This week, Bitcoin (BTC) rose by 0.88%, underperforming compared to altcoins, with $110,000 being a recent resistance level. Gate launched spot trading, perpetual contract trading, and Alpha trading in the xStocks section. Ripple applied for a U.S. banking license following Circle, planning to offer more crypto services. The supply of Ethereum (ETH) stablecoins reached $135.4 billion, setting a new historical high. The first spot-staked Solana ETF debuted, with a trading volume of $33 million on its first day. GateLaunchpool launched MAT, with a total prize pool of 40,000 MAT.
BTC rose 0.88% this week, with $110,000 as a recent resistance level; ETH surged past $2,600.
Gate launched spot trading, perpetual contract trading, and Alpha trading in the xStocks section.
Ripple applied for a U.S. banking license following Circle, planning to offer more crypto services.
The supply of Ethereum stablecoins reached $135.4 billion, setting a new historical high.
The first spot-staked Solana ETF debuted, with a trading volume of $33 million on its first day.
Market Commentary
BTC Market - This week, BTC rose by 0.88%, underperforming compared to altcoins. From the candlestick pattern, the 1-hour chart shows a price peak formation, with $110,000 as a recent resistance level. The 1-hour MACD indicator shows a "death cross" pattern. Meanwhile, BTC has strong support at the $105,000 level, which is unlikely to be broken in the short term. BTC's price is generally oscillating between $105,000 and $110,000.
ETH Market - This week, ETH surged by 4.11%, outperforming the median of the Top 100 altcoins. In terms of volume and price relationship, ETH shows a strong upward trend, having broken the $2,600 resistance level, and is expected to consolidate in the $2,500 to $2,600 range in the near term.
Altcoins - This week, altcoins showed a general upward trend, with the median increase among the Top 100 cryptocurrencies over the past 7 days being 2.75%. Over the past 7 days, PENGU led the altcoins with a 59.10% increase, while Pi saw the largest decline of over 20%.
ETF and Contract Market - In terms of ETF funding, BTC and ETH spot ETFs have recorded net inflows for several days, showing continued institutional support. In the past 24 hours, BTC and ETH contracts faced liquidations of $105 million and $91.14 million, respectively.
Macroeconomic Data - In June, U.S. private sector employment unexpectedly dropped by 33,000, marking the first negative growth since March 2023, with the largest decline in service sector employment since the pandemic. Concerns about a weak labor market have deepened.
Stablecoins - The overall market capitalization of stablecoins rose to $258.1 billion, with further inflows of off-exchange incremental funds.
Gas Fee - Although ETH prices saw a significant rebound this week, the Gas fees on the Ethereum network decreased. As of July 3, the average Gas fee for the day was 0.63 Gwei.
This week, the cryptocurrency industry showed an overall rebound, with market sentiment being cautiously optimistic. Altcoins continued to show a differentiated pattern, with most mainstream sectors closing higher. According to Coingecko data, the SolanaMeme, AIMeme, and AIAgentLaunchpad sectors all showed upward trends this week, increasing by 15.5%, 12.4%, and 12.1%, respectively.
SolanaMeme
The SolanaMeme sector consists of tokens and projects derived from meme culture within the decentralized ecosystem based on the Solana blockchain, rapidly rising due to its low transaction costs, high-speed transactions, and community-driven characteristics. These meme coins often feature themes of humor, satire, or pop culture, attracting a large number of retail investors and community participants, spreading quickly through social media and on-chain activities. Solana's high-performance blockchain provides low-cost, high-throughput technical support for these projects, making it an important incubation platform for the meme economy. - Over the past 7 days, this sector rose by 15.5%, with IKUN and HOSICO increasing by 392% and 177%, respectively.
AIMeme
The AIMeme sector consists of tokens and projects derived from the combination of blockchain technology, artificial intelligence, and meme culture, rapidly emerging in the decentralized ecosystem in recent years. These projects typically focus on AI technology, algorithms, or related meme culture, attracting community attention through humor, satire, or technology topics, and achieving rapid dissemination through social media and on-chain activities. AIMeme coins often operate on high-performance blockchains like Solana or Ethereum, leveraging low-cost, high-efficiency trading environments to attract developers and investors. - Over the past 7 days, this sector rose by 12.4%, with DEVIN and PROJECT89 increasing by 260% and 196%, respectively.
AIAgentLaunchpad
The AIAgentLaunchpad sector is a decentralized ecosystem subfield focused on the incubation and financing of artificial intelligence agent (AIAgent) projects based on blockchain technology, rapidly becoming an innovative frontier for the integration of Web3 and AI. These platforms provide fundraising, development, and community building support for AI-driven autonomous agent projects through smart contracts and on-chain mechanisms, covering a diverse range of applications from data processing to intelligent decision-making. Operating on high-performance blockchains like Solana or Ethereum, AIAgentLaunchpad utilizes low-cost, high-throughput technical advantages to attract developers and investors. - Over the past 7 days, this sector rose by 12.1%, with FET and VIRTUAL increasing by 10.2% and 12.5%, respectively.
Gate launched spot trading, perpetual contract trading, and Alpha trading in the xStocks section
Gate officially launched the xStocks trading section, offering spot trading and perpetual contract trading (settled in USDT), with perpetual contracts supporting 1-20x long and short operations, and leverage can be selected at the time of order. The first phase of the xStocks trading section supports trading pairs for four popular xStocks assets: COINX/USDT, NVDAX/USDT, CRCLX/USDT, and AAPLX/USDT. The first phase of AlphaxStocks trading supports six major trading pairs, providing a convenient and efficient on-chain xStocks trading channel for global users. The launch of the xStocks trading section and support for tokenized asset spot and perpetual contract trading marks Gate's strategic expansion of diversified financial products in the competitive landscape of cryptocurrency exchanges, aiming to attract a broader user base by integrating traditional finance with blockchain technology. This move not only enriches Gate's trading varieties and enhances the platform's market appeal but also lowers the participation threshold for users through flexible leverage mechanisms and USDT settlement, optimizing the trading experience. From an industry trend perspective, the listing of real-world assets on exchanges reflects the accelerated development of traditional asset tokenization, providing global investors with more convenient on-chain investment channels and breaking geographical and market access restrictions.
Ripple applied for a U.S. banking license following Circle, planning to offer more crypto services
Ripple submitted a national bank charter application to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve dual state and federal regulation for its stablecoin RLUSD. Ripple's CEO stated that this move will set a new trust benchmark in the stablecoin market. Previously, its subsidiary Standard Custody also applied for a Federal Reserve master account, intending to directly custody RLUSD reserves. This comes at a time when the Trump administration is easing crypto regulations and encouraging federal charter applications. Ripple's application for a national bank charter marks a significant advancement in its strategy for the stablecoin RLUSD, aiming to enhance market trust through dual state and federal regulation and further consolidate its competitiveness in the global payments and crypto finance sectors. This move not only reflects Ripple's firm commitment to compliance but also aligns with the Trump administration's policy direction of relaxing crypto regulations, potentially paving the way for the widespread adoption of RLUSD. In the future, if the application is approved, Ripple may gain a differentiated advantage in the stablecoin market through direct custody of reserves and higher regulatory transparency, attracting more institutional users.
The Bitcoin DeFi project BOB launched the BitVMBridge testnet, with the mainnet planned for Q4 launch
The Bitcoin DeFi project BOB launched the BitVMBridge testnet, which has received support from many major cryptocurrency companies that will operate nodes on the BitVM bridge, such as Lombard, Amber Group, and RockawayX, with the mainnet set to launch in the fourth quarter of this year. BOB co-founder Alexei Zamyatin emphasized that this solution differs from asset wrapping models like Stacks, similar to how ETH retains its native attributes in Ethereum Rollups. The launch of the BitVMBridge testnet indicates that the Bitcoin DeFi space is accelerating innovation, aiming to enhance Bitcoin's functionality and interoperability in decentralized finance through a native asset bridging mechanism, distinct from traditional asset wrapping models. The support from node operators like Lombard and Amber Group reflects the industry's confidence in its technical potential, suggesting that the mainnet launch may reshape Bitcoin's ecological competitiveness. In the future, if BitVMBridge can successfully launch in the fourth quarter and maintain technical stability, it may promote the widespread application of Bitcoin in the DeFi market, attracting more institutions and developers to participate.
DEX market share reaches an all-time high, on-chain trading activity continues to heat up
In June 2025, the trading volume on decentralized exchanges (DEX) continued to rise, reaching $390 billion, continuing the recovery trend from May. According to DefiLlama data, although the total DEX volume briefly retreated after hitting a peak in January, it has shown a significant recovery since May and reached a new high in June. Notably, the share of DEX in spot trading compared to centralized exchanges (CEX) surpassed 29% for the first time in June, while the share in futures trading also rose to 8%, both setting historical records, indicating a significant increase in market interest in decentralized platforms. This growth is driven by multiple factors, including the success of platforms like Hyperliquid and the optimization of user experience, leading more traders to shift towards decentralized ecosystems; at the same time, airdrop incentives and point mechanisms continue to boost trading volume. The rise of DEX is no longer just a speculative trend but is built on core advantages such as "trading any asset, self-custody, and early launch," attracting an increasing number of strategy-oriented users seeking flexibility and sovereignty. As trust crises and fee structure differences become apparent, the practical advantages of DEX are increasingly highlighted, steadily expanding their share in the market structure and providing strong support for the ongoing expansion of the on-chain financial ecosystem.
The supply of Ethereum stablecoins reached $135.4 billion, setting a new historical high.
The total supply of stablecoins on the Ethereum chain has reached $135.4 billion, setting a new historical high, reflecting the continuous inflow of funds into mainstream on-chain ecosystems. Among them, USDC (issued by Circle) has become the main driver of this growth, with its circulation significantly increasing since January 2025; in contrast, the supply of USDT has remained relatively stable, indicating that the distribution structure of funds is adjusting, and the market's preference for compliance and transparency is gradually rising. The growth in stablecoin supply not only strengthens on-chain trading and lending liquidity but also reflects an increasing willingness for funds to remain on-chain, waiting to position themselves in risk assets. In the current market environment, stablecoins are often viewed as a form of "liquidity reserve" before market movements begin. When funds are not withdrawn from the market but remain on-chain in stablecoin form, it indicates that investors are in a wait-and-see phase, awaiting clearer entry signals. If combined with rising DeFi interest rates, improving market sentiment, and the ongoing implementation of applications like RWA (real-world assets on-chain) and cross-border settlement, stablecoin funds are expected to accelerate their conversion into actual buying power. In this process, stablecoins not only serve as a medium of exchange but are gradually becoming a core liquidity infrastructure within the crypto financial system.
The first spot-staked Solana ETF debuted, with a trading volume of $33 million on its first day.
The "REX-Osprey Solana + Staking ETF" has officially launched in the U.S., becoming the first approved spot-staked crypto ETF, with a trading volume of up to $33 million on its first day and an asset under management (AUM) of $1 million. This product combines spot prices with on-chain staking yields, showcasing innovation in structure and compliance, marking a new phase of "staking yield integration" in the crypto ETF market. REX-Osprey operates under the regulatory framework of the Investment Company Act of 1940, with Anchorage Digital responsible for custody and staking execution, ensuring higher compliance and security standards. The fund mechanism allows investors to earn Solana's staking yields without directly operating on-chain, expanding the yield boundaries of crypto ETFs through a "dual exposure" design of spot and staking returns. For non-BTC/ETH assets, the strong performance of $33 million in trading volume on the first day reflects the actual demand in the market for high-yield, structurally innovative products, also indicating that funds are gradually shifting towards emerging public chain assets like Solana. The successful listing of REX-Osprey provides a compliance model for staking products, and as DeFi, staking, and RWA scenarios expand in the future, on-chain yield mechanisms are expected to become an important direction for innovation in crypto ETFs, attracting more institutional participation.
Related: Bitcoin (BTC) may reach $116,000 in July, as macro favorable factors brew a "perfect storm."
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