Gate Research Institute: BTC and ETH are oscillating in sync | Encryption ETF fund flows have declined for three consecutive days

Abstract

1. BTC and ETH are oscillating in sync, market momentum continues to weaken, and overall sentiment has entered a wait-and-see stage.
2. Anza launched Jetstreamer to help Solana developers achieve ultra-fast ledger transmission.
3. BlackRock's BUIDL Fund is expanding its deployment on Aptos, promoting the development of the RWA tokenization ecosystem.
4. Tesla made a profit of 80 million dollars in Q3 from holding Bitcoin, with the value of digital assets rising to 1.3 billion dollars.
5. Tempo announced on October 18 that it has completed a $500 million financing to accelerate the development of its high-performance payment public chain ecosystem.

Market Interpretation

Market Commentary

• BTC Market —— After peaking in early October, BTC has been oscillating in the range of 106,000–112,000 USD, with short-term resistance at the MA20 pressure level. The current candlestick pattern shows a series of small bodies, indicating a strong market wait-and-see sentiment. Trading volume has significantly shrunk compared to the previous period, and capital inflow and outflow have slowed down. The MACD indicator's dual lines remain below the zero axis, with the red bars shortening and then turning green again, indicating a weakening momentum. If the price remains pressured below 116,000, attention should be paid to the potential retest of the support range at 108,000 and 105,000 USD; conversely, if it breaks through the MA30 with increased volume, it may reopen the rebound space.
• ETH Market —— ETH has continued to show a weak oscillation pattern over the past week, with prices fluctuating around the $3,800 level, constrained in the short term by the dual pressure of MA20 and MA60. Although the support from low-level buying limits the downward space, there is still a lack of effective rebound momentum overall. The MACD dual lines are close to the low position and have not formed a golden cross, with the histogram shortening below the zero axis, indicating that bearish momentum is weakening marginally but bullish forces have yet to take over. If ETH cannot stabilize in the $3,850–$3,900 range, the market may continue to consolidate at low levels; only if there is a subsequent increase in volume that breaks through the upper moving average pressure could a short-term rebound confirmation occur.
• Altcoins — Overall pullback this week, with only a few categories rising against the trend. Among them, the Wallets, Tokenized Gold, and Tokenized Commodities sectors performed relatively steadily, with average increases of 44.5%, 17.3%, and 15.7% over 7 days.
• Stablecoins — The total market capitalization of stablecoins is currently $316.1 billion, with overall trading volume significantly rebounding by 52.06%, indicating increased capital activity.
• Gas Fee —— This week, the Gas fee on the Ethereum network has decreased. As of October 23, the daily average Gas fee was 0.107 Gwei.

Popular Tokens

This week, the mainstream segments of altcoins mostly experienced slight increases. According to CoinGecko data, the Wallets and Tokenized Gold segments both showed a significant upward trend this week, with increases of 44.5% and 17.3% respectively over the past 7 days. Below are the representative popular tokens in each segment and an analysis of the reasons for their rise.

COAI ChainOpera AI (+70.21%, circulating market cap $2.723 billion)

According to Gate market data, the current price of the COAI token is $13.663, with a 70.21% increase in the last 24 hours. ChainOpera AI is an AI agent network centered around collaborative intelligence, aiming to create an open artificial intelligence economic system co-created and co-governed by the community. The project builds a decentralized “AI actor network” by integrating self-learning agents, models, and GPU platforms, enabling agents not only to perform reasoning and decision-making but also to achieve autonomous trading and collaboration through a token economy.

COAI has seen a strong upward trend recently, mainly due to the token officially launching on multiple exchanges and sparking market discussions. As a representative project that integrates “AI Agent + decentralized computing power” narrative, ChainOpera is viewed as a potential target in the new generation of AI public blockchain ecosystems. The latest official data shows that the number of COAI holding addresses has exceeded 54,000, with the number of users continuously growing and significant community expansion. Currently, the top ten addresses hold about 87.9%, indicating that the project is still in its early stages but with a high concentration of holdings. With the increase in user activity and enhanced liquidity, the market generally expects that its integration of computing power networks and AI applications will further support the token's value.

EVAA EVAA Protocol (+36.92%, circulating market cap $53.7 million)

According to Gate's market data, the current price of the EVAA token is $8.0487, having risen 36.92% in the last 24 hours. EVAA is a decentralized lending and yield protocol built on the TON ecosystem, which has recently gained widespread attention due to a surge in demand for its EVAA Voucher NFT series.

The recent surge is primarily driven by ecological interaction and incentive activities. The staking rewards and NFT lottery recently launched by EVAA have attracted a large number of users, with winners able to obtain high-value Noir Vouchers. Combined with the high annual percentage yield (APY) of the protocol and the cross-asset incentive design, this further amplified market enthusiasm. With the increase in liquidity within the TON ecosystem and the popularization of the NFT-integrated asset model, EVAA successfully captured the narrative focus, leading to a strong rise in the token within 24 hours.

LIGHT Bitlight Labs (+11.57%, circulating market cap $81.42 million)

According to Gate market data, the LIGHT token is currently priced at $1.8882, having increased by approximately 11.57% in the last 24 hours and over 100% in the past week. Bitlight Labs is a technology-focused project centered on the Bitcoin ecosystem, aiming to integrate Layer 1 and Layer 2 architectures to achieve non-custodial operations and efficient payments on the Bitcoin network. Its core product BitLight combines the client asset verification mechanism of the RGB protocol with the payment capabilities of the Lightning Network, creating a comprehensive solution that offers both security and scalability.

The recent rise of LIGHT is mainly driven by the joint boost of the white paper release and market narrative. Bitlight Labs officially released its technical white paper on October 21, detailing its innovative solutions on the non-custodial architecture of Bitcoin, which has attracted widespread attention from developers and investors. The market generally believes that this project is expected to become a key infrastructure connecting the RGB and Lightning Network ecosystems, opening new directions for Bitcoin DeFi and asset layer expansion.

This Week's Focus

BlackRock BUIDL Fund expands on Aptos, promoting the development of the RWA tokenization ecosystem.

BlackRock's digital liquidity fund (BUIDL) has recently deployed an additional $500 million in tokenized assets to the Aptos network, elevating Aptos's adoption in the deployment network of the fund to second place, only behind Ethereum. As of now, the tokenized scale of RWA on the Aptos chain has surpassed $1.2 billion, ranking third across the entire network. This expansion not only reflects the growing trust of traditional finance in emerging public chains but also indicates that multi-chain deployment is becoming a new trend in asset tokenization.

The BUIDL fund was jointly launched by BlackRock and the tokenized infrastructure platform Securitize, with underlying assets including cash, U.S. Treasury bonds, and repurchase agreements, which are low-risk and high-liquidity targets. The fund was initially deployed on Ethereum in March 2024 and will expand to chains like Aptos in November 2024, aiming to achieve cross-chain asset issuance and yield-sharing mechanisms. This move marks a further deepening of BlackRock's practical applications in blockchain, providing a new milestone for the integration of traditional capital markets and Web3 finance, and enhancing Aptos's technological and ecological competitiveness in the RWA track.

Ethereum Foundation: Promoting “Mass Adoption” Towards the “Era of Intangible Trust”

At the main forum of ETHShanghai 2025, Hsiao-Wei Wang, the co-executive director of the Ethereum Foundation, gave a speech on the theme “Mass Adoption of Ethereum: Bridging the Chasm.” She pointed out that the vision for mass adoption of Ethereum is reflected in three core directions: the first is self-sovereignty, allowing users to truly own and control their assets; the second is global settlement capability, achieving efficient settlements and global verification through cross-regional circulation of value; the third is everyday utility, enabling the blockchain to naturally integrate into daily life like the internet, such as in daily payments and cross-border remittance scenarios. She also noted that Ethereum still faces challenges in scalability, cost, and user experience before bridging the “adoption chasm.”

She further stated that, on the user experience level, Ethereum is advancing the smart account ecosystem through account abstraction, with related proposals such as ERC-4337, EIP-7701, and EIP-7702 supporting social recovery wallets, gas fee payment on behalf of users, and batch transactions, significantly lowering the barrier to entry for Web3. Infrastructure development, on the other hand, focuses on the security of the main chain and the popularization of financial applications. Hsiao-Wei emphasized that Ethereum's ultimate goal is to make blockchain technology “invisible,” relied upon and trusted silently like the internet—only when Ethereum is ubiquitous, transparent, reliable, and seamlessly integrated into life can it be said that the value layer of the internet has truly been realized.

Anza launches Jetstreamer to help Solana developers achieve ultra-fast ledger transmission.

The core team Anza, focused on Solana ecosystem R&D, announced the official launch of a new tool called Jetstreamer. This tool aims to provide developers with efficient ledger data transmission capabilities, supporting the retrieval of complete ledger content at a speed of over 2.7 million transmissions per second, significantly enhancing node synchronization and data retrieval efficiency. This performance breakthrough enables developers to process on-chain data with lower latency and higher throughput, laying a technical foundation for the scalability of blockchain infrastructure.

From an ecological perspective, the launch of Jetstreamer not only enhances the data accessibility of the Solana network but also provides a new data interface standard for analytics platforms, validator nodes, and on-chain applications. As Solana's requirements for real-time performance in high-frequency trading and DeFi applications continue to rise, the emergence of this tool will significantly optimize development and deployment processes, strengthen Solana's leading position in the high-performance public chain space, and lay a more solid foundation for future data-driven Web3 applications.

Highlight Data

The cryptocurrency ETF has seen a continuous decline in capital flow for three days, and institutional sentiment is turning cold.

From October 16 to 22, Bitcoin spot ETFs continued to record a net outflow of funds, totaling approximately $144 million. Among them, BlackRock's IBIT saw a single-day outflow of $268 million on the 17th, marking the largest single-day redemption in recent months; Grayscale's GBTC also recorded an outflow of $25 million on the same day. Overall market sentiment is cautious, indicating that institutional funds have chosen to take profits after a short-term period of high volatility.

Despite a brief rebound on the 21st (with a net inflow of approximately $477 million), there was a further outflow of $175 million on the 22nd, reflecting that the market has not yet restored sustained buying momentum. Analysts point out that the current round of volatility is mainly influenced by macro interest rate expectations and BTC price adjustments, and ETF liquidity changes are becoming a barometer for the market. Investors should pay attention to whether inflows can stabilize and rebound in the coming weeks.

Tesla made a profit of 80 million USD in Q3 due to its Bitcoin holdings, and the value of digital assets rose to 1.3 billion USD.

Tesla (NASDAQ: TSLA) recorded approximately $80 million in unrealized gains in the third quarter due to the rise in Bitcoin prices, bringing its total digital asset holdings to $1.315 billion, a significant increase from $1.235 billion in the previous quarter. The company holds about 11,509 BTC, with no increases or decreases in holdings this quarter.

Benefiting from the rebound in Bitcoin and growth in its main business, Tesla's revenue for this quarter reached $28.1 billion, exceeding market expectations of $26.36 billion; however, the adjusted earnings per share (excluding gains from crypto assets) were $0.50, slightly lower than the expected $0.54. According to the new regulations from the Financial Accounting Standards Board (FASB), companies are required to recognize changes in the fair value of crypto assets each quarter, which means that Tesla's future financial report volatility will be further amplified by Bitcoin price fluctuations.

The DeFi market maintains adjustments, and on-chain liquidity stabilizes.

Since October 16, the overall trading volume of the cryptocurrency market has declined, but the total value locked (TVL) in mainstream DeFi protocols remains stable at around $220 billion, indicating overall stability in the funding landscape. Although short-term speculative enthusiasm has waned, there are no significant signs of deterioration in the liquidity structure of core protocols and the stablecoin ecosystem. Structurally, the activity in lending, derivatives, and cross-chain liquidity sectors has slightly decreased, with market trading volume down about 15%-20% from last week. Analysts believe that capital is currently in a redistribution phase, and investors are generally adopting a cautious wait-and-see approach, waiting for macro signals and price fluctuations to stabilize before re-entering the market.

Financing Weekly Report

According to RootData, from October 16 to October 23, 2025, a total of 29 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering various sectors including public chains, investment platforms, and consumption. The overall financing activity remains high, indicating continued capital investment in key areas such as BTC infrastructure, public chains, and asset tokenization. Below is a brief introduction to the top three projects ranked by financing scale this week:

Tempo

Announced on October 18 that it has completed a $500 million financing to accelerate the construction of its high-performance payment public chain ecosystem.

Tempo is a high-performance Layer 1 blockchain jointly developed by Stripe and Paradigm, designed specifically for payment scenarios. The network supports all major stablecoins and enables high-throughput global transactions at low costs, meeting enterprise-level diverse payment needs. This round of financing will help Tempo expand its developer ecosystem, enhance cross-border settlement capabilities, and promote the large-scale application of stablecoins in real commercial scenarios.

Echo

Announced on October 21 the completion of a $375 million financing to expand its Bitcoin-based insurance and financial product system.

Echo is an angel investment platform for cryptocurrency investors that allows investors to form groups and collectively invest in crypto projects. The platform aims to enhance project selection efficiency and capital allocation flexibility through a collective investment model, providing a more efficient financing and resource collaboration channel for early-stage blockchain startup projects.

Greenlanne

Announced the completion of a $110 million financing on October 20, which will be used to expand the brand portfolio, optimize supply chain efficiency, and further develop the market layout in North America and Europe.

Greenlane is a comprehensive brand group focused on enhancing consumer experiences. As a global leader in the development and distribution of cannabis accessories, packaging, electronic vaporization solutions, and lifestyle products, Greenlane is committed to driving innovation and growth in the premium consumer goods market through a multi-brand synergy strategy.

Focus Next Week

Token Unlock

According to data from Tokenomist, the market will see significant unlocks of certain important tokens in the next 7 days (2025.10.23 - 2025.10.30). The top 3 situations before the unlock are as follows:

• GRASS will unlock approximately $71.94 million worth of tokens in the next 7 days, accounting for 57.6% of the circulating supply.
• XPL will unlock approximately $31.07 million in the next 7 days, accounting for 5.0% of the circulating supply.
• JUP will unlock tokens worth approximately $18.37 million in the next 7 days, accounting for 1.7% of the circulating supply.
  Reference Source

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• jin10, https://rili.jin10.com/
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• X, https://x.com/Aptos/status/1980680520569893038
• ETHShanghai 2025, https://ethshanghai.org/
• X, https://x.com/anza_xyz/status/1980801310162379204
• Farside, https://farside.co.uk/btc/
• Coindesk, https://www.coindesk.com/markets/2025/10/22/tesla-booked-usd80m-profit-on-bitcoin-holdings-in-q3
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

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