Gate Ventures: The market is generally stable, with the emerging narrative sector showing structural strength.

According to Gate Ventures' latest crypto weekly report, cooling macroeconomic indicators have led to an imbalance in risk appetite, with the market remaining cautious overall. BTC and ETH traded in a narrow range, but ETF net outflows continued, and the Fear & Greed Index remained at "Extreme Fear." Meanwhile, the market saw a 3.9% overall rebound on Monday, primarily driven by a warming institutional narrative, including Grayscale's application for the SUI Trust and the official launch of its Chainlink ETF.

In terms of ecosystem, Aave and CoW launched the first Intent-based flash loan product, further expanding programmable DeFi; Galaxy acquired Alluvial, accelerating its institutional-grade liquidity staking deployment; Grayscale launched the LINK ETF, which saw $41 million in inflows on its first day, demonstrating strong institutional demand for regulated altcoin exposure. Regarding funding, 23 deals were completed this week, with DeFi accounting for 48%. The total disclosed funding amount reached $215 million, a 31% increase week-over-week.

Overall, despite weak market sentiment, institutional participation and infrastructure construction are continuously strengthening, laying an important foundation for structural repair in the subsequent cycle.