Last week, the market entered a phase of high-level structural rotation amid hawkish rate hike expectations. BTC briefly broke through 81,000 USDT, with BTC and ETH rising 2.10% and 0.59%, respectively. Institutional allocation diverged, as BTC ETF net inflows dropped to $925 million while ETH ETF inflows rose to $816 million. Gate TradFi trading volume grew approximately 17% to $123 billion, with capital shifting back toward U.S. equities and ETFs.

After BTC and ETH broke through key technical levels, a short squeeze formed, diverging notably from U.S. equity trends. Institutional capital flowed strongly back into crypto ETFs, while TradFi trading focus continued shifting toward equities. Trading activity rebounded across ecosystems including Base and Solana, with Aerodrome, Meteora, Raydium, and others posting significant volume growth; LSTs, Aave borrowings, and stablecoin supply expanded in tandem, as on-chain capital re-entered trading, staking, and leverage scenarios. USDC and RLUSD became the primary drivers of stablecoin growth.

U.S. inflation pressure eased, market focus shifted to growth risks, and crypto assets underperformed U.S. equities. BTC and ETH ETFs saw net inflows of $865 million and $244 million respectively, signaling a recovery in institutional allocation; Gate TradFi weekly trading volume remained at approximately $115 billion. DEX weekly trading volume declined 5.2%, though Uniswap V4, Aerodrome, and others saw localized growth; Robinhood Chain already contributed approximately 60% of Uniswap's weekly protocol revenue.

Weak U.S. employment data cooled expectations for a September rate hike and pushed Treasury yields lower. BTC and ETH ETFs recorded weekly net inflows of approximately $865 million and $244 million, respectively. Gate's weekly trading volume approached $115 billion, hitting a new stage high.

In July, global capital markets continued a structural recovery amid slowing marginal growth, persistent inflationary pressures, and high interest rate constraints. The US stock market remains driven by the AI theme, but capital has further concentrated toward large-cap tech platforms with stronger profitability and cash flow certainty. High-beta growth stocks and resource sectors showed clear divergence, and while institutional risk appetite improved somewhat, allocations remained prudent. In the crypto market, spot Ethereum ETF inflows significantly outperformed Bitcoin, signaling that institutions are shifting from pure defensiveness toward relative-value allocation among mainstream assets.

Middle East energy supply risks pushed oil prices and inflation expectations higher, with Brent crude briefly breaking above $100 and the 10-year U.S. Treasury yield climbing to around 4.70%, weighing on growth stocks as the NASDAQ fell roughly 2.1% for the week. The crypto market proved relatively resilient, with BTC consolidating at highs and ETH showing stronger performance supported by fund rotation. BTC spot ETFs saw weekly net inflows drop to about $34 million, while ETH spot ETFs recorded net inflows for a third consecutive week, signaling a shift toward structural selection by institutional capital.

BTC and ETH rose 1.48% and 3.62% respectively, with ETF flows returning to net inflows overall, and ETH seeing more pronounced capital回流. Gate TradFi weekly trading volume recovered to approximately $90 billion, with both US equities and ETF allocation ratios rising in tandem. Robinhood Chain has shifted market attention from Solana Meme toward the "RWA + Tokenized Stocks + Meme" narrative.

The crypto market continues its volatile recovery, with BTC and ETH posting slight gains while ETF flows have turned from net outflows to net inflows. Gate Stocks' trading structure continues to diversify, with Korean stocks quickly becoming the dominant trading volume. The Robinhood Chain Meme narrative has driven a significant surge in Uniswap trading volume. Ethereum ecosystem protocols such as Lido and Aave continue to benefit from RWA, stablecoin, and institutional capital inflows.

Throughout June, global capital markets shifted repeatedly between high interest rate constraints, easing geopolitical tensions, and cooling risk appetite, resulting in a landscape defined by intensifying volatility and structural divergence. U.S. equities moved from the unilateral rally driven by the AI narrative to a high-level rebalancing phase, with AI leaders and semiconductor stocks experiencing notable pullbacks while defensive assets like healthcare outperformed. Institutional capital increasingly favored reducing exposure to high-volatility positions and allocating toward assets with more reasonable valuations and stronger earnings certainty. Against this backdrop, Gate emerged as the largest weekly distribution channel for Polymarket Builders.

The easing of tensions in the Middle East has driven a decline in crude oil, with the market’s trading logic shifting towards “Fed maintaining higher rates for longer.” The NASDAQ fell approximately 3.3%, while BTC and ETH saw declines of about 6.9% and 9%, respectively; BTC and ETH spot ETFs experienced significant net outflows. On-chain capital continues to concentrate on high-turnover trading scenarios, with PumpSwap being the biggest incremental driver this week. DeFi liquidity maintains a defensive posture, with stablecoins, LSTs, and the lending market generally adopting a cautious stance.

Crypto Market Risk Appetite Recovers, BTC Up ~6.8% Weekly, ETH Up ~12.2% Weekly; Gate TradFi Weekly Trading Volume Maintains High Level of ~$85 Billion, US Stock Trading Volume Rises for Five Consecutive Weeks, Hitting a New High. DEX Trading Structure Continues to Diverge, Uniswap and PancakeSwap Volumes Decline, While PumpSwap Maintains High Growth. The LST Sector Recovers in Tandem, with ETH and SOL Staked Assets Rebounding Alongside Improved Risk Appetite.

Last week, global markets traded around hawkish signals from the Federal Reserve, with both BTC and ETH falling over 4%. The overall trend of ETF fund outflows remained unchanged, Gate TradFi Perp trading stayed active, and coverage of US stock assets continued to expand; DEX trading volumes showed divergence, with Uniswap slightly overtaking PancakeSwap while trading activity on the Solana ecosystem picked up; there was no significant new USD inflows in stablecoin supply, with funds primarily rotating among existing holdings.

Last week, BTC, ETH, and the overall crypto market experienced a "first decline, then recovery" reversal; ETF fund flows showed significant improvement. Over the past week, Gate TradFi Perp's daily trading volume broke through $500 million multiple times, with stock trading volume占比 increasing significantly compared to the previous period. DEX trading volumes generally declined from the prior week; the LST sector rebounded alongside the price recovery of ETH and SOL; Aave's lending scale stopped declining and recovered, borrowing rates remained low, and USDC capital pressure eased.

In May, the global capital market continued its overall recovery. The U.S. stock market rose steadily, driven by the AI narrative, corporate earnings resilience, and improving risk appetite, with the technology and semiconductor sectors performing particularly well. Meanwhile, structural market divergence remained evident, with capital flowing increasingly towards core assets supported by deterministic growth and genuine earnings performance. Against this backdrop, Gate officially launched real stock trading services, further bridging the allocation channels between crypto assets and traditional financial markets, providing users with a one-stop multi-asset trading gateway covering crypto assets, U.S. stocks, and ETFs.

Last week, the global macro market underwent a dramatic shift from "rising sentiment" to "rapid reversal." Bitcoin fell approximately 15% weekly, while Ethereum dropped around 22%. The asset count on Gate's US stock trading platform expanded rapidly after its launch. DEX trading warmed up noticeably, with trading volumes increasing across mainstream protocols like Uniswap, PancakeSwap, and Aerodrome; the LST sector experienced a general decline, Aave's lending scale continued to decrease, and new demand was primarily flowing to emerging ecosystems like MegaETH.

市场重新定价 Fed 加息预期，加密市场持续承压，BTC 周跌约 4.3%，ETH 周跌约 4.8%；全球加密 ETP 连续两周净流出，累计流出达 25.4 亿美元。Gate 正式推出股票交易服务，支持超过 10,000 支美股及 ETF。PancakeSwap 交易量反超 Uniswap。LST 板块降温，SOL 生态表现相对稳健。