Gate Research Institute: BTC reaches new highs but search interest is not as strong as in previous years | US Congress may pass multiple encryption legislations this week

Crypto Market Overview

• BTC (1.34% | Current Price 119,079 USDT): BTC is currently in a high-level oscillation upward pattern. Since 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; 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, the net inflow for BTC ETF reached 1.029 billion USD in a single day, with BlackRock's IBIT inflowing 953 million USD, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the allocation weight for this asset.
• ETH (1.11% | Current Price 2,979 USDT): ETH is currently in a high-level consolidation phase, with an overall strong trend. Recent strong support is located around 2,920 USDT, with major resistance at the 3,000 USDT mark. The price is currently consolidating near the key resistance level, with a stalemate between bulls and bears in the short term. It is important to closely monitor the breakthrough situation at 3,000 USDT and whether the trading volume increases accordingly. On July 11, the net inflow into ETH ETF was 204 million USD in a single day, of which BlackRock's ETHA saw an inflow of 137 million USD, and Fidelity's FETH had an inflow of 12 million USD.
• Altcoins: Some mainstream altcoins have seen slight price corrections, but the long-short ratio and funding rates are mostly still leaning towards bullish, and there is still hope for continued upward volatility in the short term. The Fear and Greed Index reported 74 today, still in the greed zone, indicating that market sentiment is relatively positive, but attention should be paid to the risk of overheating.
• Macro: On July 11, the S&P 500 index fell by 0.33%, closing at 6,259.75 points; the Dow Jones index fell by 0.63%, closing at 44,371.51 points; the NASDAQ index fell by 0.22%, closing at 20,585.53 points. As of July 14, 10:30 AM ( UTC+8, the spot gold price per ounce is reported at 3,359 dollars, with a 24H increase of 0.1%.

Popular Tokens on Juejin

HBAR Hedera (+27.33%, circulating market cap 10.669 billion USD)

According to Gate.io market data, the current price of the HBRA token is $0.253, with an increase of approximately 27.13% in the last 24 hours. HBAR is the native encryption currency of the Hedera network, used to pay transaction fees and secure the network. Hedera is a public network that employs a hashgraph algorithm, originating from traditional blockchain, with higher transaction throughput and lower latency.

Hedera has recently welcomed multiple positive developments: its council member Australian Payments Plus (AP+) has been selected to participate in the Reserve Bank of Australia's tokenization pilot project, further strengthening Hedera's positioning in the payments and financial infrastructure sector. At the same time, Hedera has formed partnerships with NVIDIA, SCAN UK, and Accenture Public Sector to promote trusted computing and compliant applications for pre-certified sovereign AI systems through groundbreaking chip governance technology. Driven by this positive news, the price of HBAR has steadily risen from around 0.17 USDT, breaking through the key resistance level of 0.25 USDT and continuing to increase in volume, indicating that funds are accelerating into the market and buying interest is significantly enhancing. The price is currently further testing higher levels, maintaining a strong pattern in the short term.

XLM Stellar (+22.11%, circulating market cap 158.24 billion USD)

According to Gate.io market data, the current price of the XLM token is $0.504, having increased by 22.11% in the last 24 hours. XLM, short for Stellar Lumens, is the native encryption of the Stellar network and also a decentralized open-source payment network. Stellar is a decentralized payment network based on blockchain technology, aiming to become an open financial system that provides low-cost financial services to low-income populations.

The rise in XLM prices is mainly driven by expectations of network upgrades. The recently released Stellar Core v23.0.0rc2 version brings faster transaction speeds, better support for NFTs and stablecoins, as well as new asset liquidity tracking features. At the same time, it introduces a system for parallel execution of Soroban smart contracts, significantly improving network efficiency. This upgrade is expected to be officially voted on the mainnet on August 14, and the market has strong expectations for it. As a result, XLM has shown strong upward momentum, with prices continually breaking new highs and accompanied by increased trading volume, steadily rising from around 0.29 USDT to currently surpass 0.50 USDT, reaching a high of 0.50598 USDT.

ALGO Algorand (+28.75%, circulating market cap 2.471 billion USD)

According to Gate.io market data, the ALGO token is currently priced at $0.285, having increased by approximately 28.75% in the last 24 hours. Algorand (ALGO) is a blockchain-based encryption currency platform designed to achieve speed, security, and decentralization, addressing the well-known "impossible triangle" dilemma in the blockchain field. The Algorand platform supports smart contracts, and its consensus mechanism is based on Pure Proof-of-Stake (PPoS). The native encryption currency ALGO is used for paying transaction fees, participating in governance, and staking.

Benefiting from the long-term advantages of the RWA market and its own strong and scalable network, the ALGO price has steadily risen from around 0.19 USDT, currently breaking through the 0.28 USDT mark and reaching a high of 0.28823 USDT. The market has broken through multiple key resistance areas and closed above the trend line, especially accompanied by significant volume during the breakthrough of key levels, indicating strong buying power and effective support for the upward momentum. The market is also realizing its potential: with 100% uptime, a transaction speed of over 10,000 transactions per second, and a leading public chain ecosystem based on RWA TVL, it lays a solid foundation for further increases.

Alpha Interpretation

BTC reaches a new high, but Google search interest is not as high as in previous bull markets.

As the crypto week approaches, market sentiment continues to heat up, with major crypto sectors generally rising. BTC has broken through $120,000, setting a new historical high; ETH remains in a narrow fluctuation around $3,000. Notably, Google Trends data shows that despite Bitcoin's price repeatedly reaching new highs, public search interest is significantly lower than during the bull market peaks of 2017 and 2021.

Unlike in the past, this round of Bitcoin's rise is not dominated by retail sentiment or network hype, but rather by deeper macroeconomic and policy changes at play: the increase in the U.S. $5 trillion debt ceiling and ongoing massive deficit spending, along with the upcoming release of a crypto policy report by Trump's working group, have jointly driven the demand for capital allocation to Bitcoin. Data shows that seasonal factors in July, bullish option buying, and short covering also contributed to further price increases.

The U.S. Congress will vote to pass multiple cryptocurrency legislations.

This week, the U.S. Congress plans to vote on several important bills related to cryptocurrency, including the GENIUS Act aimed at encouraging innovation, the CLARITY Act focusing on regulatory clarity, and the Anti-CBDC Surveillance State Act which restricts the monitoring capabilities of central bank digital currencies. These bills are expected to have a profound impact on the U.S. crypto market in the future. However, the specific details of the bills have not yet been fully disclosed, and there may still be a time lag from the voting to the final implementation of the legislation.

The passage of these bills could have a significant impact on the cryptocurrency industry. Among them, the GENIUS Act and the CLARITY Act reflect the United States' attempt to provide a more stable framework for innovation and compliance in the industry; while the advancement of the Anti-CBDC Surveillance State Act responds to market concerns about excessive centralization and privacy risks. Overall, although the market remains cautious in the short term, if the legislation is successfully implemented, it will provide a clearer compliance path for businesses and investors, and is expected to attract more institutional funds, driving the industry towards a more mature and regulated direction.

PUMP presale successfully bought about 10,000 wallets, with nearly 200 addresses subscribing for over one million dollars.

Pump.fun official PUMP token completed its presale in 12 minutes, attracting 23,959 wallets that completed KYC, among which 10,145 addresses successfully purchased, with an average subscription amount of 44,209 USD. 89.7% of the presale funds were completed directly through the official website, with only about 10.3% coming from centralized exchanges (CEX). There were 202 wallet addresses in the official presale with subscription amounts exceeding 1 million USD; another 138 addresses had subscription amounts between 500,000 and 1 million USD, 445 addresses between 100,000 and 500,000 USD, and 1,030 addresses between 10,000 and 100,000 USD, while the number of users with subscription amounts under 1,000 USD was the highest, reaching 5,758.

Pump.fun successfully raised over 500 million dollars in this public sale, making it the third largest ICO in crypto history, showcasing its strong appeal and capital attraction as a leader in the Meme track. It is noteworthy that the funding is highly concentrated: the top 340 addresses collectively bought over 300 million dollars, accounting for about 60% of the total fundraising amount, with an average investment of up to 44,000 dollars per person. This structure indicates that a large amount of high-net-worth and institutional-level capital has gathered behind the project, providing strong support for the initial price. However, excessive concentration may also bring volatility risks in the future.

Gate Launchpool

New Subscription Details

• Subscription Project: Revolving Games
• Token Name: RCADE
• New subscription time: until July 16, 2025, 23:00 (UTC+8)
• Participation method: Stake BTC or RCADE to receive for free
• Total airdrop amount: 19,200,000 RCADE

Project Introduction

Revolving Games was launched in 2020 as a free mobile game and has since grown into a team with two studios and over 100 employees engaged in blockchain gaming projects across Europe, Asia, and South America. The company released its first AAA web3 Battlestar Galactica-themed game in June 22, which was developed in collaboration with the metaverse gaming company Gala Games and global entertainment giant NBCUniversal.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Bitcoin News, https://news.bitcoin.com/zh/guge-qushi-shuju-xianshi-bitebi-jiage-chuang-jilu-weineng-yinfa-sousuo-rechao/
• X, https://x.com/Cointelegraph/status/1944570176881476037
• Dune, https://dune.com/adam_tehc/pumpfun-ico
• Gate, https://www.gate.com/launchpool/RCADE?pid=335

Disclaimer Investing in the crypto market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not accept responsibility for any losses or damages arising from such investment decisions.