Gate Research: Crypto Stocks Rally Broadly, KelpDAO Hacker Converts $175 Million ETH Holdings Entirely into BTC

Gate Research VIP Report: BTC continues to trade within a strong upward channel, with market risk appetite rebounding significantly, while ETH is also showing moderate bullish momentum. CHIP and MDAO were respectively driven higher by exchange listings, FDV speculation, and ecosystem incentive upgrades, while CORE has continued to strengthen steadily amid rising enthusiasm surrounding the BTCFi narrative. Crypto-focused venture capital firm Blockchain Capital is raising capital for two growth funds with a combined target size of $700 million. Expectations for improving liquidity conditions continue to strengthen, with both the S&P 500 and Nasdaq Composite closing at record highs, while crypto-related equities rallied broadly. Meanwhile, after roughly a day and a half of operations, the KelpDAO hacker converted nearly all 75,700 ETH into BTC through the THORChain protocol.