Gate Research Institute: JPYC launches yen stablecoin | Kalshi 30-day trading volume exceeds 4 billion dollars

Crypto Market Overview

• BTC (3.01% | Current Price 114,969 USDT): BTC has recently maintained a steady upward trend, with prices operating 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 USD, slightly below the intraday high of 115,536 USD, with a minor short-term pullback, which is a healthy consolidation. On October 24, the net inflow into BTC ETFs reached 90.6 million USD, with BlackRock's IBIT inflowing 32.7 million USD and Fidelity's FBTC inflowing 57.9 million USD.
• ETH (6.36% | Current Price 4,188 USDT): ETH continues its strong upward trend, with the price firmly 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 divergence, indicating strong bullish momentum. The current price is around 4,188 US dollars, slightly below the intraday high of 4,217 US dollars, with the short-term pullback mainly belonging to high-level consolidation. On October 24, ETH ETF had a net outflow of 93.6 million dollars, among which BlackRock's ETHA saw an outflow of 101 million dollars.
• Altcoins: Most mainstream altcoins have risen across the board, with market sentiment primarily “neutral.” The Fear and Greed Index reports 51 today, within the normal range, indicating that investors' risk appetite remains cautious, and the previous panic sentiment in the market has eased.
• Macro: On October 24, the S&P 500 index rose by 0.79%, closing at 6,791.69 points; the Dow Jones index rose by 1.01%, closing at 47,207.12 points; the Nasdaq index rose by 1.15%, closing at 23,204.87 points. As of October 27, 11:00 AM (UTC+8), the spot gold price is temporarily reported at 4,071 USD per ounce, with a 24H decline of 1.00%.

Trending Tokens on Juejin

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

According to Gate.io 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 recently surged strongly, primarily driven by the heat of the x402 track. As the concept of smart agents (AI Agent) and on-chain automation interactions becomes popular, 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 generally has a positive outlook on the application's potential and ecological extensibility of the project, pushing PayAI's market capitalization to continue breaking through.

DIA DIA (+75.26%, Market Cap 84.92 million USD)

According to Gate market data, the current price of the DIA token is $0.73, representing an increase of approximately 75.26% within the last 24 hours. DIA (Decentralised Information Asset) is an open-source financial information platform that utilizes encryption economic incentives to acquire 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 experienced a strong upward trend, primarily driven by the rising demand for decentralized data oracles and strategic ecosystem expansion. As the reliance on high-precision on-chain data deepens in DeFi and RWA applications, DIA continues to upgrade 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 scenario 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.io market data, the current price of the SYND token is $0.23, with a 20.26% increase 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 strongly, mainly driven by the overall rise in the altcoin sector and positive news about the project. The overall market risk appetite has rebounded, leading to a capital inflow, further stimulated by the news that SYND will soon be listed on a new trading platform, boosting market buying sentiment. In addition, the team announced the upcoming launch of the AVS sequenced network—a programmable decentralized sequenced layer protected by native token staking, compatible with OP Stack and Arbitrum Nitro, providing critical infrastructure for the Ethereum expansion ecosystem. The market's expectations for SYND's technical value and long-term potential have also become an important catalyst for its rise.

Alpha 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 from long-term dormant wallets, marking the first significant decline in non-liquid supply since the second half of 2025. Although the BTC price briefly broke through $115,000 and overall sentiment has warmed, the selling behavior of long-term holders (LTH) is weakening the upward momentum. Data shows that outflows from medium-sized addresses holding between $10,000 and $1 million are the most significant, indicating that some mid-term investors are cashing out profits or reducing risk exposure.

At the same time, momentum buying has clearly 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 low point earlier this year (76%), but the trend shows an increase in market profits, which may indicate heightened price volatility.

JPYC launched a yen stablecoin and an issuance and redemption platform JPYC EX

The Japanese yen stablecoin issuer JPYC announced the official launch of its issuance and redemption platform JPYC EX, along with the stablecoin JPYC, which is pegged to the yen at a 1:1 ratio. This stablecoin is backed by domestic savings deposits and government bonds (JGBs). Users can reserve issuance or redemption through the JPYC EX platform: after registering on the platform and depositing yen, they can receive an equivalent amount of JPYC in their linked wallet address; sending JPYC back can be exchanged for fiat yen. In the initial phase of the project, transaction fees will be waived to expand usage, and profits will be generated by holding government bond interest.

The launch of JPYC EX marks the substantial implementation stage of the 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 application of the yen in on-chain payments, Web3 finance, and cross-border settlement scenarios; in the long term, the JPYC model may become a policy and technical reference sample for various Asian countries developing domestic stablecoins, accelerating the process of digital currency connectivity in the region.

Kalshi's trading volume for the 30 days surpassed 4 billion USD, with annualized trading volume reaching a historic high.

In the past 30 days, the on-chain trading volume of the financial prediction platform Kalshi has rapidly climbed to $4 billion, pushing its annualized trading volume to a new high of approximately $50 billion, demonstrating the growing activity and scale of the prediction market 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 forecasting tools. With support from collaborations with 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 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
• CoinGecko, https://www.coingecko.com/categories
• 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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