Research

Gate Research Daily Report: On December 10, the crypto market saw a mild rebound, with BTC and ETH maintaining a strong short-term structure. Among notable movers, PIPPIN (+66%) surged on strengthened AI-driven narratives and speculative flows; WET (+37%) gained significant attention following its TGE launch and broader traction within the Solana ecosystem; and PENGU (+10%) remained strong amid positive momentum from Pudgy Party surpassing one million downloads and the release of AI-enabled Pudgy toys. On the industry front, Polygon completed its Madhugiri upgrade, delivering a meaningful boost to network throughput and enterprise-grade infrastructure capabilities. FLock.io, Deluthium, and Aerodrome jointly advanced the rollout of the on-chain insurance platform CARiFIN. Meanwhile, BTC supply on exchanges has declined by more than 400,000 BTC over the past year, easing spot selling pressure and reinforcing a more supportive medium-term market structure.

November saw Bitcoin decline by 17.54%, marking the largest monthly drop of the year. Bitcoin ETFs experienced the second-largest single-month outflow since their launch in 2024. In November, Gate’s quantitative fund recorded a 1.9% return for the USDT strategy; the top 30% portfolio achieved an annualized return of 4.1%, outperforming Bitcoin. The “Arbitrage Pioneer – USDT” strategy stood out with a monthly annualized return of 5.5%, demonstrating robust defensive characteristics. Overall fund drawdowns remained low, with the USDT strategy experiencing a maximum drawdown of just 0.02%. Looking ahead to December, expectations for interest rate cuts, next year’s rate trajectory, potential rate hikes by the Bank of Japan, and speculation over a Fed leadership change are likely to drive short-term crypto volatility.

Gate Research: On December 8, over the past 24 hours, the crypto market remained in a consolidation phase. BTC entered sideways trading after a sharp V-shaped rebound, with short-term moving averages forming a minor death cross, signaling that the price has entered a correction stage. ETH moved in tandem with BTC, showing a high degree of correlation. Altcoins showed clear divergence — large-cap tokens rose modestly with the broader market, while mid- and small-cap projects became selectively active on narrative and news-driven catalysts. The Fear & Greed Index stood at 20, reflecting continued cautious sentiment. On the macro front, U.S. stocks edged higher, and gold prices traded in a narrow range. In market highlights, Strategy admitted for the first time that it may sell BTC under extreme conditions, drawing widespread attention; Base’s launch of the SOL-Base Bridge sparked controversy within the Solana community; and the Monad mainnet’s on-chain activity fell short of expectations, with DEX trading volum

Gate Research Daily Report: On December 5, BTC turned weaker over the past 24 hours after a period of high-level turbulence; ETH stabilized following a sharp pullback; GT found support near 9.50; and SN surged over 90%, drawing market attention. Canton Network’s developer gained strategic investment from Wall Street giants, pushing on-chain assets past $6 trillion. XRP spot ETFs saw 13 straight days of inflows, nearing the $1 billion mark, while JPMorgan said bitcoin’s near-term direction depends largely on whether Strategy (MSTR) can maintain its value-to-bitcoin-holdings ratio above 1.

This report outlines the landscape and trends of the tokenized stocks sector. The market capitalization of tokenized stocks has surpassed $500 million, growing over 50-fold within the year, with daily transfer volumes reaching $40–60 million. It is poised to become the next high-growth area in the RWA space, following government bonds. However, compared to the global stock market’s total value of $147.6 trillion and the $19.25 trillion in ETF assets, the current penetration rate is only about 0.0004% for stocks and 0.003% for ETFs, indicating substantial room for growth.

Gate Research Weekly Report: BTC saw a strong rebound followed by a period of consolidation at higher levels over the past day. ETH quickly reversed after dipping to $2,719.28 on December 2 and continued to set new local highs during the subsequent rally. Gate recently listed TRADOOR spot and perpetual contracts, with the token surging more than 170% in 24 hours. The Ethereum Fusaka upgrade is progressing smoothly; Web3 project registrations in the Cayman Islands have surged; and PayPal’s PYUSD stablecoin has seen substantial growth. Kalshi and Polymarket recorded nearly $10 billion in combined trading volume in November, marking their strongest month on record. ENA, LINEA, and BB are scheduled to unlock approximately $50.92 million, $12.75 million, and $2.51 million worth of tokens, respectively, over the next seven days.

Gate Research Daily Report: On December 3, the broader crypto market saw a mild recovery. BTC and ETH rebounded to the $91,000–$93,000 range and above $3,000, respectively, with short-term momentum strengthening in tandem. Among top movers, PIEVERSE (+78%) surged on strong demand following its on-chain AI Agent recruitment event; LIGHT (+44%) became a focal point within the Bitcoin ecosystem amid major RGB cross-layer DEX progress; and PARTI (+33%) rallied on Universal Accounts expanding to Monad alongside several ecosystem integrations. On the industry side, Bitcoin mining profitability has fallen to historic lows, putting miners under significant margin pressure. Tether Data launched QVAC Fabric LLM, a low-barrier framework enabling local AI model training on consumer hardware. Meanwhile, Flow advanced its shift toward financial infrastructure, rolling out native credit-market protocols and expanding its DeFi-oriented roadmap.

This report highlights that x402 is redefining internet semantics by shifting from the traditional “Request → Response” model to a new financial primitive of “Request → On-chain Atomic Settlement → Revenue Distribution.” This transformation enables native payment settlement and automated revenue splitting, positioning x402 as the execution layer for PayFi and machine-to-machine (M2M) payments. Over the past month, x402 processed more than 47 million transactions with an average value of under one dollar, signaling rapid demand growth yet still far from penetrating high-value commercial use cases. The ecosystem shows strong early concentration: Base chain consistently captures over 60% of market share, while major players such as Coinbase, Cloudflare, and Gate are accelerating infrastructure-level adoption. Short-term value continues to be driven by leading facilitators, whereas long-term potential hinges on whether x402 can establish a cross-chain revenue settlement network capable of powering per-use payment

This week, the crypto market remained range-bound amid simultaneous macro and sentiment-driven pressures. Expectations of a Bank of Japan rate hike triggered a pullback in global risk assets, while tighter liquidity weighed on market risk appetite. At the same time, rumors surrounding a potential change in the FED chair and ongoing policy uncertainty added to market caution regarding the future rate path. Despite this backdrop, BTC posted a notable rebound on Wednesday, briefly climbing back to around $93,000, showing clear signs of short-term recovery. Technically, downside support remains resilient, and the market has entered a news-driven consolidation phase.

Gate Research Daily Report: Bitcoin fell further below $84,000 on Tuesday, and dragged by BTC’s correction, Ethereum dropped below $2,800 over the past 24 hours, approaching its key $2,600 support again. Ancient8 announced a partnership with the gaming identity layer Dæmons, driving A8 up 89% in the past 24 hours; PRIME’s recent gains were mainly fueled by exchange listings and trading incentives, rising 45% over the same period. Kalshi announced it will tokenize thousands of its existing prediction market contracts on Solana, a move likely to attract more institutional and retail participation; meanwhile, Strategy established a $1.44 billion dividend reserve fund to support payouts, signaling robust cash flow and liquidity management to investors.

Gate Research Daily Report: On December 1, BTC experienced a high-volume plunge after a prolonged sideways consolidation at the upper range, forming a rapid downward structure and hitting a low of $86,317, confirming a short-term trend shift from sideways to bearish. ETH had been consolidating near $3,030 for several days but repeatedly failed to break above resistance, with momentum gradually weakening. The price then sharply broke down near the dense moving average zone, falling to a low of $2,831. In November, cryptocurrency trading volume fell to $1.6 trillion, the lowest level in nearly five months. TON and the Telegram ecosystem officially launched the decentralized privacy computing network Cocoon. A Chainlink spot ETF is expected to launch this week, while Grayscale plans to convert its private trust into an ETF.

Gate Research Daily Report: On November 28, BTC saw a clear volume-driven breakout after several days of wide-range consolidation; ETH remains in a strong market structure; GT continues to maintain a solid short-term uptrend; and BBT became the spotlight with an impressive +83.14% surge. MegaETH issued full refunds due to disorganized pre-deposit fundraising and plans to relaunch its cross-chain bridge. The Monad mainnet has officially gone live, with multiple ecosystem projects releasing new earning opportunities. Meanwhile, Ethereum has raised its block gas limit to 60 million, reaching record-high throughput ahead of the upcoming Fusaka upgrade.

From November 11 to November 24, 2025, the crypto market retreated under AI-bubble concerns and macro tightening pressures, though BTC and ETH staged a short-term rebound from local lows, keeping the broader structure in a consolidation phase. The top 500 tokens by market cap declined about 15% on average, with mid- and small-cap assets showing notable divergence—BEAT surged 436% to lead the market, while narrative-driven tokens such as SOON retraced 50–70%. A clear volume-price mismatch emerged, as tokens like AGENTFUN and XSO saw 10–15x volume spikes without meaningful price follow-through, reflecting cautious short-term sentiment despite ongoing structural opportunities. Amid this backdrop, several sectors—including prediction markets, DID identity systems, testnet participation, and yield aggregation platforms—have begun launching airdrop-driven campaigns. This report summarizes key participation methods to help users capture testnet incentives and potential rewards during the rebound phase and position a

Gate Research Weekly Report: BTC and ETH have both reclaimed key psychological levels at $90,000 and $3,000, respectively, signaling a clear recovery in market sentiment. Funds are rotating across multiple sectors, including exchange tokens, Layer-1s, and meme coins. S&P downgraded Tether–USDT’s stability rating to “Weak” but Stable; the Cosmos community has initiated a new ATOM token proposal, reigniting debate over token-economic risks; and Ethereum co-founder Vitalik donated to privacy-focused communication efforts. Plasma’s token has fallen 90% from its early peak, with the project still far from delivering on its ambitious promises. Bitcoin faces a $13.6 billion monthly options expiry this Friday, with 77% of open interest sitting out-of-the-money. Resulting hedging flows may continue to amplify short-term volatility.

According to Gate Research, the crypto market experienced a choppy recovery this week under shifting macro sentiment. As retail data weakened and several Fed officials delivered dovish signals, rate-cut expectations strengthened, with the probability of a December cut rising to 84.9%. Risk assets saw a moderate improvement in sentiment. After a continuous pullback, Bitcoin found strong buying interest near $80,000 and rebounded to around $88,000, lifting major altcoins as well. However, capital flows remain cautious, ETF inflows are limited, and the broader market still reflects a weak rebound structure.