Key highlights from last week:
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Market Focus: Energy shocks remain the dominant macro theme. Rising oil prices are reinforcing inflation stickiness and delaying rate-cut expectations. Global markets are showing structural divergence, while crypto assets exhibit relative resilience and signs of decoupling.
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Liquidity: BTC ETFs continued to see net inflows, with no clear signs of institutional outflows. TradFi trading activity on Perp DEX increased, with commodities taking a larger share. Related trading volumes on CEXs also rose significantly.
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On-chain Data: DEX trading volume declined slightly, but liquidity remained intact and continued to concentrate in leading protocols. Stablecoin supply expanded, with USDC as the primary driver. Lending and LST sectors rebounded in tandem.
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Derivatives: BTC funding rates remained negative, indicating persistent short bias. Open interest increased, suggesting leverage returning to the market. Implied volatility declined, pointing to a gradual recovery in sentiment.
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Outlook: Markets will focus on the upcoming Fed rate decision and policy signals from major central banks, which will directly shape the inflation path and near-term direction of risk assets.
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Institutional Update: Gate’s institutional business continues to expand. CrossEx has upgraded its fee structure, trading integrations, and market data capabilities, further improving institutional trading efficiency.
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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.
