On June 25, the cryptocurrency market continued its recovery, with BTC rebounding from 98,000 USDT to form a V-shaped structure, while ETH experienced overall fluctuations, and market sentiment rose to a greedy bias. In terms of popular tokens, CFG gained market attention again due to its government bond token fund JRTSY, rising 16.8%. APT surged over 12% driven by the new project "Shelby," and VELO increased nearly 9% due to its collaboration with Solana to expand cross-border products. Solana CME futures volume hit a historical high, with institutional funds accelerating their layout. The BIS criticized stablecoins for lacking core monetary attributes and advocated for the promotion of a unified ledger and central bank asset tokenization; Ethereum plans to shorten block time slots to 6 seconds to aid performance and cost optimization.
Bitcoin (BTC) (+1.61% | Current Price 106,575 USDT): The BTC moving average system is in a bullish arrangement, with MACD maintaining a golden cross. Although the momentum bars have slightly converged, no reversal signal has appeared, and the volume continues to be released moderately, indicating a market leaning towards a strong consolidation pattern. In the short term, 98,000 USDT serves as an effective support area. If it breaks through the previous high resistance zone of 106,800-107,000 USDT with increased volume, it is expected to further attack near 108,500 USDT. Conversely, if the trading volume cannot keep up or falls below 104,000 USDT, caution is warranted as the market may return to a correction channel. On June 24, BTC ETF saw a net inflow of 588 million USD, with BlackRock's IBIT inflowing 436 million USD and Fidelity's FBTC inflowing 85.2 million USD, indicating that institutional funds are continuously increasing their Bitcoin allocations. Data as of 12:30 PM (UTC+8).
Ethereum (ETH) (+2.53% | Current Price 2,453 USDT): ETH's hourly trend is gently rising, operating along the short-term moving averages. The MACD golden cross continues, and although the momentum bars have slightly converged, they remain above the zero axis, indicating that bullish momentum is still present. Currently, support has formed above 2,400 USDT, with short-term resistance in the 2,480–2,500 range. If it breaks through with increased volume, it is expected to reach 2,550–2,580; if the volume is insufficient, attention should be paid to the effectiveness of the 2,400 USDT support. On June 24, ETH ETF saw a net inflow of 71.3 million USD, with BlackRock's ETHA inflowing 98 million USD and Fidelity's FETH outflowing 26.7 million USD, reflecting that the market's capital allocation towards Ethereum remains relatively conservative in the short term. Data as of 12:30 PM (UTC+8).
Altcoins: The altcoin market continues its rebound momentum, although the growth rate has slightly converged, with SOL rising 2.30% and XRP rising 2.45% in the past 24 hours. The Fear and Greed Index reported 66 today, indicating that market sentiment leans towards the greedy range, with capital risk appetite maintained at a high level.
Macro: On June 24, the S&P 500 index rose 1.11%, closing at 6,092.18 points; the Dow Jones index rose 1.19%, closing at 43,089.02 points; the Nasdaq index rose 1.43%, closing at 19,912.53 points. As of June 25, 10:30 AM (UTC+8), the spot price of gold is reported at 3,330 USD per ounce, with a 24-hour decline of 0.21%.
CFG Centrifuge (+16.8%, Circulating Market Cap 104 million USD)
According to Gate's market data, the current price of CFG token is 0.1859 USD, having risen nearly 17% in the past 24 hours. Centrifuge is an asset financing protocol focused on bringing real-world assets (RWA) on-chain, aiming to tokenize real assets such as accounts receivable, real estate, or equipment leasing from small and medium-sized enterprises, and use them as collateral to obtain DeFi financing on its Dapp "Tinlake." This mechanism not only lowers the financing threshold for enterprises but also provides DeFi investors with a stable source of income decoupled from the volatility of cryptocurrency prices.
Centrifuge's government bond token fund JRTSY, launched in 2023 in collaboration with Janus Henderson, received the highest rating from S&P in 2024 and has recently gained attention again as one of the assets backing tUSD. JRTSY is among the top five in TVL and has the highest rating among RWA funds, reinforcing Centrifuge's position in institutional compliant asset layouts. Additionally, the Centrifuge team has been invited to attend the 2025 Cannes RWA Summit to discuss industry trends with institutions like Janus Henderson and Aave Labs, enhancing its influence in the RWA ecosystem. Overall, CFG's recent rise is driven by multiple favorable factors, including high-rated asset integration, stablecoin linkage, and increased market attention, with significant short-term capital inflow. Future attention can be paid to its TVL growth and asset expansion process.
APT Aptos (+12.49%, Circulating Market Cap 3.159 billion USD)
According to Gate's market data, the current price of APT token is 4.875 USD, having risen over 12% in the past 24 hours. Aptos is a Layer 1 blockchain designed for scalability and modularity, built using the Move programming language to enhance the security and execution efficiency of smart contracts. APT, as its native token, serves core functions such as transaction fees, staking rewards, and governance proposals, supporting the stable operation of the entire ecosystem. Recently, with the recovery of market risk appetite and increased on-chain application activity, APT has shown strong performance, becoming a popular target for both institutions and retail investors.
Technically, APT broke through the short-term moving averages with increased volume on June 24 after consolidating at a low level. The MACD showed a golden cross, and the trading volume significantly increased, indicating enhanced bullish momentum. The news comes from Aptos's official announcement on the X platform regarding the new project "Shelby," jointly launched by Aptos Labs and Jump, focusing on decentralized and profitable Web3 storage infrastructure, aiming to break the control of Web2 giants over data and stimulate market expectations for its application potential and ecological value. Overall, this round of APT's rise is driven by both technical breakthroughs and ecological benefits, attracting capital inflow amid relatively weak mainstream coins, with the potential to further challenge the 6 USD resistance level in the short term.
VELO Velo (+8.78%, Circulating Market Cap 98.76 million USD)
According to Gate's market data, the current price of VELO token is 0.013 USD, having risen nearly 9% in the past 24 hours. Velo is a blockchain-based financial protocol dedicated to achieving digital credit stability and stablecoin issuance through distributed ledgers, building an open and trustworthy credit network for enterprises. Unlike traditional financial solutions, the Velo protocol employs a digital reserve system (DRS) supported by cryptocurrency staking, ensuring that the stable credit it issues has verifiable asset backing and price stability.
On June 24, Velo announced a partnership with Solana ecosystem's DEX aggregator Ranger Finance, with both parties collaborating to expand the product matrix of its Universe platform, launching perpetual contract features that support multiple currencies and assets (Multi FX & Multi Asset Perps) to achieve more efficient cross-border foreign exchange liquidity aggregation, enhancing pricing efficiency and trading accessibility. This collaboration further strengthens Velo's positioning in Web3 financial infrastructure, aiming to create a decentralized, high-liquidity global market entry. Overall, Velo's recent rise is mainly driven by ecological cooperation advancement and functional expansion expectations, combined with the price elasticity of small-cap tokens, attracting capital speculation attention in the short term. Future trends will still depend on the continued performance of actual trading volume and protocol activity.
Solana CME futures trading volume hits historical high, institutional interest rises
According to Glassnode data, Solana ($SOL) futures contracts launched on the CME have recently reached a historical high in trading volume, with a single-day transaction volume of 1.75 million contracts, reflecting the growing interest of institutional investors in this asset. Meanwhile, the spot price of SOL has rebounded above 145 USDT, indicating market confidence in both its fundamentals and capital aspects.
Since the launch of futures on CME in March 2025, Solana's trading volume has continued to grow, and this new high signifies that traditional financial capital is accelerating its entry into this ecosystem. As the Layer 1 battle gradually clarifies, Solana continues to attract developers, users, and capital with its efficient throughput and low fees, particularly active in DePIN, on-chain gaming, DeFi, and meme asset trading.
The surge in futures trading volume also indicates that institutions are actively engaging in risk hedging, asset allocation, or strategic positioning, showing that Solana is gradually transforming from a "speculative asset" to one of the mainstream targets with systemic liquidity. If prices stabilize and maintain high trading activity, SOL is expected to further attract attention from ETF products or custodial-level funds.
BIS criticizes stablecoins for lacking core monetary attributes, promoting unified ledger and tokenized central bank systems
According to The Block, the Bank for International Settlements (BIS) pointed out in its latest annual report that while stablecoins have cross-border payment potential, they fall short in terms of "homogeneity, elasticity, and integrity" in monetary aspects, making it difficult for them to fulfill a core role in public payment systems. BIS Chief Economic Advisor Hyun Song Shin even compared stablecoins to private banknotes of the 19th century, which could trigger systemic risks when confidence wavers.
BIS stated that even if stablecoins are subject to legislative constraints (such as the U.S. "Genius Act" requiring high liquid assets as backing), their private nature still fails to meet the global clearing system's demands for security and stability. As an alternative, BIS is promoting a "Unified Ledger" framework to tokenize assets such as central bank reserves, commercial deposits, and government bonds, allowing for instant and transparent settlement on the same platform, currently piloted through projects like Project Agorá.
This stance indicates that global financial regulatory agencies are inclined to have central banks lead the future payment infrastructure. While the role of stablecoins has not been completely denied, their space as a sovereign currency alternative is gradually being compressed. As countries advance central bank digital currencies and tokenized financial systems, stablecoins may increasingly be positioned as transitional tools rather than long-term mainstream solutions.
Ethereum developers propose to shorten block time slots to 6 seconds, promoting performance and scalability upgrades.
According to CoinDesk, Ethereum core developer Barnabé Monnot proposed EIP-7782, suggesting to shorten the block time from 12 seconds to 6 seconds, aiming to enhance network efficiency, reduce transaction latency, and lower Gas costs. If the proposal is approved, it will be included in the Glamsterdam upgrade expected to launch in 2026, which will double the number of blocks per minute and compress the three-phase consensus process to a total of 6 seconds.
The Glamsterdam upgrade is currently still in the early planning stages, focusing on protocol performance optimization and Gas cost reduction, and is expected to include multiple Layer 1 scaling-related changes. EIP-7782 is seen as an important attempt for Ethereum to evolve towards higher performance, but it has also sparked discussions about node load, decentralization, and network stability, with future developments relying on technical assessments and community consensus. If successfully implemented, EIP-7782 is expected to become another key milestone in Ethereum's scaling process following The Merge and proto-danksharding.
Related: Reports indicate that Polymarket will raise 200 million USD at a valuation of 1 billion USD.
Original: “Solana Futures Surge to Record Highs | BIS Questions Stablecoins' Monetary Qualities”
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