Gate Research Institute: crypto market fully pumps | Kalshi 30-day trading volume exceeds 4 billion USD

Encryption Asset Panorama

BTC (3.01% | Current Price 114,969 USDT)

Bitcoin has recently maintained a steady upward trend, with the price running above the 30MA. The short-term moving averages (5MA and 10MA) have formed a golden cross and are diverging upwards, indicating that short-term bullish momentum remains dominant. The current price is approximately $114,900, slightly below the intraday high of $115,536, with a slight pullback on the short line, which is considered a healthy consolidation.

In terms of trading volume, there has been a noticeable increase in the last few hours, indicating that funds are actively following during the upward trend. If the price can stabilize above $114,500, there is hope for a continued challenge of the $116,000 resistance level; conversely, if it breaks below the $113,800 support, it may enter a short-term consolidation phase. Overall, the short-term trend leans bullish, while the medium-term still maintains a mild upward structure.

In addition, on October 24, the net inflow of BTC ETF reached $90.6 million in a single day, with BlackRock's IBIT inflow of $32.7 million and Fidelity's FBTC inflow of $57.9 million.

ETH (6.36% | Current Price 4,188 USDT)

Ethereum continues its strong upward trend, with prices remaining above the short to medium-term moving averages (5MA, 10MA, 30MA). The short-term moving averages show a clear golden cross and maintain an upward diverging trend, indicating strong bullish momentum. The current price is around $4,188, slightly below the intraday high of $4,217, with short-term corrections mainly belonging to high-level oscillation consolidation.

The trading volume has significantly increased during the breakout phase, indicating active buying in the market with continuous capital inflow. If ETH can hold above $4,150, it is expected to continue challenging the resistance range of $4,250–$4,300; if it falls below the support of $4,100, it may enter a sideways consolidation in the short term. Overall, the short-term structure of Ethereum is healthy, the medium-term trend remains bullish, and market sentiment is still optimistic.

In addition, on October 24, the ETH ETF had a net outflow of $93.6 million in a single day, with BlackRock's ETHA seeing an outflow of $101 million.

GT (1.22% | Current Price 15.75 USDT)

GT has recently consolidated between 15.4 and 15.8 US dollars, and the current price has broken above the upper boundary of the short-term consolidation range, reported at 15.75 US dollars, with significant short-term momentum strengthening. The 5MA and 10MA have formed a golden cross and are turning upwards, indicating a return of short-term bullish strength.

The synchronized increase in trading volume indicates that funds are actively entering at low levels, driving a rapid price rebound. If the price can stabilize above $15.7, it is expected to further test the resistance level of $15.9–16.0; if it falls below $15.5, it may once again enter a consolidation range. Overall, the short-term structure of GT is relatively strong, and a breakout signal has been initially established, but it still requires observation to see if the volume can continue to increase to confirm upward momentum.

Daily Price Fluctuation Token

In the past 24 hours, the overall encryption market has shown a bullish trend, with mainstream assets and altcoins strengthening together, and market sentiment has clearly warmed up. BTC rose by 2.9%, ETH increased by 6.42%, driving a rebound in mainstream sectors; SOL rose by 5.86%, while XRP (+1.68%) and TRX (+1.40%) performed steadily.

The upward trend further spreads to the altcoin sector, with PAYAI (+107.6%), DIA (+75.26%), SYND (+20.26%) showing strong gains, while funds quickly flow back to the x402 sector, and market hotspots continue to heat up.

PAYAI PayAI (+107.6%, circulating market value 39.4725 million USD)

According to Gate market data, the current price of the PAYAI token is $0.051, having increased by approximately 107.6% in the last 24 hours. PayAI Network is an open-source, decentralized AI agent marketplace dedicated to building an AI agent economy, where agents can hire and collaborate with each other 24/7.

The PayAI token has seen a strong rise recently, mainly driven by the popularity of the x402 track. With the concept of smart agents (AI Agents) and on-chain automation interactions gaining traction, funds are flowing back into the x402 sector, leading to a general rebound in related concept coins. On October 16, PayAI Network released an x402 development toolkit (SDK) based on the Solana network, providing developers with the infrastructure to create and deploy on-chain smart agents. The market is generally optimistic about the project's application potential and ecological extensibility, driving the continuous breakthrough of PayAI's market capitalization.

DIA DIA (+75.26%, circulating market cap 84.92 million USD)

According to Gate's market data, the current price of the DIA token is $0.73, with an increase of approximately 75.26% in the last 24 hours. DIA (Decentralised Information Asset) is a decentralized information asset and an open-source financial information platform that utilizes encryption economic incentives to obtain and verify data. Market participants can provide, share, and use financial and digital asset data. DIA is managed by a decentralized community of DIA token holders and their representatives. The DIA (governance token) can be used to collect data, verify data, vote on decisions, and incentivize the establishment of the DIA platform.

DIA has recently surged strongly, mainly driven by the rising demand for decentralized data oracles and strategic ecosystem expansion. As the reliance of DeFi and RWA applications on high-precision on-chain data deepens, DIA continuously upgrades its tech stack to enhance the accuracy and verifiability of real-time data. The previously launched trustless oracle suite DIA xReal has been integrated into its verifiable computing infrastructure Lumina, significantly enhancing data processing capabilities and scene adaptability. Meanwhile, DIA has added the price information stream VIRTUAL, bringing new data sources and use cases for DeFi integration.

SYND Syndicate (+20.26%, circulating market cap 139 million USD)

According to Gate market data, the current price of the SYND token is $0.23, with an increase of 20.26% in the last 24 hours. Syndicate is a blockchain infrastructure project focused on smart sorting and aggregation technology, with its main innovation being the transformation of aggregation and its sorter into smart contracts, thereby achieving programmability at the network level and reducing operational costs.

The SYND token has recently surged, mainly driven by a dual push from the overall rise of altcoins and positive news about the project. The overall market's risk appetite has returned, leading to a flow of funds back into the market, coupled with the news that SYND will soon be listed on a new trading platform, which further stimulates market buying sentiment. In addition, the team announced the upcoming launch of the AVS sequential network—a programmable decentralized sequential layer protected by native token staking, compatible with OP Stack and Arbitrum Nitro, providing key infrastructure for the Ethereum scaling ecosystem. Market expectations for the technical value and long-term potential of SYND have also become an important catalyst for its rise.

Hot Spot Interpretation

The non-liquid supply of Bitcoin has decreased, with approximately 62,000 BTC flowing out of long-term holder wallets.

According to the latest data from Glassnode, since mid-October, approximately 62,000 bitcoins (worth about $7 billion) have flowed out of long-term dormant wallets, marking the first significant decline in illiquid supply since the second half of 2025. Although the BTC price briefly broke through $115,000 and market sentiment has improved, the selling behavior of long-term holders (LTH) is weakening upward momentum. Data shows that the outflow of funds from medium-sized addresses holding between $10,000 and $1 million is most significant, indicating that some mid-term investors are cashing out profits or reducing risk exposure.

At the same time, momentum buying has significantly decreased, and new incoming funds have not yet formed effective support, which may create some selling pressure on BTC prices in the short term. Currently, about 82.3% of Bitcoin supply is in profit, which is higher than the year's low (76%), but the trend indicates an increase in market profits, which may suggest heightened price volatility.

JPYC launches a yen stablecoin and redemption issuance platform JPYC EX

The Japanese yen stablecoin issuer JPYC has officially launched the issuance and redemption platform JPYC EX, and introduced the stablecoin JPYC, which is pegged 1:1 to the Japanese yen. This stablecoin is backed by domestic savings deposits and government bonds (JGBs). Users can schedule issuance or redemption through the JPYC EX platform: after registering on the platform and depositing Japanese yen, they can receive an equivalent amount of JPYC in their linked wallet address; sending JPYC back can be exchanged for fiat currency in Japanese yen. In the initial phase of the project, transaction fees will be waived to expand usage, and profits will be obtained through interest earned from holding government bonds.

The launch of JPYC EX marks the substantial landing stage of the Japanese yen stablecoin infrastructure. Unlike the dollar-dominated global stablecoin system, JPYC establishes a compliant and robust domestic stablecoin issuance mechanism through a dual support model of “government bonds + fiat currency savings.” In the short term, this will help promote the use of the yen in on-chain payments, Web3 finance, and cross-border settlement scenarios; in the long term, JPYC's model may become a policy and technical reference sample for various Asian countries to develop domestic stablecoins, accelerating the process of digital currency interconnectivity within the region.

Kalshi's trading volume on the 30th exceeded 4 billion dollars, setting a new historical high for annual trading volume.

In the past 30 days, the on-chain trading volume of the financial prediction platform Kalshi has rapidly climbed to $4 billion, driving its annualized trading volume to a new high of approximately $50 billion, demonstrating the growing activity and scale of prediction markets under mainstream financial participation.

The surge in trading volume on Kalshi not only reflects the growth potential of on-chain prediction markets but also signifies a steady increase in user demand for financial derivatives and prediction tools. With the support of traditional financial platforms like Robinhood, Kalshi is gradually evolving from a niche experimental product into a significant mainstream market infrastructure, further strengthening the voice of prediction markets within the on-chain financial ecosystem. In the future, as more mainstream assets and institutions participate, on-chain prediction markets are expected to become an important link connecting social interaction, trading, and financial innovation. <br> Reference Materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/price
• The Block, https://www.theblock.co/post/376188/bitcoin-illiquid-supply-declines-as-62000-btc-moves-out-of-long-term-holder-wallets-glassnode
• Prtimes, https://prtimes.jp/main/html/rd/p/000000283.000054018.html
• X, https://x.com/KalshiEco/status/1982001343104692370

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Disclaimer Investing in the cryptocurrency market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate is not responsible for any losses or damages caused by such investment decisions.