GateResearch

Abstract
- Article Background: In this new cycle, the gameplay of Memecoins is constantly evolving. One type of gameplay relies on social media KOLs to drive it forward, using carefully planned event marketing to bring their managed Memecoins to the forefront. However, this KOL-driven Memecoin's first wave of opportunities is extremely difficult to capture. Another type of Meme is the on-chain manifestation of concepts that are exploding in the real world, and the market opportunities for these Memes are easier to predict. A more representative example of the latter includes the game "Black Myth: Wukong", the movie "Ne Zha", and the large model "DeepSeek" with the same name as the Memecoin.
- Video games: There is a high overlap between game users and cryptocurrency traders, with the main participants being young Generation Z individuals. The narrative of GameFi has already become

crypto market panorama
- BTC (-0.29% | Current price 104,647 USDT): Last week, the intraday low touched 103,000 USD, then stabilized and rebounded. However, the current price has dropped again, reflecting that market sentiment remains cautious. Overall, Bitcoin is likely to maintain a wide range of fluctuations in the short term, and attention can be paid to the performance of support and resistance levels at the boundaries of this range. In terms of liquidity, yesterday's net inflow of Bitcoin spot ETF was 389 million USD, of which BlackRock's IBIT accounted for 278 million USD.
- ETH (+0.01% | Current price 2,518 USDT): Affected by the overall market correction, ETH has once again surged and then retreated, but still maintains a wide range consolidation trend. The ETH/BTC exchange rate has dipped to 0.024, and the market share has dropped to 9.22%. In terms of capital flow.

Overview
Gate Research analyzes and sorts out the market dynamics and popular airdrop projects from June 3 to June 16, 2025. During this period, the crypto market continued to fluctuate at a high level, and there has not yet been a systematic recovery, but driven by local themes, small and medium-capitalization tokens performed well. The top 500 tokens by market capitalization rose by an average of 16.65%, with the market cap ranking in the 301–400 range rising by more than 46%, indicating that the preference for assets with topical and narrative potential is still evident. AURA soared by more than 180 times, and the trading volume of projects such as CONSCIOUS was amplified by more than 100 times, and the resonance effect of volume and price was prominent; Some of the tokens that have seen large volumes but stagnate reflect the market's divergent expectations for their subsequent performance. The overall market presents a structure of "theme rotation + mainstream stability", and volume changes are still an important signal to capture short-term opportunities.

Abstract
1. BTC fluctuates narrowly around $105,000; $2,500 serves as a short-term support level for ETH.
2. The Federal Reserve continues to keep interest rates unchanged, expecting to cut rates twice in 2025.
3. The net asset value of the Ethereum spot ETF has exceeded $10 billion.
4. Over 20,000 Bitcoin addresses hold a value of over $10 million, accounting for nearly 9.43% of the total BTC supply.
5. Ethereum staking volume exceeds 35 million coins, setting a new historical high.
6. Gate Launchpool launches SPK, with a total prize pool of 720,000 SPK.
Market Interpretation
Market Commentary
- BTC Market —— Last week, BTC was significantly impacted by the geopolitical situation in the Middle East, falling to a low of 103,000 USD.

This report systematically analyzes the mechanism structure and user income path of income-based stablecoins, and extracts the core logic and operational framework of stablecoin alpha at the current stage through a strategic review of representative projects such as USDe, USDS, and USDY, so as to help investors identify high-quality opportunities with risk-adjusted return potential. The report points out that stablecoin alpha is essentially a structured, sustainable and incentivized income system with potential for release, and its income can come from multiple dimensions such as on-chain arbitrage, off-chain assets, mechanism innovation and ecological incentives, and emphasizes that while pursuing high returns, users need to attach great importance to key risk factors such as liquidation, liquidity and project security.

Gate Research Institute: Ink launches INK Token Airdrop, rewarding early liquidity protocol participants; Namada Mainnet launch is imminent, NAM trading opens this week. BTC falls back to 104,747 USDT, ETH remains volatile, alts show differentiation. Popular tokens like EigenLayer, GPS, and IO perform well, Ondo Finance establishes a global market alliance to promote RWA standardization. Gate Launchpool will soon open for Namada new listing, stake GT or USDT to receive 150,000 NAM rewards for free!

crypto market panorama
- BTC (+1.16% | Current price 107,125 USDT): Last week, Bitcoin was affected by the geopolitical situation in the Middle East and dipped to a low of 103,000 USD during the day, then stabilized and rebounded. Yesterday, it rebounded to a previous resistance level near 109,000 USD. It is estimated that in the short term, it will show a range-bound market. On the funding side, yesterday the net inflow of Bitcoin spot ETF reached 408 million USD, among which BlackRock's IBIT contributed 266 million USD, indicating that institutional buying remains resilient.
- ETH (+0.17% | Current Price 2,578 USDT): Affected by the overall market pullback, ETH has once again surged and then retreated, but still maintains a wide range consolidation trend. The ETH/BTC exchange rate has dropped to 0.024, with the market share decreasing to 9.22%. In terms of capital flow,

crypto market panorama
BTC (+0.25% | Current Price 105,800 USDT): Last week, Bitcoin was affected by the geopolitical situation in the Middle East and briefly dipped, with an intraday low of 103,000 USD. It then stabilized and rebounded, but encountered resistance around 106,000 USD, forming a clear short-term pressure level. In terms of liquidity, last Friday Bitcoin spot.

Gate Research Daily: On June 13, BTC fell 4.30% to its current price of 103,884 USDT, and briefly fell below $103,000 during the session, with a net outflow of $202 million in ETFs in a single day. ETH dropped by 10.76%, and its current price is 2,474 USDT; The ETH ETF has seen net inflows for 18 consecutive business days, with a net inflow of $10.8 million yesterday. The altcoin market fell overall, with the Fear & Greed Index dropping to 54. The three major indexes continued to rise at the close of the U.S. stock market on Thursday, with the Dow and S&P hitting new three-month highs, and the U.S. May PPI data being better than expected, and spot gold at $3,435.15 an ounce, up 1.43% in 24 hours. The SEC has officially repealed the Gensler-era proposal for draconian DeFi regulation, and industry regulation has slowed down in the short term. Uniswap Wallet has launched a smart wallet function, which supports one-click exchange and bundled transactions. Polygon's native token, POL, is cross-chained to Solana via the Wormhole NTT framework. Gate Launchpool's new MEET48 project is now open.

Introduction
This quantitative bi-weekly report (from May 27, 2025, to June 9, 2025) focuses on the market performance of Bitcoin and Ethereum, systematically analyzing key indicators such as long-short ratio, contract open interest, and funding rates, providing a quantitative interpretation of the overall market situation. The quantitative strategy module in this issue emphasizes the practical application of the "moving average trend breakout strategy" in the top ten crypto market cap projects (excluding stablecoins), systematically explaining its strategy logic, signal determination mechanism, and execution process. Through parameter optimization and historical backtesting validation, the strategy demonstrates good stability and execution discipline in trend recognition and risk control. Compared to simply holding BTC and ETH, this strategy performs better in terms of yield enhancement and drawdown control, offering a quantitative trading reference framework with practical value.
Abstract
In the past two weeks, BTC has been between 100,000 and 110,000 US

Gate Research Weekly Report: BTC fell back to 108,000 USD after breaking through 111,000 USD this week, with short-term high-level fluctuations; ETH broke through the 2,700 USD resistance level, with market share rising to 9.8%; AI Meme, Virtuals, and Perptual Futures DEX zones led the gains; Plasma's 1 billion USD deposit limit was quickly sold out; Bullish resubmitted its listing application; the U.S. Senate passed the procedural vote on the GENIUS stablecoin bill.

Crypto market panorama
BTC (-0.02% | Current price 109,603 USDT): After a strong rebound yesterday, BTC has once again entered a consolidation phase, briefly falling below 109,000 USD during the day. On Tuesday, BTC ETF inflows amounted to 94.5 million USD, with ARK's ARKB inflowing 20.3 million USD and Fidelity's FBTC inflowing 67.1 million USD.
ETH (+3.00% | Current price 2,778 USDT): ETH has staged a strong rebound following the market yesterday, currently consolidating around 2,800 USD, with the ETH/BTC exchange rate rising to 0.025; ETH's market share has increased to 9.87%. On Tuesday, the net inflow of ETH ETF was 4,440.

Abstract
- The total crypto market capitalization showed a high volatility trend in May, continuing the upward momentum brought about by the easing of tariffs at the end of April, and the market as a whole maintained a strong upward trend. Driven by the passage of the U.S. stablecoin bill "GENIUS", the total crypto market capitalization reached a stage high before the bill was passed. With the gradual digestion of the effect of favorable policies, the total market value has seen a moderate correction.
- In May 2025, the top 8 cryptocurrencies by market capitalization generally rose, with ETH leading mainstream cryptocurrencies with an increase of over 40%. The only token that fell in May was XRP, whose market capitalization decreased by 2.33%, primarily due to the delay in the approval of the XRP ETF.
- In terms of on-chain data, Solana continues to lead with an average of nearly 100 million transactions per day, solidifying its dominance in high-frequency applications; Base in May

crypto market panorama
- BTC (+4.02% | Current price 109,829 USDT): After a prolonged period of sideways movement, BTC finally made a strong comeback yesterday, briefly breaking through the 111,000 dollar mark during the session. Although it subsequently fell back below this key level, market sentiment has been activated, which may drive a rebound in other major cryptocurrencies. On Monday, BTC

Abstract
- According to the Cryptorank Dashboard data on June 3, 2025, the Web3 industry completed 122 financing rounds in May 2025, with a total financing amount of $1.92 billion.
- From the Top 10 projects, it can be seen that the leading funds in Web3 are primarily flowing into three major tracks: CeFi, blockchain services, and infrastructure. Traditional financial tools such as large mergers and PIPE investments are frequently appearing, marking an accelerated integration of Web3 and TradFi (traditional finance).
- Financing is primarily concentrated in CeFi (1.29 billion USD) and blockchain services (274 million USD) sectors, with CeFi holding an absolute dominant position, highlighting institutional capital's high focus on compliance, service capabilities, and the integration path with traditional finance.
- The scale of Web3 financing shows

Crypto market overview
BTC (+0.02% | Current Price 105,575 USDT): BTC continues to oscillate around $100,500, with options data showing that the implied volatility for the medium to short term has generally fallen below 40%, which is considered a low level. Overall, the market has low expectations for future volatility, and short-term market trends need to be cautiously optimistic. Last Friday, BTC ETF saw an outflow of $47.8 million, among which Ark ARKB had an inflow of $11.5 million, Fidelity FBTC had an inflow of $22.8 million, and BlackRock IBIT saw an outflow of $130 million.

On June 6, BTC fell to around $100,500 this morning, and the market share of BTC was temporarily 63.9%, hitting a nearly four-year high. ETH fell sharply, directly below the middle of the daily Bollinger Bands, the ETH/BTC exchange rate fell below 0.024 today, and the market share of ETH fell to 9.2%; Altcoins have fallen sharply, and some tokens have fallen back to the lows of this round; Circle rose 168.48% on the first day of listing, with a turnover of $3.941 billion; Musk and Trump clashed, and U.S. stocks and crypto markets plummeted.

Pump.fun and Letsbonk.fun have significant differences in token design, narrative, trading mechanisms, and community operations. Pump.fun is feature-rich and highly interactive, while Letsbonk.fun, though in its early stages, has advantages in social media sentiment. The two represent different strategic mindsets and will become competitors in the Memecoin issuance field in the future.

Abstract
- BTC continues to oscillate at high levels after failing to break through $111,000.
- Altcoins are adjusting at high levels, with previously popular sectors like AI Agents, Meme, and DeFi concepts generally experiencing pullbacks.
- The Ethereum Foundation has announced a new financial policy, aiming to reduce annual operating expenses to 5% over the next five years.
- The US SEC has postponed its decision on the Canary spot SUI ETF application.
- Projects such as Rails, Avantis, and 3Jane completed financing ranging from millions to tens of millions of dollars this week.
- Gate Launchpool launches SOPH new token offering, with a total airdrop of 24 million SOPH.
Market Interpretation
Market Commentary
BTC Market —— Recently, the price trend of BTC has continued to show a narrow range of fluctuations, with multiple attempts to breach 111,000 USD.