Gate Research Institute Daily Report: On October 22, the cryptocurrency market experienced a volatile pullback, with mainstream coins generally under pressure. BTC fell by 0.88%, maintaining a range of fluctuations around the key support area; ETH dropped by 1.63%, showing a weak trend. AI concept tokens strengthened against the trend, with BLUAI soaring by 295%, driven by its listing on Gate and the "AI × Sui" narrative; COAI rose by 39%, focusing on the AI Agent ecosystem; LIGHT increased by 26%, boosted by its white paper and the popularity of the Bitcoin ecosystem. Meanwhile, the market structure is stabilizing. Bitcoin's open interest decreased by 30% over the week, alleviating risks from leveraged positions; Gate Perp DEX's cumulative trading volume surpassed $1 billion, becoming a highlight in decentralized derivatives growth thanks to the Gate Layer second-layer network and matching engine.
BTC (-0.88% | Current Price 108,386 USDT): After a short-term surge, BTC experienced profit-taking, stabilizing around $108,000. The current price has slightly rebounded but remains under pressure below the MA30, with short-term moving averages bending downwards and forming a death cross, indicating heavy selling pressure above. Although the MACD lines are converging from a low position, with green bars shortening and momentum slowing, a clear golden cross has not yet formed. If it can break through $110,000 and hold, a rebound to $112,500 is expected; if it falls below the $108,000 support, it may retest the $106,000–$105,000 range.
ETH (-1.63% | Current Price 3,871 USDT): ETH fell back after being blocked near the short-term high of $4,100, currently fluctuating in the $3,870 range. The short-term moving averages are declining and positioned below the MA30, indicating a weak structure. The MACD lines remain below the zero axis, with green bars gradually converging but momentum not yet reversing. If ETH can regain $3,930 and break through $3,980, it will have the opportunity to continue its rebound; if it falls below $3,820 again, it may test the $3,750 support level.
Altcoins: The overall cryptocurrency market is down, with the fear and greed index dropping to 25, indicating a cautious investor sentiment, with an increase in funds waiting on the sidelines. Short-term volatility may continue, and market activity has slightly cooled.
Macro: On October 21, the S&P 500 index rose by 0.0033%, closing at 6,735.35 points; the Dow Jones index increased by 0.47%, closing at 46,924.74 points; the Nasdaq index fell by 0.16%, closing at 22,953.67 points. As of October 22, 10:15 AM (UTC+8), the spot price of gold is reported at $4,096 per ounce, with a 24-hour decline of 0.72%.
According to Gate market data, the current price of the BLUAI token is $0.01977, having risen approximately 295.40% in the last 24 hours. Bluwhale AI is an artificial intelligence protocol deployed on the Sui network, positioned as the first AI infrastructure project based on Sui, aiming to build an open ecosystem that combines decentralized computing and intelligent agents.
BLUAI has recently surged, likely driven by listing news and market enthusiasm. On October 21, the project announced its listing on Gate and several other leading exchanges, attracting a concentrated influx of funds. Meanwhile, the official verification of the coin on CoinMarketCap further enhances market trust. Coupled with the "AI × Sui" narrative and a highly active community hype, BLUAI has become one of the most关注的新兴代币之一.
According to Gate market data, the current price of the COAI token is $8.171, having risen 39.45% in the last 24 hours. ChainOpera AI is an AI Agent network focused on collaborative intelligence, aiming to create an open artificial intelligence economic system co-created and co-governed by the community. The project integrates self-learning agents, models, and GPU platforms to build a decentralized "AI Actor Network," enabling agents to not only reason and make decisions but also to achieve autonomous trading and collaboration through token economics.
COAI has shown significant upward momentum recently, likely driven by the official token launch and market sentiment. In mid-October, the project announced its listing on Gate and several mainstream exchanges, rapidly gathering funds and attention. As one of the few leading projects combining the "AI Agent + decentralized computing power" narrative, ChainOpera is viewed by the market as a new benchmark in the AI sector.
According to Gate market data, the LIGHT token is currently priced at $1.7213, having risen approximately 26.72% in the last 24 hours. Bitlight Labs is a technology-focused project centered on the Bitcoin ecosystem, aiming to integrate Layer 1 and Layer 2 architectures to achieve non-custodial operations and efficient payments on the Bitcoin network. Its core product, BitLight, combines the RGB protocol's client asset verification mechanism with the Lightning Network's payment capabilities, creating a comprehensive solution that balances security and scalability.
LIGHT's recent rise is primarily driven by the release of its white paper and market narrative. Bitlight Labs officially released its technical white paper on October 21, detailing its innovative solutions for Bitcoin's non-custodial architecture, attracting widespread attention from developers and investors. The market generally believes that this project is expected to become a key infrastructure connecting the RGB and Lightning Network ecosystems, opening new directions for Bitcoin DeFi and asset layer expansion.
According to Coinglass data, Bitcoin's open interest has plummeted by about 30% over the past week, indicating a significant clearing of leverage in the market. High-leverage funds were forced to close positions, rapidly cooling the overheated long leverage in the market. Funding rates have also fallen back to near neutral levels, suggesting a rebalancing of long and short forces. Although this deleveraging process may bring volatility in the short term, it helps reduce the systemic risk of cascading liquidations, laying a healthier structural foundation for the next phase of the market.
From a market structure perspective, the positions after the leverage cleanup are more concentrated in spot and low-leverage funds, with the extreme volatility risk in the derivatives market significantly reduced. Traders' sentiment is gradually shifting from high-risk preferences to more prudent operations, with funds primarily focused on waiting and buying on dips in the short term. Overall, as excessive leverage is cleared and the funding situation trends towards neutrality, the Bitcoin market, after experiencing a "mine clearance period," has seen its short-term volatility space converge, while the stability and continuity of the mid-term trend are more supported.
Tether announced that the global user count of USDT has officially surpassed 500 million, marking its further expansion of influence in the global financial system. The official post on the X platform stated that this number represents "500 million real people," and as an opportunity, they launched a short documentary from Kenya, illustrating how USDT brings freedom, stability, and hope to people in regions with high inflation and weak financial infrastructure. The film showcases how local residents rely on stablecoins for savings, payments, and cross-border transactions, highlighting the inclusive financial value of cryptocurrencies in the real world.
From a narrative perspective, Tether's move is not only a celebration of a growth milestone but also a combination of brand image and public issues. The documentary reinforces USDT's positioning as a "decentralized stable force" and aims to respond to long-standing external doubts about its transparency and regulation. With USDT's market capitalization surpassing $180 billion and covering multiple blockchains, Tether is shifting its focus from the exchange ecosystem to real-life scenarios, using "real stories" to strengthen its global influence and further consolidate its dominant position in the stablecoin market.
According to on-chain data, the Gate decentralized perpetual contract platform Gate Perp DEX has surpassed a cumulative trading volume of $1 billion, demonstrating strong growth momentum in user scale and market activity. Since its launch, the platform has attracted a large number of high-frequency and professional traders with its smooth trading experience and deep liquidity, driving Gate to achieve significant breakthroughs in the decentralized derivatives field. This milestone reflects the increasing acceptance of decentralized trading experiences among users and indicates that Gate's strategy in the derivatives market is gradually yielding results.
From a technical perspective, the Gate Perp DEX architecture relies on the high-performance Gate Layer second-layer network and is equipped with a self-developed matching engine to achieve high concurrency and low-latency processing. Combined with on-chain transparent settlement and contract security mechanisms, the platform effectively reduces slippage and liquidation risks, providing users with a decentralized trading environment that approaches a centralized experience. As trading volume and user numbers continue to grow, Gate Perp DEX is becoming an important competitor in the derivatives space, marking Gate's comprehensive acceleration in DeFi infrastructure and derivatives innovation.
Related: Bitcoin (BTC) price surges to $114,000, highlighting increased confidence among futures traders.
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