This week, Bitcoin (BTC) rose by 2.77%, with the K-line overall showing a bullish arrangement, indicating a certain continuation of its strong trend. Altcoins exhibited a trend of lower lows followed by higher highs, with SEI leading the altcoin sector this week with an increase of over 50%. The Bitcoin Fork, Zero Knowledge (ZK), and Oracle sectors rose by 5.3%, 5.2%, and 4.7% respectively over the past 7 days. The number of weekly active users of Ethereum (ETH) stablecoins surpassed 750,000, setting a new historical high. The on-chain interactions of the Bitcoin ecosystem Web3 social platform MetaSo exceeded 100 million, with a new "secondary distribution" incentive mechanism introduced. BitGo's custody of crypto assets surpassed $100 billion.
Summary
BTC rose by 2.77% this week, with the K-line overall showing a bullish arrangement, indicating a certain continuation of its strong trend.
This week, altcoins exhibited a trend of lower lows followed by higher highs, with SEI leading the altcoin sector this week with an increase of over 50%.
The number of weekly active users of Ethereum stablecoins surpassed 750,000, setting a new historical high.
The on-chain interactions of the Bitcoin ecosystem Web3 social platform MetaSo exceeded 100 million, with a new "secondary distribution" incentive mechanism introduced.
BitGo's custody of crypto assets surpassed $100 billion.
Gate Launchpool launched MGO, with a total prize pool of 8,400,000 MGO.
Market Commentary
BTC Market — This week, BTC rose by 2.77%, leading the rebound trend amid the easing of armed conflicts in the Middle East. BTC has currently broken through the $107,000 resistance level, with the K-line overall showing a bullish arrangement, and it is expected to attack the $110,000 position again in the short term. From multiple perspectives, including funding and technical analysis, BTC's strong trend is expected to continue.
ETH Market — This week, ETH fell by 1.37%, underperforming BTC and some altcoins. From a technical perspective, the upper edge of the $2,500 range remains a strong resistance level that requires sufficient volume to break through. The lower edge of the range is at the $2,100 position, and it is expected that ETH will continue to experience a volatile trend in the near future.
Altcoins — This week, altcoins exhibited a trend of lower lows followed by higher highs, with some altcoins experiencing gains as the situation of armed conflicts in the Middle East gradually eased. Among the Top 100 cryptocurrencies, SEI led the altcoins with a 50.70% increase over the past 7 days, while AB became the altcoin with the largest decline this week, dropping over 33%. The median of the Top 100 cryptocurrencies fell by 0.90%.
ETF and Contract Market — In terms of ETF funding, BTC and ETH spot ETFs have recorded net inflows for several consecutive days, showing sustained demand and support from institutional funds. In the contract market, in the past 24 hours, BTC and ETH contracts experienced liquidations of $76.2 million and $77.05 million respectively.
Macroeconomic Data — The U.S. June Markit Manufacturing PMI preliminary value is 52, unchanged from May and above the expected 51, marking the highest level since February. This index above 50 indicates an expansion in manufacturing activity.
Stablecoins — The total market value of stablecoins rose to $256.5 billion, with further inflows of off-exchange incremental funds.
Gas Fee — Due to a significant rebound in the cryptocurrency market this week, Ethereum on-chain transaction activity also saw a certain degree of growth. As of June 26, the average Gas fee for the day was 1.211 Gwei.
This week, the cryptocurrency industry overall exhibited a rebound trend, with market sentiment being relatively optimistic. Altcoins continued to show a differentiated pattern, with mainstream sectors experiencing mixed gains and losses. According to Coingecko data, the Bitcoin Fork, Zero Knowledge (ZK), and Oracle sectors all showed upward trends this week, rising by 5.3%, 5.2%, and 4.7% respectively.
Bitcoin Fork
Bitcoin Fork refers to the phenomenon where the Bitcoin blockchain protocol diverges, resulting in the blockchain splitting into two or more independent chains, typically categorized into soft forks and hard forks. A soft fork is a backward-compatible protocol upgrade, where old nodes can still accept data generated by new rules, while a hard fork is an incompatible major change that requires all nodes to upgrade to the new rules; otherwise, a new blockchain and token will be created, such as the Bitcoin Cash (BCH) fork in 2017. Forks usually arise from community disagreements over technical upgrades, block size, or governance concepts, aiming to optimize network performance or introduce new features. — Over the past 7 days, this sector rose by 5.3%, with BCH and BSV rising by 5.8% and 2.9% respectively.
ZK
The ZK (Zero Knowledge) sector refers to crypto assets that utilize zero-knowledge proof technology, focusing on privacy protection, scalability, and efficient data verification, typically represented by ZK-rollups and privacy public chains, combining technological innovation with application potential. With the growing demand for privacy and performance in blockchain, ZK projects have rapidly emerged and gained significant market attention. On one hand, they attract developers and institutional investments with high technical barriers and Layer 2 optimizations; on the other hand, they have also become a speculative focus in the rotation of funds due to the hype around technological narratives. — Over the past 7 days, this sector rose by 5.2%, with MOVE and ZKML rising by 39.1% and 16.7% respectively.
Oracle
Oracles are a key mechanism in the blockchain ecosystem that connects smart contracts with the external world, used to securely and reliably bring real-world data into the blockchain to support the execution of smart contracts. Since blockchains cannot directly access off-chain data, oracles serve as intermediary bridges, playing a core role in decentralized finance (DeFi), supply chain management, and insurance, for example, by providing real-time asset prices or verifying transaction conditions. However, the reliability and security of oracle data remain technical challenges, with decentralized solutions like Chainlink enhancing credibility through multi-source data aggregation and cryptographic techniques. — Over the past 7 days, this sector rose by 4.7%, with BIRD and SEDA rising by 28.9% and 13.3% respectively.
SEC Commissioner: Bitcoin ETF Physical Redemption Mechanism May Be Implemented, Related Applications Under Review
U.S. Securities and Exchange Commission (SEC) Republican Commissioner Hester Peirce stated in a recent panel discussion that the physical subscription and redemption mechanism for cryptocurrency ETFs "will definitely appear at some point," and related forms are currently under review. Several companies, including BlackRock, have previously submitted applications to the SEC, hoping to shift Bitcoin ETFs from a cash subscription/redemption model to support physical operations. In January of this year, Nasdaq submitted a 19b-4 form on behalf of BlackRock to promote this change, followed by several companies subsequently following suit. Peirce pointed out that many enterprises have expressed strong interest in the physical mechanism.
The introduction of a physical mechanism will make Bitcoin ETFs more aligned with the operational logic of traditional financial products, further weakening the label of cryptocurrency as an "alternative asset." As institutional investors can participate in the Bitcoin market more directly and efficiently, the legitimacy and credibility of cryptocurrencies will significantly increase within mainstream financial circles. More institutional participation and regulatory attention will force market participants to enhance transparency and compliance, which will not only help improve the industry's reputation but also lay the foundation for cryptocurrencies to gain greater influence in the global financial system.
Bit Digital Announces Transition to Focus on Ethereum Staking and Treasury Business, Gradually Selling BTC for ETH
Mining and staking company Bit Digital announced a strategic transition to create a company "focused on Ethereum staking and treasury business." As part of this transition, Bit Digital stated it will gradually shut down its Bitcoin mining operations and redeploy net proceeds into Ethereum assets. As of the end of March this year, Bit Digital held 24,434.2 ETH and 417.6 BTC, with market values of approximately $44.6 million and $34.5 million respectively. The company plans to gradually convert its Bitcoin assets into Ethereum.
Bit Digital's strategic transition from Bitcoin mining to Ethereum staking and treasury business reflects its optimism about the long-term growth potential of the Ethereum ecosystem and its preference for the stable returns of the staking model. This decision may stem from the low energy consumption and high efficiency advantages brought by the PoS mechanism after the Ethereum merge, making it more sustainable compared to the high costs and environmental pressures of Bitcoin mining. Additionally, Ethereum's DeFi and smart contract ecosystem provide more value-added opportunities for staking assets. In the future, by gradually converting Bitcoin assets into Ethereum and focusing on staking and treasury management, Bit Digital is expected to capture more returns in the expansion and prosperity of the Ethereum network while reducing operational risks, becoming an important participant in the Ethereum economy.
Lumia and Avail Collaborate to Develop Cross-Chain Solutions Focused on Tokenized Assets
Lumia, a blockchain platform focused on the tokenization of real-world assets (RWA), is strategically integrating with Avail Stack to launch a new cross-chain model. This collaboration focuses on optimizing the creation, verification, and transfer processes of tokenized assets across different blockchain networks. Lumia will integrate Avail's modular infrastructure aimed at solving blockchain fragmentation issues, utilizing its core tools such as scalable data availability, secure asset messaging, and cross-chain communication protocols to achieve seamless cross-chain flow of tokenized assets while ensuring security and data integrity. Additionally, a key part of this upgrade, the Avail Nexus messaging layer, can ensure secure asset transfer and data verification without relying on centralized systems.
The strategic integration of Lumia and Avail Stack will significantly enhance its influence in the field of tokenization of real-world assets (RWA) by optimizing the cross-chain model. By integrating Avail's modular infrastructure and Nexus messaging layer, Lumia can achieve seamless and secure flow of tokenized assets across multiple chains, reducing operational complexity and enhancing user experience. This will attract more users and institutions to participate, expanding its ecosystem and enhancing market competitiveness. At the same time, the enhancement of security and decentralization features will help meet regulatory requirements, promoting Lumia's technological innovation and long-term development in the RWA tokenization field.
The number of weekly active users of Ethereum stablecoins surpassed 750,000, setting a new historical high
The number of weekly unique users utilizing stablecoins (such as USDT, USDC, BUSD, DAI, etc.) on the Ethereum network has surpassed 750,000 for the first time, setting a new historical high. Currently, USDT and USDC still dominate the stablecoin landscape on Ethereum, with on-chain supplies of $73 billion and $41 billion respectively, accounting for the majority of the $134 billion stablecoin market on Ethereum. Meanwhile, the total supply of other stablecoins has also reached approximately $20 billion.
This milestone not only reflects the continuous increase in institutional participation but also marks the entry of "stablecoin season" into a phase centered on practicality— the use of stablecoins is gradually shifting from speculation-driven to more sustainable real demands such as payments and settlements. The surge in Ethereum stablecoin users indicates that the crypto market is maturing, with stablecoins deeply integrated into daily on-chain activities. This trend is also prompting issuers to engage in fierce competition in terms of cost control, revenue design, and user experience. Meanwhile, the entry of traditional financial institutions suggests that the application of stablecoins will further accelerate, helping to bridge the gap between crypto and traditional finance and driving a deep transformation of global digital commerce.
The on-chain interactions of the Bitcoin ecosystem Web3 social platform MetaSo have surpassed 100 million, with a new "secondary distribution" incentive mechanism added.
The decentralized social protocol MetaSo in the Bitcoin ecosystem has recently surpassed a total of 100 million on-chain transactions, reaching 106,438,248 to date. According to data from the MetaBlock browser, MetaSo maintains an average daily transaction volume of about 5 million, reflecting high user activity and frequent interactions on its platform, indicating steady ecosystem expansion.
The surpassing of 100 million on-chain transactions by MetaSo marks the accelerated implementation of Bitcoin ecosystem Web3 applications and demonstrates the strong growth potential of decentralized social products driven by real user demand. MetaSo employs a decentralized node deployment architecture, allowing node operators to complete setup in just 20 minutes and flexibly set economic models according to their needs to participate in the incentive distribution of the platform token METASO. Recently, the platform launched the "secondary distribution" feature, allowing nodes to return a portion of the METASO earnings to community users based on a custom ratio, thereby enhancing user participation. Ordinary users can earn token rewards through simple daily activities such as posting and interacting, significantly lowering the participation threshold while enhancing network effects and community stickiness, helping to push on-chain interactions beyond the 100 million mark.
BitGo's custody of crypto assets has surpassed $100 billion.
Driven by the increasingly clear global regulatory environment and the continuous rise in cryptocurrency adoption, BitGo's assets under custody surged from $60 billion to $100 billion in the first half of 2025, setting a new record. According to Abel Seow, Managing Director of BitGo Asia Pacific, this growth is primarily due to the increasing demand from traditional financial institutions and large investors for crypto asset custody and staking services.
Currently, half of the assets managed by BitGo are linked to staking, where users assist in the operation of blockchain networks by staking tokens and earn additional returns. Meanwhile, BitGo is also accelerating its global expansion, planning to launch an IPO as early as the second half of 2025, and has established a joint venture in South Korea, with plans to set up operations in Dubai to expedite its international expansion.
The rapid growth of BitGo's assets under custody reflects the accelerating trust of institutions in crypto asset management and participation in on-chain yield activities (such as staking). As the global regulatory framework gradually clarifies, crypto custody services are evolving from "security assurance" to "yield collaboration platforms." BitGo's current layout for IPO and overseas markets aims not only to consolidate its infrastructure position but also to seize the new high ground of institutional funds flowing into Web3. Its growth trajectory also suggests that compliance, yield, and globalization will become the core keywords of the next stage of crypto financial infrastructure.
Related: "Fiat is Declining"—the dollar hits a three-year low, Bitcoin (BTC) breaks through $107,000 again.
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