Gate Research Institute: crypto market experiences a pullback | Gate Perp DEX volume surpasses 1 billion USD

Encryption Asset Panorama

BTC (-0.88% | Current Price 108,386 USDT)

BTC has experienced a profit-taking after a short-term surge, stabilizing around $108,000. The current price has seen a slight rebound but remains under pressure below the MA30. The short-term moving averages are bending downwards and forming a death cross, indicating that selling pressure above is still heavy. Although the MACD double lines are converging from a low position, and the green bars are shortening with momentum slowing down, a clear golden cross has not yet formed. If it can break through $110,000 and maintain that level, it is expected to extend the rebound to $112,500; if it falls below the $108,000 support, it may retest the $106,000–$105,000 range.

ETH (-1.63% | Current price 3,871 USDT)

ETH has retreated after being blocked near the short-term high of $4,100, currently oscillating in the $3,870 range. The short-term moving averages are trending downward and are below the MA30, indicating a weak structure. The MACD dual lines are still below the zero axis, and although the green bars are gradually converging, the momentum has not yet reversed. If ETH can re-establish above $3,930 and break through $3,980, there will be an opportunity to continue the rebound; however, if it falls below $3,820 again, it may test the $3,750 support level.

GT (+0.06% | Current Price 15.837 USDT)

GT is maintaining a range-bound oscillation trend, with prices fluctuating around $15.8. The short-term moving averages (MA5, MA10) are converging with MA30 (around $15.82), indicating a temporary balance between bullish and bearish forces. The MACD dual lines are hovering near the zero axis, with red bar momentum gradually shrinking, showing a lack of clear direction in the short term. If it can effectively break through the resistance level of $16.0, it is expected to test $16.3; if it breaks below the support level of $15.6, it may retest the $15.4 range.

Daily Price Change Tokens

In the past 24 hours, the overall performance of the encryption market has been weak, with major coins generally closing lower. BTC fell by 0.88%, fluctuating below the key support range; ETH dropped by 1.63%, continuing its sluggish trend; XRP declined by 1.38%, maintaining the outflow trend of funds. In contrast, some assets showed relatively strong performance, with SOL slightly up by 0.43%, and TRX also maintained positive fluctuations, becoming one of the few rising varieties.

BLUAI Bluwhale AI (+295.40%, Circulating Market Cap 24.167 million USD)

According to the market data from Gate, the current price of the BLUAI token is 0.01977 USD, having increased by approximately 295.40% in the last 24 hours. Bluwhale AI is an artificial intelligence protocol deployed on the Sui network, positioned as the first AI infrastructure project based on Sui, aiming to build an open ecosystem that combines decentralized computing with intelligent agents.

BLUAI has recently surged strongly, mainly driven by listing news and market enthusiasm. On October 21, the project announced its listing on Gate and several other top exchanges, resulting in a concentrated influx of funds. At the same time, the team completed the CoinMarketCap listing verification, further enhancing market trust. Coupled with the narrative of “AI × Sui” and the highly active hype within the community, BLUAI has become one of the most关注的新兴代币之一.

COAI ChainOpera AI (+39.45%, circulating market value 1.638 billion USD)

According to Gate market data, the current quote for the COAI token is $8.171, with an increase of 39.45% in the last 24 hours. ChainOpera AI is an AI Agent network centered around collaborative intelligence, aimed at creating an open artificial intelligence economic system co-created and co-governed by the community. The project integrates autonomous learning agents, models, and GPU platforms to build a decentralized 'AI Actor Network', enabling agents not only to perform reasoning and decision-making but also to achieve autonomous trading and collaboration through a token economy.

COAI has recently shown significant upward momentum, likely driven by the official launch of the token and market sentiment. In mid-October, the project announced its listing on Gate and several other mainstream exchanges, quickly attracting funds and attention. As one of the few leading projects combining “AI Agent + decentralized computing power” narrative, ChainOpera is regarded by the market as a new benchmark in the AI sector.

LIGHT Bitlight Labs (+26.72%, circulating market cap 7,288.68 million USD)

According to Gate's market data, the LIGHT token is currently priced at 1.7213 USD, having increased by approximately 26.72% in the last 24 hours. Bitlight Labs is a technology-focused project that concentrates on the Bitcoin ecosystem, aiming to integrate Layer1 and Layer2 architectures to achieve non-custodial operations and efficient payments on the Bitcoin network. Its core product, BitLight, combines the client asset verification mechanism of the RGB protocol with the payment capabilities of the Lightning Network, creating a comprehensive solution that offers both security and scalability.

The recent rise of LIGHT has been driven by the combined effects of the white paper release and market narratives. Bitlight Labs officially released its technical white paper on October 21, detailing its innovative solutions on the non-custodial architecture of Bitcoin, attracting widespread attention from developers and investors. The market generally believes that this project is expected to become a key infrastructure connecting the RGB and Lightning Network ecosystems, opening new directions for Bitcoin DeFi and asset layer expansion.

Hotspot Interpretation

Leverage liquidation alleviates market risks, and the capital structure stabilizes.

According to Coinglass data, Bitcoin's Open Interest has plummeted by about 30% in the past week, indicating that the market has undergone a significant deleveraging. High-leverage funds were forced to close their positions, quickly cooling the overheated long leverage in the market. The funding rate has also retreated to near neutral levels, suggesting a rebalancing of long and short forces. While this deleveraging process brings volatility in the short term, it helps reduce the systemic risk of cascading liquidations and lays a healthier structural foundation for the next phase of the market.

From the perspective of market structure, post-leverage liquidation positions are more concentrated in spot and low-leverage funds, and the extreme volatility risk in the derivatives market has significantly decreased. Traders' sentiment is gradually shifting from high-risk preferences to a more cautious approach, with funds primarily focused on observing and accumulating at lower prices in the short term. Overall, as excessive leverage is cleared away and liquidity becomes neutral, the Bitcoin market, after experiencing a “mine-sweeping period,” sees a convergence in short-term volatility, while the stability and continuity of mid-term trends are more supported.

Tether users exceed 500 million, focusing on the social impact of encryption finance.

Tether announced that the number of global users of USDT has officially surpassed 500 million, marking its further expansion of influence in the global financial system. The official post on the X platform stated that this figure represents “500 million real people,” and as an opportunity, they launched a short documentary from Kenya, telling how USDT brings freedom, stability, and hope to people in areas with high inflation and weak financial infrastructure. The film showcases how local residents rely on stablecoins for savings, payments, and cross-border transactions, highlighting the inclusive financial value of encryption in the real world.

From a narrative perspective, Tether's move is not only a celebration of growth milestones but also a combination of brand image and public issues. The documentary strengthens the positioning of USDT as a “decentralized stable force” and aims to respond to long-standing external doubts about its transparency and regulation. With USDT's market capitalization exceeding $180 billion and covering multiple blockchains, Tether is shifting its focus from the exchange ecosystem to real-life scenarios, using “real stories” to enhance its global influence and further consolidate its dominant position in the stablecoin market.

Gate Perp DEX trading volume exceeds 1 billion USD, decentralized derivatives ecosystem accelerates expansion.

According to on-chain data, Gate's decentralized perpetual contract platform Gate Perp DEX has surpassed a cumulative trading volume of 1 billion USD, demonstrating a strong growth trend in user scale and market activity. Since its launch, this platform has attracted a large number of high-frequency and professional traders with its smooth trading experience and deep liquidity, driving Gate to achieve significant breakthroughs in the decentralized derivatives field. This milestone reflects the increasing acceptance of decentralized trading experiences by users and indicates that Gate's strategy in the derivatives market is gradually showing results.

On the technical level, the Gate Perp DEX architecture relies on the Gate Layer high-performance second-layer network and is equipped with a self-developed matching engine to achieve high concurrency and low-latency processing. Combined with on-chain transparent settlement and contract security mechanisms, the platform effectively reduces slippage and liquidation risks, providing users with a decentralized trading environment that offers a centralized experience. As trading volume and user numbers continue to grow, Gate Perp DEX is becoming an important competitor in the derivatives space, marking a comprehensive acceleration for Gate in DeFi infrastructure and derivatives innovation. <br> Reference Material:

• 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/en/cryptocurrency-heatmap
• X, https://x.com/glassnode/status/1980569106509082727
• X, https://x.com/Tether_to/status/1980619567157191113
• Gate, https://web3.gate.com/perps

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