Gate Ventures: U.S. Stocks and Crypto Markets Both Diverge, Primary-Market Fundraising Rebounds Sharply With Infrastructure in Absolute Dominance

October 27: According to Gate Ventures' latest weekly market report, global financial markets showed sharp structural divergence in the week ending October 26. U.S. equities were weighed down by concerns over tech-sector capital expenditure and ROI, pressuring the Nasdaq and S&P 500, while rotation into defensive sectors pushed the Dow to an against-the-trend gain. Middle East tensions drove Brent crude up nearly 5%, while gold fell below $4,000. Total crypto market capitalization declined 2.2%, with BTC and ETH down 2.4% and 3.4% respectively, and the Fear & Greed Index falling to 50 (neutral). Institutional allocation diverged markedly: spot Bitcoin ETFs saw net inflows of $442.7 million, while spot Ethereum ETFs recorded net outflows of $225 million.

At the industry level, compliant infrastructure buildout and work on regulatory rule design continued to deepen. Bank Negara Malaysia launched the SSDS+ platform to advance the tokenization of debt securities and sukuk (Islamic bonds). The primary investment and fundraising market saw a notable recovery, with 11 funding rounds completed last week and total disclosed amount reaching $107.1 million, a 436% surge period-over-period. Among these, the infrastructure track alone captured 7 deals and $90.5 million in funding, accounting for the vast majority of the share; fintech and payments infrastructure projects Meow ($31.6 million) and Mural ($15 million) successively closed large rounds, highlighting capital's accelerating concentration into embedded finance, tokenized settlement, and underlying on-chain infrastructure.