Gate Research Institute: M surged over 46%, Stable underperformed narrative expectations after mainnet launch | Gate VIP Weekly Report

Summary

Alpha Mining: BTC sharply retreated after surging above $94,000, forming a lower high consolidation structure on the 4-hour chart, with the $90,000–$91,000 range shifting from support to resistance. ETH pulled back from around $3,400 but remains oscillating above $3,000. M surged over 46.63% last week, becoming the standout token; MERL and ZEC also gained 28.35% and 18.99% respectively, rising against the trend in the short term.

On-chain Funds: Hyperliquid leads with approximately $190 million in net inflows, reflecting the market’s consensus on on-chain perpetual contracts, high-frequency trading, and high capital efficiency infrastructure. The actual performance of the Stablecoin public chain Stable after its mainnet launch is noticeably weaker than narrative expectations. In the context of an already mature and stable coin network on existing public chains, Stable is still in the early stages of validation and cultivation. Its future performance depends on application deployment and real-world use cases.

This report will provide an in-depth analysis of the above trends, along with detailed market data and technical insights. Click to view the full report, accurately grasp market dynamics, gain forward-looking strategic perspectives, and uncover potential opportunities in the next cycle.

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