Crypto Market Overview

• BTC（-0.37% 丨 Current Price 107,460 USDT）：BTC is fluctuating within the 106,000 to 107,000 USDT range, with short-term and medium-term moving averages converging, indicating a lack of clear short-term direction. Trading volume has declined significantly since the spike on the 25th, and the current price has slightly dipped below the 5-day moving average, signaling weak short-term momentum. The MACD histogram has turned negative, with the signal line crossing below the MACD line, showing no clear signs of a strong upward breakout. If bulls fail to regain control, there may be a risk of further downside. Close attention should be paid to changes in market momentum and sentiment. On June 26, BTC ETFs saw a net inflow of $226 million, with BlackRock’s IBIT contributing $163 million and Fidelity’s FBTC adding $32.9 million, indicating continued institutional accumulation of Bitcoin.
• ETH（-1.61% 丨 Current Price 2,444 USDT）：Although ETH has shown relative resilience around the 2,400 USDT level, its technical outlook remains bearish. The MACD death cross signal persists, with the price trading below short-term moving averages, indicating weak short-term momentum. If buyers fail to stabilize the price soon, ETH could face further downward pressure. With no significant increase in trading volume and market sentiment turning cautious, it is advisable to wait for a clearer directional signal before taking action. On June 26, ETH ETFs recorded a net outflow of $26.4 million, with Grayscale’s ETHE seeing a $27.4 million outflow, while BlackRock’s ETHA registered a $5.9 million inflow, reflecting that market sentiment toward Ethereum allocations remains cautious in the short term.
• Altcoin：The altcoin market has entered a technical correction phase, with risk sentiment cooling accordingly. Most altcoins have shifted from gains to losses over the past 24 hours—SOL dropped by 4.32%, and XRP fell by 4.76%—indicating weakened short-term bullish momentum. The Fear & Greed Index currently stands at 65, still within the “Greed” zone but lower than the previous day, reflecting a moderation in market sentiment and a shift toward more conservative risk appetite. This suggests potential continued consolidation in the near term.
• Macro：On June 26, the S&P 500 rose by 0.80% to 6,141.02, the Dow Jones increased by 0.94% to 43,386.84, and the Nasdaq gained 0.97% to 20,167.91. As of 02:30 AM (UTC) on June 27, the spot price of gold is $3,319 per ounce, marking a 24-hour decline of 0.25%.

Trending Tokens

CHEEMS Cheems（+7.07%, Circulating Market Cap 287 million)

According to Gate market data, the CHEEMS token is currently trading at $0.0000014131, marking a 7.07% increase over the past 24 hours. Cheems (CHEEMS) is a meme-based cryptocurrency inspired by the popular Shiba Inu meme character “Cheems,” and is part of the same meme coin category as Doge. The project emphasizes a community-driven, humorous communication style, aiming to build liquidity and market cap through social consensus and viral engagement.

Recently, the official Cheems account retweeted a meme coin-themed Twitter Space that discussed the “next battleground for meme ecosystems,” with mentions of AVAX and other popular chains. Although the event was relatively small, in today’s low-activity meme coin environment, even modest exposure or trending discussions can spark short-term speculation. Given CHEEMS’s relatively small market cap, its price is more easily influenced by community sentiment. While the impact of this event may be limited, it appears to have increased market attention and buying activity. However, this type of price movement is often driven by short-term speculation, and without follow-up catalysts, correction risk remains high.

LQTY Liquity（+3.91%, Circulating Market Cap 150 million)

According to Gate market data, the LQTY token is trading at $1.5342, up approximately 4.05% in the past 24 hours. Liquity is a decentralized lending protocol allowing users to borrow with ETH as collateral and zero interest. LQTY is the secondary token of the Liquity protocol, granting holders a share of protocol fees and incentivizing early adopters and front-end operators. Rewards are distributed exclusively to stability providers — users who deposit LUSD into the Stability Pool, the front ends that facilitate these deposits, and liquidity providers in the LUSD:ETH Uniswap pool.

Following the launch of Liquity V2, its core component, the BOLD token, has been forked by over 15 other projects such as Beraborrow and Félix. These forks are forming a “LUSD-like stablecoin alliance,” where users can use BOLD to access reward mechanisms across multiple networks and potentially qualify for future airdrops. The market views this ecosystem expansion as a catalyst, increasing utility for BOLD and driving up expectations for Liquity protocol fee growth — thereby contributing to LQTY’s recent price appreciation.

MOVE Movement Network（+1.76%, Circulating Market Cap 484 million)

According to Gate market data, MOVE is currently priced at $0.1864, up approximately 1.76% over the past 24 hours. Movement Network is a modular blockchain ecosystem built on the Move language, designed to help developers build secure, high-performance, and interoperable blockchain applications that bridge the Move and EVM ecosystems.

The recent price increase is largely attributed to Movement Foundation’s announcement on June 21 that it repurchased 10 million MOVE tokens, reducing circulating supply and supporting price momentum. In addition, Movement will co-host an event with Google Cloud during ETHCC on June 30, where “major announcements” are expected. These developments have fueled speculative interest and boosted short-term market sentiment. If the partnership details prove substantial or more bullish news follows, MOVE could maintain its current strong trend.

Alpha Insights

U.S. Senate Advances Crypto Market Bill, Expected to Pass by End of September

The U.S. crypto regulatory landscape has reached a key milestone. Senator Tim Scott, Chairman of the Senate Banking Committee, stated that legislation focused on the structure of the crypto market is expected to be finalized by September 30, 2025. The bill is regarded as a foundational framework for establishing rules around crypto trading, custody, and issuance—areas that have long drawn attention from both industry stakeholders and regulators. Scott also noted that close collaboration with the House Financial Services Committee is underway to expedite the reconciliation of the two chambers’ versions and complete the legislative process swiftly.

Given ongoing jurisdictional disputes between the SEC and CFTC, the passage of this bill could bring clearer compliance guidelines and greater market stability for the U.S. crypto industry. On the market level, the implementation of this legislation may raise the bar for regulatory standards and drive capital toward licensed platforms and leading institutions. Additionally, a well-defined regulatory framework is expected to attract more traditional financial players, facilitating the growth of compliant products such as ETFs, custody solutions, and payment services. Industry experts believe that the bill’s progress will serve as a key sentiment driver for the crypto sector in U.S. equities during Q4.

Hong Kong Releases Digital Asset Development Policy 2.0, Establishes LEAP Strategic Framework

On June 26, Hong Kong officially released its “Digital Asset Development Policy Declaration 2.0,” centered around the LEAP strategy—focusing on Legal framework, Empowerment, Application scenarios, and People (talent development). The declaration marks a new phase of institutionalized digital asset development in the region. It outlines plans to establish a unified licensing and regulatory regime, with stablecoin regulations set to launch in August. This is expected to provide regulatory clarity, attract more compliant institutions and international capital, and solidify Hong Kong’s position as a global digital asset hub.

The policy also promotes the tokenization of real-world assets such as government bonds, gold, and ETFs, accelerating the integration of traditional finance into blockchain infrastructure and unlocking potential in DeFi and RWA innovation. Furthermore, the government will support forward-looking Web3 projects through grant schemes and Cyberport pilots. Several local brokers, such as Victory Securities and Edward Securities, have already upgraded their licenses and adopted a “distribution-based” model, offering regulated trading access to mainstream tokens through omnibus accounts at licensed exchanges. This has led to the formation of a dual-layer market structure composed of licensed exchanges and distributing brokers.

Nasdaq Integrates Canton Network to Automate On-Chain Collateral Management

Nasdaq has successfully integrated Canton Network’s blockchain technology into its Calypso system to automate end-to-end workflows for margin and collateral management. This use case, developed in collaboration with QCP, Primrose Capital Management, and Digital Asset, demonstrates the feasibility of embedding smart contract capabilities into legacy institutional systems. The integration aims to improve cross-asset collateral efficiency and transparency while enhancing liquidity management between digital and traditional financial assets for institutional clients.

Calypso serves as Nasdaq’s core platform for global financial institutions to manage real-time risk, margin allocation, and collateral workflows. It supports a wide range of instruments including crypto derivatives, fixed-income securities, exchange-traded derivatives, and OTC products. With the addition of blockchain capabilities, Calypso now enables 24/7 automated operations, reducing manual intervention and compliance friction.

From a market perspective, this move validates the potential for blockchain integration within institutional trading infrastructure. It also lays the groundwork for future innovations such as on-chain settlement and intelligent collateral orchestration. As a result, the initiative is expected to boost market efficiency and accelerate the convergence of traditional finance and decentralized finance (DeFi) systems.

Gate Launchpool

• Project: Moonveil
• Token: MORE
• Subscription Deadline: Until 12:00 (UTC), July 6, 2025
• Participation: Stake MORE, GT, or USDT to receive free airdrops
• Total Airdrop Allocation: 3,000,000 MORE

Project Introduction

Moonveil is a full-stack Web3 ecosystem that integrates gaming products, publishing platforms, and Layer 2 infrastructure. It features a self-built identity system, supports multi-chain compatibility, and aims to drive the coordinated development of mid-to-hardcore games and blockchain infrastructure.

In terms of fundraising, Moonveil has completed three rounds, raising a total of USD 9 million. Lead investors include Gumi Cryptos Capital, Spartan Group, Animoca Ventures, Longhash, IOSG Ventures, and HashKey.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Nasdaq, https://www.nasdaq.com/press-release/nasdaq-and-qcp-set-new-standard-capital-efficiency-connecting-canton-network-nasdaq-0
• CoinDesk, https://www.coindesk.com/policy/2025/06/26/key-us-senator-tells-white-house-crypto-market-structure-bill-will-be-done-by-sept-30
• GovHK, https://www.info.gov.hk/gia/general/202506/26/P2025062500847.htm
• Gate, https://www.gate.com/launchpool/MORE?pid=328

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.