Gate Institute: Crypto market has significantly liquidated over 1.8 billion dollars | IN counter rise

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###Encryption Asset Overview

####BTC (-0.06% | Current Price 112,996 USDT)

BTC's current price has broken below the 5MA and 30MA, with short-term moving averages showing signs of a turnaround, putting the original upward structure to the test. The MACD indicator shows a shortening of the red bars and a bearish crossover of the dual lines at a high position, indicating a significant weakening of bullish momentum. After retreating from the high of 115,656, the price is currently trading below 113,000, with short-term support focusing on the range of 112,800 to 112,400. If it cannot stop falling, it may retest the previous low support at 111,000; on the contrary, if it can stabilize and rebound with volume, it needs to regain stability above 113,400 to have a chance to restore a strong structure.

####ETH (-0.68% | Current Price 4,101 USDT)

The ETH hourly chart shows relatively weak performance, with prices having fallen consecutively through multiple K lines, breaching the lower edge of the consolidation platform. Both the 10MA and 30MA moving averages are in a bearish arrangement. The MACD has formed a death cross and is moving downward, with green bars increasing, indicating a shift in momentum to the bearish side, reflecting that the bears are regaining control of the pace. Trading volume is also increasing, showing that selling pressure is quite active. Current support is at 4,067; if this level is breached, it will further test the support strength in the range of 4,000 to 3,950.

####GT (-0.04% | Current Price 16.253 USDT)

After rebounding to around 16.60 on the 24th, GT faced pressure and fell back. The current price has broken below the short-term moving averages, with the 5MA and 10MA forming a death cross to the downside, indicating weakened upward momentum. The MACD indicator has turned green, with the dual lines crossing below the zero axis, and the momentum bars turning negative, presenting a bearish signal technically. For short-term support, watch 16.15; if this level cannot be maintained, a further decline may occur. The trading volume has not significantly shrunk, so caution is needed for the continued release of selling pressure.

###Daily Price Fluctuation Tokens

In the past 24 hours, the overall performance of the encryption market has been mixed, with BTC rising slightly by 0.39%, maintaining a range of fluctuations, becoming the mainstay of a stable market; in contrast, ETH fell by 2.03% and SOL dropped by 2.81%, with mainstream public chain tokens generally weak. Amid rising risk aversion, a few high market cap tokens such as XRP (+2.31%) and TRX (+0.25%) have bucked the trend and closed in the green, while stablecoins like USDC and WBTC have shown stable performance, and the structural rotation characteristics of the market continue.

####IN INFINIT (+71.04%, circulating market value 24.73 million USD)

According to Gate.io market data, the current price of the IN token is $0.10575, with a 71.04% increase in the last 24 hours. INFINIT is a smart execution platform focused on automation of DeFi strategies, aimed at simplifying complex on-chain operation processes with a "one-click execution" method. Its platform is powered by AI Agent Swarm, integrating multiple protocols within ecosystems such as Arbitrum to achieve one-click execution of over 20 steps, optimizing yield acquisition efficiency.

This round of price increase is mainly driven by the rapid fermentation of product launches and market consensus. INFINIT announced that its V2 public beta version has now expanded to Arbitrum, officially launching the "One-Click Arbitrum DRIP" strategy, allowing users to complete complex operations such as lending, staking, and exchanging across multiple protocols without incremental interactions, significantly lowering the participation threshold. The official emphasized that this feature can provide users with a more efficient, precise, and controllable yield execution experience. This news quickly garnered positive market feedback, coupled with clear actual use cases on the platform, boosting market sentiment, leading to a daily increase of over 70% in token prices.

####FLUID Fluid (+28.10%, circulating market cap 263 million USD)

According to Gate market data, the current price of the FLUID token is $6.674, up 2.63% in the last 24 hours. Fluid is a DeFi lending and stablecoin exchange protocol focused on enhancing capital efficiency, dedicated to building a more secure and efficient liquidity infrastructure. The core of the protocol focuses on deploying cross-chain currency markets, currently covering mainstream ecosystems such as Ethereum, Arbitrum, and Solana, rapidly expanding through DAO governance and automated interest rate mechanisms.

The recent surge is mainly driven by multiple positive factors. After announcing its launch 18 months ago, Fluid's TVL has exceeded $4.6 billion, firmly securing the top spot in stablecoin exchange and lending DAO growth rankings, while ranking fourth overall among lending protocols. It will also initiate the $FLUID buyback mechanism to strengthen market expectations. Meanwhile, community data shows that its 7-day annualized revenue reached $19.5 million, primarily derived from currency market deployments on Ethereum, Arbitrum, and Solana, demonstrating a strong and stable revenue-generating capability. The combination of positive news and the recovery of the DeFi sector has attracted market funds to concentrate inflow.

####SNX Synthetix (+25.26%, circulating market cap 295 million USD)

According to Gate market data, the current price of the SNX token is $0.8604, having increased by 25.26% in the last 24 hours. Synthetix is a derivatives protocol built on Ethereum, focusing on supporting on-chain perpetual contracts and synthetic asset trading. Through a modular clearing and trading engine, Synthetix provides a permissionless, no-slippage, and infinitely liquid synthetic asset market, gradually expanding to second-layer networks such as Arbitrum and Optimism, serving a broader DeFi user base.

The recent surge was mainly driven by expectations for the launch of the mainnet perpetual contract DEX and incentive activities. Synthetix announced the launch of the first perpetual contract DEX on the Ethereum mainnet, along with a trading competition with a total prize pool of up to $1 million, attracting numerous top traders to participate in testing. There are a total of 100 competition slots, with 50 by invitation, 35 open to the public, and 15 reserved for community OGs. The project team also emphasized that the platform will default to protecting users' account privacy information, enhancing trading anonymity and further increasing the willingness of professional traders to use it. This series of news has sparked great interest in the community, and combined with the recovery of the DeFi sector's activity, it has driven the SNX token to achieve a daily increase of over 25%.

###Hot Topic Interpretation

####Gate launched Gate Layer, a second-layer network, comprehensively upgrading the GT ecosystem and deflationary mechanism.

Gate has announced the launch of its high-performance Layer 2 network, Gate Layer, along with the optimization of the GT token economic mechanism to promote the large-scale implementation of blockchain technology and the long-term sustainable development of the GT ecosystem. Gate Layer is built on the OP Stack and boasts over 5700 transactions per second processing capability, 1 second block time, full EVM compatibility, ultra-low gas fees, dual security guarantees, and LayerZero cross-chain capabilities, significantly lowering the barriers for users and developers to enter Web3, creating an efficient and low-cost on-chain interaction experience. At the same time, Gate Layer will serve as the application scenario foundation for GT as the only gas fee token, greatly enhancing the actual usage demand for GT.

In terms of ecological construction, Gate will launch three core products around Gate Layer: the Perp decentralized perpetual trading platform, the Gate Fun incubator supporting no-code issuance, and the full-chain Meme coin trading hub Meme Go, forming a Web3 full-scenario toolset covering asset issuance, trading, and circulation. The GT platform token mechanism is simultaneously strengthened, building a dual deflation model through "regular burn + on-chain burn", with a cumulative destruction of over 180 million tokens by the end of Q2 2025, leading to a circulation decrease of over 60%. Along with the v1.20 upgrade of Gate Chain (supporting EIP-4844, Cancun EVM, etc.), this update is not only a technical iteration but also a key upgrade of Gate's "All in Web3" strategy and GT value capture mechanism.

####encryption market faces largest liquidation of the year, excessive leverage triggers chain sell-off

The encryption market has recently experienced the largest liquidation since 2021, with over 370,000 traders liquidated for a total of approximately $1.8 billion, and the liquidation amount for ETH exceeding $500 million, which is more than twice that of BTC. According to CoinGlass data, this round of liquidations has led to a market cap evaporation of about $150 billion, with BTC dropping below $112,000 and ETH falling to $4,150, marking the largest correction since mid-August.

The liquidation has affected many assets that have recently performed strongly, such as ASTER, WLFI, and PUMP. The altcoin season index has also fallen from a high of 100 back to 67, marking a phase of conclusion. Analysis indicates that this round of sell-off is primarily due to excessive leverage accumulation and a technical overbought correction, rather than a deterioration in fundamentals. Although the short-term pullback is significant, BTC is only down 9.5% from its historical high, still maintaining a bullish trend. Historical data shows that September is usually weak, while October often sees a rebound. The "Uptober" market is worth looking forward to, and coupled with a relatively loose macro environment, it may provide support for the market in the future.

####SUI Group disclosed its heavy investment in SUI and stock buybacks, demonstrating capital strength and market confidence.

According to the latest disclosure from SUI Group, as of September 23, its treasury holds a total of 105,630,660 SUI tokens, estimated at $3.40 each, with a total market value of approximately $359 million, making it one of the largest holders of SUI in the public market. Such a large amount of token assets not only reflects the company's deep binding with the Sui public chain ecosystem but also indicates its high recognition of the project's long-term development. In the face of the current structural rotation in the encryption market, this type of transparent treasury disclosure helps stabilize market confidence and enhances external trust in its capital reserves and strategic vision.

In addition to its layout in encryption assets, SUI Group also announced an investment of approximately 1.2 million dollars to repurchase 276,296 shares of common stock, demonstrating its emphasis on company valuation and shareholder equity. Repurchase actions are typically interpreted as a positive signal from management regarding the company's future profitability and intrinsic value. In the context of the current macro environment and the intertwining fluctuations of tech stocks, this move by SUI Group can be seen as a dual strategy to strengthen shareholder returns and boost market confidence. Overall, SUI Group is consolidating its strategic position at the intersection of Web3 and traditional finance through a dual layout in the on-chain and capital markets.
References:

• 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
• Coinmarketcap, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/announcements/article/47349
• Businesswire, https://www.businesswire.com/news/home/20250924937314/en/SUI-Group-Repurchases-276296-Shares-Under-Newly-Authorized-%2450-Million-Stock-Repurchase-Program
• Coinglass, https://www.coinglass.com/LiquidationData

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