Last week, BTC broke through $82,000 driven by continued ETF inflows, with BTC ETFs recording net inflows of $632 million for the week. CEX TradFi equity-type assets continued to grow. On-chain funds flowed back to leading DEXs and mature liquidity venues, with Uniswap and PancakeSwap being the core platforms absorbing this capital; Aave is still digesting the impact of the rsETH incident, leading to a weaker lending market.

Last week, the crypto market exhibited an overall pattern of "cautious optimism," with BTC rising from $68,000 to over $77,000. Trading activity in TradFi has cooled somewhat, but gold remains a core trading asset. On-chain capital continues to concentrate in high-liquidity and high-turnover scenarios, with PancakeSwap recording a single-week trading volume close to $36 billion. Stablecoin capital is clearly flowing back into settlement-type dollar assets, with the USDT supply rising to nearly $200 billion. Following the rsETH incident, Aave's lending balance plummeted by 26.7% in a single week.Core View: Last week, the crypto market showed a pattern of "cautious optimism." BTC rose above $77,000 due to easing geopolitical risks and rising expectations of interest rate cuts. On-chain capital concentrated in high-liquidity and settlement-type assets, but the repricing of complex risk pathways (such as the rsETH incident) led to a structural migration of capital.Key Factors:BTC ETFs saw net weekly inflows of $585 million, with BlackRock's IBIT accounting for over 80%. Total net asset value exceeded $102.64 billion, indicating a restoration of market confidence.Stablecoin capital flowed back into settlement assets, with USDT supply rising to nearly $200 billion, while the yield-bearing stablecoin USDe recorded net outflows of nearly $2 billion in a single week.Following the rsETH incident, on-chain risk appetite decreased. Aave's lending balance plummeted 26.7% in a single week, with capital accelerating its shift towards competing protocols like Spark. Core stablecoin borrowing rates rose significantly.The derivatives market exhibited a classic divergence structure of "negative funding rates + high-range volatility." BTC shorts remained crowded, but spot and institutional buying power provided support, leading to a rebound in implied volatility.Institutional trading activity rebounded, with spot trading volume increasing 20.09% week-over-week. CrossEx's trading volume and capital scale reached new highs (growing 79% and 816% week-over-week, respectively).

The market over the past week has been jointly driven by easing ceasefire tensions, falling inflation, and stable policies. Oil prices have plunged, the VIX has declined, risk appetite has improved, and the BTC range has moved up to $68,000-$73,000. In terms of capital flows, a strong recovery followed significant volatility. BTC ETFs saw net inflows of approximately $833 million in a single week, hitting a new stage high, while ETH ETFs also recorded net inflows, with institutional buying once again taking the lead. Trading structures have pivoted towards high-volatility macro assets and leading platforms, with capital concentrated on commodities like crude oil, while DEX activity returned to high-liquidity platforms like Uniswap.

Over the past week, market volatility intensified under the combined effects of fluctuating geopolitical conflict expectations and stronger-than-expected economic data. WTI crude oil rose over 7% weekly, briefly surpassing $113. Coupled with robust retail sales, ISM, and non-farm payroll data, U.S. stocks rebounded, precious metals hit new highs, and crypto assets followed the recovery in risk appetite. On the capital front, BTC ETFs saw a modest weekly net inflow of approximately $22.3 million, while ETH ETFs continued net outflows. End-of-quarter rebalancing led to rapid outflows following initial inflows.

Over the past week, the market was driven by a combination of ceasefire easing, cooling inflation, and stable policies. Oil prices plummeted, the VIX retreated, risk appetite rebounded, and BTC's trading range shifted upward to $68,000–$73,000. The capital landscape showed strong recovery after intense volatility. BTC ETFs recorded net inflows of approximately $833 million for the week, hitting a new high for the period, while ETH ETFs also saw net inflows, indicating institutional buying has regained dominance. Trading structures shifted towards macro high-volatility assets and leading platforms, with capital concentrating on energy commodities like crude oil, and DEX activity returning to high-liquidity platforms such as Uniswap.

Over the past week, the market was primarily driven by escalating US-Iran tensions. WTI crude oil surged nearly 17%, reclaiming the $100 level, which pushed US Treasury yields higher (10Y to 4.44%), strengthened the US dollar, and led to a broad decline of over 6% in the crypto market, with the VIX index rising to 31. On the capital flow front, BTC and ETH ETFs saw net outflows of approximately $500 million mid-week, followed by a slight rebound. On-chain, Perp DEX TradFi trading volume rose to around $17 billion, while CEX TradFi perpetual trading hit a new high for the period; overall DEX volume retreated.