Gate Research Institute: Cryptocurrency Market Fluctuations and Consolidation | Aave Horizon RWA Market Net Deposits Surpass $600 Million

Cryptocurrency Asset Panorama

BTC (-2.13% | Current price 90,887 USDT)

BTC experienced a sharp rise and fall on the 1-hour timeframe before entering a consolidation phase. The price found support near $91,000, attempting a short-term recovery towards MA5 and MA10, but overall remains below MA30, indicating a weak rebound structure. MACD is below the zero line, with green bars continuously converging, showing a slowdown in downward momentum. In the short term, it is viewed as a technical rebound, but trend reversal confirmation is still pending.

ETH (-3.35% | Current price 3,153.71 USDT)

ETH’s retracement is relatively limited. After stabilizing around $3,150, it slowly rebounded, with the price gradually approaching short-term moving averages, though resistance above MA30 still exists. MACD is in a weak zone, but the momentum bars are marginally improving, showing a oscillating recovery pattern. Its structural strength is slightly better than BTC, but confirmation requires volume support.

GT (-1.61% | Current price 10.35 USDT)

GT continues to fluctuate within a low-range consolidation, in line with mainstream coins. After being supported around $10.3 on Wednesday, it experienced a slight rebound. MACD shifted from a death cross to a golden cross, indicating some short-term momentum recovery. On the 4-hour chart, GT remains in a downtrend channel, with MACD still in a death cross and red bars expanding. Bollinger Bands are widening, and the price is near the lower band, suggesting ongoing short-term downward pressure and potential increased volatility.

Daily Gainers and Losers

Over the past 24 hours, the crypto market continued its adjustment trend, with overall sentiment still in a clear risk-averse zone. The Fear & Greed Index fell back to 28, slightly recovering from previous lows but still in the “fear” zone, reflecting that capital confidence has not yet fully recovered. Structurally, BTC and ETH declined about 1.1% and 2.2%, respectively, continuing to weigh on the index. Mainstream assets like XRP and SOL fell between 1%–3%, with limited sector divergence. Most assets weakened simultaneously, indicating the market remains dominated by deleveraging and cautious sentiment. Despite the overall pressure, a few tokens performed countertrend, highlighting the focus of phase-specific capital. These will be analyzed individually below.

ZKP zkPass (+59.74%, Circulating market cap $39.86 million)

According to Gate data, the ZKP token is currently priced at $0.1885, up over 59.74% in 24 hours. zkPass is a privacy and identity verification protocol based on zero-knowledge proofs (ZKP), aiming to enable “verifiable but non-disclosing” identity and activity proofs without exposing user data.

The recent price surge was driven mainly by narrative and event resonance. First, several Twitch creators experienced account and revenue tampering despite enabling 2FA, sparking widespread reflection on the traditional security model of “login equals endpoint.” The zkPass team and community leveraged this to emphasize their design philosophy that “trust should not end at login,” significantly boosting discussion. Second, the native token ZKP has entered circulation, and ongoing discussions on ZK identity, zkTLS, and general proxy topics have positioned it as a representative project in the ZK privacy and identity track. Under the influence of positive sentiment and limited circulating supply, the token experienced a rapid short-term rally.

ELF aelf (+49.25%, Circulating market cap $102 million)

According to Gate data, ELF is currently priced at $0.14374, up over 49.25% in 24 hours. aelf is a high-performance modular public chain project initially focused on DeFi and multi-chain architecture. In recent years, it has extended its narrative to DeSci and cross-chain infrastructure. aelf improves execution efficiency and resource isolation through a main chain + side chain design, and has launched tools like TomorrowDAO to support on-chain management of scientific research funding, governance, and data transparency, strengthening its long-term positioning as a “general-purpose underlying protocol.”

The recent price increase was driven by both capital movements and narrative development. First, official disclosures showed that 5 million ELF tokens had been allocated to the eBridge cross-chain liquidity pool, reinforcing asset flow expectations between aelf and the Ethereum ecosystem, boosting market confidence in its cross-chain usability. Second, the project continues to strengthen its DeSci narrative, positioning itself as the “structural layer of decentralized scientific research,” gaining attention amid current market preferences for infrastructure and mid-to-long-term application narratives.

GUN Gunz (+41.21%, Circulating market cap $13.83 million)

According to Gate data, GUN is currently priced at $0.021974, up over 41.21% in 24 hours. Gunz is a game ecosystem token launched by Gunzilla Games, serving its core product Off The Grid’s on-chain economy. The project aims to combine AAA shooter gameplay with Web3 asset mechanisms through tokenized items, on-chain settlements, and programmable rules, enhancing player engagement and content lifecycle, with the goal of introducing a sustainable on-chain economic model without sacrificing gameplay.

The recent GUN price rally was mainly driven by game content updates and increased exposure. First, the “Off The Grid” ranked protocol update was launched in December, introducing ranked mode, custom servers, and core mechanic overhauls, significantly boosting player activity and community discussion. Second, the project received offline and online exposure from mainstream gaming media like Game Informer, strengthening its “mainstream game” identity and expanding reach to non-crypto users.

Hotspot Analysis

Aave Horizon RWA market net deposits exceed $600 million, institutional funds continue to flow in

The Horizon RWA market under Aave has surpassed $600 million in net deposits, indicating that the capital attraction of the real-world assets (RWA) sector is steadily increasing. This growth is not short-term fluctuation but a gradual accumulation amid rising institutional participation and clearer compliance structures, reflecting market recognition of on-chain RWA products’ yield stability and risk control.

Structurally, the expansion of Horizon RWA funds suggests DeFi is gradually extending from high-volatility, high-trading assets to financial scenarios anchored in credit, cash flow, and real-world assets. This trend helps reduce DeFi’s overall yield sensitivity to market cycles and strengthens Aave’s strategic position as an institutional-grade DeFi infrastructure, laying a foundation for more compliant assets to be onboarded and scaled.

Tokenized stock asset management exceeds $1 billion, on-chain securities accelerate expansion

According to Dune data, the total assets under management (AUM) of tokenized stocks have exceeded $1 billion, marking the transition of on-chain securities assets into a scaled development stage. The growth is not linear but shows a clear acceleration after mid-year, indicating increased market acceptance of on-chain stock products and a shift from early experimental participation to more sustained large-scale investment.

Structurally, the expansion of AUM is mainly driven by leading issuance and circulation platforms, with clear tiering among different public chains and issuance schemes: some platforms dominate with deep liquidity and compliant pathways, while others leverage low costs or cross-chain advantages to target niche demands. This shift shows tokenized stocks are moving from “proof of concept” to “product competition” stage. Future growth will depend on regulatory feasibility, transparency of underlying asset custody, and whether secondary market liquidity can continuously meet institutional capital needs.

Barclays makes its first bet on stablecoin infrastructure, signaling entry of traditional banks

The banking giant Barclays, with an asset management scale of about $2.2 trillion, has completed its first investment in the stablecoin sector by supporting the stablecoin infrastructure project Ubyx. This move indicates that large traditional banks are shifting from cautious observation to actual capital deployment. Stablecoins are no longer just viewed as payment tools in crypto markets but are gradually entering the long-term strategic assessment scope of mainstream financial institutions.

Strategically, this investment leans more towards “infrastructure betting” rather than a single stablecoin issuance logic. Ubyx focuses on stablecoin settlement, clearing, and system integration capabilities for institutions, aligning with banks’ core needs in compliance, risk control, and scaled application. This signal shows stablecoins are transitioning from fringe innovation to a key connective layer within the financial system, potentially playing a more structural role in cross-border payments, corporate treasury management, and on-chain settlement networks.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Dune, https://dune.com/gateresearch/stocks
• X, https://x.com/Cointelegraph/status/2008856277380698308?s=20
• X, https://x.com/solana/status/2008536556475478349?s=20

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