Key Market Highlights from Last Week:
Market Focus: Energy shocks pushed oil prices sharply higher and drove global markets into a temporary risk-off phase. Although rising oil prices are unlikely to directly trigger an economic recession, they may push inflation higher in the coming months and delay the pace of rate cuts. The crypto market broadly followed the pullback in risk assets, with BTC and ETH fluctuating within a range as markets continue to reprice macro risks.
Liquidity Analysis: Spot ETF flows remained relatively stable overall. BTC saw intermittent net inflows while ETH flows remained comparatively smaller. In Perp DEX markets, TradFi related trading volume continued to recover, with commodities becoming the dominant category and accounting for roughly half of total volume. XAUT order book data shows that sell pressure has recently remained dominant while buy orders are relatively scattered, suggesting cautious short term sentiment.
On-Chain Insights: Total DEX trading volume reached approximately $96.5 billion, broadly unchanged from the previous week. Liquidity continued to concentrate among leading protocols, with PancakeSwap maintaining the top position. The total stablecoin supply rose to around $330 billion, with USDC serving as the primary source of incremental growth this week. The liquid staking sector was relatively weak overall. Leading ETH LST protocols saw a modest decline in TVL, while several SOL ecosystem protocols maintained relatively strong activity.
Derivatives Tracking: BTC perpetual funding rates remained negative, indicating that bearish sentiment still dominates the leveraged market. Open interest increased alongside recent price rebounds, suggesting renewed participation from leveraged traders. Options trading volume rose significantly and implied volatility climbed above 60 percent, indicating that markets are actively pricing future volatility and hedging risks.
Outlook for Next Week: Markets will closely watch February CPI, initial jobless claims, and the University of Michigan consumer sentiment data. These indicators will directly influence inflation expectations and the Fed policy path.
Institutional Update: Gate TradFi API is now live, with TradFi services fully rolled out for institutional clients.
(Click below to access the full report)
[Gate Research] is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer
Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such investment decisions.
