Summary

1. BTC rose 0.88% this week, with $110,000 as a key resistance level; ETH saw a strong volume-backed rally, breaking above $2,600.
2. Gate launched the xStocks zone, featuring spot trading, perpetual contracts, and Alpha trading.
3. Ripple, following Circle, applied for a U.S. national bank charter to expand its crypto service offerings.
4. Ethereum stablecoin supply reached a record high of $135.4 billion.
5. The first spot-staking Solana ETF debuted with a $33 million trading volume on its first day.
6. Gate Launchpool launched MAT, with a total reward pool of 40,000 MAT.

Market Overview

Market Commentary

• BTC Market – Bitcoin rose 0.88% this week, underperforming most altcoins. On the hourly chart, BTC shows signs of a potential local top, with $110,000 acting as a key resistance level. The MACD on the 1-hour chart has formed a bearish “death cross.” Meanwhile, $105,000 remains a strong support level, and a breakdown below this point is unlikely in the short term. Overall, BTC is trading within a consolidation range between $105,000 and $110,000.
• ETH Market – Ethereum surged 4.11% this week, outperforming the median performance of Top 100 altcoins. In terms of volume and price action, ETH is experiencing a volume-backed breakout, having successfully breached the $2,600 resistance level. In the short term, ETH is expected to consolidate within the $2,500 to $2,600 range.
• Altcoins – Altcoins posted broad-based gains this week. Among the Top 100 cryptocurrencies, the 7-day median return was +2.75%. PENGU led the pack with a 59.10% gain, while Pi recorded the largest decline, down more than 20% over the past week.
• ETF & Derivatives Market – On the ETF front, both BTC and ETH spot ETFs recorded multiple days of net inflows, reflecting continued support from institutional capital. In derivatives, the past 24 hours saw liquidations totaling $105 million for BTC and $91.14 million for ETH.
• Macroeconomic Data – In June, the U.S. private sector unexpectedly lost 33,000 jobs, marking the first negative growth since March 2023. The service sector posted its largest employment decline since the pandemic, intensifying concerns over labor market weakness.
• Stablecoins – The total stablecoin market cap rose to $258.1 billion, indicating continued capital inflows from off-chain sources.
• Gas Fees – Despite ETH’s sharp price rebound this week, Ethereum network gas fees have declined. As of July 3, the average daily gas fee stood at 0.63 Gwei.

Trending Sectors

This week, the overall crypto market experienced a rebound, with cautious optimism prevailing among investors. Altcoins continued to show divergent performance, while most major sectors posted gains. According to data from CoinGecko, three key sectors—Solana Meme, AI Meme, and AI Agent Launchpad—all recorded notable increases over the past 7 days, rising by 15.5%, 12.4%, and 12.1% respectively.

Solana Meme

The Solana Meme sector consists of tokens and projects rooted in meme culture within the decentralized Solana ecosystem. These tokens have surged in popularity thanks to low transaction costs, high-speed performance, and community-driven narratives. Often themed around humor, satire, or pop culture, these meme coins attract large numbers of retail investors and online participants, spreading rapidly through social media and on-chain activity. Solana’s high-performance blockchain infrastructure provides the ideal environment for these projects, positioning the network as a core incubator for meme economies.

— Over the past 7 days, the sector rose 15.5%, with IKUN and HOSICO surging by 392% and 177% respectively.

AI Meme

The AI Meme sector represents a fusion of blockchain technology, artificial intelligence, and meme culture. These tokens often revolve around AI technologies, algorithms, or tech-related meme narratives, drawing community attention through humor, satire, and tech-driven themes. The sector has rapidly gained traction in the decentralized ecosystem. AI Meme coins typically run on high-performance blockchains such as Solana or Ethereum, taking advantage of low-cost, efficient trading environments that appeal to both developers and investors.

— Over the past 7 days, the sector gained 12.4%, with DEVIN and PROJECT89 climbing 260% and 196% respectively.

AI Agent Launchpad

The AI Agent Launchpad sector focuses on the incubation and funding of AI-powered autonomous agent projects within the blockchain space, representing a fast-growing frontier of Web3 and AI integration. These platforms use smart contracts and on-chain mechanisms to support fundraising, development, and community building for AI agent applications—ranging from data processing to intelligent decision-making. Operating on high-performance blockchains like Solana and Ethereum, these launchpads leverage low fees and high throughput to attract developers and investors.

— Over the past 7 days, the sector increased by 12.1%, with FET and VIRTUAL rising by 10.2% and 12.5% respectively.

Focus of the Week

Gate Launches xStocks Trading Zone with Spot, Perpetual, and Alpha Trading

Gate has officially launched the xStocks Trading Zone, offering both spot and perpetual futures trading (settled in USDT). Perpetual contracts support 1–10x leverage for both long and short positions, with adjustable leverage at the time of order placement. In the first phase, the xStocks Trading Zone supports eight popular xStocks assets: COINX, NVDAX, CRCLX, AAPLX, METAX, HOODX, TSLAX, and GOOGLX. Additionally, AlphaxStocks supports six major trading pairs, providing global users with a convenient and efficient on-chain xStocks trading channel.

By introducing the xStocks trading section and supporting tokenized asset trading in both spot and perpetual formats, Gate is advancing its strategic layout to diversify financial products amid intensifying competition among crypto exchanges. This initiative aims to attract a broader user base by integrating traditional finance with blockchain technology. It not only enriches Gate’s trading offerings and enhances platform appeal, but also lowers the participation threshold and improves the overall trading experience through flexible leverage and USDT settlement. From an industry perspective, the listing of real-world assets on exchanges reflects the accelerating trend of traditional asset tokenization. It provides global investors with a more accessible on-chain investment channel, breaking down geographical and market entry barriers.

Ripple Applies for U.S. National Bank Charter Following Circle, Aims to Expand Crypto Services

Ripple has officially submitted an application for a U.S. national bank charter to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple’s stablecoin RLUSD would fall under both state and federal regulatory oversight. Ripple’s CEO stated that this move aims to establish a new trust benchmark in the stablecoin market. Previously, Ripple’s subsidiary Standard Custody also applied for a Federal Reserve master account, seeking to directly custody RLUSD reserves. This initiative comes as the Trump administration moves to ease crypto regulations and encourage federal licensing.

Ripple’s pursuit of a national bank charter marks a significant step in its RLUSD stablecoin strategy, aimed at enhancing market trust through dual-layer regulation and strengthening its competitiveness in global payments and crypto finance. The move reflects Ripple’s strong commitment to regulatory compliance and aligns with favorable policy trends under the Trump administration. If the application is approved, Ripple could gain a differentiated edge in the stablecoin market by offering direct reserve custody and greater regulatory transparency—potentially attracting more institutional users.

Bitcoin DeFi Project BOB Launches BitVM Bridge Testnet, Mainnet Expected in Q4

Bitcoin DeFi project BOB has launched the BitVM Bridge testnet, with backing from several major crypto firms that will operate validator nodes on the bridge, including Lombard, Amber Group, and RockawayX. The mainnet is slated for launch in Q4 this year. Co-founder Alexei Zamyatin emphasized that this model differs from wrapped asset solutions like Stacks, as it preserves Bitcoin’s native attributes, similar to how ETH remains native in Ethereum rollups.

The rollout of the BitVM Bridge testnet signals accelerating innovation in Bitcoin DeFi, offering a native asset bridging mechanism distinct from traditional wrapped models. This approach aims to enhance Bitcoin’s functionality and interoperability within decentralized finance. The participation of industry leaders such as Lombard and Amber Group as node operators indicates strong confidence in the bridge’s technical potential. If the mainnet launches successfully in Q4 and maintains technical stability, BitVM Bridge could significantly boost Bitcoin’s role in the DeFi market and attract increased involvement from institutions and developers.

Key Market Data Highlights

DEX Market Share Hits All-Time High as On-Chain Trading Heats Up

In June 2025, decentralized exchanges (DEXs) continued their upward momentum, with total trading volume reaching $390 billion, extending the recovery trend that began in May. According to DefiLlama, after hitting a local peak in January and experiencing a brief pullback, DEX volume saw a significant rebound starting in May and reached a new all-time high in June.

Notably, DEXs accounted for over 29% of spot trading volume and 8% of derivatives trading volume compared to centralized exchanges (CEXs) in June—both figures marking historical highs. This shift highlights a growing market preference for decentralized platforms.

The surge in DEX activity is driven by multiple factors, including the success of platforms like Hyperliquid and improved user experience, which have encouraged more traders to move into decentralized ecosystems. In addition, airdrop incentives and points programs have continued to fuel transaction growth.

The rise of DEXs is no longer just a speculative trend—it is increasingly built on core advantages such as permissionless asset trading, self-custody, and early token access, attracting more strategic users seeking flexibility and control. As trust issues and cost differences between DEXs and CEXs become more apparent, the practical benefits of DEXs are gaining ground. Their expanding market share is providing strong support for the continued growth of the on-chain financial ecosystem.

Ethereum Stablecoin Supply Hits Record High of $135.4 Billion

The total supply of stablecoins on the Ethereum blockchain has reached an all-time high of $135.4 billion, reflecting sustained capital inflows into leading on-chain ecosystems. Among them, USDC, issued by Circle, has been the primary driver of this growth, with its circulating supply rising significantly since January 2025. In contrast, USDT supply has remained relatively stable, indicating a shift in capital allocation and a growing market preference for regulatory compliance and transparency.

The expansion of stablecoin supply not only strengthens on-chain trading and lending liquidity, but also signals increasing investor willingness to keep funds on-chain in preparation for deploying into risk assets. In current market conditions, stablecoins are often viewed as “liquidity reserves” that precede a market uptrend. When funds remain on-chain in stablecoin form rather than exiting the market, it suggests investors are in a wait-and-see mode, anticipating clearer entry signals.

If rising DeFi interest rates, improving market sentiment, and continued adoption of RWA (Real World Assets) and cross-border settlement use cases converge, stablecoin capital may rapidly convert into actual buying pressure. In this transition, stablecoins not only serve as transaction mediums but are increasingly becoming the core liquidity infrastructure of the crypto financial system.

First Spot-Staking Solana ETF Debuts with $33 Million Trading Volume on Day One

The “REX-Osprey Solana + Staking ETF” has officially launched in the United States, marking the debut of the first approved spot-staking crypto ETF, with a strong first-day trading volume of $33 million and $1 million in assets under management (AUM). Combining spot price exposure with on-chain staking yields, the product represents a breakthrough in both structure and compliance, signaling a new era of “staking-integrated returns” in the crypto ETF market.

The ETF is structured under the Investment Company Act of 1940, with Anchorage Digital serving as the custodian and staking operator, ensuring higher regulatory and security standards. Its mechanism allows investors to access Solana staking rewards without directly interacting with on-chain operations, offering dual exposure to spot prices and staking yields. This innovative design broadens the income potential of crypto ETFs.

For non-BTC/ETH assets, the $33 million day-one volume is a strong performance, indicating robust market demand for high-yield and structurally innovative products. It also suggests that capital is gradually shifting toward emerging layer-1 assets like Solana. The successful launch of REX-Osprey sets a regulatory benchmark for staking-integrated products. As DeFi, staking, and RWA use cases expand, on-chain yield mechanisms are poised to become a key driver of innovation in crypto ETFs, attracting broader institutional participation.

Gate Launchpool

The featured IDO this week: Matchain

Matchain leverages its proprietary MatchID technology to help global IP partners onboard over 500 million users. It aims to build an AI-powered on-chain infrastructure with self-sovereign identity verification and data ownership control.

Preparation Steps

• Gate Account: Register and complete identity verification.
• Asset Deposit: Ensure your account holds sufficient MAT and BTC, as this Launchpool supports staking in both tokens.

How to Participate in Staking

• Staking Window: Until July 9, 2025, 12:00 (UTC)
• Steps: Log in to Gate and go to the “Launchpool” page, select MAT or BTC, click “Participate”, enter amount, and confirm.
• Total Pool: 40,000 MAT
• APY: 111.62%

Funding Weekly Recap

According to RootData, from June 27 to July 3, 2025, a total of 12 crypto projects announced completed fundraising or mergers and acquisitions, spanning sectors such as infrastructure, cloud mining, Web3 gaming, and AI computing. This trend reflects the market’s ongoing focus on building foundational capabilities and expanding user applications. Below is a brief introduction to the top three projects by fundraising amount this week:

BitMine

On June 30, BitMine announced the completion of a $250 million private round led by MOZAYYX, with participation from well-known firms including Founders Fund and Pantera.

BitMine is a U.S.-listed company focused on cryptocurrency mining (stock ticker: BMNR), primarily targeting Bitcoin and Ethereum. The funds will mainly be used to increase its Ethereum (ETH) holdings, positioning ETH as a core reserve asset, while continuing to operate Bitcoin mining as its main business.

TWL Miner

On July 1, TWL Miner announced a staggering $950 billion raise, with plans to integrate artificial intelligence into its cloud mining operations.

TWL Miner specializes in providing AI-powered digital asset cloud mining services for global users. The platform is built on renewable energy and leverages AI technology to optimize hash rate allocation and energy consumption management. It aims to deliver a next-generation cloud mining solution that is efficient, eco-friendly, and user-friendly.

Spekter Agency

On June 28, Spekter Agency raised $5 million in a round backed by prominent investors such as 1kx, Fabric Ventures, and Blockchain Founders Fund.

Spekter Games is an emerging team focused on developing Web3 games that balance playability with blockchain-based value capture. This round of funding will support game development, the design of sustainable in-game economies, integration of NFTs and token mechanisms, and efforts to grow the ecosystem and expand its global user base.

Next Week to Watch

Token Unlocks

According to data from Tokenomist, several major token unlocks are scheduled over the next 7 days (July 4–10, 2025). The top 3 upcoming unlocks are as follows:

• ENA is set to unlock approximately $48 million worth of tokens, representing 2.82% of its total locked supply.
• MOVE is set to unlock approximately $8.5 million worth of tokens, representing 1.9% of its total locked supply.
• NEON is set to unlock approximately $5.1 million worth of tokens, representing 22.5% of its total locked supply.

References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• Farside Investors, https://farside.co.uk/btc/
• Coinglass, https://www.coinglass.com/LiquidationData
• CNBC, https://www.cnbc.com/2025/07/02/adp-jobs-report-june-2025.html
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• Gate, https://www.gate.com/announcements/article/45926
• The Block, https://www.theblock.co/post/360817/ripple-applies-for-us-banking-license-following-circle
• Coindesk, https://www.coindesk.com/tech/2025/07/02/bitcoin-defi-project-bob-launches-bitvm-bridge-testnet
• The Block, https://www.theblock.co/post/360671/cex-spot-volume-hits-9-month-low?utm_source=twitter&utm_medium=social
• X, https://x.com/Cointelegraph/status/1940490907557519415
• The Block, https://www.theblock.co/post/360882/first-spot-solana-staking-etf-notches-33-million-volume-first-day-trading?utm_source=twitter&utm_medium=social
• Gate, https://www.gate.com/launchpool/MAT?pid=320
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
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