Stock tokenization became a market hotspot in the second half of 2025, with Exodus enhancing liquidity through the Algorand public chain, rapidly expanding the market size to over $200 million. Crypto-friendly policies have promoted the development of tokenization financing, providing new opportunities for companies during the financing phase, and in the future, further liquidity may be supplemented through on-chain stock issuance.

Abstract
1. OpenSea launches Creator Studio 2.0, supporting multi-chain creators for an upgraded issuance and display experience.
2. EigenDA V2 has launched on the mainnet, with throughput improved by approximately 6.7 times compared to V1.
3. CBOE submits a general listing framework for cryptocurrency ETPs, with SOL and XRP ETPs expected to launch in Q4.
4. Ethereum ETF saw record inflow in July, The Ether Machine ramps up on-chain response to institutional entry.
5. Sui TVL reached a historic high of 2.2 billion USD, doubling in growth within the year, showcasing accelerated expansion of the ecosystem.
6. Gate Launchpool has launched ALEO, with a total prize pool of 77,942 ALEO.
Market Interpretation
Market Commentary

Hyperliquid occupies 80% of the market share in the on-chain futures market, driving the expansion of the derivation market. Despite facing attacks, the platform's TVL has rebounded to $478 million, and the volume has reached $1.98 trillion. Its liquidity is mainly driven by Whale funds, and the user experience is close to that of a Centralized Exchange. The HYPE token Airdrop strategy has successfully attracted a large number of users, promoting the expansion of the platform ecosystem.

crypto market panorama
BTC (+0.15% | Current price 118,050 USDT): BTC is currently fluctuating around 117,800 USDT, maintaining a high-level horizontal consolidation in the short term. The price is under pressure from the MA 5 and MA 10 moving averages, with no significant breakout yet. The MACD is still below the zero line, but the fast and slow lines are beginning to converge, with green bars shortening, indicating initial signs of short-term momentum recovery. Trading volume is sluggish, reflecting the market's heavy wait-and-see sentiment. If it can break above 118,200 USDT with increased volume, it will open up upside potential; conversely, if it falls below the support around 117,200, it may retest the low around 115,500 in the short term. On July 29, BTC ETF net inflows were 79.98 million USD, with BlackRock's IBIT inflow of 157 million USD, Grayscale.

This article analyzes the dynamics of the current Crypto Assets market, including the fluctuation and consolidation of BTC and the strong performance of ETH approaching 4,000 USDT. Alts like Pudgy Penguins and Ethena have significantly risen due to market factors. Meanwhile, the on-chain capital inflow and activity of the WorldChain and Sui ecosystems have greatly increased, demonstrating institutional capital recognition. The report will provide detailed market data and technical interpretations.

crypto market panorama
BTC (-0.91% | Current Price 118,305 USDT): BTC has slightly decreased by 0.91% in the past 24 hours, dropping from approximately 119,399.80 USD to 118,321.00 USD, with trading volume remaining active. Technical analysis shows that the BTC price is fluctuating around the 50-day moving average, with the RSI close to 60, indicating that market momentum is neutral but slightly bullish, while the MACD shows a slight bearish signal, reflecting short-term pullback pressure. On July 28, BTC ETF inflows totaled 157 million USD, with IBIT inflows of 147 million USD and FBTC inflows of 30.9 million USD.

Crypto market panorama
BTC (0.88% | Current price 119,228 USDT): After a rapid pullback earlier, BTC has successfully stabilized and entered a phase of consolidation. The market bulls are attempting to recover lost ground, but the resistance at 120,000 USDT remains strong. In the short term, BTC may continue to oscillate within the current range (approximately 117,000 USDT - 120,000 USDT). On July 25, the net inflow for BTC ETF reached 130 million dollars in a single day, with BlackRock's IBIT inflowing 92.8 million dollars and Fidelity's FBTC inflowing 10.2 million dollars, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the asset allocation weight.

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.