On July 2, Bitcoin (BTC) and Ethereum (ETH) continued their oscillating consolidation pattern, with a short-term technical structure leaning bearish and market sentiment converging. Among popular tokens, CALCIFY surged over 42% due to its launch on multiple platforms, while SUN and VENOM saw short-term increases driven by TRON community activities and AMAs. On a macro level, Gate's global registered users surpassed 30 million and continued to push for compliance expansion, while the U.S. SEC accelerated the approval of Grayscale's GDLC for trading, and Malaysia plans to relax token listing rules.
BTC (-1.43% | Current Price: 105,700 USDT): BTC oscillated between 105,000 and 106,000 USDT, lacking direction in the short term. MA5 and MA10 are trending downwards, with weakening momentum, and the price is slightly below MA5, continuing the bearish pattern. Trading volume has significantly decreased since the end of June, with no effective breakout observed. The MACD fast line is below the slow line, and although the histogram has converged, it remains negative, indicating insufficient rebound momentum. If it cannot return above MA10, there is a risk of testing the 105,000 support again in the short term, necessitating attention to momentum changes and news impacts. On July 1, BTC ETF saw a net outflow of 342 million USD, with Fidelity FBTC seeing an outflow of 172 million USD and Grayscale GBTC seeing an outflow of 119 million USD, with data as of July 2, 13:00 (UTC+8).
ETH (-3.10% | Current Price: 2,410 USDT): ETH is currently consolidating around 2,400 USDT, with a weak short-term trend still under pressure from moving averages. The price is operating below MA5 and MA10, with MA30 trending downwards, indicating a continuation of the bearish trend. Although the price has stabilized slightly, it has failed to break through the 2,410 resistance, with limited rebound strength. Overall trading volume is weak, and the MACD fast and slow lines are trending downwards, with the histogram yet to turn positive, indicating insufficient momentum. If it cannot return above 2,420, there remains a risk of testing 2,370 in the short term, requiring attention to volume and sentiment changes. On July 1, ETH ETF recorded a net inflow of 40.7 million USD in a single day, with BlackRock ETHA seeing an inflow of 54.8 million USD and Fidelity FETH seeing an outflow of 24.1 million USD, with data as of July 2, 13:00 (UTC+8).
Altcoins: The altcoin market has entered a technical correction phase, with risk sentiment cooling down. The altcoin sector has generally shifted from rising to falling, with SOL down 4.03% and XRP down 1.98% in the past 24 hours, reflecting a weakening of short-term bullish momentum. The Fear and Greed Index reported 63 today, still in the greed range but lower than the previous day, indicating a convergence in market sentiment and a gradual shift towards conservative risk appetite, suggesting potential consolidation pressure in the short term.
Macro: On July 1, the S&P 500 index fell 0.80% to 6,198.01 points; the Dow Jones index rose 0.91% to 44,494.94 points; the Nasdaq index rose 0.82% to 20,202.89 points. As of July 2, 10:30 AM (UTC+8), the spot gold price is reported at 3,329 USD per ounce, with a 24-hour decline of 0.27%.
CALCIFY Calcify Tech (+42.61%, Circulating Market Cap: 139 million USD)
According to Gate's market data, CALCIFY token is currently priced at 0.76161 USD, up 42.61% in 24 hours. Calcify Tech is a decentralized computing power market that provides users with fair, transparent, and on-demand access to GPU, CPU, and memory resources through smart contracts. The platform is designed specifically for AI developers, Web3 projects, and enterprise users, eliminating intermediaries and providing computing power in a scalable and cost-effective manner.
This round of increase may be related to the platform's recent support from multiple centralized exchanges, driving market attention and capital inflow. With increased liquidity and expanded user coverage, short-term sentiment shows positive expectations. However, attention should also be paid to the token release rhythm and whether subsequent actual usage can realize the platform's value to assess the sustainability of the medium to long-term trend.
SUN SUN (+5.7%, Circulating Market Cap: 332 million USD)
According to Gate's market data, SUN token is currently priced at 0.01723 USD, up about 5.7% in 24 hours. SUN is a token and platform designed for DeFi within the TRON ecosystem, initially aimed at supporting on-chain governance and stablecoin trading, and has now expanded to liquidity mining, staking, and stablecoin exchange functions, aiming to build core financial infrastructure on TRON. As one of the key projects led by the founder of TRON, SUN plays a role similar to a "DeFi hub" within the ecosystem.
This round of increase may be catalyzed by recent activities in the TRON community, especially the Twitter Space "How does the TRON ecosystem financial flywheel connect on-chain and off-chain capital circulation?" organized by "SunPump," which has garnered significant market discussion, attracting over 160,000 listeners. Additionally, user feedback on TRON's native meme coin tool SunGenX has been positive, further enhancing community activity and participation enthusiasm, indirectly boosting the performance of TRON ecosystem tokens. Observing both technical and community aspects, SUN token benefits from increased ecosystem heat and rising user participation, with enhanced short-term momentum, but attention should still be paid to TRON ecosystem's ability to support actual capital flow and application landing.
VENOM Venom (+4.12%, Circulating Market Cap: 402 million USD)
According to Gate's market data, VENOM token is currently priced at 0.19283 USD, up about 4.12% in 24 hours. Venom is an L1 blockchain platform focused on financial infrastructure development, driven by the Venom Foundation, positioned as a high-performance blockchain for emerging markets, governments, and institutions. Its goal is to create a scalable, compliant, and high-throughput financial ecosystem in developing countries. Currently, Venom has both permissioned and open architectures and supports multi-chain compatibility and institutional-level application deployment.
This round of increase may be driven by recent ecosystem exposure and community interaction. On July 1, the CEO of Venom Foundation participated in a Gate AMA event, enhancing brand visibility and market attention. Previously, the official announcement of a partnership with Vietnam's Techsmart Telecom to advance digital financial infrastructure development has strengthened expectations for landing in the Southeast Asian market. Overall, clear product positioning and proactive regional expansion are the main factors driving this round of price increase, and attention should still be paid to the project's actual progress.
Gate's global registered users surpass 30 million, with brand renewal and compliance layout advancing simultaneously
Global cryptocurrency trading platform Gate announced that its registered user count has officially surpassed 30 million, marking a milestone in the platform's global expansion and product diversification efforts. As a leading platform with over ten years of industry experience, Gate has not only witnessed multiple development cycles in the crypto industry but has also gradually built a comprehensive product ecosystem covering multiple business lines such as Launchpad, Gate Alpha, Launchpool, HODLer Airdrop, and CandyDrop through continuous product innovation and technological accumulation, further enhancing capital activity and user participation.
In terms of brand building, Gate has officially adopted a new global domain name Gate.com and released a new brand logo, reflecting its strategic intent towards internationalization, compliance, and high-end development. Through brand renewal, Gate aims to strengthen brand recognition and user trust in the fiercely competitive cryptocurrency platform market, attracting more institutional and long-term users' attention.
On the compliance front, Gate is also continuously advancing regulatory alignment in multiple regions globally. In 2025, its subsidiary Gate Technology FZE officially obtained a VASP (Virtual Asset Service Provider) license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to legally provide various cryptocurrency services, including trading and custody, in the region. This move not only consolidates Gate's compliance layout in the Middle East market but also provides institutional guarantees for its future expansion to global high-net-worth users and institutional clients.
U.S. SEC accelerates approval for Grayscale fund conversion to ETF, moving towards a new milestone in cryptocurrency asset compliance
The U.S. Securities and Exchange Commission (SEC) recently approved a rule change proposal submitted by the New York Stock Exchange Arca through "accelerated approval," allowing Grayscale Digital Large Cap Fund LLC (GDLC) to be listed for trading on the exchange. According to Section 19(b)(2) of the Securities Exchange Act, the SEC has accelerated the approval of proposal number SR-NYSEARCA-2024-87 (including Amendment No. 1), marking a further step for digital asset funds into the mainstream financial system.
GDLC was originally an over-the-counter fund limited to qualified investors, and its approval for listing will effectively enhance liquidity and broaden investor participation channels. The fund primarily tracks a portfolio of the largest cryptocurrencies by market capitalization, with approximately 80% of its assets allocated to Bitcoin, about 11% to Ethereum, and smaller proportions to other mainstream coins like Solana, Cardano, and XRP, presenting a typical large-cap crypto index structure.
The SEC's rapid approval sends an important signal: regulators are gradually opening up to compliant digital asset products, especially in the ETF and publicly traded fund sectors. For Grayscale, the approval of GDLC not only enhances its product's compliance status but may also pave the way for other funds currently under application. Overall, this event is of symbolic significance, reflecting that cryptocurrency assets are accelerating their integration into the traditional capital market system.
Malaysia's Securities Commission plans to relax token listing processes, strengthening DAX regulation and investor protection
Malaysia's Securities Commission (SC) recently released a regulatory reform proposal aimed at adjusting the framework for digital asset exchanges (DAX) in the country to expedite token listing processes and enhance investor protection. According to the proposal, if a digital asset meets minimum qualification standards, it will be able to list directly on the DAX platform without prior approval from the commission. This reform will help improve market efficiency, reduce compliance burdens for platforms and project parties, and accelerate the circulation speed of quality assets, thereby enhancing Malaysia's competitiveness in the regional cryptocurrency market.
At the same time, the commission also plans to introduce stricter operational and governance requirements to strengthen the compliance foundation of DAX platforms. The new regulations will require operators to ensure complete segregation of customer assets from the platform's own funds to prevent asset misappropriation risks and enhance overall risk control and transparency. Additionally, regulatory mechanisms such as anti-money laundering (AML) and counter-terrorism financing (CTF) will be strengthened to align with international compliance standards and enhance investor trust.
This reform not only demonstrates Malaysia's positive response to the development of the digital asset market but also reflects the country's attempt to strike a balance between openness and regulation. On one hand, it releases innovative vitality by relaxing listing procedures, while on the other hand, it ensures financial market stability and user safety with higher standards. Against the backdrop of countries like Singapore, Hong Kong, and the UAE accelerating the advancement of Web3 compliance systems, Malaysia's move is expected to further consolidate its position in the Southeast Asian digital asset ecosystem. If the reform is successfully implemented, Malaysia may become one of the most regulatory flexible and growth-potential cryptocurrency trading centers in emerging markets.
Related: Solana (SOL) ETF news benefits evaporate, charts warn of a potential 20% drop
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