Gate Research Institute: The price of Bitcoin is currently stabilizing above $115,000, while Ethereum has broken through $4,200, leading a rebound in altcoins; Falcon has secured a strategic investment of $10 million from M2 Capital and Cypher Capital, rising 27.2% within 24 hours; Bella Protocol has formed a strategic partnership with AITECH, boosting BEL by 36.9%; Kalshi has partnered with Pyth Network to bring real-time prediction market data on-chain for the first time; asset management company Amundi is entering the crypto ETF market, further accelerating the integration of crypto assets with traditional finance; the overall post-liquidation market is deleveraging, but structural capital and institutional demand still exist.
BTC (+0.12% | Current Price: 115,109 USDT): Following the largest liquidation over the weekend, Bitcoin's price is currently stabilizing above $115,000, with short-term moving averages (MA 5, 10, 30) forming a golden cross, and trading volume continuing to increase. The Bollinger Bands have narrowed again after the panic over the weekend, indicating that market volatility is becoming more rational. Technically, the $110,000 area serves as a key support level. If Bitcoin can steadily hold above $110,000, it is expected to confirm that the market has entered a relatively stable phase, opening up an upward space of $117,000-$120,000; conversely, if it fails to hold, there is a risk of a pullback to the $100,000 range. On a macro level, the divergence among Federal Reserve policymakers regarding the interest rate cut path, combined with the economic data void caused by the government shutdown, makes the crypto market more sensitive to liquidity expectations and macro sentiment, and investors should remain cautious.
ETH (+2.34% | Current Price: 4,232 USDT): On Tuesday, Ethereum broke through $4,200, leading a rebound in altcoins. After a brief pullback, Ethereum initiated a counterattack, with prices regaining the MA 5, 10, and 30 moving averages. The current resistance level is around $4,350, with support at approximately $3,800. Bitcoin's stabilization provides confidence and liquidity for the overall market. Historical experience shows that market phases often transmit from Bitcoin to Ethereum and then to altcoins, leading funds to seek higher risk-return opportunities. If Ethereum can break through the key resistance level, it may constitute an important technical signal, potentially triggering buying power from algorithmic trading and trend-following funds, further driving the market upward.
Altcoins: The rally led by Ethereum and the accumulation by whales have driven a rebound in the altcoin sector, with FF, BEL, and H showing significant gains. The Fear and Greed Index remains unchanged from the previous trading day, holding at a level of 38, indicating that market sentiment is still in the panic zone, and investors remain relatively cautious before a trend reversal.
Macro: On October 13, the S&P 500 index rose 1.56%, closing at 6,654.72 points; the Dow Jones index rose 1.29%, closing at 46,067.58 points; the Nasdaq index rose 2.21%, closing at 22,694.61 points. As of October 14, 9:00 AM (UTC+8), the spot price of gold is reported at $4,140 per ounce, up 0.77% within 24 hours, continuing to set a historical high.
According to Gate's market data, the current price of the FF token is $0.17, rising 27.2% within 24 hours. Falcon Finance is a synthetic dollar protocol positioned as a universal collateral infrastructure, aimed at creating sustainable yield opportunities for users. The protocol is built on trust, transparency, and technological strength, with the goal of maximizing the efficiency of user asset utilization while adhering to strict accountability and risk control standards.
Recently, Falcon secured a strategic investment of $10 million from M2 Capital and Cypher Capital to promote the expansion of its universal collateral infrastructure. This funding will help Falcon accelerate its global roadmap deployment, focusing on: expanding fiat channels; deepening ecosystem partnerships; enhancing the resilience of its universal collateral model; and supporting cross-protocol/cross-chain expansion. This financing is not only capital support but is also seen as another important milestone in Falcon's vision of "stability + capital efficiency" in the crypto world.
According to Gate's market data, the current price of the BEL token is $0.30, rising 36.9% within 24 hours. Bella Protocol is an aggregated DeFi asset management platform initiated and incubated by the ARPA team. Its core goal is to enable users to participate in the decentralized finance ecosystem in a more convenient and cost-effective manner. Through Bella, users can complete asset allocation and participate in cross-protocol liquidity mining with one click, significantly reducing operational complexity and time costs.
The recent price increase is primarily driven by the strategic partnership between Bella Protocol and AITECH, aimed at accelerating AI-driven innovation in the Web3 space. AITECH is a leading AI infrastructure provider dedicated to reshaping how developers and enterprises access and deploy artificial intelligence, building a complete ecosystem that integrates high-performance computing, AI development tools, and practical application scenarios. As Bella continues to expand its AI product suite, such as Bella Signal Bot and LLM Research Bot, its reliance on high-performance computing and advanced AI infrastructure is increasing. Through this collaboration, Bella will fully leverage AITECH's technology and resources in both agency integration and ecosystem synergy. This not only strengthens Bella's product capabilities but also helps both parties achieve complementary growth in user coverage, community building, and industry applications.
According to Gate's market data, the current price of the H token is $0.17, rising 138.0% within 24 hours. Humanity Protocol is a blockchain network focused on defending against Sybil attacks, aiming to achieve secure, private, and decentralized identity verification. In this system, zkProofers play a key role, verifying users' human identities through Zero-Knowledge Proof technology and earning the protocol's native token H as a reward. The entire verification process does not require storing any personal information, thus ensuring the authenticity and security of identities while protecting privacy.
The recent rise of H is driven by the following factors: First, the significant increase in activity within the Ethereum ecosystem, with stablecoin trading activity on the Ethereum network reaching new highs, and the number of unique sending addresses surpassing 1 million weekly, showing exponential growth year-on-year. This trend reflects the overall prosperity of the Ethereum ecosystem and has a positive spillover effect on projects built on it, enhancing its network attention and valuation expectations. Second, the growing demand for DeFi and prediction markets, with the recent collaboration between PYTH Network and Kalshi bringing real-time prediction market data, reflecting the ongoing expansion of market demand for decentralized finance (DeFi) and on-chain data services. As an emerging blockchain identity protocol, Humanity Protocol is expected to benefit from this trend, attracting more developers, users, and capital attention.
The prediction market platform Kalshi has partnered with Pyth Network to transmit its prediction market information to over 100 blockchains as the latest data publisher. Kalshi is an event trading platform regulated by the CFTC (Commodity Futures Trading Commission), offering contract trading on various types of events, including politics, economics, sports, crypto, and culture.
Traditional on-chain oracles mainly provide data on asset prices, exchange rates, interest rates, etc., but the "probability of future events" has rarely been included in the on-chain data system. This integration will publish probabilistic data for multiple regulated event markets, such as F1 driver championships and the number of interest rate cuts in 2025, through Pyth to over 100 chains. This initiative marks the first large-scale on-chain publication of regulated event data, with event probabilities and prediction market data beginning to be viewed as a category of on-chain infrastructure on par with price data. Additionally, developers or protocols can use this data for derivatives, governance models, prediction mechanisms, strategy models, etc. The collaboration between Pyth and Kalshi may give rise to more cross-border applications; from a DeFi perspective, some yet-to-mature areas, such as "event-linked derivatives" and "smart contract insurance," will have a more realistic foundation for implementation.
Europe's largest asset management company, Amundi, is entering the crypto ETF market. Amundi is a heavyweight in the asset management industry, with €2.3 trillion in assets. French analyst Gregory Raymond confirmed that Amundi's leadership has approved the preparations for the launch, which is expected to occur in early 2026.
This move not only continues the interest of traditional financial institutions like BlackRock in crypto assets but also helps enhance Bitcoin's credibility in Europe and institutional investor confidence, promoting mainstream market adoption. Amundi's entry into the crypto market aligns with the openness of European cryptocurrency regulations; recently, the Polish parliament passed the Market in Crypto-Assets (MiCA) framework, providing fund managers with a clearer legal framework to introduce blockchain-based financial products. However, the current regulatory environment in Europe still poses unique challenges for Bitcoin ETFs, and Amundi's products may primarily target professional investors rather than the general public. Nevertheless, from a long-term perspective, Amundi's entry may broaden institutional clients' access to Bitcoin and encourage other large European institutions to launch similar products, further accelerating the integration of crypto assets with traditional finance and providing momentum for long-term market confidence and institutional development.
Glassnode released a weekly market report stating that despite the severe impact of the crash events, the overall market structure remains intact. After reaching a recent peak last week, the open interest in Bitcoin futures sharply declined from $47 billion to $35 billion, marking one of the most significant contractions in recent futures positions. The estimated leverage ratio (ELR) for Bitcoin also significantly decreased after reaching a new high since 2022, indicating that the derivatives market is overall deleveraging. However, following the largest liquidation in history, Bitcoin's spot and ETF trading volumes have shown signs of recovery, while the adjusted transfer volume indicates strong on-chain activity. Additionally, the Bitcoin stablecoin supply ratio (SSR) has dropped to its lowest level since April of this year, suggesting that liquidity in stablecoins has increased relative to Bitcoin, potentially indicating that the purchasing power of market-waiting funds is accumulating. These dynamics suggest that while leveraged participants have been forced to exit, real capital has not left the market but has shifted from leverage-driven speculation to more robust spot accumulation.
In summary, deleveraging marks a significant and necessary adjustment in the Bitcoin market, with excess leverage cleared and speculative positions reduced, while short-term market sentiment has readjusted. Historically, such large-scale deleveraging events often signal a long-term significant upward trend. The market is currently in a consolidation phase, indicating that it is seeking a new equilibrium. The key moving forward is whether the market can form effective support in the short term and attract incremental capital inflows to confirm the direction of the post-consolidation phase.
Related: Bitcoin (BTC) mining stocks rebound from the flash crash triggered by Trump's tariff threat.
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