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Last week, ENA surged over 15.09%, emerging as the standout token. TAO and PAXG also posted gains of 8.93% and 5.19%, respectively, bucking the broader trend in the short term. The Starknet ecosystem is gradually recovering, centering around "BTCFi" with initiatives including Bitcoin staking, institutional onboarding, and a 100 million STRK incentive program. Both TVL and stablecoin supply have reached new highs. The prediction market sector is heating up—Polymarket's active wallets surpassed 56,000, and together with Kalshi, monthly trading volume hit a record $1.44 billion.

Gate Research Daily Report: Over the past day, the cryptocurrency market has seen a significant rebound, with total market capitalization returning to around $3.87 trillion. Bitcoin broke above the $111,000 mark, rising nearly 2% on the day, while Ethereum traded narrowly between $3,917 and $4,082, showing a mild upward trend overall. Bio Protocol completed a new funding round backed by prominent investors. Growing market interest in Merkle tree technology and Lightning Network scaling solutions drove gains in Treehouse. VanEck’s filing for a Lido Staked Ethereum ETF marks another step toward DeFi’s deeper integration with traditional finance. Meanwhile, a leading asset management firm opened Bitcoin and Ethereum ETPs to retail investors, and Greenlane announced plans to raise $110 million to launch its BERA Treasury Strategy.

Gate Research Daily Report: On October 20, BTC is trading above the MA30, indicating that short-term bullish momentum remains, though it faces notable resistance above; ETH’s short-term MA5 has crossed below MA10, forming a short-term bearish signal. Gate Layer on-chain addresses surpassed 100 million; Solana TVL hit a three-year high at 59.28 million SOL; Aave V4 will support diversified collateral assets, further expanding the financing scope in DeFi.

Gate Research Daily Report: On October 20, BTC is trading above the MA30, indicating that short-term bullish momentum remains, though it faces noticeable resistance above; ETH’s short-term MA5 has crossed below MA10, signaling a short-term bearish bias; GT rebounded significantly after hitting a low around 15.15 following a prior decline. Additionally, tokens such as MLN (+59.7%), AUCTION (+42.63%), and TRU (+27.85%) saw strong rebounds, with capital rapidly flowing back into the DeFi sector, keeping market hotspots active. Gate Layer’s on-chain addresses surpassed 100 million; Solana’s TVL reached a three-year high of 59.28 million SOL; and Aave V4 will support a diversified range of collateral assets, further expanding the financing scope in DeFi.

Strategy pioneered the DAT model, and by 2025, Ethereum DATs have sparked a new wave of staking activity. The core logic of the DAT model is a “finance–buy–refinance” cycle, forming a self-reinforcing flywheel. The attractiveness and risk profile of a DAT in capital markets are jointly determined by per-share token holdings, underlying asset prices, and mNAV. The Ethereum DAT model has evolved from merely being a token holder to becoming a network participant and yield generator. Based on the DAT Sustainability Five-Force Model, the conclusion is that only DATs with robust capital structures, transparent financial disclosure, and clear strategic positioning can truly survive market cycles.

Gate Research Daily Report: On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

In September 2025, Solana and Base continued to dominate high-frequency on-chain activity, while Ethereum saw slight declines in transactions and active addresses but remained the leader in fee revenue, reinforcing its position in high-value scenarios. Arbitrum, boosted by the DRIP incentive program, recorded over $500 million in net inflows, with ecosystem activity rebounding and on-chain dynamics continuing to shift. Bitcoin consolidated at high levels, with weakening capital activity and reduced long-term holdings, though market pressure remained mild. Plasma gained traction rapidly with an integrated stablecoin architecture and aggressive incentives, surpassing $5.4 billion in TVL within its first week; MYX Finance surged on mechanism innovation and strong community momentum, emerging as a rising star in the derivatives sector.

Gate Research Weekly Report: Bitcoin has weakened after a brief rebound from last week’s liquidation-driven sell-off, falling 9.13% over the past week on increasing volume. Stablecoin inflows reached $74 billion, providing liquidity support amid the market downturn. JustLend DAO’s total value locked (TVL) surpassed $7.82 billion. Polymarket’s on-chain activity surged 192% in the past 30 days, with 56,000 daily active wallets. Aave’s RLUSD stablecoin supply reached a new all-time high of 448 million tokens. Over the past 24 hours, total market liquidations amounted to $441 million, including $290 million in long positions and $151 million in short positions.

Gate Research Daily Report: On October 16, Bitcoin continued to weaken, falling 2.24% on increased volume over the past 24 hours. Ethereum is currently trading at $3,981, down 3.17% on higher trading activity in the same period. DEGO, which is incubating BOT3 AI, saw its price surge 18.9% in the past 24 hours. The globally renowned CEX announced it would officially list YGG on October 15, driving the token up 12.7%. Benefiting from ecosystem expansion and catalysts such as the CEX Alpha competition, BLESS soared 503% in a single day. Stablecoin inflows reached $74 billion, providing liquidity support amid market declines, while JustLend DAO’s TVL surpassed $7.82 billion.

Gate Research Daily Report: On October 15, Bitcoin (BTC) experienced a strong upward move after a period of high-level consolidation; Ethereum (ETH), after a sharp decline, found support at lower levels and saw a short-term rebound; GateToken (GT) briefly touched the $17.5 mark; and BAS surged approximately 132.85% within 24 hours. Meanwhile, Base’s native token is set to launch soon, aiming to build an interconnected ecosystem on Ethereum. K33 Research Director Vetle Lunde noted in a recent report that the recent leverage flush in the market represents a “healthy adjustment.”

Gate Research notes that in his latest speech, Federal Reserve Chair Jerome Powell highlighted significant downside risks to the labor market, suggesting the Fed may halt balance sheet reduction in the coming months. Markets interpreted this as a further dovish shift in policy. As a result, the US dollar retreated, and the probability of a rate cut at the Fed's October 28–29 meeting has risen to 97.8%, with only a 2.2% chance of keeping rates unchanged.

Gate Research Daily Report: On October 15, Bitcoin (BTC) experienced a strong upward move after a period of high-level consolidation; Ethereum (ETH), after a sharp decline, found support at lower levels and saw a short-term rebound; GateToken (GT) briefly touched the $17.5 mark; and BAS surged approximately 132.85% within 24 hours. Meanwhile, Base’s native token is set to launch soon, aiming to build an interconnected ecosystem on Ethereum. K33 Research Director Vetle Lunde noted in a recent report that the recent leverage flush in the market represents a “healthy adjustment.”

This report summarizes the Web3 industry financing in September 2025. During the month, a total of 100 funding rounds were completed, raising $2.2 billion, exhibiting a structural trend of “fewer deals, higher valuations.” This trend was primarily driven by traditional financial instruments such as PIPEs and IPOs, positioning CeFi as the leading capital-attracting sector. In terms of sector distribution, blockchain services and CeFi acted as dual drivers of capital flow. Regarding financing stages, the market showed high concentration in seed rounds—both in number and funding amount (e.g., Flying Tulip’s massive seed round)—while later-stage projects were highly selective.The report also highlights key financing projects, including Flying Tulip, Wildcat Labs, Aria, Share, and Titan.

Last week, SNX surged over 94.48%, standing out as the top-performing token; DASH and TAO also gained 48% and 22%, respectively, showing short-term counter-trend strength. Ethereum Layer2 saw accelerated capital inflows, with Arbitrum maintaining its leading position and recording $873 million in net inflows for the week. OP Mainnet, Unichain, and Polygon PoS also experienced steady fund inflows. Total DeFi TVL approached $160 billion, up 41% year-over-year, with robust institutional capital inflows, while retail activity slowed.