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Last week, BTC moved into a high-level consolidation phase after the previous sharp rally, but the market structure has not flipped bearish. ETH showed greater resilience than BTC, holding up better during pullbacks. On-chain flows clearly reflect a "trading-scenario-first" trend. Capital is rotating out of low-velocity, general settlement layers and into networks with higher trading efficiency and stronger support for active strategies. Perp DEXs and prediction markets have become the main liquidity magnets in this cycle. Both Hyperliquid and Polygon PoS recorded net inflows of over $100 million. Meme activity across the Solana ecosystem is also picking up again. Bags App has risen quickly on the back of its "donation-driven" mechanic, amplifying FOMO and viral growth dynamics.

Gate Research Daily Report: Bitcoin encountered resistance near USD 97,500, while Ethereum has been trading within a range between its key support level and the USD 3,300–3,400 resistance zone. ROSE surged 34.35% over the past 24 hours, driven by accelerating capital inflows into the high-beta “privacy + AI” narrative. ARPA rose more than 51%, with the rally largely reflecting shifts in market sentiment as 24-hour trading volume expanded sharply to USD 320 million. Alpha Edge Media, a subsidiary of Aether Holdings, has acquired the institutional-grade crypto communications and media platform Coinstack. To break out of its current malaise, the crypto market may require an expansion of ETF investment mandates, with leading assets rallying to draw retail attention back. The STH-NUPL indicator shows that new investors have remained in net unrealized losses since November 2025.

Gate Research: On January 19, after a period of high-level consolidation, the crypto market saw a broad de-leveraging wave: BTC and ETH fell more than 2%, losses in altcoins widened, and risk appetite contracted. Among notable movers, DUSK surged on catalysts including its mainnet launch, RWA partnerships, and expectations of institutional adoption; NAM experienced sharp swings amid thin liquidity and a technical breakout; and FRAX rallied on its rebranding and broader ecosystem expansion. In today’s highlights, Ethereum’s staking entry queue climbed to its highest level since August 2023 while the exit queue fell to zero; Vitalik Buterin and Solana co-founder Anatoly Yakovenko reignited debate over whether protocols should “ossify” or keep evolving, underscoring two divergent paths between long-term stability and continuous iteration; and as Vibe Coding gains momentum, supply-chain style risks tied to IDE auto-execution settings have become a growing focus for developers.