According to Mars Finance, the global market was dominated by energy price shocks and geopolitical risks over the past week. Escalating tensions in the Middle East drove international oil prices higher, with WTI crude oil rising by over 25% for the week. Affected by macroeconomic risk sentiment, BTC, ETH, and US stocks all declined. On-chain data shows that DEX trading volume remained high overall, with the total stablecoin market capitalization rising to approximately $330 billion, with USDC being the main source of incremental growth. In the derivatives market, BTC perpetual funding rates remained negative, and implied volatility for options rose above 60%, indicating continued market caution regarding tail risks. At the institutional level, with the increasing linkage between traditional finance and the crypto market, institutional infrastructure continues to improve. Gate recently launched its TradFi API, providing a more efficient execution environment for quantitative teams, institutional traders, and professional investors. Simultaneously, Gate entered into a strategic partnership with Bank Frick, integrating its xPULSE payment infrastructure to offer institutional clients multi-currency fiat currency deposit and withdrawal channels. With the continuous improvement of its trading and funding infrastructure, Gate is accelerating the construction of a comprehensive service system for institutional clients.