showing a defensive contraction. BTC decreased by about 0.57%, showing relatively stable performance, while ETH's decline expanded to 1.65%, indicating that mainstream funds are rotating defensively among the major assets. Some yield-generating or strongly narrative tokens (such as USDe, FIGR) recorded slight increases, indicating that structural funds are still active. Overall sentiment is cautious, inter-sector correlation has strengthened, and the short term may still be in a technical adjustment phase.
It is noteworthy that RAIL (+75.7%), ZEC (+41%), and SNX (+21%) have risen strongly against the trend, highlighting the return of funds and the renewed interest in the privacy and DeFi narrative tracks.
RAIL Railgun* (+75.7%, circulating market cap 224 million USD)*
According to CoinGecko data, the current price of the RAIL token is $3.92, up 75.7% in the last 24 hours. Railgun is a privacy protocol built on existing public chains, utilizing zero-knowledge proof technology (ZK Proofs) to anonymize DeFi on chains such as Ethereum, Polygon, and Arbitrum, without the need for bridging or additional validators, enhancing security and decentralization.
After the Ethereum Foundation's wallet Kohaku announced its integration with the privacy protocol Railgun, the RAIL token saw a strong surge. In the past 24 hours, RAIL briefly broke its historical high, with a cumulative increase of over 212% in the past week. Additionally, Ethereum co-founder Vitalik Buterin has personally used Railgun multiple times and publicly emphasized that "privacy is normal," believing that the protocol can effectively prevent malicious actors from abusing the flow of funds. The market generally believes that this favorable news is expected to promote Railgun as one of the most promising privacy infrastructures in the Ethereum ecosystem.
ZEC Zcash (+41%, circulating market cap 3.847 billion USD)
According to CoinGecko data, the ZEC token is currently priced at $236.1, having risen about 41% in the past 24 hours. Zcash (ZEC) is a privacy-focused encryption currency that allows users to choose anonymity when making transactions. It is based on the Bitcoin codebase but uses different hashing algorithms and security protocols. Zcash employs zero-knowledge proof ( zk-SNARKs ) technology to provide "shielded addresses," thus achieving transaction anonymity.
Famous angel investor Naval tweeted on October 1 that ZCash is the insurance for Bitcoin, which has attracted widespread attention from the market. Stimulated by this statement, ZEC quickly surged, with a cumulative increase of nearly 3 times since the announcement. Against the backdrop of a macro environment leaning towards regulation and scrutiny, ZEC is seen as a "hedging instrument" against the risks of on-chain transparency, with its rise primarily driven by investors' repricing of privacy narratives and potential hedging functions.
SNX Synthetix (+21%, circulating market cap 450 million USD)
According to CoinGecko data, the current price of the SNX token is $1.31, having increased by about 21% in the last 24 hours. Synthetix is a decentralized synthetic asset protocol that operates on Ethereum, allowing users to mint and trade various synthetic assets (Synths) whose value is derived from traditional fiat currencies, commodities, stocks, or encryption. Synthetix provides on-chain exposure for synthetic assets by using the native token SNX as collateral, playing a role as a liquidity layer in the DeFi ecosystem.
Recently, the price of SNX has significantly strengthened, mainly driven by multiple positive factors. First, Synthetix founder Kain Warwick proposed several governance optimization proposals, including improvements to the governance mechanism and adjustments to the token economic model, enhancing market expectations. Secondly, the recovery of the DeFi sector has led to an increase in the demand for synthetic assets, boosting the trading activity and token value of SNX. In addition, the technical upgrade plan (such as improving the minting and trading efficiency of synthetic assets) has further strengthened the platform's competitiveness. Technically, SNX has broken through key resistance levels, and there is still upward momentum in the short term, but investors need to pay attention to overall market fluctuations and the flow of funds in the DeFi sector.
Hot Spot Interpretation
The DeFi TVL in the third quarter has reached a historic high, but user activity has significantly declined.
According to the latest data from DappRadar, the decentralized finance (DeFi) ecosystem showed divergence in the third quarter of 2025. The total value locked (TVL) in DeFi protocols reached $237 billion, setting a new historical high, indicating active inflows of institutional capital and large funds. However, on-chain user activity has shown a significant downward trend, with an average of 18.7 million daily unique active wallets per quarter, a decrease of 22.4% month-on-month. The report analyzes that there is a difference in participation rhythm between institutions and retail investors: while capital continues to flow into DeFi, the usage frequency among retail investors has noticeably weakened, and on-chain trading and interaction activities have not increased in sync.
Overall, this data reflects the capital-driven characteristics of the DeFi market. Although TVL has reached a new high, the decline in active users indicates that the current growth mainly relies on institutional funds rather than widespread participation from retail investors. This may lead to a mismatch between ecosystem activity and liquidity, increasing protocol stability and capital concentration in the short term, but it also highlights concerns about sluggish user growth and insufficient application stickiness. For project teams, attracting retail investors to continue using the platform and enhancing on-chain interactions remain key directions for future growth, rather than simply relying on capital influx.
Aave has partnered with Blockdaemon to promote institutional access to DeFi services.
The decentralized finance protocol Aave has announced a strategic partnership with institutional-grade staking infrastructure provider Blockdaemon. The two parties will work together to enable institutional clients to participate safely and efficiently in the DeFi market, expanding compliant decentralized yield channels. This collaboration will integrate Blockdaemon's Earn Stack solution with Aave Labs' Aave Vaults feature, providing institutions with a one-stop solution for liquidity management, yield generation, and risk control services, accelerating the adoption of DeFi at the institutional level.
The collaboration between Aave and Blockdaemon marks a further integration of DeFi with traditional institutional infrastructure. For Aave, this is a key step towards "institutional-grade DeFi," helping to introduce more compliant capital and robust yield demand; for Blockdaemon, it is a natural extension from staking services to a broader DeFi yield ecosystem. This partnership is expected to improve the liquidity and compliance experience for institutions participating in DeFi, and it also signals that "compliant DeFi" will become a key growth point in the integration of mainstream finance and on-chain finance in the future.
Flying Tulip officially announces the first public fundraising cooperation platform Impossible, and the whitelist application is officially open.
The on-chain exchange Flying Tulip officially announced on platform X that Impossible will become its first public fundraising cooperation platform, with specific details to be announced in the coming days. Whitelist applications are now open, and investors can register in advance to participate. Previously, Flying Tulip completed a private fundraising of 200 million dollars and plans to conduct an 800 million dollar public offering with a valuation of 1 billion dollars, aiming to create a comprehensive DeFi platform covering native stablecoins, lending, spot trading, contract trading, and on-chain insurance.
Flying Tulip, by opening the whitelist in advance and partnering with professional platforms, is beneficial in attracting quality investors while reducing public fundraising risks. Combining previous private financing and high valuation planning, it is evident that the project party has ambitions to build a full-stack DeFi ecosystem. For the market, the emergence of such large integrated platforms may trigger a concentrated effect of renewed capital and user attention, but long-term development still relies on the effective implementation of platform functionalities, user experience, and compliance management.
Reference Material:
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