Gate Research: Pullback Driven by Deleveraging | Ethereum and Solana Diverge

• Market Commentary: On January 19, after a period of high-level consolidation, the crypto market saw a broad deleveraging-driven pullback. BTC and ETH weakened in tandem, losses in altcoins widened, and risk appetite contracted rapidly. The Fear & Greed Index fell from 49 to 44, with sentiment shifting from neutral toward fear. Meanwhile, spot gold continued to strengthen, reflecting rising safe-haven demand amid increasing uncertainty. Overall, the pullback appears to be driven primarily by forced liquidation and rapid position unwinding, with the market likely entering a near-term consolidation and recovery phase.
• Trending Tokens: DUSK (+81%) rallied sharply on its mainnet launch and expectations around RWA-related partnerships, with concentrated capital inflows amplifying gains alongside fundamental catalysts. NAM (+103%) experienced violent swings driven by technical breakouts in a low-liquidity environment, with upside largely fueled by speculative flows. FRAX (+29%) drew attention on the back of its rebranding and ecosystem expansion, as capital remained selectively allocated to projects with sustained narratives and tangible product progress.
• Alpha Insights: Ethereum’s staking entry queue climbed to its highest level since August 2023 while the exit queue fell to zero, indicating that long-term locking demand has strengthened despite price pressure, helping to buffer medium-term supply. At the same time, a renewed debate between Ethereum and Solana over whether protocols should move toward “ossification” or continue evolving highlighted differing trade-offs between robustness and adaptability. In addition, as Vibe Coding gains traction, supply-chain–style security risks stemming from IDE auto-execution mechanisms have become a growing focus among developers.

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19 Ocak 2026

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