Crypto gaming sector tokens rally broadly, with MAGIC jumping 134% and PIXEL rising 28%

According to monitoring by crypto tracker Ai Yi, a whale that has accumulated positions in UNI, LTC, and BNB since September 23, totaling roughly $11.6 million, now has a combined unrealized loss of about $1.536 million on its three altcoin holdings and is suspected of liquidating BNB. On-chain data indicates the whale transferred approximately 2,380 BNB to Binance around 20 minutes ago, worth around $1.85 million. If sold at current prices, this portion of the position would incur a loss of roughly $73,000. For other holdings: the whale holds 1,014,020 UNI, valued at ~$8.91 million, with an average entry price of $8.79, resulting in an unrealized loss of ~$1.409 million; it also holds 12,397 LTC, worth ~$841,000, average entry price of $67.86, with an unrealized loss of ~$54,000.

According to TradingBeats' monitoring, cryptocurrency market sentiment has slightly recovered. The remaining 12,000 ETH long positions in crypto personality "Big Brother Ma Ji" Huang Licheng's address have narrowed their unrealized losses to $640,000, with an entry price of $2,547.66 and liquidation price of $2,454.22. His address has incurred $7.2 million in losses over the past seven days, bringing total losses to $33.97 million.

Robinhood Chain’s on-chain activity continues to cool off. Data shows that between October 2 and 8, the network’s average daily transaction volume dropped to 6.2 million, a 42% decrease from the 10.8 million transactions recorded from September 10 to 16, marking a 20% weekly decline. The average daily active addresses stood at around 322,000, down 31% from mid-September. Trading volume and network revenue have both come under pressure. Over the same period, the weekly spot DEX trading volume on Robinhood Chain fell to $7.45 billion, a 21% drop from the previous week’s $9.46 billion. The network’s average daily fee revenue was approximately $65,000, a 39% week-over-week decline. Notably, the network’s daily fee revenue once hit $8 million in early September. However, capital has not significantly flowed out. During the same period, the deposit scale of on-chain lending and trading applications rose by around 2% to $1.04 billion, while stablecoin supply increased to roughly $1.1 billion; perpetual contract trading volume grew by 26% to about $7.35 billion. To stimulate trading activity, Robinhood has extended the token swap fee subsidy for transactions over $0.5 via Robinhood Wallet to December 31. The subsidy was originally scheduled to end on September 29.

Blockworks analyst Jake Koch-Gallup published a piece pushing back against claims that Ethereum is losing its liquidity moat, arguing that while ETH’s value-capturing ability and stablecoin market share face questions, its reserve asset status, Layer 2 ecosystem, and institutional adoption still form long-term competitive advantages. Addressing concerns over Ethereum’s low on-chain revenue, Jake noted that ETH’s valuation depends not only on real economic value (REV) but also on reserve asset and collateral premiums, with ETH’s current market cap roughly 1,100 times its REV over the past 12 months. Additionally, the growth of Layer 2 networks like Robinhood Chain and Base will strengthen Ethereum’s ecosystem, rather than signaling a full exodus of capital and applications from the network. Jake also pointed out that Ethereum currently holds around 65% of DeFi’s total value locked (TVL), a roughly 45% share of on-chain real-world asset (RWA) management, spot ETFs and corporate treasuries collectively hold about 13% of ETH’s total supply, and roughly 36% of ETH is staked. While Ethereum’s stablecoin market share has declined from around 51% amid dilution pressure, Jake believes its absolute size will still continue to grow as the overall stablecoin market expands. However, Jake also acknowledged that relying solely on ETH’s reserve asset premium, without sufficient revenue and value-recapture mechanisms, leaves its valuation sustainability open to debate.

A study released by prediction market platform Kalshi reveals that its high-profit traders are not generally from traditional finance, and trading performance may be more closely tied to probabilistic reasoning ability. The research surveyed high-earning accounts across Kalshi’s markets (excluding sports and special categories) as of September 2026: questionnaires were sent to 2,360 accounts, with 325 valid responses received, marking a 13.8% response rate. Findings show 82% of high-profit traders have never worked full-time at an investment bank, hedge fund, private equity firm, or proprietary trading firm; 79% attended public high schools, 65% said they learned about markets and probability primarily through self-study, 91% are not full-time traders, and 42% have at least six months of customer service or retail work experience. On cognitive ability tests, surveyed traders posted an average score of 2.42 on the Berlin Numeracy Test (out of a maximum 4 points), compared to an average of 0.62 for the general U.S. adult population. 93% of traders resisted the gambler’s fallacy, versus 57% of the general public. The study concludes that trading advantages in prediction markets likely derive more from probabilistic reasoning, information research, and the ability to distinguish between predictable and unpredictable events, rather than traditional finance professional backgrounds. Furthermore, Kalshi’s analysis of traders’ residential locations shows only 6.3% live in ZIP codes with a median household income exceeding $150,000, meaning the overall user base’s income distribution is more aligned with U.S. middle-income groups.

According to HTX market data, Treasure (MAGIC) posted a sharp rally over the past 24 hours, surging more than 130% at its peak. Its current market capitalization stands at around $51.291 million, with a fully diluted valuation of roughly $52.8815 million. The global 24-hour spot trading volume reached $407.8 million, about 8 times its market cap, signaling extremely active trading. For perpetual contracts: the 24-hour open interest (OI) is approximately $693.2 million, translating to an OI/market cap ratio of 1351.55%, and a 24-hour perpetual-to-spot trading volume ratio of 32.7x. Its circulating supply is 337.23 million tokens, while total supply is 347.687 million tokens.