GateResearch

Summary
Gate is the only exchange that offers full-category coverage (stocks, metals, indices, forex, commodities) in perpetual contracts (Orderbook mode). For professional users who prefer order book matching, transparent depth, and API trading, Gate provides the most comprehensive trading experience that closely resembles the native crypto contract paradigm in TradFi.
Most competitors focus on independent TradFi CFD modules, targeting cross-market users with multiple underlying assets and low barriers. In contrast, Gate’s differentiated advantage is integrating traditional assets into a unified order book perpetual framework, serving as a reusable derivatives infrastructure. This approach creates a mechanism gap at the order book perpetual level compared to competitors.
As the industry shifts from product stacking to trading infrastructure competition, the order book model emphasizes open matching, transparent liquidity structures, and reusable trading paradigms.

Cryptocurrency Asset Overview
BTC (+0.14% | Current Price: 65,495 USDT)
BTC has continued its weak sideways movement over the past 24 hours. After multiple failed rebounds, it accelerated downward, with the low retreating to around $65,230. It then slightly stabilized and recovered, currently trading within a narrow range of $65,400–$65,600. Overall, the rebound momentum is insufficient, and market sentiment remains cautious. Technically, the short-term moving averages are turning downward, with MA5 and MA10 crossing below and suppressing the price. MA30 is still in a downtrend, indicating a short-term weak pattern. The key support levels are at $65,200–$65,000; if broken, further testing of lower levels is possible. Resistance is at the $66,200–$66,500 range. Until this area is reclaimed, the trend is likely to remain weak and oscillate sideways.
ETH

Cryptocurrency Market Overview
BTC (+0.14% | Current Price: 65,495 USDT): Bitcoin has continued its weak sideways movement over the past 24 hours. After multiple failed rebounds, it experienced a rapid decline, with the low dropping to around $65,230. It then stabilized slightly and recovered, currently trading within a narrow range of $65,400–$65,600. Overall, the rebound momentum is weak, and market sentiment remains cautious. Technically, short-term moving averages are turning downward, with MA5 and MA10 crossing below and suppressing the price. MA30 is still in a downtrend, indicating a short-term weak pattern. The key support levels are at $65,200–$65,000; if broken, further testing of lower levels is possible. Resistance is at the $66,200–$66,500 range. Until this area is reclaimed, the trend is likely to remain weak and volatile.
ETH (+

On-Chain Data Summary
Overview of On-Chain Activity and Capital Flows
To accurately assess the real usage of the blockchain ecosystem, this section examines several key on-chain activity indicators, including daily transaction counts, Gas fees, active addresses, and net cross-chain bridge flows. These metrics cover user behavior, network usage intensity, and asset liquidity. Compared to merely observing capital inflows and outflows, these native on-chain data provide a more comprehensive reflection of the fundamental changes in the public chain ecosystem, helping to determine whether capital movements are driven by actual usage demand and user growth, thereby identifying networks with sustainable development potential.
Transaction Count Analysis: Solana remains at a high level, Base continues to expand, and Layer 2 differentiation intensifies
According to Artemis data, in January, the on-chain transaction activity of major public chains remained high overall, without cooling down in response to market fluctuations, indicating strong on-chain interaction demand.

Cryptocurrency Asset Overview
BTC (-0.40% | Current Price 67,263.9 USDT)
In the past week, BTC has been continuously declining from around $79,000, with a quick bottoming out near $59,980 followed by a strong rebound. It then entered a range-bound consolidation, currently around $67,914, showing an overall pattern of "sharp decline—recovery—sideways trading." The MA5 and MA10 are repeatedly intertwined, with the price repeatedly under pressure from the MA30. The moving average system remains in a bearish arrangement, and the medium-term trend has not yet reversed. The MACD rebounded below the zero line and has flattened again, with the red histogram shortening. Momentum is recovering but has not yet formed a trend expansion. In the short term, watch for support at $66,000 and resistance at $69,500–$70,000. A volume breakout above the MA30 and a firm hold above $70,000 could open the way to challenge $72,000.

Gate Research Institute Weekly Report: Market sharply declines then recovers with oscillations, BTC and ETH remain under moving average pressure; capital flows back into high-elasticity sectors like AI, with risk appetite slightly warming. Ethereum staking rate surpasses 30%, reaching a new all-time high, driven by supply contraction and liquidity structure rebalancing. Zerohash integrates Monad and USDC to promote the implementation of L1 stablecoin payment infrastructure. Tether's US Treasury holdings continue to expand, with stablecoins accelerating integration into the short-term interest rate system. The total market capitalization of cryptocurrencies has steadily declined, remaining in a risk-off phase in the short term. Anchorage completes approximately $100 million in strategic financing, with Tether participating in the investment.

Gate Research Institute Daily Report: On February 11, the crypto market continued to face downward pressure, with mainstream assets maintaining a volatile and weak pattern. BTC and ETH remained at high levels but lacked clear direction. In terms of hot topics, funds focused on high narrative assets. POWER saw increased volume driven by Web3 incentive layers and ecosystem partnership news. PIPPIN rebounded sharply driven by AI creator IP and sentiment recovery. SONIC strengthened under the catalysis of SVM expansion and intense community exposure. Structurally, tokenized government bonds surpassed $10 billion, with RWA's position as a foundational asset in the on-chain financial system continuing to strengthen; meanwhile, Gate TradFi's total trading volume exceeded $33 billion.

Last week, the market mainly showed low-level consolidation and recovery for BTC and ETH, with weak rebounds. On-chain fund flows indicate deleveraging characteristics, with the Ethereum mainnet net inflow reaching $1.1 billion. The report will provide an in-depth analysis of market trends and data.

Cryptocurrency Market Overview
BTC (-2.43% | Current Price 69,555 USDT): Bitcoin recently dropped sharply from the mid-$70,000 range to around $60,000, then rebounded back to the $70,000 to $71,000 range and entered consolidation. Overall, this looks more like a re-pricing after market overheating rather than a failure of fundamentals. The current price is oscillating within a narrow range, with declining trading volume and Bollinger Bands converging, reflecting cautious market sentiment. Structurally, the $60,000 level forms a critical panic low, defining the risk boundary of this wave of volatility; the $69,000 to $71,000 range is the core zone for bulls to verify the sustainability of the rebound; meanwhile, around $75,000 forms the first significant resistance, concentrated with previous trapped positions and short-term profit-taking demands. In the short term, prices may continue to fluctuate within these ranges.
ETH (-1.62% | Current Price 2,064

BTC (+2.32% | Current price 70,761.7 USDT)
BTC is still in the process of rebound and consolidation after a rapid deleveraging drop. Last week, it briefly dipped below $60,000 before gradually recovering and consolidating around $70,000; technically, the MA5 has again supported the price, the MA10 is exerting slight short-term resistance, and the MA30 is slowly rising as a consolidation center. This indicates that the bulls' recovery is effective but has not yet formed a clear trend continuation. The short-term direction still depends on the return of incremental funds or the realization of macro catalysts. The $70,000 mark is a key watershed. If it falls below and cannot rebound back above the MA30 to confirm a valid retest, the market is more likely to turn into a second retracement, with support levels at $68,000 and $65,000. In extreme cases, a revisit to the panic low of $60,000 cannot be ruled out.
ETH (+0.04% |

Cryptocurrency Market Overview
BTC (+2.32% | Current Price 70,761.7 USDT): BTC is in a phase of oscillation and recovery after a rapid deleveraging drop. Last week, it briefly dipped below $60,000 before rebounding and consolidating around $70,000; technically, MA5 has regained support, MA10 is exerting slight pressure, and MA30 is gradually rising, indicating an effective correction but an unconfirmed trend continuation. In the short term, it still depends on incremental capital or macro catalysts. $70,000 is a key watershed; if it falls below and a rebound fails to hold above MA30 and complete a retest, the market may shift to a secondary retracement. Support levels are sequentially at $68,000 and $65,000, with an extreme scenario of testing the panic low at $60,000 again.
ETH (+0.04% | Current Price 2,091.13 USDT): ETH rebounded from the $1,744 low to 2,100

Cryptocurrency Asset Overview
BTC (-11.70% | Current Price $64,437)
BTC experienced a rapid decline with increased volume over the past 24 hours. After the price dipped to around $59,980, signs of a clear bottoming out appeared, followed by a corrective rebound. It has now recovered to above $64,000 and is consolidating. From the overall rhythm, the first half was dominated by panic selling, while the second half gradually entered a phase of emotional recovery, but a clear reversal structure has not yet formed. Technically, the intraday rebound has brought the price back near the short-term moving averages, with MA5 and MA10 showing signs of flattening, but MA30 remains clearly downward. The overall price remains below the medium-term moving average, indicating that the current move is more of a technical rebound after a decline. During the decline, trading volume significantly increased, with panic selling concentrated, while during the rebound, volume noticeably contracted, showing that funds are testing the market.

Cryptocurrency Market Overview
BTC (-11.70% | Current price $64,437): BTC experienced a rapid sell-off with increased volume over the past 24 hours. The price dipped to around $59,980 before showing clear signs of stabilization, followed by a corrective rebound. It is now trading above $64,000 in a consolidation phase. From an overall rhythm perspective, the first half was dominated by panic selling, while the second half gradually entered a phase of emotional recovery, but a clear reversal pattern has not yet formed. Technically, the intraday rebound has brought the price back near the short-term moving averages, with MA5 and MA10 showing signs of flattening, but MA30 remains clearly downward sloping. The price is still generally below the medium-term moving average, indicating that the current move is more of a technical rebound after a decline. During the decline, trading volume significantly increased, with panic selling concentrated, while during the rebound phase, volume noticeably contracted, showing that funds are testing the market.

Gate Research Institute: By 2025–2026, PayFi is evolving from a crypto payment tool into a new generation of payment financial engine. Stablecoins are achieving large-scale application in high-frequency and cross-border payments, with settlement efficiency and cost structures significantly better than traditional systems. Web2 and Web3 continue to merge, with Visa, PayPal, and Neobanks becoming key connection nodes; at the same time, stablecoins, RWA, and AI are jointly shaping the fundamental form of PayFi, driving automation and 24/7 operation in settlement, asset flow, and risk management. Looking ahead to 2026, regulatory clarity, on-chain capabilities of real assets, and maturity of AI applications will determine the competitive landscape and long-term barriers for PayFi.

Summary
Over the past two years, exchanges have significantly reduced and phased out ETF categories; in a context where fewer exchanges can provide stable trading, Gate’s continuous supply of ETF products has become a rare competitive advantage.
Gate is not only offering ETFs but also developing a scaled, transparent, and explainable product line with low costs and unified standards.
In 2025, Gate will support trading of 244 ETF leveraged tokens throughout the year, with approximately 200,000 cumulative users and an average daily trading volume reaching several hundred million dollars.
1. Market Status
In the context of crypto trading, ETFs refer to leveraged tokens (ETF Leveraged Tokens) launched by exchanges, which package perpetual contract positions into tokens that can be directly bought and sold on the spot market, allowing users to gain long or short exposure at a target multiple by “buying or selling a coin.” However, ETF

Summary
Bitcoin prices are accelerating downward, with no clear signs of a bottom in the short term. Compared to Bitcoin, Ethereum's decline has been relatively less steep. Currently, the price has fallen back to a key support zone around $2,000.
Benefiting from network effects, increased by 26.54% within 24 hours; the official account of World Mobile Chain issued a statement linking WMTX's market performance directly to the DePIN sector, with WMTX rising 15.79% in 24 hours.
Ripple has integrated the decentralized derivatives protocol Hyperliquid into its institutional-grade main brokerage platform Ripple Prime; Bitnomial launched its first...

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Cryptocurrency Asset Overview
BTC (-4.86% | Current Price 72,302.7 USDT)
In the past 24 hours, Bitcoin's price has accelerated its decline. On a 1-hour basis, after breaking below the 73,000 USD key support level, there are no clear signs of a bottom in the short term. The trend continues to retrace gains made since 2025 and tests the critical threshold around 70,000 USD in November 2024. Data from CoinGlass shows that Bitcoin's total liquidation over the past few days has reached $2.56 billion, with leverage positions still being cleared. Meanwhile, policy-level uncertainties further suppress market sentiment: a recent White House meeting aimed at breaking the months-long legislative deadlock between banks and cryptocurrency companies ultimately made no progress, including issues related to stablecoin reward mechanisms.

Recently, the implied volatility of BTC and ETH has risen to 50.42% and 70.92%, respectively, reflecting increased market concern about short-term volatility. Block trades are mainly bearish spreads, while the Gate platform has upgraded its options VIP fee structure, reducing trading costs and attracting more users to participate.

Cryptocurrency Asset Overview
BTC (+0.71% | Current Price: 76,449 USDT)
BTC has continued its technical correction after a period of low-volatility consolidation over the past day. The price quickly rebounded from around $72,900 and has now regained above $76,000, but overall remains within the weak zone following the previous decline. Regarding the moving average system, MA5 has crossed above MA10, but both are still below MA30, indicating a short-term rebound is underway, but the medium-term trend has not yet reversed. The MACD, after a bullish crossover below the zero line, has rebounded, with the green bars continuing to narrow. The bullish momentum has been somewhat restored but is not yet strong. If BTC can volume-wise stabilize above the resistance zone of $76,800–$77,200, it may further test the $78,500 level; if it falls below $75,000 again, it could retest the previous low support near $73,000.

Cryptocurrency Market Overview
BTC (+0.71% | Current Price: 76,449 USDT): BTC has continued its technical correction after a period of low-range consolidation over the past day. The price quickly rebounded from around $72,900 and has now regained above $76,000, but overall remains within the weak zone following the previous decline. Regarding moving averages, MA5 has crossed above MA10, but both are still below MA30, indicating a short-term rebound is underway, but the medium-term trend has not yet reversed. The MACD is rising after a bullish crossover below the zero line, with the green histogram bars gradually narrowing. The bullish momentum has been somewhat restored but is not yet strong. If BTC can volume-wise stabilize above the resistance zone of $76,800–$77,200, it may further test the $78,500 level; if it falls below $75,000 again, it could retest the previous low support near $73,000.