In July 2025, on-chain interactions and capital synchronization for Ethereum rebounded, with volume reaching an all-time high; Solana and Base led Layer 1 and Layer 2 respectively, demonstrating high-frequency interactions and ecosystem stickiness. Bitcoin has achieved a record high in market capitalization, and short-term fluctuations may occur. WorldChain has attracted over 100 million dollars, with the ecosystem rapidly taking shape; LetsBonk.fun's market share for issuing coins surpassed 70%, surpassing Pump.fun; Ethena's stablecoin TVL rose to 8.4 billion dollars, continuing to lead the sector.

Abstract
1. Altcoins showed a slow downward trend this week, with the median drop of 6.07% among the Top 100 cryptocurrencies.
2. Circle collaborates with Corpay to provide stablecoin support for business transactions.
3. PancakeSwap launches perpetual contracts for US stocks.
4. Ethereum dApps have accumulated nearly $26.8 billion in revenue, with daily transaction numbers approaching historical highs.
5. Gate's July derivatives trading volume increased by 46.5% month-on-month, with market share rising to 11%.
6. Pump.fun has released 13,690 new tokens in the last 24 hours, surpassing LetsBonk, but the daily trading volume is still slightly behind.
Market Interpretation
Market Commentary

The last Gate VIP weekly report analyzed the dynamics of the crypto market, focusing on changes in the regulatory environment, the integration of TradFi and encryption, and infrastructure innovation. BTC and ETH experienced a Rebound, with MemeCore and Conflux performing strongly. Arbitrum and Avalanche attracted capital inflow, and global regulators are actively formulating rules. The report provides detailed market data and analysis.

crypto market panorama
BTC (-0.19% | Current Price 114,455 USDT): BTC has slightly decreased by 0.19% in price over the past 24 hours, with trading volume increasing, indicating high market activity. Technical analysis shows that BTC is stabilizing at the support level of 114,000 USDT, with an RSI of 43 suggesting oversold conditions, and the MACD indicating a positive crossover but weakening momentum. Market sentiment is cautious, and investors are watching for a potential breakout above the resistance level of 120,000 USDT to confirm a further upward trend. On August 4, BTC ETFs saw an outflow of 323 million USD, with IBIT accounting for an outflow of 292 million USD and FBTC for 40.1 million USD.

Gate Research Institute: This article explores the classic Turtle Trading System and its applicability in the Crypto Assets market, focusing on the design principles and empirical effects of the AdTurtle improved Turtle Trading System. By systematically backtesting the historical data of GT/USDT, it evaluates the performance of traditional and improved strategies in high Fluctuation markets, summarizing their advantages, disadvantages, and optimization directions.

Crypto market overview
BTC (0.43% | Current Price 114,701 USDT): BTC has recently dropped from the high of 119,000 USDT, breaking below the key support level of 115,000 USDT. It then oscillated between 112,000 and 114,000 USDT, trying to find support and build a bottom. Currently, the price has gradually stabilized and rebounded to around 114,689.8 USDT. The 112,000 USDT level constitutes a phase bottom support, which is key to maintaining the rebound trend; while 115,000 USDT is the current main resistance. If it can effectively break through and hold above this level, it will open up space for further rebounds. On August 1, the net outflow of BTC ETF reached 812 million US dollars in a single day, among which BlackRock.

Gate Research Institute Report: From July 15 to July 28, 2025, the crypto market continued to show a bullish trend overall. BTC experienced high-level fluctuations with a stable structure, while ETH steadily climbed close to 4,000 USDT, demonstrating relatively strong short-term performance. In terms of volatility, BTC remained stable while ETH expanded, reflecting an increase in market divergence. The Long-Short Ratio and funding rate fell back to a neutral and conservative range, with holdings maintained at a high level, and the growth of ETH leverage was particularly notable. The liquidation structure overall remained rational, with long positions being liquidated reaching 630 million USD on July 23, which served to cleanse high positions and release momentum. Regarding quantitative strategies, the MACD trend strategy achieved over 150% returns in the SUI coin, showcasing good short-term trading potential.

Gate Research Daily Report: On August 1, BTC fell about 2.10% in the past 24 hours, forming a bearish Candlestick pattern, with the lower wick indicating limited support from low-level buying. ETH's price dropped about 3.79% in the past 24 hours, with an RSI of 69.8, close to Overbought, suggesting a possible short-term correction. The Ethereum Foundation (EF) official website today published an article titled "lean Ethereum," written by EF researcher Justin Drake, outlining the development vision of Ethereum for the next ten years. SEC Chairman Paul Atkins recently delivered a speech announcing the launch of a committee-level initiative called "Project Crypto." The Ethereum infrastructure protocol Puffer Finance announced that Puffer UniFi AVS has been upgraded.

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,