Gate Research Institute: Cryptocurrency Market Experiences Mild Rebound | Ethereum Attracts Nearly $50 Billion in Funds Over the Past Year

Cryptocurrency Asset Panorama

BTC (+0.21% | Current price 91,589 USDT)

BTC has shown a slightly bullish oscillation over the past day, with the price bouncing back above the short-term moving average system after a pullback, currently trading above MA5, MA10, and MA30, indicating a short-term structural recovery. The moving average system is gradually aligning in a bullish configuration, suggesting buying pressure is beginning to take the lead, but resistance remains near previous highs. The MACD is above the zero line and continues to diverge upward, with the momentum histogram steadily increasing, indicating short-term bullish momentum. Overall, BTC remains in a rebound phase within a range; if it can effectively hold above $92,000, it may further test the resistance zone of $93,000–$94,000. Conversely, if it falls back below the $90,800–$91,000 range, caution is advised for potential oscillation and pullback risks.

ETH (+0.23% | Current price 3,131 USDT)

ETH’s trend remains relatively stable, with the price gradually rising along the short-term moving averages, as MA5 and MA10 turn upward and approach MA30, indicating a mild strengthening of the short-term trend. The overall volatility is smaller than BTC, with funds showing a more defensive allocation stance. The MACD is near the upper part of the zero line, with the fast and slow lines maintaining a bullish structure, but momentum release remains restrained. In general, ETH is in a low-volatility recovery phase; if it can hold above $3,150, it may further test the $3,200–$3,250 range. Key support levels are at $3,080–$3,100; if broken, the trend may revert to sideways consolidation.

GT (+0.05% | Current price 10.33 USDT)

GT has shown relatively stable performance over the past day, trading within a narrow range around $10.30, with overall volatility significantly lower than mainstream coins. The moving averages are highly converged, with MA5, MA10, and MA30 nearly overlapping, indicating an unclear short-term direction and a market sentiment leaning towards wait-and-see. The MACD is oscillating slightly near the zero line, with limited changes in the momentum histogram, and neither bulls nor bears have established a clear dominance. Overall, GT remains in a range-bound pattern; if it can effectively hold above $10.40–$10.50, it may open upward space to test previous highs. Conversely, if it falls below $10.20–$10.30, support at $10.00 should be monitored closely.

Daily Gainers and Losers Tokens

In the past 24 hours, the crypto market has experienced technical correction, shifting from previous weakness to a mild rebound, with mainstream assets performing relatively steadily. From a market cap perspective, BTC and ETH increased by approximately 1.4% and 1.8%, respectively, continuing to serve as index stabilizers; SOL’s gains are relatively prominent, with short-term speculative interest in high-beta assets rebounding. However, structural divergence remains evident, as assets like XRP and BNB saw slight declines, and the stablecoin sector maintained slight negative gains, indicating that market funds are mainly rotating and replenishing rather than entering in a trend-driven manner, with risk appetite still cautious. Sentiment indicators show the fear and greed index has fallen to 27, still in the “fear” zone, slightly lower than yesterday but significantly higher than the lows of the “extreme fear” stage last month.

XCN Onyxcoin (+16.84%, Circulating Market Cap $397 million)

According to Gate data, XCN is currently priced at $0.009482, up approximately 16.84% in the past 24 hours. Onyxcoin is the core token within the Onyx Protocol ecosystem, positioned as a decentralized financial infrastructure and on-chain governance system, building an open DeFi network around lending, governance voting, and protocol incentive mechanisms. Onyx advances protocol upgrades and ecosystem expansion through DAO governance, with XCN serving as the governance and incentive token, playing a key role in community participation, proposal voting, and potential ecosystem incentives.

The significant rise in XCN this round is mainly driven by recent intensive releases of community and ecosystem progress, restoring sentiment and raising expectations. The project announced that onyx.org now officially supports the Korean interface, signaling clear regional expansion; simultaneously, discussions around incentives for the Goliath testnet continue, with community governance votes exploring testnet reward mechanisms, and more detailed XCN testnet reward structures expected to be announced later.

ARC AI Rig Complex (+16.52%, Circulating Market Cap $50.48 million)

According to Gate data, FHE is currently priced at $0.05111, up 16.52% in the past 24 hours. AI Rig Complex is an application-oriented project built around an AI Agent development framework and modular runtime environment, aiming to provide developers with more efficient tools for building, debugging, and deploying AI Agents.

The recent rise of ARC is mainly due to ongoing releases of developer ecosystem and product progress, boosting expectations. The project team and core developers frequently update progress, clearly advancing documentation and practical content based on Rig for AI Agents, and signaling “continuous delivery,” reinforcing market confidence in the project’s execution. Additionally, updates related to products like Ryzone, including webpage plug-and-play, multi-task collaboration, and efficiency tools, further increase ARC’s exposure within the AI Agent toolchain narrative.

VVV Venice Token (+23.53%, Circulating Market Cap $146 million)

According to Gate data, VVV is currently priced at $3.4134, up approximately 23.53% in the past 24 hours. Venice is an AI application and API platform emphasizing privacy-friendly and open model access, aiming to provide users with multi-model inference services that do not require local GPU and can be used anonymously. The platform supports mainstream and open-source models including GLM-4.7, adopting a pay-per-use model to lower barriers for developers and individual users.

The rapid rise of VVV is mainly driven by recent product developments and tokenomics actions that resonated emotionally. The project announced that GLM-4.7 is now officially online and set as the default model, with differentiated pricing and use cases for inference and non-inference versions, strengthening Venice’s competitive position in the “high-performance inference + on-demand payment” track. Meanwhile, the platform completed a new round of VVV token burn, with the total burn ratio exceeding 43%, reinforcing deflationary expectations.

Hotspot Analysis

Vitalik Buterin points out Ethereum’s stablecoin system is structurally insufficient, and de-dollarization needs are gradually emerging

Ethereum co-founder Vitalik Buterin recently pointed out that the decentralized stablecoin system within the Ethereum ecosystem remains relatively primitive. To support more long-term and robust financial applications, systemic upgrades are needed at the institutional design and economic model levels. He believes the primary issue is that stablecoin value anchoring overly relies on the US dollar as a single fiat currency, which may be feasible in the short term but could weaken the system’s resilience under macro policy changes, geopolitical risks, and fiat currency credit fluctuations. Building a more neutral and decentralized value index as an anchor might better enhance Ethereum’s long-term financial resilience.

Furthermore, Vitalik emphasizes that truly sustainable decentralized stablecoins must be supported by oracle mechanisms that are difficult for capital or single interest groups to manipulate; otherwise, the stability mechanism remains vulnerable to “structural capture.” He also notes potential competition between Ethereum’s staking mechanism and stablecoin/CDP systems: when staking yields are compressed to around 0.2%, such returns become unattractive to professional capital, making staking more suitable for low-risk, amateur participants. This suggests that in the future, Ethereum needs to rebalance staking incentives, stablecoin demand, and DeFi structures to prevent mechanisms from crowding each other out, which could impact overall ecosystem security and efficiency.

Bitcoin mining difficulty first declines in 2026, miners get a brief breather

In 2026, Bitcoin mining difficulty finally experienced a phased reduction, a rare adjustment after long-term high hash rate competition and cost pressures. The difficulty decrease means that the probability of earning block rewards per unit of hash power increases, allowing miners to achieve more stable short-term output, easing profitability pressures for mining farms with high electricity and equipment efficiency. This change typically reflects some marginal hash power exiting the network, possibly due to rising energy costs, temporary price pressures, or old mining hardware being phased out.

On a deeper level, this difficulty adjustment does not necessarily indicate a fundamental reversal in the mining sector but rather a self-repair within the hash rate cycle. Bitcoin’s network has a dynamic adjustment mechanism: when profit margins are continuously squeezed, inefficient miners naturally exit, causing difficulty to fall and marginal returns to recover for remaining miners. In the medium to long term, if Bitcoin prices do not strengthen accordingly, hash rate and difficulty may remain volatile; however, if prices rebound, new hash power will quickly push difficulty higher, making this “breather” more of a short-term window rather than a structural turning point.

Ethereum has seen continuous net capital inflows over the past year, with significant long-term allocation demand

Over the past year, Ethereum has accumulated nearly $50 billion in net capital inflows, indicating sustained market recognition of its long-term value and ecosystem prospects. Such a large-scale net inflow is unlikely to be driven solely by short-term trading sentiment, but more by institutional funds, long-term investors, and internal ecosystem capital deposits, including staking, DeFi protocol locking, and layer-2 network expansion, reflecting structural growth in demand. Despite increased market volatility, ETH has maintained stable capital absorption, further consolidating its position as a “core asset” among mainstream cryptocurrencies.

From a structural perspective, large net inflows also suggest Ethereum is gradually shifting from a high-volatility risk asset to a more complex asset with both yield and infrastructure value. On one hand, staking continues to lock up circulating supply, strengthening the medium- to long-term supply-demand structure; on the other hand, expanding use cases such as stablecoins, RWA, and application layer developments amplify ETH’s role as a settlement and security layer. This “capital inflow + usage demand” dual-driven dynamic makes ETH’s price less dependent on sentiment cycles and more on ecosystem activity and capital allocation logic, providing a more solid fundamental support for its long-term valuation.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/announcements/article/48980
• X, https://x.com/Cointelegraph/status/2008576924818272570?s=20
• X, https://x.com/Cointelegraph/status/2008554403716849673?s=20
• X, https://x.com/solana/status/2008536556475478349

Disclaimer Investing in cryptocurrencies involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate We are not responsible for any losses or damages resulting from such investment decisions.