GateResearch

crypto market panorama
- BTC (+4.67% | Current Price 116,483 USDT): Trump posted on the Truth Social platform stating that cryptocurrency "has broken through the ceiling" and has a positive impact on the entire crypto market. BTC has strongly broken through the key resistance level of 115,000 USDT, aiming for the integer level of 120,000 USDT. In terms of volume-price relationship, yesterday BTC's transaction volume reached the level of 100 billion USDT, with strong volume driving the price of BTC upward. On July 10, BTC ETF inflows amounted to 1.175 billion USDT, including 448 million USDT inflows from BlackRock's IBIT and 324 million USDT from Fidelity's FBTC.
-

Overview
Gate Research Institute analyzed and summarized the market dynamics and popular airdrop projects during the period from June 24 to July 7, 2025. During this period, the cryptocurrency market continued to oscillate at high levels. Although the overall sentiment has not fully warmed up, small and medium market cap tokens have shown impressive performance driven by specific themes. Projects like BONK and REKT exhibited a resonance in price and trading volume, showcasing the characteristics of active short-term capital speculation; while some tokens, although experiencing increased volume, remained stagnant in price, reflecting market divergence in expectations for their future performance. The overall market presents a structural pattern of "theme rotation and mainstream stability," with unusual trading volume still being an important signal for capturing short-term opportunities.
In this context, multiple potential projects are simultaneously launching airdrop activities, including Altius (an emerging data intelligence protocol), Camp Network (modular blockchain infrastructure), ChainOpera.

Abstract
- According to the Cryptorank Dashboard data published on July 3, 2025, the Web3 industry completed a total of 119 financing rounds in June 2025, with a total financing amount reaching 5.14 billion dollars.
- From the perspective of the Top 10 projects, the overall financing shows characteristics such as high concentration of funds, large single transactions dominating, and active financing after mergers and IPOs. The funds are mainly directed towards compliant financial services, expansion of listed companies, and deep integration with traditional finance, making the combination of traditional finance and Web3 the main theme in the market.
- Financing concentrated in the CeFi track ($3.3 billion), reflecting a significant "institutionalization" trend; at the same time, tracks such as blockchain services ($887.2 million) and GameFi ($454 million) have been favored due to ecosystem development and user growth potential.

The pursuit of high staking yields and value rise by publicly traded companies has prompted them to consider becoming Crypto Assets Coin Hoarders. Companies can achieve returns through self-built Nodes, custody services, or staking platforms, while some companies hope to develop projects on-chain to expand their business. Publicly traded companies with stable cash flow help ensure the stability of Tokens on PoW public chains, while cloud computing and security companies become ideal partners for PoS and infrastructure projects.

Abstract
- BTC rose 2.39% this week, reaching 112,000 USDT and hitting a new all-time high; ETH surged by 8.35%.
- Monad Foundation will acquire the stablecoin infrastructure developer Portal Labs.
- The UK crypto platform Ziglu is facing financial collapse and has entered a special administration process.
- Ripple stablecoin RLUSD accelerates expansion, with circulation surpassing 500 million USD.
- RWA locked-up amount surpasses 6.1 billion USD, with BlackRock holding nearly 46% market share leading the race.
- Gate supports the public sale of Pump.fun (PUMP) token, with a total subscription amount of 150,000,000,000 PUMP.
Market Interpretation
Market Commentary
- BTC Market

Crypto market panorama
- BTC (+0.99% | Current Price 108,803 USDT): BTC is showing a short-term consolidating pattern. The short-term moving averages MA5 and MA10 are in a converging state, with prices oscillating near the moving averages, indicating a significant divergence between bulls and bears, and no clear trend direction at the moment. Although the MACD indicator remains above the zero line, the momentum of the red bars is weakening, and the fast and slow lines show signs of convergence, suggesting that the short-term bullish momentum is being digested. In terms of trading volume, it remains overall neutral to low, indicating that the current market sentiment is relatively cautious. If BTC can hold above 109,000, it is expected to test the resistance near the previous high of 109,700; conversely, if it falls below 108,500, it may retest the MA30 support range. On July 8, BTC ETF saw a net inflow of 75.3 million USD, among which BlackRock.

crypto market overview
- BTC (-1.70% | Current Price 107,600 USDT): U.S. President Trump announced a 25% tariff on South Korea and Japan, and a 40% tariff on Laos and Myanmar, causing further turbulence in the global financial market and the crypto market. Major cryptocurrencies like BTC experienced a decline. BTC dropped from 109,000 USDT all the way down to 107,000 USDT, but there was strong support at 107,000 USDT, preventing it from falling below that level. On July 7, BTC ETF had a net inflow of 216 million USD, BlackRock IBIT had a net inflow of 164 million USD, and Fidelity FBTC had a net inflow of 66 million USD.
- ETH (-2.08% | Current price 2,526 USDT): Affected by tariffs

Gate Research Institute Daily: On July 7, BTC price is currently fluctuating narrowly around 109,531.9 USDT; ETH is fluctuating in the range of 2,570-2,580 USDT. Letsbonk's fee revenue in the last 24 hours exceeded 1 million USD, surpassing Pump.fun and Sky; Block CEO Jack Dorsey launched a decentralized peer-to-peer chat application bitchat; UAE officials clarify: Digital Money investors do not meet the eligibility for a golden visa.

1. Exchange competition has intensified, entering a deep-water phase.
Since the emergence of the cryptocurrency market, it has been known for its rapid development, continuous innovation, and extreme volatility. After several rounds of bull and bear market transitions, the industry ecosystem has become increasingly mature, but the accompanying competition has also become fiercer. Currently, we are standing at the starting point of a market cycle that is different from the past, characterized by the acceleration of institutionalization, the rise of high-net-worth user groups, and the global wave of compliance. These deep-seated structural changes are reshaping the operational models and competitive strategies of cryptocurrency exchanges at an unprecedented speed, making the traditional "barbaric growth" or growth models solely relying on "traffic thinking" difficult to sustain.
1.1 Market Characteristics and Challenges in the Post-Bull Market Era
With the end of the 2021 bull market frenzy, the cryptocurrency market has gradually entered a more calm and rational phase. Although there are occasional rebounds, the overall market sentiment has shifted from

crypto market panorama
- BTC (0.44% | Current Price 109,531 USDT): The BTC price has been oscillating upwards since around 105,000 USDT and has formed a new oscillation platform in the range of 109,000-110,000 USDT. After reaching above 110,000 USDT, the price has slightly retraced and is currently consolidating in a narrow range around 109,531.9 USDT, indicating a tug of war between bulls and bears at this high level. In the short term, the price may continue to oscillate within this platform, with a slight retracement not being ruled out. On July 3, BTC ETF saw a net inflow of 601 million USD in a single day, with BlackRock's IBIT inflow of 224 million USD, Fidelity.

Abstract
- Review of DeFi Summer and the Rise of PayFi: In 2020, DeFi Summer was driven by innovative primitives such as AMM, decentralized lending, and yield aggregators, with TVL soaring from $1 billion to $15 billion within months, achieving explosive growth. Five years later, PayFi has quietly emerged as a new paradigm of on-chain payment finance, aiming to apply blockchain technology to everyday payments, emphasizing accessibility and scalable applications of the network, signaling a new wave of on-chain financial enthusiasm.
- PayFi's core driving force and business model: The core driving force of PayFi is the time value of money (TVM), which efficiently manages funds and generates returns through on-chain mechanisms. Its business model includes interest-bearing payment tokens, RWA payment financing, and payment innovations that integrate Web3 and DeFi.
- Stable

Gate Research Institute Weekly Report: This week BTC rose by 0.88%, overall performance lagging behind alts, with $110,000 being the recent resistance level. Gate launched the xStocks section for spot trading, Perptual Futures, and Alpha trading. Ripple applied for a bank license in the U.S. after Circle, planning to offer more crypto services. Bitcoin DeFi project BOB launched the BitVM Bridge Testnet, which has received support from many major crypto companies. Ethereum's stablecoin supply reached $135.4 billion, setting a new historical high. The first spot staking Solana ETF debuted, with a first-day trading volume of $33 million. Gate Launchpool launched MAT, with a total prize pool of 40,000 MAT.

crypto market panorama
- BTC (-1.43% | Current Price 105,700 USDT): BTC is consolidating in the range of 105,000 to 106,000 USDT, with a lack of direction in the short-term trend. MA5 and MA10 are trending downward, momentum is weakening, and the price is slightly below MA5, continuing a bearish pattern. Trading volume has significantly decreased since the end of June, with no effective breakout. The MACD fast line is below the slow line, and although the histogram is converging, it remains negative, indicating insufficient rebound momentum. If it cannot return above MA10, it may test the 105,000 support level again in the short-term, and attention should be paid to changes in momentum and the impact of news. On July 1, BTC ETF saw a net outflow of 342 million USD, with Fidelity FBTC accounting for an outflow of 172 million USD, Grayscale.

Last week, BTC fluctuated at high levels, observing the direction, while ETH remained in a Sideways trend, gathering momentum; the alts zone performed strongly, with PENGU propelled by ETF applications and Whale buying power, rising over 62% in a single week; ARB surged over 35% due to ecological hotspot projects; Solana saw a capital inflow, while Sei is accelerating its rise with the help of ETF, stablecoin, and institutional adoption.

crypto market panorama
- BTC (-1.30% | Current Price 106,810 USDT): The recent decline is a normal correction due to the previous significant upward trend of BTC. Technical analysis indicates that BTC still has strong support around the 106,000 level, and trading volume remains relatively stable. June 30 BTC

Gate Research Institute Daily: On June 30, BTC rapidly pumped from around 107,200 USDT, reaching a high of about 108,600 USDT, currently undergoing a relative high-level consolidation; ETH broke through the 2,500 USDT integer mark and briefly touched a high of 2,511.39 USDT. In terms of popular tokens, Arbitrum (ARB) benefited from DeFi activities within the ecosystem and recent new stimulus measures, rising by 16.39%; Aave (AAVE) was supported by strong user stickiness, market donations, and record loan volume and revenue, rising by 7.3%; the emerging meme coin SPX rose by 6.62% amid improving economic data and a warming market sentiment. Additionally, the Babylon Genesis Chain will adopt a dual Virtual Machine model of EVM and CosmWasm to enhance BTCFi applicability; the CBDC project led by the South Korean Central Bank has been paused, turning its focus to the Korean won stablecoin; Metaplanet issued 30 billion yen zero-interest ordinary bonds to purchase additional Bitcoin.

crypto market panorama
- BTC (-0.37% | Current price 107,460 USDT): BTC fluctuates between 106,000 and 107,000 USDT, with short-term moving averages gradually converging with medium-term moving averages, indicating a lack of direction in the short term. After a significant volume increase on the 25th, trading volume has noticeably decreased. The current price has slightly dipped below MA 5, and short-term momentum is weak. The MACD histogram has turned negative, with the fast line crossing below the slow line, lacking any clear signals for a strong upward movement. If the bulls cannot regain control, there is a risk of further downward adjustment, and close attention needs to be paid to market momentum and sentiment changes. On June 26, BTC ETF had a net inflow of 226 million USD, with BlackRock's IBIT inflowing 163 million USD, and Fidelity's FBTC inflowing 32.9 million USD, indicating that institutional funds continue to increase their allocation to Bitcoin.
-

Preface
This quantitative biweekly report (from June 10 to June 23, 2025) focuses on the market performance of Bitcoin and Ethereum, systematically analyzing key indicators such as long-short ratios, contract open interest, and funding rates, providing a quantitative interpretation of the overall market situation. This issue's quantitative strategy module emphasizes the practical application of the "RSI Trend Reversal Strategy" among the top ten cryptocurrency projects by market capitalization (excluding stablecoins), systematically elaborating on its strategy logic, signal determination mechanism, and execution process. Through parameter optimization and historical backtesting validation, the strategy demonstrates good stability and execution discipline in trend identification and risk control. Compared to simply holding BTC and ETH, this strategy performs better in terms of improving returns and controlling drawdowns, providing a practical reference framework for quantitative trading.
Abstract
- In the past two weeks, BTC has been between 100,000 and 110,000

1. Market Overview Last Week
Last week (from June 16 to June 23, 2025), influenced by the escalation of geopolitical tensions in the Middle East, the possibility of Iran blocking the Strait of Hormuz, and the Federal Reserve's hawkish stance, both Bitcoin (BTC) and Ethereum (ETH) experienced an overall decline, while the altcoin market saw a more significant correction.
In terms of industry dynamics, the Solana ecosystem liquidity protocol Meteora has launched a profit and loss tracker and DLMM tool to further optimize user experience; the Renzo Protocol, in collaboration with Concrete, has introduced a Restaking Vault product aimed at institutions to promote EigenLayer.