Last week, BTC broke through $82,000 driven by continued ETF inflows, with BTC ETFs recording a net inflow of $632 million for the week. CEX TradFi equity-class assets continued to grow. On-chain capital flowed back to leading DEXs and mature liquidity scenarios, with Uniswap and PancakeSwap as the core receiving platforms; Aave is still digesting the impact of the rsETH event, with the lending market remaining weak.

Last week, the crypto market exhibited an overall pattern of "cautious optimism," with BTC rising from $68,000 to above $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's weekly trading volume approaching $36 billion. Stablecoin capital is clearly flowing back into settlement-type dollar assets, with 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 exhibited a pattern of "cautious optimism." BTC rose above $77,000 due to easing geopolitical risks and growing 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 Elements: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 recovery in market confidence.Stablecoin capital flowed back into settlement assets, with USDT supply rising to nearly $200 billion, while the yield-bearing stablecoin USDe saw net outflows of nearly $2 billion in a single week.Following the rsETH incident, on-chain risk appetite declined. Aave's lending balance plummeted by 26.7% in a week, with capital accelerating its shift towards competing protocols like Spark. Core stablecoin borrowing rates surged significantly.The derivatives market exhibited a classic divergence structure of "negative funding rates + high-range volatility." BTC short positions remain crowded, but spot and institutional buying provide support, with implied volatility rebounding.Institutional trading activity rebounded, with spot trading volume increasing 20.09% week-over-week. CrossEx trading volume and capital scale hit new highs (up 79% and 816% week-over-week, respectively).

The market over the past week has been jointly driven by a ceasefire de-escalation, easing inflation, and stable policies. Oil prices have dropped sharply, the VIX has fallen, and risk appetite has recovered, pushing the BTC range up to $68,000 – $73,000. In terms of capital flows, a strong recovery followed a period of intense volatility. BTC ETFs recorded net inflows of approximately $833 million for the week, reaching a new high for the period. ETH ETFs also posted net inflows, with institutional buying power reasserting itself. Trading structures shifted towards macro high-volatility assets and top-tier platforms, with capital concentrated in energy commodities such as crude oil. On the DEX side, activity returned to high-liquidity platforms like Uniswap.

Tuần qua, thị trường biến động mạnh dưới tác động kép của những diễn biến bất ổn địa chính trị và dữ liệu kinh tế vượt kỳ vọng. Dầu thô WTI tăng hơn 7% trong tuần, có lúc vượt 113 USD, cùng với dữ liệu bán lẻ, ISM và việc làm phi nông nghiệp mạnh mẽ, đã đẩy thị trường chứng khoán Mỹ phục hồi, kim loại quý lập đỉnh mới, trong khi tài sản mã hóa cũng tăng theo sự cải thiện của tâm lý chấp nhận rủi ro. Về dòng tiền, ETF BTC ghi nhận dòng vốn ròng dương khoảng 22.3 triệu USD trong tuần, trong khi ETF ETH tiếp tục chứng kiến dòng tiền ròng âm. Việc tái cân đối cuối quý dẫn đến dòng tiền chảy vào rồi nhanh chóng rút ra.

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

Thị trường trong tuần qua chủ yếu chịu tác động từ việc leo thang căng thẳng Mỹ-Iran, giá dầu WTI tăng gần 17% trở lại trên mức 100 USD, kéo theo lợi suất trái phiếu Mỹ tăng (10Y lên 4.44%), đồng USD mạnh lên, thị trường tiền mã hóa tổng thể giảm hơn 6%, chỉ số VIX tăng lên 31. Về mặt dòng tiền, ETF BTC và ETH có dòng ròng rút khoảng 5 tỷ USD trong tuần, sau đó có dòng chảy vào nhỏ trở lại. Trên chuỗi, khối lượng giao dịch Perp DEX TradFi tăng lên khoảng 17 tỷ USD, khối lượng giao dịch vĩnh viễn TradFi trên CEX đạt mức cao mới theo giai đoạn; khối lượng giao dịch DEX tổng thể giảm.