Gate Research Institute Daily Report: On October 13, BTC showed signs of a rebound after hitting a low of around $102,000; ETH briefly dropped to $3,394 but quickly stabilized and rebounded, showing a strong recovery trend in the short term. The total supply of global stablecoins surpassed $301.5 billion, setting a new historical high; Tether's co-founder launched the USST stablecoin project under STBL, which has continued to de-peg since its launch; Grayscale submitted SEC Form 10 for the TAO Trust.
BTC (4.31% | Current Price 115,308 USDT): After experiencing a rapid decline on October 11 (with a low of around $102,000), BTC is showing signs of a rebound. The price is currently above the MA5, with momentum remaining moderate, but there is some resistance in the $115,500–116,000 range. If it can break through with volume, it may further test the previous high of $118,000–120,000. On October 10, the BTC ETF saw a net outflow of $4.5 million in a single day, with BlackRock's IBIT inflowing $74.2 million and Fidelity's FBTC outflowing $10.2 million.
ETH (11.77% | Current Price 4,159 USDT): Influenced by tariff news and the de-pegging of USDE, ETH experienced a significant volume drop on October 11, hitting a low of $3,394, but quickly stabilized and rebounded, showing a strong recovery trend in the short term. Currently, ETH is consolidating around $4,150. If it can hold this position and break through the $4,200 mark with volume, it is expected to further attack the $4,350–4,400 range; conversely, if it falls below $4,050, it may retest the $3,850 support level. On October 10, the ETH ETF saw a net outflow of $174 million in a single day, with BlackRock's ETHA outflowing $80.2 million and Fidelity's FETH outflowing $30.1 million.
Altcoins: Most mainstream altcoins rebounded, with market sentiment primarily "neutral." The Fear and Greed Index reported 38 today, indicating a state of panic, showing that investors' risk appetite remains limited and market sentiment is relatively conservative.
Macro: On October 10, the S&P 500 index fell by 2.71%, closing at 6,552.51 points; the Dow Jones index fell by 1.90%, closing at 45,479.6 points; the Nasdaq index fell by 3.56%, closing at 22,204.43 points. As of October 13, 11:00 AM (UTC+8), the spot price of gold is reported at $4,047 per ounce, with a 24-hour increase of 0.73%.
According to Gate market data, the current price of the SNX token is $1.77, up about 87.3% in 24 hours. Synthetix is a decentralized synthetic asset protocol running on Ethereum that allows users to mint and trade various synthetic assets (Synths), whose value derives from traditional fiat currencies, commodities, stocks, or cryptocurrencies. Synthetix provides on-chain exposure for synthetic assets using the native token SNX as collateral and plays a role as the liquidity layer in the DeFi ecosystem.
SNX has recently rebounded strongly, driven by two major positive factors. Previously, Synthetix announced plans to launch the first Ethereum-based perpetual contract decentralized exchange (DEX) in the fourth quarter of this year, with market expectations that this product will significantly boost protocol trading volume and token demand. Additionally, after the significant drop in the crypto market on October 11, funds quickly flowed back into quality projects with fundamental support, leading SNX to lead the rebound, with an increase of over 100%, surpassing pre-crash levels and setting a new high for 2025. Furthermore, Synthetix is about to launch a mainnet trading competition, inviting 100 top traders to compete for a $1 million prize, further enhancing market attention and token popularity.
According to CoinGecko data, the current price of the DASH token is $58.56, up about 50% in 24 hours. DASH is a fast, private, and divisible open-source peer-to-peer (P2P) cryptocurrency that provides instant transactions, with anonymous transaction and currency functions, suitable for online trading and anonymous payments.
DASH's recent rise is mainly driven by the overall recovery of the privacy coin sector. With Zcash leading the privacy coin race, market funds have begun to reallocate to this long-underestimated field. As mainstream coins slow down and liquidity seeks new narratives, privacy assets have regained traders' favor due to their payment and anonymity features. Meanwhile, the renewed focus on stablecoin regulation has sparked market interest in privacy payments and decentralized settlements, with investors generally believing that privacy coins are likely to play a role as a "payment alternative layer" in future regulatory frameworks. DASH, due to its foundational payment scenarios and network stability, has become a key target for fund allocation.
According to Gate market data, the current price of the TAO token is $412, up 40.1% in 24 hours. Bittensor is an open-source decentralized machine learning network protocol aimed at creating a trustless, incentive-based AI market. Its native token TAO is used to reward participants who contribute computing power, data, and models to the network, and is also used for transaction fees, governance, and access to AI services.
TAO has recently surged significantly, mainly driven by the dual positive factors of Grayscale advancing trust product registration and ecosystem expansion. Grayscale Investments submitted a Form 10 registration statement to the U.S. SEC regarding the Bittensor Trust (TAO). If approved, it will shorten the private placement holding period from 12 months to 6 months, significantly enhancing liquidity and paving the way for institutional funds to enter. This move is seen as an important signal for TAO's entry into the mainstream investment market. Meanwhile, the Bittensor Universe Index, jointly launched by TrustedStake and Bittensor, constructs a Bittensor ecosystem investment portfolio using a methodology similar to the S&P 500 index, further strengthening market confidence in its long-term ecological value and institutional narrative.
According to the latest on-chain data, the total supply of global stablecoins has surpassed $301.5 billion, setting a new historical high. This growth marks the acceleration of the stablecoin market's expansion, especially against the backdrop of ongoing compliance processes and institutional adoption, with stablecoins becoming one of the most certain asset classes in the global crypto financial system.
The new high in stablecoin supply reflects the continued growth in market demand for on-chain dollars. Amid rising uncertainty in traditional markets and the recovery of DeFi yield-bearing assets, stablecoins have upgraded from a medium of exchange to a "crypto liquidity anchor." The entry of institutions and payment giants (such as PayPal and Visa) is driving stablecoins into the mainstream financial system, and their market size is expected to continue to expand, becoming a core engine driving the "on-chain dollarization" process.
According to market monitoring data, the USST issued by the stablecoin project STBL, co-founded by Tether's co-founder Reeve Collins, has continued to experience de-pegging since its launch. USST briefly dropped to $0.9620 today, and although it later slightly rebounded to about $0.9746, it has not restored its 1:1 peg with the dollar. The market has raised certain concerns about its reserve mechanism and stability.
The USST de-pegging incident once again highlights the risk hazards of emerging stablecoin projects regarding transparency and reserve trust mechanisms. Although the project is backed by the reputation of Tether's co-founder, market trust in the "new stable mechanism" still requires time for validation. In the short term, this incident may weaken investor confidence in algorithmic or experimental stablecoins and reminds the market that compliance, transparency, and sustainable asset support are key to long-term survival amid the wave of stablecoin expansion.
Crypto asset management giant Grayscale announced that it has submitted Form 10 for the Bittensor Trust (TAO) to the U.S. Securities and Exchange Commission (SEC). This move marks the trust's official first step toward becoming an SEC-registered reporting company, aimed at enhancing its transparency and compliance. If approved, TAO trust shares are expected to be publicly quoted in the over-the-counter (OTC) market, and its private placement holding period will also be shortened from 12 months to 6 months, paving the way for future transformation into an exchange-traded product (ETP).
Grayscale's submission of Form 10 for the TAO Trust is an important signal of the integration of the AI sector with traditional capital markets. As a representative project combining AI computing and blockchain, Bittensor's compliance push by Grayscale signifies that institutions are accelerating their involvement in "decentralized AI" assets. In the short term, this event not only enhances market confidence in TAO but also provides a template for Grayscale's layout in emerging narrative fields (such as AI, DePIN). In the long run, this move may become a key milestone for AI crypto assets to gain recognition in mainstream finance.
Related: Why have some altcoins on Binance plummeted to zero?
Original article: “Global Stablecoin Supply Hits Record High | Grayscale Advances TAO Trust Registration”
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