Gate Research: DEX Volume Rebounds, SuperLink Ecosystem Accelerates | Gate Institutional Crypto Market Weekly (Feb 23–Mar 1, 2026)

Key Takeaways

• Market Focus: BTC experienced a sharp decline over the weekend amid thin liquidity before entering a low-level consolidation phase. ETH underperformed BTC overall, leaving the market in a fragile post-deleveraging equilibrium. Meanwhile, geopolitical risks pushed oil and precious metals prices significantly higher, prompting a temporary rotation of capital into defensive assets.

• Liquidity Analysis: Rising precious metals prices have driven stronger trading demand. XAUT order book depth shows that buy-side liquidity repeatedly stepped in during the gold rally, while concentrated sell orders emerged near local highs, increasing short-term selling pressure. At the same time, major CEXs expanded the number of metals products within their TradFi asset segments, reflecting growing demand for safe-haven trading instruments.

• On-chain Data Insights: DEX trading volumes saw event-driven spikes, although overall scale remains below historical cycle peaks. Stablecoin supply has remained elevated but flat, suggesting capital is largely waiting on the sidelines for clearer signals. Liquid Staking TVL declined modestly, while Aave’s total cross-chain lending volume continued to fall, indicating a gradual and proactive deleveraging process across the market.

• Derivatives Tracking: BTC open interest continued to decline and has fallen significantly from its 2025 peak, indicating a substantial reduction in overall market leverage. Funding rates remain negative but stable, while options trading volumes and implied volatility both increased, suggesting traders are still paying a premium for future volatility.

• Outlook for Next Week: Markets will closely watch upcoming macro releases including the ISM Manufacturing and Services PMIs, ADP employment data, and Nonfarm Payrolls, which will shape expectations for interest rates and liquidity conditions. Meanwhile, token unlocks for ENA, HYPE, and RED, along with events such as the Espresso upgrade and Chiliz buyback and burn, may introduce localized market volatility.

This report provides a deeper analysis of these trends, combining macro developments with on-chain data insights. Click to read the full report to stay ahead of market shifts, gain forward-looking perspectives, and uncover potential opportunities for the next phase of the market.

Disclaimer
Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such investment decisions.