VIP Weekly Industry Report

Gate Research: Over the past week, BTC experienced a sharp pullback on the 4-hour timeframe before gradually entering a low-level consolidation phase. ETH has underperformed BTC during the same period and remains in a downside structure. NEAR has gained approximately 39.62%, making it the top performer in this cycle. Arbitrum recorded a single-sided net outflow of about $235 million, with capital primarily reallocating to Base and other ecosystems. Amid geopolitical tensions, some capital has rotated into safe-haven assets, while other funds have shifted toward on-chain macro trading and hedging strategies—reflecting portfolio rebalancing rather than a broad-based sell-off. Meanwhile, increased activity on Polymarket has driven higher Polygon fee revenue, highlighting how real-world events are accelerating the conversion of macro narratives into on-chain cash flow.

Over the past week, BTC experienced a sharp pullback on the 4-hour timeframe before gradually entering a low-level consolidation phase. ETH has underperformed BTC during the same period and remains in a downside structure. NEAR has gained approximately 39.62%, making it the top performer in this cycle. Arbitrum recorded a single-sided net outflow of about $235 million, with capital primarily reallocating to Base and other ecosystems. Amid geopolitical tensions, some capital has rotated into safe-haven assets, while other funds have shifted toward on-chain macro trading and hedging strategies—reflecting portfolio rebalancing rather than a broad-based sell-off. Meanwhile, increased activity on Polymarket has driven higher Polygon fee revenue, highlighting how real-world events are accelerating the conversion of macro narratives into on-chain cash flow.

Global macro conditions remain highly uncertain. Escalating tensions in the Middle East continue to raise concerns over oil supply, keeping crude prices elevated at around $90–$100 per barrel. At the same time, shifting expectations around the Fed’s rate path remain a key driver of market sentiment.

In the cryptocurrency market, BTC exhibited a clear pullback followed by weak consolidation last week. After briefly rallying to around $76,000 midweek, the price quickly retraced. ETH climbed to a midweek high of $2,385 before giving back most of its gains. Among altcoins, SIREN was the standout performer of the cycle, posting gains of approximately 169.56%. Over the past week, on-chain capital flows exhibited a clear one-way trend, with liquidity moving decisively toward Hyperliquid, while Arbitrum emerged as the primary source of outflows. Meanwhile, Polymarket saw rapid revenue growth, with monthly fees surpassing $5 million, underscoring the commercial viability and cash flow potential of prediction markets.

Last week, XPL surged over 70.87% at launch, emerging as the week's top-performing token. MYX and ZEC also gained 63% and 26% respectively, bucking the short-term market trend. Arbitrum topped the public chain rankings with $3.8 billion in net inflows. World Chain, fueled by internal treasury transfers, saw $122 million in net inflows and reached a record high in application activity. Meanwhile, Plasma—the Tether-backed stablecoin chain—went live on the mainnet with the launch of its native token XPL. Leveraging aggressive "airdrop-style" marketing and oversubscription, it quickly captured market attention. Within just days of launch, its TVL exceeded $4.9 billion, making it one of the hottest projects of the week.

Last week, BONK surged over 52%, fueled by optimism around its ETF application. Its launchpad, Letsbonk, surpassed Pump.fun in token issuance, and the number of holders exceeded one million. FLOKI gained more than 12% following the launch of its flagship game, VALHALLA, on the opBNB mainnet. Starknet saw renewed momentum thanks to ecosystem expansion and resonance with the BTCFi narrative. Meanwhile, xStocks sparked strong demand for on-chain equities, driving on-chain financial innovation and deeper integration with traditional assets.

Gate Research: Over the past week, BTC entered a low-level consolidation and recovery phase following a sharp sell-off. The rebound has been capped by weak momentum and insufficient volume, pointing to a technical rebound rather than a trend reversal. ETH recorded a larger weekly decline than BTC, with deleveraging pressure more concentrated. By contrast, H has surged approximately 41.94% over the past seven days, emerging as the standout outperformer of this cycle. Meanwhile, on-chain capital flows over the past week have shown clear signs of one-sided concentration and deleveraging. Triggered by the sharp market downturn, Aave whales moved to repay loans and top up collateral under liquidation pressure, driving stablecoins and settlement capital back to the Ethereum mainnet and resulting in net inflows of approximately USD 1.1 billion.

On Feb. 9, the crypto market entered a choppy recovery phase after a deleveraging shock, with flows showing a clear structural split: capital crowding into BTC while major altcoins remain under pressure. Sentiment is deeply risk-off, with the Fear & Greed Index at just 14 (Extreme Fear). High-beta opportunities are concentrated in event-driven AI Agent and meme trades, led by BNKR, PIPPIN, and PENGUIN. On the macro and industry front, Vitalik argued that algorithmic stablecoins represent “true DeFi”; Cathie Wood said gold strength has often preceded Bitcoin’s cyclical breakouts and reiterated her “big three” thesis on BTC, ETH, and SOL; and Tether is accelerating global, diversified investments while strengthening governance and expanding hiring—signaling a faster shift from a stablecoin issuer toward a broader conglomerate model.

Over the past week, BTC's trend has shifted from a consolidation phase to a bearish-dominated structure. ETH has underperformed BTC, forming a pattern of accelerated downside followed by sideways consolidation at lower levels. This indicates cautious bottom-fishing capital, with limited appetite for chasing rallies. STABLE has gained approximately 32.56% over the past seven days, making it the standout performer.

Last week, BTC showed a weak consolidation pattern after a failed rebound on the 4-hour chart. The market saw a volume-driven decline followed by a low-volume rebound, indicating that the current bounce is more of a technical correction rather than a trend reversal. ETH's price action mirrors BTC's, but it is noticeably weaker. The structure remains a weak rebound within a bearish trend. On-chain capital flows are showing clear signs of defensive rebalancing. Ethereum net inflows have approached $350 million. Hyperliquid and StarkNet saw net outflows of over $200 million and $167 million, respectively. In the prediction market, industry competition is being reshaped by a "points + zero-fee" strategy.

Gate Research: BTC and ETH are consolidating at lower levels after the pullback, with downside technical pressure easing in the short term, though a clear trend reversal has yet to be confirmed. Risk appetite remains cautious: on-chain data shows whales continuing to accumulate, while sentiment indicators stay in the extreme fear zone—suggesting improving positioning but incomplete confidence recovery. Meanwhile, Ondo is bringing tokenized stocks and ETFs to Solana, further expanding RWA and on-chain securities use cases and strengthening blockchains’ capacity to host traditional financial assets. In parallel, Solayer has launched a USD 35 million ecosystem fund focused on high-performance on-chain applications, supporting both infrastructure and application layers.

Last week, BTC moved into a high-level consolidation phase after the previous sharp rally, but the market structure has not flipped bearish. ETH showed greater resilience than BTC, holding up better during pullbacks. On-chain flows clearly reflect a "trading-scenario-first" trend. Capital is rotating out of low-velocity, general settlement layers and into networks with higher trading efficiency and stronger support for active strategies. Perp DEXs and prediction markets have become the main liquidity magnets in this cycle. Both Hyperliquid and Polygon PoS recorded net inflows of over $100 million. Meme activity across the Solana ecosystem is also picking up again. Bags App has risen quickly on the back of its "donation-driven" mechanic, amplifying FOMO and viral growth dynamics.

Gate Research:BTC has entered a consolidation and recovery phase after pulling back from recent highs, while ETH has significantly outperformed most altcoins over the past week. Gate has expanded its TradFi offerings by enabling CFD trading on traditional financial assets, including gold, foreign exchange, indices, commodities, and selected popular stocks. On-chain capital is increasingly flowing toward trading-oriented networks, with Perp DEXs emerging as the key driver. Hyperliquid and Ink recorded the highest net inflows among public chains. On the technology front, StarkNet, leveraging its high performance and verifiable execution capabilities, has become one of the core technology stacks for Perp DEXs. It helps on-chain derivatives evolve toward exchange-grade infrastructure.

Gate Research: BTC has stabilized again on the 4-hour timeframe, with a clear upside structure in place. Overall price action points to a mild and orderly recovery. ETH's catch-up move is gradually taking shape, with a noticeably steeper trend slope than BTC. Supported by returning capital inflows, its upside pace has continued to accelerate. Capital flows across public blockchains are showing clear divergence. More conservative, allocation-oriented capital is rotating back into core settlement layers, led by Ethereum. Base, as a user onboarding and asset distribution layer, is also seeing sustained net inflows. Polymarket Builders trading volume has reached a new all-time high, further strengthening the head effect. The increase in trading activity is mainly concentrated in a small number of mature tools, including betmoar.

BTC consolidated between $87,000 and $90,500 and gradually stabilized, but upward momentum remains limited. ETH continued its low-level recovery, slowly climbing after finding solid support around $2,900. CC surged 43.84% over the past week, standing out as the top performer. Ethereum led net inflows with nearly $200 million. This trend largely reflects defensive capital reallocation during a contraction phase. Transaction volumes on crypto payment cards continue to expand, and stablecoin payment use cases are accelerating, emerging as one of the few areas that maintain growth certainty in a cautious market environment.