Gate Research Institute: BTR surges up to 63% in 24 hours | Standard Chartered downgrades long-term Bitcoin outlook

Cryptocurrency Asset Overview

BTC (+0.14% | Current Price 65,495 USDT)

Bitcoin has continued its weak consolidation over the past 24 hours. After multiple failed rebounds, it experienced a rapid decline, with the low dropping to around $65,230. It then slightly stabilized and recovered, currently trading within a narrow range of $65,400–$65,600. Overall, the rebound momentum is weak, and market sentiment remains cautious. Technically, short-term moving averages are turning downward, with MA5 and MA10 crossing below and suppressing the price. MA30 remains in a downtrend, indicating a short-term weak pattern. The key support levels are at $65,200–$65,000; if these are broken, further testing of lower levels is possible. Resistance is at the $66,200–$66,500 zone. Until the price recovers this range effectively, the trend is likely to remain weak and oscillate.

ETH (+0.16% | Current Price 1,913 USDT)

Ethereum has shown a generally oscillating downward trend over the past 24 hours. After failing to hold above $1,980 during a rebound, it declined again, with the low near $1,896. Currently, it is consolidating weakly between $1,910 and $1,930. Market sentiment is cautious, with funds mainly focused on defense. Technically, short-term moving averages continue downward, with MA5 and MA10 exerting clear resistance on the price. MA30 remains unflattened, indicating the trend has not yet reversed. The critical support level is at $1,900; a breakdown could lead to further correction. Resistance is at $1,950–$1,980. Only if the price re-establishes above this zone can a short-term trend improvement be expected.

GT (-0.29% | Current Price 6.90 USDT)

GT surged to around $7.15 during an earlier rebound but faced resistance and pulled back. Over the past 24 hours, it has experienced a noticeable retracement, with the price oscillating around $6.90. Overall, profit-taking after the short-term rally has led to a shift from strength to weakness. Technically, MA5 and MA10 quickly turned downward and broke below MA30, with short-term moving averages once again exerting resistance, breaking the rebound structure. Support levels are at $6.80–$6.75; stabilizing here could lead to a consolidation and recovery. Continued volume-driven decline might retest previous lows. The short-term approach is to observe or wait for stabilization signals.

Daily Gainers and Losers

The market today shows a clear correction, with red dominating the charts. Most tokens are in a downtrend, and market sentiment has cooled significantly, with reduced capital activity compared to previous days. Mainstream coins like BTC and ETH led the declines, dragging the overall market and shrinking risk appetite. In summary, short-term pressure is evident, and market sentiment remains cautious. Funds are mainly defensive and observing, with attention needed on whether major tokens can stabilize to ease downward pressure.

BTR Bitlayer (+63.33%, Market Cap $40.03 million)

According to Gate data, BTR is currently priced at $0.1499, up 63.33% in 24 hours. Bitlayer is a Layer2 project built on the Bitcoin ecosystem, aiming to enhance scalability and smart contract capabilities through the BitVM architecture, bringing more DeFi and application scenarios into the BTC ecosystem.

Recent market news indicates that BTR’s surge over the past 24 hours was mainly driven by a broader recovery in the Bitcoin ecosystem. Market attention to BTC Layer2 narratives has increased, attracting capital inflows. Additionally, as a token with a relatively limited circulating supply, its trading activity and short-term capital speculation have amplified its price elasticity. This rally mainly reflects sector sentiment and capital rotation-driven short-term momentum.

ME Magic Eden (+39.60%, Market Cap $79.74 million)

Gate data shows ME is currently priced at $0.1886, up 39.60% over 24 hours. Magic Eden is a well-known multi-chain NFT trading platform, originally launched on Solana and now expanded to Ethereum, Bitcoin Ordinals, and multiple blockchains, with high visibility in NFT and on-chain asset trading.

The recent rise in ME is mainly due to renewed activity around NFT and Bitcoin Ordinals concepts. Market interest in on-chain asset trading platforms has increased. Meanwhile, amid a correction in major cryptocurrencies, funds have shifted toward mid-cap projects with narrative support, boosting ME’s trading volume. This rally mainly reflects sentiment recovery and short-term capital inflows.

TNSR Tensor (+35.48%, Market Cap $19.58 million)

According to Gate data, TNSR is currently priced at $0.0586, up 35.48% in 24 hours. Tensor is a key NFT trading and liquidity infrastructure project within the Solana ecosystem, focused on providing efficient NFT marketplaces and tools for professional traders.

Latest market insights suggest TNSR’s rise is linked to increased activity within the Solana ecosystem, with NFT sentiment warming and attracting capital to infrastructure tokens. Additionally, recent trading activity has surged, driven by capital rotation into Solana assets, resulting in rapid price appreciation. This increase mainly reflects short-term market reactions to ecosystem enthusiasm.

Hot Topics

Standard Chartered Lowers Bitcoin Long-term Outlook, 2026 Target Price Reduced to $100,000

According to foreign media reports, Standard Chartered’s latest research report revises its Bitcoin price outlook, projecting that after a further correction, with prices possibly dropping to around $50,000, Bitcoin could recover to $100,000 by the end of 2026. This target is a significant reduction from the previous $150,000 estimate, roughly one-third lower. Simultaneously, the bank also downgraded Ethereum’s long-term outlook, lowering its 2026 target from $7,500 to $4,000.

The report notes that since October last year, Bitcoin ETF holdings have decreased by nearly 100,000 BTC from their peak, with some investors holding an average cost around $90,000 still at a loss. Standard Chartered believes that, amid potential economic slowdown and market expectations of limited monetary easing before a new Fed chair takes office, continued capital outflows could suppress prices of cryptocurrencies including Bitcoin and Ethereum over the coming months.

Vitalik Comments on Fileverse Incentive Model: Crypto Apps Should Focus on Product, Not Just Incentives

Ethereum co-founder Vitalik Buterin recently commented on Fileverse’s token distribution to early users, emphasizing that a more sustainable approach involves generating revenue through charging some users, which can then subsidize others’ usage costs and compensate for early-stage risks and investments. He believes incentive mechanisms should serve long-term development rather than short-term user growth.

Vitalik further stated that airdropping tokens to rapidly expand user bases often attracts short-term participants motivated by profit, which is detrimental to community quality—especially in social applications. He stressed that successful crypto applications should focus on building practical, valuable products rather than relying on incentive narratives to drive speculation.

Tether Executive-Linked Company Acquires Northern Data’s Bitcoin Mining Business, Raising Attention

According to the Financial Times, a German data center supported by Tether and an AI company, Northern Data, sold its Bitcoin mining subsidiary Peak Mining in November this year for up to approximately $200 million. Company documents show that the buyer includes multiple entities directly linked to Tether executives, controlled by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. Since Northern Data is only listed on the secondary market, this related-party transaction was not publicly disclosed.

The timing and structure of this deal have attracted attention. The sale of Peak Mining occurred shortly before Tether-backed Rumble announced a $767 million acquisition of Northern Data, and Tether remains a major shareholder and creditor of Northern Data. Northern Data is under investigation by European regulators for tax and operational issues. Meanwhile, Tether continues to expand its Bitcoin mining footprint, aiming to secure its Bitcoin holdings and increase industry influence, though its related-party transactions and risk exposures are closely scrutinized by markets and rating agencies.

References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Panews, https://www.panewslab.com/articles/019c5221-d397-753c-be37-7e2fa52771d7
• Panews, https://www.panewslab.com/articles/019c522e-6f50-75ac-b38e-554dd8778bfa
• The Block, https://www.theblock.co/post/383439/tether-backed-northern-data-sold-bitcoin-mining-arm-to-companies-run-by-tethers-own-executives-ft

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Disclaimer Cryptocurrency investments involve high risk. Users are advised to conduct independent research and fully understand the assets and products they are purchasing before making any investment decisions. Gate assumes no responsibility for any losses or damages resulting from such investment decisions.