Gate Research Institute: QTUM, NEO higher trade volumes pump | USDC usage on the Ethereum network hits an all-time high

Encryption Asset Overview

BTC (-1.84% | Current Price 112,885 USDT)

The current BTC price is hovering around $112,800, recently showing a general downward trend. On August 23, there was a strong surge that quickly broke through to a high of $117,417, but it could not hold that level and subsequently continued to decline. The price has now fallen below the 5, 10, and 30-hour moving averages (the moving averages are in a bearish arrangement), indicating a weak short-term technical outlook.

From the perspective of trading volume, the retracement process is accompanied by an increase in volume, especially when it broke below $113,000, indicating significant selling pressure. The key support below is at $110,600 (recent low), and if this level is broken, it may further test the $110,000 round number. The resistance above is in the range of $114,500—$115,000, and only by stabilizing back in this range can there be hope of repairing the downtrend.

Overall, the short-term trend of BTC is bearish, and attention needs to be paid to whether it can hold the support at 110,600 USD. If the trading volume decreases and stabilizes in this range, a rebound from the oversold condition may occur; if it fails to hold, the downward space may further open up.

In addition, on August 22, the net outflow of BTC ETF reached 23.2 million USD in a single day, with BlackRock's IBIT outflowing 198 million USD and Fidelity's FBTC inflowing 50.9 million USD.

ETH (-0.63% | Current Price 4,739 USDT)

The overall trend of ETH is similar to that of BTC, with a rapid surge occurring on August 23, reaching a peak of $4,956, but failing to break through the resistance at the $5,000 round number. It then entered a period of sideways consolidation and experienced a slight pullback on the 25th.

From the perspective of moving averages, the 5 and 10-hour moving averages have crossed below the 30-hour moving average, indicating that short-term momentum is weak and showing that buying momentum is gradually weakening. The trading volume significantly increased during the breakout, but during the subsequent adjustment phase, the trading volume did not significantly increase, indicating that the decline is more of a technical correction rather than strong selling pressure.

The key support below is in the range of $4,700—$4,680. If it is lost, it may further retrace to $4,500. The resistance above is still at $4,950—$5,000. If it can break through with volume, it will open up further upside potential, targeting $5,200.

Overall, ETH's short-term trend is in a phase of consolidation, caught in a game between key support and resistance levels. If it can hold above $4,700 and gradually increase in volume, there is still a chance to regain upward momentum; otherwise, caution is needed for further declines.

In addition, on August 22, the single-day net inflow of the ETH ETF was $337 million, with BlackRock's ETHA inflow of $109 million and Fidelity's FETH inflow of $117 million.

GT (-3.06% | Current Price 17.54 USDT)

The current GT price is approximately $17.54, and the overall trend in recent days has shown a pattern of rising and then falling back. On the 22nd, it briefly reached $19.37, but then faced pressure and fell back, failing to maintain the high level. After that, it gradually entered a fluctuating downward channel, and on the 25th, it dropped to $16.92, setting a new recent low.

From the perspective of moving averages, the 5-hour and 10-hour moving averages have both fallen below the 30-hour moving average and are maintaining a downward divergence, indicating that short-term bearish forces are dominant. The trading volume has increased during the uptrend, but there has not been extreme volume during the downtrend, showing that the market is under gradual selling pressure rather than panic selling.

The key support level below is around $16.90. If it breaks, it may further test the $16.30 range. The resistance level above is between $17.80 and $18.00, and only after breaking through can it potentially challenge $18.50 again.

Overall, the short-term trend for GT is weak and still in a downward channel. If it cannot quickly reclaim the $18 level, the market may continue to exhibit a sideways bearish trend. In terms of short-term operations, it is essential to closely monitor whether the support at $16.90 remains stable.

Daily Price Fluctuation Tokens

Despite the overall market entering a correction phase, some small and medium-cap tokens are still showing impressive performance. NEON (+46.89%), QTUM (+33.25%) and other tokens have experienced explosive growth, indicating that funds are actively flowing into niche sectors. Meanwhile, tokens like WILD (-11.49%) have seen significant corrections, reflecting characteristics of rapid market trend switching and increased speculative attributes. In contrast, mainstream tokens such as BTC and ETH are facing correction pressures, with some also affected by temporary negative factors, leading to relatively constrained performance.

NEON NEON EVM (+46.89%, circulating market cap 39.2076 million USD)

According to Gate.io market data, the current price of the NEON token is $0.166, having increased by 46.89% in the last 24 hours. NEON EVM is an Ethereum Virtual Machine (EVM) solution deployed on the Solana blockchain, whose core function is to provide an environment that is fully compatible with the Ethereum Virtual Machine, allowing Ethereum dApps (decentralized applications) to run on the Solana network without modifying their code.

Solana continues to lead in performance and usage, while NEON has gained market popularity by introducing EVM compatibility, aligning with this trend. Previously, NEON was integrated into a cryptocurrency card payment platform by a European fintech company, enabling global cryptocurrency consumption. From the price trend, NEON has been consolidating in the range of $0.08 to $0.09 for a long time, with relatively low trading volume. However, since the 24th, with a large influx of funds, the price has quickly broken through the consolidation range, which not only shows an acceleration in capital inflow but also indicates a fundamental shift in market sentiment.

QTUM Qtum (+33.25%, circulating market value 348 million USD)

According to Gate market data, the current price of the QTUM token is $3.32, having risen approximately 33.25% in the past 24 hours. Qtum is an open-source blockchain platform that combines the security of Bitcoin (UTXO model) with the smart contract capabilities of Ethereum, and uses a Proof of Stake (PoS) consensus mechanism to provide energy efficiency. Its native token QTUM is used to pay transaction fees, participate in network governance voting, and earn rewards through staking.

Recently, Qtum announced a partnership with umycomofficial, allowing users to obtain travel experiences and save costs through Qtum payments. The realization of this practical scenario brings new demand expectations for the token. From a technical perspective, QTUM has experienced a strong breakout after a long period of sideways consolidation, with multiple solid bullish candles accompanied by significant trading volume, directly breaking through long-term resistance levels. The price reached a high of $3.487, marking a new high since May, and is currently quoted at $3.32. This kind of breakout usually indicates a shift in market sentiment from cautious to positive, and if high trading volume can be sustained, QTUM is expected to maintain a strong upward trend.

NEO Neo (+10.67%, circulating market cap 551 million USD)

According to Gate.io market data, the current price of the NEO token is $7.88, with an increase of approximately 10.67% in the last 24 hours. NEO is a community-driven open-source platform that utilizes blockchain technology and digital identity, allowing developers to achieve digital and automated asset management through smart contracts. NEO is committed to building the next-generation Internet infrastructure through a distributed network, laying the foundation for the large-scale implementation of blockchain technology to realize the grand vision of a smart economy.

Neo X has announced the launch of ZK Trust Relay, which supports Neo X's Anti-MEV solution through a distributed key generation (DKG) zero-knowledge encryption protocol and has passed security audits by multiple institutions. This upgrade significantly enhances the network's security and robustness, boosting market confidence in the Neo ecosystem. Since mid-August, the price of NEO has been on the rise, accompanied by a significant increase in trading volume. In recent trading days, NEO has strongly broken through previous high resistance levels, reaching a maximum of 8.49 dollars. The current price has stabilized above all major moving averages, and the moving average system shows a bullish arrangement, indicating a typical strong upward trend.

Hotspot Interpretation

USDC usage on the Ethereum network reached an all-time high, with a monthly transaction volume of $748.3 billion.

According to Token Terminal data, the usage of USDC on the Ethereum network has reached an all-time high. In July 2025, the monthly transfer amount of USDC soared to $748.3 billion, an increase of about 300% compared to the low point in January 2024, with the number of transfers reaching 8.3 million. Industry insiders point out that this trading scale is approaching the level of traditional large banking systems, highlighting the strong liquidity and wide application scenarios of USDC in the stablecoin market.

The usage of USDC on Ethereum has surged, reflecting that stablecoins are gradually taking on the role of "on-chain dollars," becoming an important bridge for value circulation between the crypto market and the real world. This growth is attributed to the ongoing expansion of DeFi and on-chain payments, and also shows an increasing trust in compliant stablecoins from institutional and individual users. As the trading volume approaches that of traditional banking systems, stablecoins may play an increasingly central role in future financial infrastructure, but they will also face stricter regulatory scrutiny.

The Hong Kong Monetary Authority will implement the Basel encryption asset capital requirements on January 1, 2026.

The Hong Kong Monetary Authority announced that it will fully implement the new capital requirements for encryption assets established by the Basel Committee on Banking Supervision starting from January 1, 2026. This move will include encryption assets in the international banking capital framework, meaning that Hong Kong will be the first in the world to strictly enforce the relevant standards. According to the new regulations, for encryption assets using unlicensed blockchain technology, the risk weight can be as high as 1250%. In other words, banks must allocate capital at a ratio of 1:1 to cover the related risk exposure. Industry insiders have pointed out that this capital requirement is extremely costly and may make most banks unwilling to directly hold such high-risk encryption assets.

The new regulatory rules in Hong Kong reflect its foresight in compliance and risk control, while also sending a signal: the traditional financial system will take a very cautious approach in embracing encryption assets. In the short term, this may reduce banks' willingness to hold encryption assets directly and compress their market demand; however, in the long term, unified capital rules will help enhance market transparency and financial stability, laying a systemic foundation for compliant institutions to participate in the encryption ecosystem.

SBI Group partners with Chainlink to accelerate global institutional adoption of digital assets

SBI Group (SBI) announced a strategic partnership with Chainlink aimed at accelerating the application of blockchain and digital assets in the global financial markets. The collaboration focuses on key application scenarios for financial institutions in Japan and the Asia-Pacific region, including: cross-chain circulation of real-world tokenized assets such as real estate and bonds; integration of the Cross-Chain Interoperability Protocol (CCIP) to achieve secure cross-chain transactions while ensuring compliance and privacy; transmitting on-chain net asset value (NAV) data of tokenized funds through CCIP and Chainlink SmartData, enhancing liquidity and operational efficiency. Additionally, the partnership will utilize Chainlink CCIP to facilitate PvP settlements in foreign exchange and cross-border transactions, and achieve transparent on-chain verification of stablecoin reserves through Chainlink's proof of reserves.

This strategic cooperation reflects the deep integration trend between traditional financial giants and blockchain infrastructure providers. The collaboration between SBI and Chainlink can not only provide financial institutions with secure and efficient digital asset solutions but also promote the tokenization of real-world assets, cross-chain interoperability, and the enhancement of stablecoin transparency. For the market, this means that the institutional adoption of digital assets in the Asia-Pacific region is accelerating, while also highlighting the practical application value of blockchain technology in compliant, transparent, and efficient financial operations.
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/trade/GT_USDT
• Gate, https://www.gate.com/price
• X, https://x.com/tokenterminal/status/1959628031233835258
• caixin, https://finance.caixin.com/2025-08-23/102354563.html
• PR Newswire, https://www.prnewswire.com/news-releases/sbi-group-and-chainlink-announce-strategic-partnership-to-accelerate-institutional-digital-asset-adoption-in-key-global-markets-302537166.html

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to 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 losses or damages resulting from such investment decisions.