Research

From December 2 to December 15, 2025, global markets exhibited divergent performance. Despite the Fed delivering a rate cut as expected, policy disagreements and expectations of a pause in further easing weighed on risk appetite. BTC and ETH remained in a consolidation phase, while higher-beta assets outperformed. Tokens related to AI applications and privacy computing showed notable strength, whereas narratives around new public blockchains and stablecoins underperformed. Volume–price dynamics were clearly fragmented, with the market still dominated by short-term trading, although structural opportunities remain. Meanwhile, sectors such as node-based networks, incentivized testnets, and community point systems continued to heat up, with projects accelerating early user acquisition through airdrops and point-based incentives. This article outlines the key participation pathways to help users position at low cost and capture potential upside from upcoming mainnet launches, token distributions, and ecosystem ex

Gate Research Daily Report: On December 19, the crypto market pulled back broadly after the initial CPI-driven surge, with risk appetite continuing to cool. BTC spiked above $89,000 before retreating, maintaining its bearish structure and oscillating at lower levels; ETH showed weak rebound momentum, consolidating under pressure in the $2,800–3,000 range. Altcoin sentiment remains subdued, with the market focused primarily on proactive de-risking and defensive positioning. In terms of hotspots, low-cap tokens like JELLYJELLY and NBLU bucked the trend and gained strength amid speculative fervor, while IR rose on new listings and exchange-related activity. Meanwhile, the impending expiry of $23 billion in BTC options, Lido DAO's application for a $60 million ecosystem budget, and JPMorgan's conservative outlook on stablecoin growth potential have emerged as key variables influencing both short-term and medium-term expectations.

This report provides a deep analysis of the rapidly emerging private automated market makers—Prop AMM—within the Solana ecosystem. The study shows that Prop AMM now accounts for 20%–40% of Solana DEX weekly volume and has captured over 80% market share in core SOL-Stablecoin pairs. The report dissects the core mechanisms of Prop AMM, including its “Oracle + Solver” hybrid pricing model, MEV resistance, and elimination of impermanent loss, and compares the strategies and performance of leading players such as HumidiFi and Tessera V, revealing the professional moat built through proprietary capital, closed strategies, and ultra-tight spreads.

Gate Research Weekly Report: The crypto market remains under pressure overall, with BTC consolidating in the $85,000–$86,000 range and the bearish structure intact, while ETH has dipped below $2,900, probing around $2,800, and continues to show short-term weakness; risk appetite for altcoins is subdued, with stablecoin supply contracting slightly and Gas fees staying at extremely low levels. H, GHST, and ACT bucked the trend with gains, driven by post-airdrop capital inflows, incentive adjustments, and momentum from the AI narrative, respectively. This week, active traders on Hyperliquid continued to decline, highlighting intensifying competition among Perp DEXs; BitMine added over 100k ETH again, pushing its total holdings close to 4 million; Strategy kept accumulating BTC, surpassing 670k in total holdings. RedotPay, ETHGAS, and YO closed new funding rounds, drawing attention to payments, the Gas market, and decentralized social sectors. Over the next 7 days, ZRO, H, and MBG face significant token unlocks—w

Over the past week, the crypto market has continued to trade in a range near key support levels. BTC and ETH both experienced several rapid rallies and pullbacks, but prices quickly returned to consolidation ranges, indicating that current price action is largely driven by existing capital repeatedly trading in a relatively thin-liquidity environment, with no clear entry of trend-driven incremental capital. At the same time, leveraged positioning has continued to unwind: options open interest (OI) declined overall and became highly concentrated around the December 26 expiry, with an estimated USD 26.5 billion in notional value set to expire. Spot trading volumes remain subdued, making prices more sensitive to marginal capital flows and further amplifying short-term volatility.

In November 2025, the total cryptocurrency market capitalization trended downward overall, as weak buying momentum, rising macroeconomic uncertainty, and cooling risk appetite jointly constrained any meaningful rebound. Stablecoin market capitalization across public blockchains remained highly concentrated, with Ethereum accounting for more than half of the total; fund flows pointed to increasing sectoral divergence, as chains such as Arbitrum and Starknet recorded notable net inflows. Meanwhile, the prediction market continued to expand rapidly, with Opinion’s monthly trading volume surging and quickly emerging as a third major player competing with Polymarket and Kalshi. The Web3 industry completed 53 financing deals totaling $2.67 billion, a sharp decline from October, signaling a phase of contraction and structural tightening.

Gate Research Daily Report: On December 17, the crypto market continued its recovery, with major assets showing signs of structural rebound. Bitcoin stabilized above the $85,000 level and rebounded to trade around $87,500, where short-term momentum has improved but remains constrained by medium-term resistance. Ethereum recovered to the $2,950 area after its recent decline, though the pace of the rebound has been relatively moderate. Overall market sentiment remains cautious, but rotation within major assets is becoming increasingly evident. On the thematic front, PTB surged sharply amid growing narratives around Bitcoin application-layer expansion and institutional adoption. LIGHT gained strength on expectations tied to Lightning Network and RGB-related technical progress, while ARC rallied on renewed interest in AI agent infrastructure and developer-centric narratives. On-chain data show that short-term Bitcoin supply continues to shift toward long-term holders, while the slowdown in stablecoin growth signa

Gate Research Daily Report: Despite a brief rebound attempt in the crypto market, prices have failed to decisively reclaim key resistance levels. Over the past 24 hours, Bitcoin has continued to weaken and gradually retreated to its core supply–demand zone, while ETH fell below the important psychological level of USD 3,000. Technical breakouts drove ACE up 22% over the past 24 hours, while FHE surged 98% in the same period, with its recent rally primarily driven by Chainlink’s newly launched FHE privacy bridge. Visa announced the launch of a stablecoin advisory service. Ripple revealed plans to expand RLUSD to Ethereum Layer 2 networks. Circle announced the acquisition of Axelar’s initial development team, Interop Labs, along with its intellectual property.

Dual-currency investment has attracted attention due to its simple structure and transparent returns, yet the market lacks systematic, cycle-based quantitative research and analysis of optimal entry points. This study constructs a backtesting framework in four steps: first, segmenting Bitcoin market cycles using trend and standard deviation; second, verifying that implied volatility (IV) in Bitcoin responds to both upward and downward movements, making it an effective entry signal; third, establishing “buy low / sell high” rules based on market phase; and fourth, estimating dual-currency APR using a simplified Black-Scholes model. Results indicate that the dual-factor framework of “IV-based entry + cycle-driven direction” effectively captures volatility premiums, performs particularly well in sideways markets, delivers stable returns, and supports reinvestment, providing a practical path for systematizing dual-currency investment strategies.

Gate Research Daily Report: On December 15, the crypto market continued to trade under pressure, with BTC and ETH consolidating at lower levels while GT showed relative resilience. Against a weak backdrop for major assets, tokens such as FHE, ICE, and BAS moved higher against the trend, driven by catalysts including privacy computing and a Chainlink partnership, token migration and mainnet transition, and the ERC-8004 protocol upgrade—highlighting concentrated positioning in structural opportunities. Structural selling pressure in the options market continues to weigh on BTC’s upside, as ETF-driven demand for call options diverges from volatility-selling by OG holders, making a period of range-bound consolidation more likely than a swift breakout in the near term. At the same time, Ant International is reshaping enterprise treasury management through blockchain, AI, and tokenized deposits, while Stable’s mainnet launch has seen weaker-than-expected on-chain activity, underscoring the ongoing challenge for sta

This report provides an in-depth analysis of momentum investing within the Bitcoin (BTC) market, examining how classical technical indicators perform under varying trend and volatility conditions. Beginning with the theoretical foundations of momentum and its behavioral finance interpretations, the report systematically reviews the structural logic, signal mechanisms, and analytical functions of MACD, Bollinger Bands, ADX/DMI, and RSI. Using actual BTC price movements, it illustrates how these indicators reflect trend formation, momentum decay, volatility expansion, and potential reversal signals. Backtesting results over a full year show that different indicators produce highly divergent outcomes when exposed to the same market environment: trend-following and oversold-reversal strategies tend to struggle during weak or choppy market phases, while volatility-breakout methods, particularly Bollinger Band strategies, demonstrate higher win rates and more stable drawdown behavior.

Gate Research Daily Report: On December 12, BTC showed a clear short-term strengthening trend. ETH moved higher and then pulled back over the past 24 hours, forming a high-level consolidation pattern, while GT remained in a consolidation and recovery phase. LIGHT drew market attention with a sharp gain of +79.47%. Meanwhile, JPMorgan launched the USCP token on Solana to facilitate a landmark on-chain debt issuance for Galaxy; Blockstream announced plans to acquire TradFi hedge fund Corbiere Capital to expand its institutional investment strategy; and El Salvador partnered with Elon Musk’s xAI to roll out the Grok AI education program nationwide.

Gate Research: In November 2025, high-performance blockchains continued to dominate on-chain activity, with ecosystem stratification becoming increasingly evident. Solana maintained its lead in both transaction volume and active addresses through high-frequency interactions. Although Arbitrum remained in a low-activity range on the usage side, sustained net inflows driven by asset tokenization and institutional infrastructure expansion positioned it as a key focus of market capital. After breaking below short-term cost bases, BTC entered a repricing phase, with short-term turnover increasing while long-term holdings remained stable, shifting the market structure from strong-side consolidation to a pressure-driven equilibrium. The broadening BTCFi narrative also fueled a strong upswing in Starknet, drawing notable capital and user inflows. At the project level, Monad’s mainnet launch ignited the high-performance L1 narrative, rapidly expanding on-chain activity and application deployment, while Telcoin saw a s

Gate Research Weekly Report: BTC remained in a weak consolidation over the past day, repeatedly encountering resistance near 92,000 USDT, while ETH pulled back to the MA10 after a sharp upswing, showing signs of short-term momentum cooling. Market sentiment improved marginally, with capital rotating into the Ethereum ecosystem. Sectors such as Prediction Markets, GambleFi, ZK, and LRT recorded weekly gains of 18%–35%. Stablecoin market capitalization continued to rise, and gas fees remained at ultra-low levels. NIGHT, BEAT, and LUNA posted strong rebounds of 40%–60%, driven respectively by new listings, partnership catalysts, and technical bottom-recoveries. Major banks have begun offering Bitcoin-backed lending, while institutional BTC holdings have surpassed 1.08 million. Tempo’s testnet launch strengthened the narrative around on-chain payments, and expectations surrounding a potential SpaceX IPO as well as Stripe’s acquisition of Valora further boosted market attention. In the coming seven days, CONX, APT

This week, the crypto market remained in a volatile range amid macroeconomic disturbances, recent consecutive rate cuts by the FED have boosted short-term market sentiment, but investors’ concerns over structural issues such as long-term inflation, fiscal deficits, and the independence of monetary policy have not subsided. Additionally, the Bank of Japan’s rate hike this month is widely anticipated. Yesterday, Bitcoin spiked to a high before dropping over 2.2%, while Ethereum also surged then retraced, ending the day up 1.2%.