crypto market panorama
BTC (-1.45% | Current Price 117,202 USDT): BTC is currently in a phase of consolidation, having experienced a short-term rise, with the price retreating from 117,395.1 USDT to 117,176.1 USDT, and is currently testing the support level at 117,194.2 USDT. On July 24, the net inflow of BTC ETF reached 226 million USD in a single day, with BlackRock's IBIT inflow of 32.5 million USD and Fidelity's FBTC inflow of 106 million USD, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the allocation weight of this asset.
ETH (0.89% | Current price 3,675 USDT): ETH is currently in a high-level consolidation phase, with prices ranging from 3,673.33 USDT to

This report organizes the current situation and regulatory progress of the global stablecoin market, focusing on the stablecoin legislative dynamics of major economies such as the United States and Hong Kong since 2025. Currently, the global stablecoin market capitalization has exceeded 260 billion USD, with over 170 million users, widely penetrating more than 80 countries and regions, becoming an important component of digital financial infrastructure. In 2025, the United States passed the "Genius Act" and the "Clarity Act," while Hong Kong released the "Stablecoin Regulation," marking the official entry of the global stablecoin into a strong regulatory era.

Encryption Market Overview
According to CoinGecko data, from July 8 to July 21, 2025, the overall cryptocurrency market showed a strong upward trend, with a significant increase in market capitalization and most mainstream coins recording double-digit gains. BTC strongly broke through its historical high, with prices steadily operating within an ascending channel, while ETH also maintained a bullish pattern, with upward momentum continuing and a solid bullish structure.
Meanwhile, on July 17, the U.S. House of Representatives unanimously passed three legislative proposals highly related to cryptocurrency, namely the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act, further strengthening the encryption regulatory framework. Among them, the GENIUS Act has been signed into law by the President, becoming the first federal-level encryption legislation in the United States, requiring stablecoins to be backed by 100% reserve assets, and connecting

Abstract
1. Merlin 2.0 upgrade officially released, aiming to create a "yield-bearing and tradable" BTC
2. The crypto mining company MARA will issue $850 million in convertible notes to purchase more Bitcoin.
3. Goldman Sachs and BNY Mellon jointly launched a tokenization plan for money market funds.
4. The scale of Ethereum lending has exceeded 30 billion USD, setting a historical record.
5. Bitcoin's annual transaction volume surpasses Visa for the first time, moving towards a global value settlement network.
6. Gate Launchpool launches ZKWASM, with a total prize pool of 500,000 ZKWASM.
Market Interpretation
Market Commentary
BTC Market —— This week BTC rose by 0.72%, underperforming compared to altcoins. BTC price ranged from $117,300 to $119,995.

crypto market panorama
BTC (+1.40% | Current price 119,449 USDT): BTC is currently oscillating in the range of 119,000 to 120,000, with a steady upward trend in the past two days. Although there has been a short-term pullback, the overall trend remains strong. Short-term moving averages are still rising, and the price is above the moving average system, indicating that the bullish structure has not been broken. The upward movement is accompanied by increased volume, reflecting some capital support in the market; however, recent trading volume has slightly weakened, and attention should be paid to whether the short-term momentum can be sustained. If it can effectively break through 120,500 with increased volume, it will further confirm the upward trend; on the contrary, a drop below 118,800 could trigger a larger consolidation. On July 22, BTC ETF had a net outflow of 68 million USD, of which Ark ARKB saw an outflow of 42.3 million USD, and Bitwise BITB saw an outflow of 4,

Recently, BTC has been oscillating and consolidating at a high level, while ETH has performed better, with prices close to 3,760 USDT. Conflux and Tezos have seen significant increases under ecological development. Ethereum has strong capital inflow, and Aave's TVL has reached a historic high. The US is accelerating the legislative process for encryption regulation.

On July 22, BTC prices showed a high-level consolidation pattern. After receiving support around $116,600, BTC rebounded, but failed to break through the resistance level of $118,500 after multiple tests. ETH prices oscillated around $3,800, showing signs of short-term fatigue. After breaking through $3,700, ETH briefly touched the $3,800 mark but failed to further rise above the key resistance level of $4,000. Nasdaq-listed company Bit Origin announced it has completed its first purchase of DOGE, totaling 40,543,745 DOGE, less than a week after announcing the establishment of a corporate-level DOGE treasury. Ethena Labs announced a $360 million PIPE deal for StablecoinX, while its foundation has launched a $260 million ENA open market repurchase plan to support the establishment of ENA reserves. Bittensor ecosystem company xTAO announced it will be listed on the Canadian TSX Venture exchange (TSXV) on July 23, with the stock code XTAO.U.

crypto market panorama
BTC (-0.53% | Current Price 117,289 USDT): After a strong rise over the past week, BTC is currently in a phase of high-level correction and consolidation. In the short term, the forces of bulls and bears are in a stalemate, and market sentiment is cautious. Investors need to closely monitor the effectiveness of the support level at 116,500 USDT, as well as the breakthrough of the resistance level at 118,500-119,000 USDT, while also observing whether the trading volume can align with price to establish a clear direction. On July 18, the net inflow for BTC ETF reached 363 million USD in a single day, with BlackRock's IBIT inflow at 496 million USD, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the allocation weight for this asset.

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