GateResearch

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.

Last week, the market showed a weakening trend for BTC, with ETH underperforming, and trading volume decreasing during the rebound, indicating cautious bottom-fishing. STABLE surged by 32.56%, performing remarkably, and Base attracted over $110 million in capital inflows, becoming a focal point. The report will provide a detailed analysis of these trends and data.

Cryptocurrency Market Overview
BTC (+1.74% | Current Price $77,765 USDT): Bitcoin has experienced a sharp sell-off and is currently trading between $77,000 and $78,000. Over the past two weeks or so, Bitcoin's price has dropped approximately 20%, during which over $1.6 billion in leveraged crypto positions were forcibly liquidated. After the de-leveraging phase, macro policies are the primary driver behind the current revaluation of Bitcoin prices. If the market shifts towards more cautious rate cut expectations, the policy environment will be unfavorable for assets that rely on low-cost leverage and abundant liquidity. From a technical perspective, there is strong resistance above $90,000, while strong support is seen around $73,000. If this level is broken, the next target for the price is likely around $72,000, which corresponds to 2024.

Cryptocurrency Asset Panorama
BTC (-3.85% | Current Price 75,523 USDT)
Against the backdrop of a simultaneous plunge in US stocks and gold/silver, BTC price movement shows a pattern of sharp decline —> panic sell-off —> weak rebound —> low-level consolidation. Fundamentally, no new systemic negative news has emerged, but the liquidity events related to exchanges during the “1011 Event” have been repeatedly mentioned recently, and user confidence has yet to recover. The short-term moving averages MA5/MA10 have been regained by the price but still slope flatly; the key medium-term resistance is above MA30. Although the short-term decline has temporarily halted, the trend remains in a rebound phase within a downward channel. The next critical points are whether the $75,000 level can hold and whether the $80,000 level can be effectively reclaimed. If broken, it will once again test MicroStrategy’s cost basis and may lead to further panic or a move toward $70,000.

Cryptocurrency Market Overview
BTC (-3.85% | Current Price 75,523 USDT): Amid a synchronized plunge in US stocks and gold/silver, BTC experienced a "sharp drop—pinning—weak rebound—low-range consolidation." Although no new systemic negative news emerged, the "1011" liquidity dispute was repeatedly mentioned, leading to a slow recovery of confidence. The price has regained the MA5/MA10 but MA30 still acts as resistance, making the rebound more like a correction within a downward channel. Watch for support at 75,000 and resistance at 80,000; if broken, it may test MicroStrategy's cost basis again and look toward support around 70,000.
ETH (-9.9% | Current Price 2,197.86 USDT): ETH is significantly weaker than BTC. With risk appetite shrinking, it first experienced a volume surge and a sharp decline, with a pin at $2,220 and a limited rebound. It then shifted to sideways consolidation at low levels and moved downward with volatility. The price

Cryptocurrency Asset Overview
BTC (-1.35% | Current Price 81,364 USDT)
BTC has shown a clear downward trend over the past 24 hours. After peaking at $90,600 on the 29th, the price failed to stabilize and continued to decline, breaking below key support levels at $89,000 and $88,000. During the early trading hours of the 30th, there was a surge in volume as the price dropped, with a low near $81,000. Market sentiment shifted rapidly from cautious to panic. From a technical perspective, MA5 and MA10 have clearly crossed below MA30 and are diverging downward. The price is trading below the moving average system, indicating a dominant bearish trend. During the decline, trading volume increased, reflecting concentrated selling pressure. Currently, around $81,000 is an important short-term support level. If the price stabilizes with reduced volume, there is potential for a technical rebound, with resistance levels at $83,500.

Cryptocurrency Market Overview
BTC (-1.35% | Current Price 81,364 USDT): BTC has shown a clear bearish trend over the past 24 hours. After spiking to $90,600 on the 29th, the price failed to stabilize and subsequently continued to decline, breaking below key support levels at $89,000 and $88,000. During the early trading hours of the 30th, there was a surge in volume as the price was pushed downward, reaching a low of around $81,000. Market sentiment shifted rapidly from cautious to panic. From a technical perspective, MA5 and MA10 have clearly crossed below MA30 and are diverging downward. The price is trading below the moving average system, indicating a dominant bearish trend. During the decline, trading volume increased, reflecting concentrated selling pressure. Currently, around $81,000 is an important short-term support level. If the price stabilizes with reduced volume, there is potential for a technical rebound, with resistance above at $83,500.

Cryptocurrency Market Overview
From January 13 to January 26, 2026, amid escalating efforts by Trump to acquire Greenland and using additional 10% tariffs on multiple countries as bargaining chips, market concerns over growth, inflation, and geopolitical risks intensified. Risk aversion spread, the US dollar weakened, and global risk assets came under pressure, leading the crypto market to enter a defensive stance. In terms of market performance, BTC rebounded on the 4-hour chart but faced resistance and weakened again, breaking below short-term moving averages and trading below mid-term moving averages, shifting from consolidation to a bearish trend; ETH performed even weaker, remaining below the MA30 and forming a bearish alignment.【1】
On-chain and ecosystem levels, funds showed a defensive reflow, with Ethereum becoming the main recipient, net inflows approaching $350 million, while high-leverage active networks such as Hyperliquid and StarkNet.

Latest data shows that BTC implied volatility is 38%, and ETH is 54%. The options market has a cautious outlook on short-term volatility, with demand mainly focused on downside protection. In the short term, market risk aversion is strong, and ETH's actual volatility has risen significantly. Recent block trades have been mainly bearish spreads, and Gate has launched a combined strategy order tool to improve trading efficiency.

Summary
BTC and ETH experienced a rebound after a sharp rise and subsequent correction; funds are leaning towards defensive assets, flowing into tokenized commodities/gold, payments, privacy, and DID among stable altcoin sectors.
Ethereum leads the issuance of tokenized commodities, accounting for 85% of the share.
Long-term holders are accelerating their reduction of positions, with Bitcoin facing the strongest selling pressure since August.
Market trading volume hits a record high, becoming the on-chain "expectation pricing layer."
Polymarket drives a surge in USDC usage, Mizuho upgrades Circle's rating and is optimistic about growth resilience.
SUI will unlock approximately $60.94 million worth of tokens in the next 7 days, representing 11% of the circulating supply.
Market Analysis
Market Commentary
BTC Market — Over the past week, BTC quickly bottomed near $86,100 and rebounded to around $91,200.