Gate Research: Crypto Market Under Pressure | Gate TradFi Total Trading Volume Surpasses $33 Billion

Crypto Market Overview

BTC (+0.06% | $69,025 USDT):

BTC has maintained a high-level sideways consolidation over the past 24 hours, fluctuating repeatedly within the $68,800–$69,500 range. The broader structure remains a post-pullback consolidation following the recent local high. On the moving average structure, MA5 and MA10 are converging, with price trading near MA30, indicating limited short-term directional momentum and a wait-and-see market stance. MACD has formed a mild bullish crossover below the zero line and is flattening, with histogram bars hovering near neutral, suggesting balanced buying and selling pressure. A sustained break above $69,500 could open room toward the $70,500–$72,000 resistance zone. Conversely, a breakdown below $68,500 may lead to a retest of support around $67,500 and potentially $66,800.

ETH (+0.16% | $2,027 USDT)

ETH mirrors BTC’s structure, showing a range-bound yet slightly weaker bias. After peaking near $2,150, price retraced and is now consolidating above the $2,000 level. MA5 has crossed above MA10, but both remain capped below MA30, suggesting the rebound is still a technical correction within a broader range. MACD has formed a bullish crossover below the zero axis and is flattening, with narrowing histogram bars indicating easing downside momentum. A decisive move above $2,050 could pave the way toward testing the $2,100–$2,150 resistance area. If $2,000 fails to hold, attention shifts to the $1,950–$1,920 support zone.

GT (+0.14% | $6.97 USDT)

GT has continued to trade within a narrow range over the past 24 hours, significantly underperforming major cryptocurrencies. Price action remains confined to the $6.90–$7.10 range, reflecting prolonged horizontal consolidation. From a moving average perspective, MA5, MA10, and MA30 are tightly converging, forming a classic consolidation structure with no clear directional bias. MACD is hovering near the zero line, with histogram bars extremely compressed, indicating subdued trading activity and low volatility conditions. A volume-backed breakout above $7.10–$7.20 could open room for an upside recovery toward the $7.40 area. Conversely, a breakdown below $6.90 would increase the risk of a retest of the $6.60–$6.50 support zone.

Tokens Heatmap

Over the past 24 hours, the broader crypto market has extended its downward pressure. Market cap heatmaps suggest capital outflows from risk assets across the board, with heavyweight assets such as BTC and ETH weakening in tandem and weighing on overall performance.

On the sentiment front, the Crypto Fear & Greed Index has declined further to 11, firmly within the “Extreme Fear” zone and lower than both last week and last month. This indicates accelerating sentiment deterioration, with selling increasingly driven by emotion and passive de-risking flows. Overall, the market remains in a sentiment-dominated pullback phase. In the short term, elevated volatility and choppy price action may persist. A more sustainable structural recovery is likely to emerge only after panic-driven selling pressure subsides and sentiment stabilizes.

POWER Power Protocol (+48.96%, Circulating Market Cap: $79.21M)

According to Gate market data, POWER is currently trading at $0.3849, up approximately 48.96% over the past 24 hours. Power Protocol positions itself as a “Web3 incentive layer,” aiming to establish sustainable incentive and revenue-sharing mechanisms between on-chain applications and real user behavior. By embedding points systems, rewards, and tokenized incentives into trading, gaming, and interactive scenarios, the project seeks to enhance user engagement and retention for both Web2 and Web3 platforms.

The recent sharp rally in POWER appears to reflect concentrated capital repricing driven by narrative momentum and partnership-related developments, rather than a material shift in revenue fundamentals or on-chain protocol metrics. Structurally, the token broke out with expanding volume after an extended consolidation phase, quickly reclaiming key moving average levels. With a relatively small circulating market cap of approximately $79 million and a comparatively concentrated token distribution, sentiment-driven catalysts can easily amplify short-term upside acceleration.

PIPPIN Pippin (+41.74%, Circulating Market Cap: $395M)

According to Gate market data, PIPPIN is currently trading at $0.40631, up 41.74% in the past 24 hours. Pippin originated from an SVG unicorn image generated based on the latest LLM capability benchmarks of ChatGPT-4o. At its core, it is not a functional protocol but rather a sentiment-driven asset built around AI capability evolution, creator identity, and community narrative. The project was created by Yohei Nakajima, a recognized innovator and thought leader in the AI × VC space, who actively promotes the “AI for VC” concept and continuously develops and shares tools and content in public.

This round of strong appreciation appears to be primarily driven by capital flows and structural trading dynamics, rather than concrete fundamental developments or product progress. Technically, after pulling back from a previous high and completing a consolidation phase, price has recently rebounded with increased volume, reclaiming major moving averages. MACD has turned positive again, signaling strengthening short-term momentum. With a circulating market cap of approximately $395 million and prior turnover during the previous decline, improving sentiment and renewed capital inflows can facilitate phase-based acceleration. However, PIPPIN remains a high-volatility, sentiment-weighted asset, and its sustainability depends on continued trading activity and overall market risk appetite.

SONIC Sonic SVM (+30.62%, Circulating Market Cap: $20.10M)

According to Gate market data, SONIC is currently trading at $0.05567, up approximately 30.62% over the past 24 hours. Sonic SVM is the first SVM-based network extension launched on Solana, positioned as a high-performance execution layer tailored for gaming and consumer-grade applications. Its objective is to provide scalable computational capacity and transaction execution infrastructure for mass-user applications.

Recently, the project has intensified both offline and online exposure efforts, including community creation campaigns, competitions, in-person social events, and multi-regional market outreach. These initiatives reinforce its “Attention Capital” narrative—converting user attention and participation into ecosystem momentum. The latest surge in SONIC appears to be largely sentiment- and narrative-driven, reflecting concentrated capital pricing around high-visibility exposure rather than a clear fundamental leap in protocol metrics. From a structural perspective, after completing a low-level consolidation following a prior pullback, price has recently advanced on expanding volume amid heightened community activity and event-driven catalysts, quickly breaking above short-term moving average resistance.

Hotpot Insights

Tokenized Treasuries Surpass $10 Billion, Marking a New Phase for RWA Development

According to data from Token Terminal, the total market size of tokenized treasuries has surpassed $10 billion, signaling deeper penetration of real-world assets (RWA) within the on-chain financial system. As demand grows for low-risk, yield-bearing assets that can be settled on-chain, tokenized Treasury products are increasingly becoming foundational assets bridging traditional finance and the crypto market, offering capital more efficient and transparent allocation pathways.

From an issuance structure perspective, leading players include Ondo Finance, Securitize, Circle, and Superstate. Through compliant frameworks and on-chain issuance mechanisms, these institutions transform traditional Treasury assets into programmable and composable financial instruments, expanding their applications across institutional allocations, on-chain liquidity management, and DeFi use cases.

Gate TradFi Trading Volume Surges as Multi-Asset Strategy Deepens

According to data from Gate TradFi, cumulative trading volume has exceeded $33 billion since launch, with peak single-day volume surpassing $6 billion. This reflects sustained growth in traditional financial asset trading activity on crypto-native platforms. Currently, Gate TradFi offers both app and web-based trading access, covering major traditional asset classes including equities, precious metals, foreign exchange, indices, and commodities. Supported instruments include gold, silver, Tesla, NVIDIA, and Apple, alongside leverage of up to 500x and a competitive fee structure.

At the product mechanism level, Gate TradFi pioneered an adjustable-leverage trading model for gold, offering multiple contract tiers such as XAUUSD20, XAUUSD100, and XAUUSD200. This structure enables more flexible position sizing and return management tailored to varying risk appetites. Looking ahead, Gate TradFi plans to further expand asset coverage and product offerings, accelerating the integration between crypto trading platforms and traditional financial markets to build a unified, global multi-asset trading gateway.

Robinhood Launches Robinhood Chain, Deploying an Ethereum Layer 2 Focused on RWA

Robinhood has officially launched Robinhood Chain, a financial-grade Ethereum Layer 2 built on Arbitrum. The public testnet is now live. The network is positioned to support the on-chain issuance, settlement, and circulation of RWA and digital assets, aiming to provide compliant financial institutions and applications with scalable, low-cost blockchain infrastructure and accelerate the development of on-chain financial services.

In terms of ecosystem development, Robinhood Chain has begun integrating with key infrastructure providers, including Alchemy, Allium, Chainlink, LayerZero, and TRM Labs. These integrations span node services, data analytics, oracle infrastructure, cross-chain communication, and compliance and risk management modules. Overall, Robinhood is progressively extending its traditional finance and crypto expertise into the on-chain infrastructure layer, strengthening its strategic positioning in the RWA and institutional-grade blockchain finance sector.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/tradfi
• X, https://x.com/Cointelegraph/status/2021064289029603577?s=20
• Robinhood, https://robinhood.com/us/en/newsroom/robinhood-chain-launches-public-testnet/

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own 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 decisions.