Gate Research: Market Has Deleveraged | Asset Manager Amundi Enters Crypto ETF Market

Crypto Market Overview

• BTC (+0.12% | Current Price: 115,109 USDT): Following the weekend’s major liquidation, Bitcoin has stabilized above $115,000. Short-term moving averages (MA 5, 10, 30) have formed a bullish crossover, and trading volume continues to expand. After being stretched during weekend panic, the Bollinger Bands have narrowed again, indicating more rational market volatility. Technically, the $110,000 area serves as a key support level. If Bitcoin maintains stability above $110,000, it could confirm a relatively stable market phase and open an upside range of $117,000–$120,000; conversely, failure to hold this level could risk a retracement toward the $100,000 range. On the macro side, Fed policymakers remain divided over the rate-cut path, and missing economic data due to the government shutdown makes the crypto market more sensitive to liquidity expectations and macro sentiment, warranting cautious investor behavior.
• ETH (+2.34% | Current Price: 4,232 USDT): On Tuesday, Ethereum broke above $4,200, leading a rebound in altcoins. After a brief pullback, Ethereum initiated a counterattack, reclaiming MA 5, 10, and 30. Current resistance is around $4,350, with support near $3,800. Bitcoin’s stabilization provides confidence and liquidity to the overall market. Historically, funds tend to seek higher-risk return opportunities at this stage. A breakout above key resistance would constitute an important technical signal, potentially triggering algorithmic trading and trend-following buying pressure, further propelling the uptrend.
• Altcoins: Ethereum’s leadership and whale accumulation have driven a rebound in altcoins, with FF, BEL, and H among the top gainers. The Fear & Greed Index remains unchanged from the previous trading day at 38, indicating market sentiment is still in the fear zone, and investors remain relatively cautious before a confirmed trend reversal.
• Macro: On October 13, the S&P 500 rose 1.56% to 6,654.72, the Dow Jones increased 1.29% to 46,067.58, and the Nasdaq gained 2.21% to 22,694.61. As of October 14, 1:00 AM (UTC), spot gold is trading at $4,140 per ounce, up 0.77% in 24 hours, continuing to reach historical highs.

Trending Tokens

FF Falcon Finance (+27.2%, Market Cap: $399M)

According to Gate market data, FF is currently trading at $0.17, up 27.2% over the past 24 hours. Falcon Finance is a synthetic USD protocol focused on universal collateral infrastructure, aiming to provide users with sustainable yield opportunities. Built on trust, transparency, and technological strength, the protocol seeks to maximize asset efficiency while maintaining high performance and reliability, adhering to strict accountability and risk management standards.

Recently, Falcon secured a $10 million strategic investment from M2 Capital and Cypher Capital to expand its universal collateral infrastructure. The funding will accelerate Falcon’s global roadmap, focusing on expanding fiat corridors, deepening ecosystem partnerships, enhancing collateral model resilience, and supporting cross-protocol/cross-chain expansion. This investment is both a capital boost and a milestone in Falcon’s vision for stability and capital efficiency in the crypto space.

BEL Bella Protocol (+36.9%, Market Cap: $24.6M)

According to Gate market data, BEL trading at $0.30, up 36.9% in 24 hours. Bella Protocol is a DeFi asset management and aggregation platform incubated by the ARPA team. Its core goal is to simplify and reduce the cost of interacting with decentralized finance. Users can allocate assets and participate in cross-protocol liquidity mining with one click, significantly lowering operational complexity and time commitment.

The recent price surge is primarily driven by Bella’s strategic partnership with AITECH, aimed at accelerating AI-driven innovation in Web3. AITECH is a leading AI infrastructure provider, creating a unified ecosystem for high-performance computing, AI development tools, and real-world applications. As Bella expands its AI product suite—including Bella Signal Bot and LLM Research Bot—its reliance on advanced AI infrastructure grows. This collaboration leverages AITECH’s technology for both agent integration and ecosystem synergy, strengthening Bella’s product capabilities while expanding user reach, community engagement, and industry applications.

H Humanity (+138%, Market Cap: $320M)

According to Gate market data, H is trading at $0.17, up 138% in 24 hours. Humanity Protocol is a blockchain designed to resist Sybil attacks, providing secure, private, and decentralized identity verification. zkProofers play a key role, using zero-knowledge proofs to validate human identities while earning H tokens as rewards. The process does not store any personal data, ensuring both privacy and authenticity.

The surge in H is driven by two main factors:

1. Ethereum ecosystem activity: Stablecoin activity on Ethereum hit record levels, with over 1 million unique sending addresses per week, reflecting the ecosystem’s overall growth and providing positive spillover effects for projects like Humanity.
2. Growing DeFi and prediction market demand: PYTH Network’s partnership with Kalshi delivers real-time on-chain prediction market data, highlighting increasing demand for DeFi and on-chain data services. Humanity Protocol, as an emerging identity blockchain, benefits from this trend by attracting more developers, users, and capital.

Alpha Insights

Kalshi Partners with Pyth Network to Bring Real-Time Prediction Market Data On-Chain

Prediction market platform Kalshi has partnered with Pyth Network to transmit its market data to over 100 blockchains. Kalshi, a CFTC-regulated exchange, provides contracts on political, economic, sports, crypto, and cultural events. Traditionally, on-chain oracles mainly offer price, FX, or interest rate data, while event probability data has rarely been available on-chain. This integration brings regulated event markets—such as F1 championships or 2025 interest rate decisions—on-chain, marking the first large-scale deployment of regulated event data. Developers and protocols can leverage these probabilities for derivatives, governance models, prediction mechanisms, and strategy development, potentially enabling new cross-domain applications like event-linked derivatives and smart contract insurance.

Asset Manager Amundi Enters Crypto ETF Market

Amundi, Europe’s largest asset manager with €2.3 trillion in assets, plans to launch a crypto ETF by early 2026. This move reflects ongoing institutional interest in crypto from traditional financial giants, enhancing Bitcoin’s credibility and institutional adoption in Europe. While regulatory challenges remain—likely limiting the product to professional investors—Amundi’s entry broadens institutional access to Bitcoin and may encourage other major European institutions to launch similar products, accelerating crypto integration into mainstream finance and fostering long-term market confidence.

Post-Liquidation Market Deleveraging with Structural Capital Still Present

According to Glassnode weekly reports, despite recent severe market drops, the overall market structure remains intact. Bitcoin open interest dropped from $47B to $35B, and the estimated leverage ratio (ELR) fell from 2022 highs, reflecting broad deleveraging in derivatives. Spot and ETF trading volumes have rebounded, while on-chain adjusted transfer volume remains strong. Bitcoin’s stablecoin supply ratio (SSR) hit its lowest level since April, indicating growing stablecoin liquidity and potential sidelined buying power. Overall, deleveraging has cleared excess leverage and reduced speculative positions. Historically, such events often precede long-term uptrends, signaling a market entering a consolidation phase as it seeks new equilibrium and prepares for potential inflows to confirm post-consolidation trends.

Gate Launchpool

Token Sale Details

• Project: Fleek
• Token Name: FLK
• Subscription Period: Until October 24, 2025, 20:00 (UTC+8)
• Participation Method: Stake GUSD or FLK to receive rewards for free
• Total Airdrop Amount: 240,000 FLK

Project Overview Fleek is an AI-powered social platform that enables users to generate and enhance content using artificial intelligence and share it across social media. As one of the first social platforms integrating AI and blockchain technology, it delivers a unique and innovative social experience. Users can create accounts representing any identity or theme, with each account linked to an exclusive crypto asset — a Creator Token. For every newly created account, the platform automatically issues Creator Tokens, whose supply and distribution follow standardized rules.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Investing, https://www.investing.com/currencies/xau-usd
• Falcon Finance, https://falcon.finance/news/m2-capital-and-cypher-capital-invest-10m-in-falcon-finance-to-accelerate-universal-collateralization-infrastructure
• Pyth, https://www.pyth.network/blog/pyth-network-partners-with-kalshi-to-deliver-real-time-prediction-market-data-onchain
• X, https://x.com/Cointelegraph/status/1977766512602583458
• Glassnode, https://www.papermark.com/view/cmgphiq870001l4048w2bcovk
• Gate, https://www.gate.com/announcements/article/47592

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.