On June 27, Bitcoin (BTC) continued its volatile consolidation trend, with the risk of a pullback gradually increasing. Ethereum (ETH) showed a bearish technical structure, and market sentiment was converging. In terms of popular tokens, CHEEMS rose by 7.07% due to the hype around meme coins, LQTY increased by nearly 4% due to the V2 launch and expectations of a BOLD fork, while MOVE rose by 1.76% due to the foundation's repurchase of 10 million tokens and expectations of collaboration with Google Cloud. On the macro level, the U.S. Senate accelerated the advancement of the crypto market structure bill, which is expected to be completed by the end of September; Hong Kong released the "Digital Asset Policy Declaration 2.0," establishing the LEAP strategic direction and strengthening regulatory and tokenization ecological layout; Nasdaq announced the integration of the Canton Network blockchain into the Calypso system, enhancing cross-asset liquidity and transparency, and accelerating the integration of TradFi and DeFi.
BTC (-0.37% | Current Price 107,460 USDT): BTC fluctuated between 106,000 and 107,000 USDT, with short-term and medium-term moving averages gradually converging, indicating a lack of direction in the short term. Trading volume has significantly decreased since the spike on the 25th, and the current price has slightly fallen below MA 5, showing weak short-term momentum. The MACD histogram has turned negative, with the fast line crossing below the slow line, currently lacking clear signals for a volume-driven upward attack. If the bulls cannot regain control, there is a risk of further downward adjustment, and market momentum and sentiment changes need to be closely monitored. On June 26, BTC ETF saw a net inflow of $226 million, with BlackRock's IBIT seeing an inflow of $163 million and Fidelity's FBTC seeing an inflow of $32.9 million, indicating that institutional funds continue to increase their Bitcoin allocations.
ETH (-1.61% | Current Price 2,444 USDT): Although ETH has shown relative resilience around 2,400 USDT, the technical outlook is also bearish. The MACD death cross signal continues, with the price operating below the short-term moving averages, indicating weak short-term momentum. If the bulls cannot quickly stabilize and stop the decline, further pullback pressure may arise. Current trading volume has not seen significant expansion, and market sentiment is becoming cautious, suggesting patience is needed to wait for directional confirmation. On June 26, ETH ETF experienced a net outflow of $26.4 million, with Grayscale's ETHE seeing an outflow of $27.4 million, while BlackRock's ETHA recorded an inflow of $5.9 million, reflecting a conservative approach to Ethereum's capital allocation in the short term.
Altcoins: The altcoin market has entered a technical correction phase, with risk sentiment cooling down. The altcoin sector generally shifted from rising to falling, with SOL down 4.32% and XRP down 4.76% in the past 24 hours, reflecting weakened short-term bullish momentum. The Fear and Greed Index reported 65 today, still in the greed range but lower than the previous day, indicating a contraction in market sentiment and a gradual shift towards conservative risk appetite, suggesting potential short-term consolidation pressure.
Macro: On June 26, the S&P 500 index rose 0.80%, closing at 6,141.02 points; the Dow Jones index rose 0.94%, closing at 43,386.84 points; the Nasdaq index rose 0.97%, closing at 20,167.91 points. As of June 27, 10:30 AM (UTC+8), the spot price of gold was reported at $3,319 per ounce, with a 24-hour decline of 0.25%.
CHEEMS Cheems (+7.07%, Market Cap $287 million)
According to Gate's market data, the current price of CHEEMS token is $0.0000014131, up 7.07% in the past 24 hours. Cheems (CHEEMS) is a cryptocurrency centered around meme culture, inspired by the widely circulated Shiba Inu meme character "Cheems," and belongs to the meme coin camp alongside Doge. The project emphasizes community-driven and light-hearted communication styles, aiming to establish liquidity and market cap support through community consensus and online topicality.
Recently, Cheems' official account retweeted a Twitter Space event themed around meme coins, discussing "the next main battlefield of the meme ecosystem," involving popular public chains like AVAX. Although the overall scale of the event was small, in the current environment of low trading activity in the meme coin sector, any topical interaction or slight "exposure" could become a catalyst for short-term speculative trading. Additionally, CHEEMS has a relatively small market cap, making its price movements more susceptible to community sentiment. Therefore, while the impact of this event may be limited, it could elevate market attention and buying interest to some extent. It should be noted that such price increases are primarily based on short-term speculation, and if there are no substantial positive developments, the risk of a pullback remains.
LQTY Liquity (+3.91%, Market Cap $150 million)
According to Gate's market data, the current price of LQTY token is $1.5342, up approximately 4.05% in the past 24 hours. Liquity is a decentralized lending protocol that allows users to use Ether as collateral to withdraw loans at 0% interest. LQTY is the secondary token issued by the Liquity protocol. It can earn revenue from system-generated fees and incentivize early adopters and front-end operators. LQTY rewards will only accumulate for stability providers—users who deposit LUSD into the stability pool, front-end operators who promote these deposits, and liquidity providers in the LUSD:ETH Uniswap pool.
According to content released by the official team and KOLs, after the launch of Liquity V2, its core component BOLD token has been friendly forked by multiple projects (such as Beraborrow, Félix, etc.), forming an "ecosystem of 15+ forks." These platforms collectively build a stablecoin alliance similar to LUSD, allowing users to participate in multiple networks' reward mechanisms with BOLD and potentially receive future airdrop profits. The market believes that this ecological expansion not only enhances the use cases of BOLD but also brings potential growth expectations for protocol fees to LQTY, serving as a catalyst for short-term price increases.
MOVE Movement Network (+1.76%, Market Cap $484 million)
According to Gate's market data, the current price of MOVE token is $0.1864, up approximately 1.76% in the past 24 hours. Movement Network is a blockchain ecosystem based on the modular Move, enabling developers to build secure, high-performance, and interoperable blockchain applications, bridging the gap between the Move and EVM ecosystems.
The recent rise in MOVE is primarily due to the Movement Network Foundation's announcement on June 21 to repurchase 10 million MOVE tokens, directly reducing market circulation and driving up the price. Additionally, the official team will hold an event in collaboration with Google Cloud during the ETHCC conference on June 30, previewing the release of "significant news," which has heightened market expectations and provided short-term momentum support for MOVE. If further collaboration details are clarified and positive news continues to be released, MOVE is expected to maintain a strong consolidation pattern.
U.S. Senate Advances Crypto Market Bill, Expected to be Implemented by End of September
The U.S. crypto regulatory process has reached a critical development. Tim Scott, Chairman of the U.S. Senate Banking Committee, stated that legislation regarding the structure of the cryptocurrency market is expected to be completed by September 30 this year. This bill is seen as an important foundation for establishing core market mechanisms for trading, custody, and issuance of crypto assets, which has long been a focus of attention for the industry and regulatory agencies. He also noted that he would work closely with the House Financial Services Committee to accelerate the integration of the two chambers' versions, aiming to complete the legislative process in the short term.
Given the ongoing differences between the SEC and CFTC regarding regulatory boundaries, once this bill is implemented, it is expected to provide clearer compliance guidance and more stable market expectations for the U.S. crypto industry. From a market perspective, the implementation of the legislation will not only raise the compliance threshold for the industry but may also accelerate the concentration of funds towards leading platforms and licensed institutions. Meanwhile, a clear regulatory framework is expected to attract more traditional financial institutions to enter the market, promoting the development of compliant products such as ETFs, custody, and payments. The industry generally believes that the pace of this bill's advancement will become a key barometer for the performance of the U.S. stock market's crypto sector and market sentiment in the fourth quarter.
Hong Kong Releases Digital Asset Policy Declaration 2.0, Establishing LEAP Strategic Layout
On June 26, Hong Kong released the "Digital Asset Development Policy Declaration 2.0," centered around the "LEAP" strategy, systematically advancing four major directions: legal regulation, product tokenization, scenario applications, and talent cooperation, marking Hong Kong's formal entry into a new stage of institutional development for digital assets. The policy clearly establishes a unified regulatory system and licensing mechanism, with stablecoin regulation set to begin in August, bringing clear expectations to the market and attracting more compliant institutions and international capital to establish a presence in Hong Kong, further consolidating its position as a global digital asset hub.
The policy also promotes the tokenization of real assets such as government bonds, gold, and ETFs, accelerating the on-chain process of traditional finance and unleashing innovative potential in areas like DeFi and RWA. The government supports forward-looking Web3 projects through funding mechanisms and pilot programs in the Cyberport. Meanwhile, several local brokerages, such as Victory Securities and Adept Securities, have completed license upgrades, adopting a "distribution-type" model to establish comprehensive accounts on licensed exchanges, providing compliant trading services for mainstream cryptocurrencies, strengthening KYC and suitability management, and gradually forming a market ecosystem with a "brokerage + exchange" dual structure.
Overall, the "Policy Declaration 2.0" not only sends a strong signal for Hong Kong's development of the digital asset market but also accelerates the digital transformation of local traditional financial institutions, building a regulated, efficient, and internationally competitive market ecosystem, which is expected to drive capital inflow and project aggregation, and create institutional advantages and market attractiveness compared to places like Singapore, Japan, and South Korea in the medium to long term.
Nasdaq Integrates Canton Network, Promoting Automation of On-Chain Collateral Management
Nasdaq announced that it has successfully integrated Canton Network blockchain technology into its Calypso system to achieve end-to-end automation of margin and collateral management processes. This integration is a use case developed in collaboration with QCP, Primrose Capital Management, and Digital Asset, demonstrating the feasibility of embedding on-chain smart contract capabilities into existing institutional operating systems. Through this integration, Nasdaq aims to enhance collateral efficiency and transparency across asset classes, strengthening institutional users' ability to allocate liquidity between digital and traditional financial assets.
Calypso itself is Nasdaq's core platform for supporting real-time risk control, margin allocation, and collateral management for global financial institutions, covering crypto derivatives, fixed income products, exchange-traded derivatives, and over-the-counter trading tools. With the integration of on-chain technology, Calypso will further expand its automation capabilities, supporting 24/7 uninterrupted operations, reducing manual intervention and compliance friction.
From a market impact perspective, this move not only validates the integration potential of blockchain in core institutional trading infrastructure but also lays the foundation for future "on-chain clearing" and "smart collateral scheduling," enhancing financial market efficiency while potentially accelerating the integration of traditional finance and DeFi infrastructure.
Related: Bakkt Holdings Files for $1 Billion Registration, Potentially Boosting Bitcoin (BTC) Purchase Plans
Original: “U.S. Senate Advances Crypto Legislation | Hong Kong Releases Digital Assets 2.0 Policy”
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