GateResearch

crypto market panorama
BTC (+1.39% | Current Price 119,998 USDT): The price of BTC shows a pattern of gentle upward movement after a period of consolidation, with the current price oscillating around 120,000 USDT. The short-term moving averages have turned upwards and formed a bullish arrangement, with the short-term support structure gradually strengthening. The MACD indicator shows that the DIF and DEA have formed a golden cross near the zero axis, with continuous volume expansion and momentum gradually recovering. In terms of trading volume, although it has not significantly increased, it shows a gentle upward trend overall, indicating a recovery in buying confidence. On July 17, BTC ETF saw a net inflow of 522 million USD, of which BlackRock's IBIT saw an inflow of 497 million USD, and Fidelity's FBTC saw an inflow of 7.8 million USD.

Abstract
1. ETH surged strongly, breaking through 3,400 USD, while BTC's performance this week lagged behind altcoins.
2. USDT market capitalization exceeds 160 billion USD, setting a new historical high.
3. Orca plans to launch the Launchpad at the end of July or early August.
4. Aave TVL surpasses 30 billion USD, setting a new historical high.
5. Pump.Fun returns to the Solana issuance platform leader, with a market share of 46.9% in the last 24 hours.
6. Sui Q2 ecosystem performance is strong: TVL exceeds 2.5 billion USD, and trading volume increased by 30.54% year-on-year.
Market Interpretation
Market Commentary
BTC Market —— This week BTC rose by 6.33%, overall performance lagging behind altcoins. After multiple breakthroughs of 120,000

Gate Research Institute Report: From July 1 to July 14, 2025, the crypto market maintained a bullish trend over the past two weeks, with BTC continuously breaking through and setting new highs, showing a robust structure and active market maker funds, while ETH was relatively volatile with weaker momentum. The Long-Short Ratio and Holdings indicate a neutral to bullish sentiment for BTC, while ETH remains mainly cautious. The funding rate remains oscillating around zero, and the overall market sentiment is cautious. The liquidation structure is rational, with short positions providing momentum for the market. The policy side continues to release favourable information, injecting liquidity and confidence into the market. In terms of quantitative strategies, the "ATR Fluctuation Channel Strategy" achieved over 200% returns in the XRP coin, demonstrating good short-term trading potential.

In June 2025, the total market capitalization of Crypto Assets fluctuated between 3.2 trillion and 3.6 trillion USD, with geopolitical conflicts in the Middle East temporarily depressing market sentiment. Solana led with an average daily volume of nearly 100 million transactions, followed closely by Base with 9.7 million transactions. SEI gained popularity due to price rise and Favourable Information from policies, with a single-day trading volume exceeding 94 million USD in mid-June and a short-term increase of over 50%. The global regulatory landscape is becoming increasingly fragmented, with Singapore tightening regulations, the United States advancing stablecoin legislation, and Korea and Vietnam maintaining a friendly stance, leading to a gradual warming of the overall environment.

BTC and ETH prices are both maintaining a rise trend, while the meme coins M and XLM have surged significantly. Sei Network has reached a new all-time high, and Letsbonk.Fun has surpassed Pump.fun. The SEC is accelerating the push for encryption legislation and ETF reviews.

crypto market panorama
- BTC (-1.27% | Current Price 118,263 USDT): BTC today once strongly broke through the 120,000 USDT integer level, with the price peaking above 123,000 USDT, significantly setting a new historical high. However, BTC did not stabilize at 120,000 USDT and has pulled back to 118,000 USDT. On July 14, BTC ETF inflows were 294 million USD, with BlackRock's IBIT inflowing 394 million USD and ARKB outflowing 99.6 million USD.
- ETH (-0.64% | Current Price 2,976 USDT): Compared to BTC, ETH has previously attempted to break through the key level of 3,000 USDT multiple times, but has failed each time. Today

crypto market panorama
- BTC (1.34% | Current price 119,079 USDT): BTC is currently in a high-level consolidation and upward trend. After breaking through 112,000 USDT, the trading volume has significantly increased, confirming the validity of the upward movement. The current price is testing the 119,000 USDT level, and if it can effectively break through and stabilize above 119,500 USDT, it is expected to further challenge 120,000 USDT and higher levels. On July 11, BTC ETF saw a net inflow of 1.029 billion dollars in a single day, with BlackRock's IBIT inflow at 953 million dollars, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing their allocation weight towards this asset.
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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.
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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.