Gate Research Institute: BTC maintains long positions | DeFi Development SOL total holdings exceed 2 million coins

Encryption Asset Panorama

BTC (+0.96% | Current Price 117,668 USDT)

BTC maintains a bullish structure in the short term, currently stabilizing above the 5MA, 10MA, and 30MA lines, with short-term moving averages showing a bullish arrangement. The MACD indicator continues to rise in volume, with the momentum red bars expanding, indicating that bullish momentum is continuously strengthening. The current price has broken through the short-term consolidation range and briefly touched a high of 117,793 dollars. If buying momentum continues, it is expected to challenge the resistance level above 118,000 dollars, with short-term support to watch around 116,300 dollars.

ETH (+2.30% | Current price 4,629 USDT)

ETH maintains an oscillating upward trend, with the K-line firmly standing above the short-term moving averages. The 5MA and 10MA show a clear upward bend, indicating that the price is in a recovery channel. The MACD bullish momentum continues to be released, with the red bars increasing consecutively, and the fast and slow lines maintain a golden cross state, indicating a healthy momentum structure. If the price stabilizes in the $4,630 region, it is expected to further attack the $4,680 high, with support levels falling in the $4,560 to $4,520 range.

GT (+0.46% | Current Price 17.155 USDT)

GT has broken through the short-term consolidation range, and the current price is stable above the 5MA, 10MA, and 30MA, with the short-term moving averages having just completed a bullish crossover. The MACD golden cross structure has been preliminarily established, with the red bar momentum continuously increasing, indicating a clear sign of capital inflow. If it subsequently breaks through the pressure around 17.20 dollars with increased volume, it is expected to challenge the previous high of 17.53 dollars, with short-term support levels to watch at 17.00 and 16.80 dollars.

Daily Price Fluctuation Tokens

In the past 24 hours, the encryption market continued to show a strong trend overall, with most mainstream assets experiencing gains. BTC rose by 0.96%, continuing its range-bound oscillation; ETH's increase expanded to 2.30%, boosting market confidence; SOL led the mainstream sector with a rise of 4.55%, significantly improving capital activity.

EIGEN Eigenlayer (+24.4%, circulating market cap 651 million USD)

According to Gate's market data, the current price of EIGEN token is $1.9311, with a 24-hour increase of up to 24.4%. EigenLayer is a modular re-staking protocol focused on "verifiability infrastructure," providing security guarantees and consensus expansion for decentralized verification services. Its subproject, EigenCloud, is expanding the AI trust layer and reputation system, recently partnering with Google Cloud to launch the Agent Payments Protocol (AP2), promoting a trustworthy transaction framework for AI Agents.

The main reason for the significant rise of EIGEN is the collaboration with Google and the increasing popularity of the "Verifiable Reputation" concept. EigenCloud has become a launch partner for AP2, strengthening its strategic position in the Web3×AI ecosystem; at the same time, it has partnered with OpenRank to launch a public reputation system, sparking discussions in the blockchain community and beyond.

KMNO Kamino (+23.21%, circulating market value 236 million USD)

According to Gate market data, the current price of the KMNO token is $0.08389, with a 24-hour increase of up to 23.21%. Kamino is a one-stop decentralized lending and yield platform in the Solana ecosystem, dedicated to providing the safest and smartest financial tools, supporting automated strategy management, stablecoin yield aggregation, and on-chain risk control. Its flagship products include the USDC lending market, stablecoin yield pools, and automated rebalancing asset strategies, which are highly favored by institutions and advanced users.

KMNO's significant rise is mainly attributed to the platform's lending scale breaking historical highs and the increasing popularity of stablecoin products. On-chain data shows that Kamino's total USDC lending has exceeded 500 million USD, demonstrating its strengthening mainstream position within the Solana ecosystem. Combined with the trend of DeFi capital inflow, KMNO has become one of the standout protocol tokens in this market cycle.

DRIFT Drift Protocol (+17.15%, circulating market cap 297 million USD)

According to Gate market data, the current price of the DRIFT token is 0.8140 USD, with a 24-hour increase of up to 17.15%. Drift Protocol is a decentralized perpetual contract platform in the Solana ecosystem, focusing on providing a low slippage, high leverage, and high liquidity derivatives trading experience. Its protocol architecture integrates AMM and order book mechanisms, allowing traders and liquidity providers to share matching efficiency, and has gradually become an important participant in the on-chain derivatives market.

The core drivers of DRIFT's rise come from the dual benefits of zero trading fees on the platform and a historical high in Total Value Locked (TVL). The official announcement states that the trading fees for BTC pairs have been reduced to 0bp, which provides a significant cost advantage compared to similar protocols; meanwhile, the platform's total locked value (TVL) has surpassed $1.42 billion, setting a new historical high, reflecting continuous inflows of funds and increased user stickiness.

Hot Spot Interpretation

TNL Mediagene launches digital asset treasury strategy, with BTC, ETH, SOL as core allocations.

TNL Mediagene (NASDAQ: TNMG) announced that it will officially incorporate digital assets into its core corporate strategy and initiate the construction of a Digital Asset Treasury (DAT). The company stated that it will only include three assets: BTC, ETH, and SOL, excluding tokens that do not meet the standards of market capitalization, liquidity, and institutional adoption, demonstrating its asset allocation logic centered on stability.

To promote the implementation of this strategy, TNL has formed an advisory group composed of Web3 experts from CoinDesk, Nonagon, hottolink, and Matter Labs, ensuring that its digital asset deployment balances strategy and compliance. CEO Joey Chung stated that this initiative will not only enhance the company's financial flexibility and support potential future mergers and acquisitions but also enable its media and data platforms to delve deeper into the Web3 space, bringing dual growth momentum of financial and business synergy to the company.

DeFi Development increased holdings by 60,000 SOL, total holdings surpassed 2 million.

The Solana Treasury Company has recently increased its investment in DeFi Development by purchasing an additional 62,745 SOL, estimated to be worth approximately $14.6 million at current market prices. This increase reflects the institution's strong confidence in the long-term value and ecological development of Solana, highlighting its position as an important participant in on-chain asset allocation.

As of now, the total holdings of SOL by DeFi Development have exceeded 2 million pieces, with a total valuation approaching 500 million USD. This scale not only ranks among the top in the institutional circle but may also have a structural impact on SOL's market liquidity and price performance. Its continuous asset investment is expected to further promote the activity and capital inflow of Solana-based projects, consolidating its strategic position as a mainstream public chain.

The altcoin season index has risen to 73, and the altcoin market is significantly heating up.

Recent data shows that the CMC Altcoin Season Index has risen to 73/100, reaching a new high in nearly a month, and significantly up from last month's 45. This indicates that over the past 90 days, the majority of altcoins among the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin, and market sentiment is gradually shifting towards an "altcoin season." From the trend chart, the total market capitalization of altcoins has steadily increased over the past two months, forming positive feedback with the index trend, indicating that more funds are flowing into non-Bitcoin assets.

Historical data shows that when the index is above 75, it is generally regarded as entering a full-fledged altcoin season. The current index is approaching this critical point, coupled with the recent activity in the Solana, LSD track, and Meme sector, investors' risk appetite for altcoins has significantly increased. If the trend continues, the altcoin market is expected to further amplify its gains, driving more on-chain ecosystem activity and capital inflows.
Reference Material:

• 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/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• Coinmarketcap, https://www.coingecko.com/en/cryptocurrency-heatmap
• PR Newswire, https://www.prnewswire.com/news-releases/tnl-mediagene-nasdaq-tnmg-to-establish-digital-asset-treasury-302559129.html
• The Block, https://www.theblock.co/post/371140/defi-development-acquires-nearly-15-million-in-sol-pushing-solana-holdings-above-2-million-tokens
• CoinMarketCap, https://coinmarketcap.com/charts/altcoin-season-index/

Disclaimer Investing in the cryptocurrency market involves high risks. It is advised that users conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not bear any responsibility for any losses or damages arising from such investment decisions.