Macro Trends

Gate Research Weekly Report: This week, BTC and ETH prices remained in an upward range, signaling a broader market recovery. El Salvador submitted a cross-border regulatory sandbox proposal to the U.S. SEC, demonstrating its forward-looking approach to crypto regulation. Floki partnered with Rice Robotics to bring AI data markets on-chain, further expanding blockchain's application scenarios. Meanwhile, Russia announced the establishment of a crypto exchange for qualified investors, marking a key step toward legalization and laying the groundwork for future regulatory frameworks. Notably, dApps generated $1.8B in total fee revenue in Q1 2025—surpassing blockchain infrastructure protocols and highlighting the growing appeal of decentralized applications. On the security front, the XRP Ledger Foundation confirmed that its SDK had been compromised with a backdoor, putting hundreds of thousands of developer projects at risk and underscoring the importance of cybersecurity. Puffer Finance launched an institutional

On April 23, BTC rose 5.38% to $92,877.5, and ETH surged 13.19% to $1,783.45, driven by multiple positive factors including the easing of US-China trade tensions and changes in SEC leadership. However, sluggish inflows into Ethereum spot ETFs and continued pressure on locked token holders highlight structural divergences in the market. Meanwhile, there have been notable developments in the on-chain ecosystem and regulatory landscape: Hyperliquid introduced a new validator mechanism, and JD.com's stablecoin entered Hong Kong's regulatory sandbox—signaling progress in infrastructure development and compliance efforts.

Gate Research's latest report, "2025 Q1 BTC Network Review," presents a detailed analysis of Bitcoin's market performance, on-chain activity, transaction costs, ecosystem evolution, mining metrics, and technical upgrades in Q1 2025. The report offers key insights into the state and future direction of the Bitcoin network.

Gate Research's newly released report, "Q1 2025 Ethereum Network Review," offering a comprehensive analysis of Ethereum's market performance, holder distribution, network activity, on-chain applications, and future outlook for the first quarter of 2025. The report delivers in-depth insights into the overall state of the Ethereum network and its key emerging trends.

This report provides a comprehensive review of Solana’s network performance in Q1 2025. It covers price movements, on-chain activity, the state of smart contracts and staking, growth in stablecoins and decentralized exchanges (DEXs), returns from DePIN, and the cooling of the NFT market. It also examines the implications of the failed inflation governance proposal SIMD-0228 and what it could mean going forward.

Gate Research Daily Report: On April 22, Bitcoin rose 0.9% to $88,056, with a market dominance of 63.6%, reaching a four-year high. Ethereum fell 3.8% to $1,575. Market risk-aversion sentiment intensified, with gold breaking through $3,480. The Bank of Korea is advancing stablecoin regulatory legislation, Circle has launched a global payment network, and Base chain's daily token creation volume has surpassed Solana for the first time. Pump.fun's graduation rate has rebounded.

Gate Research Daily Report: On April 21, Bitcoin rose 2.4% to $87,400, and Ethereum increased 0.49% to $1,631, reflecting a gradual recovery in market sentiment. Vitalik Buterin proposed replacing the EVM with RISC-V, potentially ushering in a new wave of technological revolution for Ethereum's execution layer. Canary Capital is seeking approval to launch a staked TRX ETF, signaling the accelerating integration of crypto assets into the traditional financial system. Global retail giant SPAR is piloting crypto payments in Switzerland, further expanding real-world use cases. Hyperliquid is rapidly emerging in the on-chain derivatives market, commanding nearly 70% market share. Tether users have surpassed 450 million, with stablecoin growth remaining robust.

Gate Research Daily Report: April 18: Bitcoin is priced at $84,927, while Ethereum edged up to $1,587.17. Solana's DEX trading volume surpassed Ethereum, ranking first across all chains. Circle Research released the Refund Protocol. Ethereum transaction fees hit a five-year low, and the DeFi market lost nearly $49 billion in Q1. Slovenia proposes a 25% crypto tax.

The article points out that although tariff issues have caused short-term market volatility, the long-term market trend is still dominated by inflation and interest rate cut expectations.

Trump's tariff policy has triggered turmoil and strong unease in global markets, with the VIX index reaching 52 on April 8. However, it is clear that this is far from releasing the overly complex and layered contradictions of this phase. Fiscal and monetary policies currently seem to only provide short-term emotional value. In an environment where bonds, stocks, and currencies are all under pressure and panic is widespread, asset allocation issues have also reached a deadlock.

Gate Research Weekly Report: This week, cryptocurrency prices entered a recovery phase after a rebound, maintaining a consolidation range. Soneium collaborated with EigenLayer to launch a 10-second Fast Finality Layer, marking a significant improvement in L2 performance. KiloEx fell victim to a flash loan attack losing $7 million, highlighting ongoing DeFi security concerns. Bitcoin miners sold more than 40% of their March BTC production, while sUSD faced an escalating depegging risk that sparked market panic. In a positive development, Panama's capital city became the first to accept cryptocurrency for payments.

Gate Research (April 11 – 17, 2025) : This report provides a comprehensive analysis of key developments in the cryptocurrency market and macroeconomic landscape. On April 11, U.S. March PPI came in at 2.7% year-over-year, falling short of both the expected 3.3% and the previous reading of 3.2%. On April 14, the SEC held its second crypto roundtable and announced plans to launch a "crypto regulatory sandbox." On April 15, Canada is set to debut its first spot Solana ETFs, which will allow staking for yield generation. On April 16, it was revealed that only 11% of registered Bitcoin companies in El Salvador are currently operational. On April 17, Federal Reserve Chair Jerome Powell delivered hawkish remarks, indicating that economic policy remains unclear and that crypto regulations may ease. On the same day, Panama approved the use of cryptocurrency for payments in government institutions, becoming the first public authority globally to do so.

This article examines two major challenges posed by high interest rates: a looming "$9 trillion Treasury maturity wall" and over $500 billion in commercial real estate loans coming due. Both are putting pressure on the Trump administration to push for rate cuts in order to ease refinancing burdens. The article also discusses how the growing adoption of stablecoins could act as a key catalyst for the next crypto bull run, with coverage of U.S. stablecoin legislation progress, accelerating institutional involvement, and the rapid evolution of multiple stablecoin initiatives.

Gate Research Daily Report: April 16, The crypto market remained in a choppy trading range today, with Bitcoin slipping 1.54% to $83,782 and Ethereum falling 1.97% to $1,603.38. TRON reported a record-setting $760 million in Q1 revenue, signaling continued strength in on-chain activity and its stablecoin ecosystem. DeFi lending demand surged significantly, while centralized crypto lending (CeFi) saw a steep 68% decline from its 2022 peak, further highlighting the shift toward decentralized finance. On Solana, PumpSwap hit a new all-time high in daily trading volume, driven by a sharp rise in user engagement and transaction activity. Meanwhile, Polygon introduced AggLayer, a cross-chain value aggregation layer aimed at building a new paradigm for an "Internet of Value" across blockchain networks. Solana also upgraded its network by raising the per-block compute limit, boosting performance and continuing its push for scalability.

Gate Research Daily Report: April 15, Bitcoin at $85,284, Ethereum at $1,641.76. Digital asset funds see $7.2B in 3-week outflows. Canada to launch first Solana spot ETFs with staking. Ethereum leads Q1 dApp revenue with over $1B. Bitcoin implied volatility surges as markets remain uncertain on trade policy. JPMorgan launches GBP blockchain accounts to expand global settlement capabilities.