Gate Research: JPYC Launches Yen-Pegged Stablecoin | Kalshi 30-Day Trading Volume Exceeds $4 Billion

Crypto Market Overview

• BTC (3.01% | Current Price: 114,969 USDT): Bitcoin has maintained a steady upward trend recently, trading above the 30-day moving average (30MA). The short-term moving averages (5MA and 10MA) have formed a golden cross and are diverging upwards, indicating that short-term bullish momentum remains dominant. The current price is around $114,900, slightly below the intraday high of $115,536, showing a minor short-term pullback, which is considered a healthy consolidation. On October 24, BTC ETFs recorded a net inflow of $90.6 million, with BlackRock IBIT contributing $32.7 million and Fidelity FBTC $57.9 million.
• ETH (6.36% | Current Price: 4,188 USDT): Ethereum continues its strong upward trend, trading above the short- and mid-term moving averages (5MA, 10MA, 30MA). The short-term moving averages show a clear golden cross and continue to diverge upward, signaling strong bullish momentum. The current price is around $4,188, slightly below the intraday high of $4,217, with a minor short-term pullback reflecting high-level consolidation. On October 24, ETH ETFs saw a net outflow of $93.6 million, including $101 million outflow from BlackRock ETHA.
• Altcoins: Most major altcoins experienced broad-based gains, with overall market sentiment remaining “neutral.” The Fear & Greed Index stands at 51 today, within the normal range, indicating that investor risk appetite remains cautious and that prior market panic has eased.
• Macro: On October 24, the S&P 500 rose 0.79% to 6,791.69, the Dow Jones increased 1.01% to 47,207.12, and the Nasdaq gained 1.15% to 23,204.87. As of 3:00 AM (UTC) on October 27, spot gold is priced at $4,071 per ounce, down 1.00% over the past 24 hours.

Trending Tokens

PAYAI PayAI (+107.6%, Market Cap: $39.47M)

Gate market data shows PAYAI trading at $0.051, up 107.6% in 24 hours. PayAI Network is an open-source, decentralized AI agent marketplace, enabling 24/7 employment and collaboration among AI agents.

The recent surge in PAYAI is mainly driven by heightened interest in the x402 sector. With on-chain automation and AI agent concepts gaining popularity, capital has flowed back into this segment, boosting related tokens. On October 16, PayAI Network launched an x402 SDK on Solana, providing developers infrastructure to create and deploy on-chain AI agents. Market participants are optimistic about the project’s application potential and ecosystem expansion, supporting PAYAI’s market cap growth.

DIA DIA(+75.26%, Market Cap: $84.92M)

Gate data shows DIA trading at $0.73, up 75.26% in 24 hours.

DIA is an open-source financial information platform that leverages crypto incentives for data collection and verification. DIA token holders and their decentralized community govern the platform. DIA tokens are used to collect and validate data, vote on decisions, and incentivize platform development.

DIA’s recent surge is driven by rising demand for decentralized oracle data and strategic ecosystem expansion. As DeFi and RWA applications increasingly require high-precision on-chain data, DIA has upgraded its tech stack to improve real-time data accuracy and verifiability. Its DIA xReal suite has been integrated into the Lumina verifiable computing infrastructure, enhancing data processing and adaptability. Additionally, DIA launched a new price feed, VIRTUAL, providing new sources and use cases for DeFi integration.

SYND Syndicate (+20.26%, Market Cap: $139M)

Gate data shows SYND trading at $0.23, up 20.26% in 24 hours.

Syndicate focuses on smart aggregation and sorting technology. Its main innovation converts aggregators and sorters into smart contracts, enabling on-network programmability and reducing operational costs.

SYND’s recent gains are driven by the broader altcoin rally and positive project developments. Improved market risk appetite has led to capital inflows, and news of SYND’s upcoming listing on a new exchange boosted buying sentiment. Furthermore, the team announced the AVS Sequencer Network, a programmable decentralized sequencer layer protected by native token staking and compatible with OP Stack and Arbitrum Nitro, providing key infrastructure for Ethereum scaling. Market expectations for SYND’s technical value and long-term potential have been an important catalyst for the price surge.

Alpha Insights

Bitcoin Illiquid Supply Declines as 62,000 BTC Exit Long-Term Holder Wallets

According to the latest Glassnode data, approximately 62,000 BTC (worth roughly $7 billion) have flowed out of long-dormant wallets since mid-October, marking the first significant decline in illiquid supply for the second half of 2025. Although BTC briefly broke above $115,000 and overall market sentiment has improved, long-term holder (LTH) selling is weighing on upward momentum.

Data shows that mid-sized addresses holding $10,000–$1,000,000 in BTC experienced the most notable outflows, suggesting that some medium-term investors are taking profits or reducing risk exposure. Meanwhile, momentum buying has slowed, and new inflows have not yet provided substantial support, creating potential short-term selling pressure. Currently, about 82.3% of BTC supply is in profit—higher than the yearly low of 76%—but the trend toward increased profit-taking could signal heightened price volatility.

JPYC Launches Yen-Pegged Stablecoin and Issuance/Redeem Platform JPYC EX

Japanese stablecoin issuer JPYC has officially launched its issuance and redemption platform, JPYC EX, along with a yen-pegged stablecoin, JPYC (1:1 to JPY). The stablecoin is backed by domestic bank deposits and Japanese Government Bonds (JGBs). Users can schedule issuance or redemption via JPYC EX: depositing JPY into a registered account credits the equivalent JPYC to their linked wallet, and sending JPYC back redeems JPY. Transaction fees will initially be waived, and yields are generated through bond interest.

JPYC EX marks a practical milestone in yen-based stablecoin infrastructure. Unlike the USD-dominated global stablecoin system, JPYC uses a dual-backing model of “government bonds + fiat deposits,” establishing a compliant and stable domestic issuance mechanism. In the short term, this could promote the use of the yen for on-chain payments, Web3 finance, and cross-border settlements. In the long term, JPYC’s model may serve as a policy and technical reference for other Asian nations pursuing domestic stablecoins, accelerating regional digital currency interoperability.

Kalshi 30-Day Trading Volume Surpasses $4 Billion, Annualized Volume Hits All-Time High

Over the past 30 days, the on-chain trading volume on the financial prediction platform Kalshi surged to $4 billion, pushing its annualized volume to a record-high of approximately $50 billion. This growth highlights the expanding scale and mainstream adoption of prediction markets.

The surge in Kalshi’s trading volume reflects both the growth potential of on-chain prediction markets and a steady increase in user demand for financial derivatives and forecasting tools. Supported by partnerships with traditional platforms such as Robinhood, Kalshi is evolving from a niche experimental product into a significant infrastructure player in mainstream finance. Looking ahead, as more institutional and mainstream assets participate, on-chain prediction markets are likely to become a key bridge connecting social engagement, trading, and financial innovation.


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/categories
• The Block, https://www.theblock.co/post/376188/bitcoin-illiquid-supply-declines-as-62000-btc-moves-out-of-long-term-holder-wallets-glassnode
• Prtimes, https://prtimes.jp/main/html/rd/p/000000283.000054018.html
• X, https://x.com/KalshiEco/status/1982001343104692370

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.