Crypto Market Overview

• BTC (0.44% | Current price: 109,531 USDT): BTC price climbed steadily from around 105,000 USDT, forming a new consolidation range between 109,000–110,000 USDT. After briefly breaking above 110,000 USDT, it saw a slight pullback and is now trading sideways around 109,531.9 USDT, suggesting active tug-of-war between bulls and bears at this high level. In the short term, BTC may continue to fluctuate within this range, with a possible minor correction. On July 3, BTC ETFs recorded a single-day net inflow of $601 million, with BlackRock’s IBIT bringing in $224 million and Fidelity’s FBTC adding $237 million — reflecting continued institutional accumulation and higher portfolio weighting toward Bitcoin.
• ETH (0.33% | Current price: 2,590 USDT): ETH rebounded sharply from around 2,400 USDT and broke out significantly on July 3, briefly testing the 2,600 USDT level. After the surge, ETH entered high-level consolidation between 2,560–2,600 USDT, where bulls and bears are competing fiercely, though the overall trend remains upward. Currently, ETH is still consolidating at these highs, showing that bulls are trying to maintain strength. On July 3, ETH ETFs saw a single-day net inflow of $148 million, with BlackRock’s ETHA drawing in $85.4 million and Fidelity’s FETH bringing in $64.6 million.
• Altcoins: Most major altcoins posted modest gains, and market sentiment is mostly “neutral” to “buy.” Today’s Fear & Greed Index stands at 73, still in the greed zone, signaling relatively positive sentiment — though caution is needed as overheating risk builds.
• Macro: On July 3, the S&P 500 rose 0.83% to 6,279.35; the Dow Jones increased by 0.77% to 44,828.53; and the Nasdaq gained 1.02% to 20,601.10. As of July 4 at 2:30 AM (UTC), spot gold is trading at $3,331 per ounce, down 0.18% over the past 24 hours.

Trending Tokens

PENGU Pudgy Penguins (+3.69%, circulating market cap: $1.019 billion)

According to Gate data, the PENGU token is currently priced at $0.016215, up 3.69% over the past 24 hours. PENGU is the official token of Pudgy Penguins, which boasts one of the most influential communities in the industry. From major brands adopting penguin imagery to widespread exposure through ETF advertisements, Pudgy has become a cultural phenomenon. As the dedicated token of the Pudgy Penguins community, PENGU enables a growing fan base to engage in community governance, share creative content, and enjoy exclusive perks. PENGU embodies community, creativity, and a positive spirit.

The recent strong rally in PENGU has been mainly driven by market expectations around potential exchange-traded fund (ETF) developments. Since early July, the price has shown a gradual upward trend within a broader consolidation, particularly during July 2–3 when it repeatedly surged past key resistance levels at $0.0155 and $0.0160. These breakouts were accompanied by rising trading volume, confirming active bullish capital inflows and strengthening market confidence.

SUI Sui (+4.07%, circulating market cap: $10.396 billion)

According to Gate data, the SUI token is now trading at $3.0152, up about 4.07% in the past 24 hours. Sui is a high-performance, scalable Layer 1 blockchain built on the Move programming language, designed to tackle high transaction fees, network congestion, and scalability challenges, providing a robust infrastructure for dApps and Web3 technologies. The native token SUI is used to pay transaction fees, launch smart contracts, and participate in governance.

SUI’s recent price surge has been fueled by two main factors: first, its developer community grew by 16.1% over the past year — second only to Solana — highlighting strong ecosystem momentum; second, the launch of a new collectible card game in collaboration with SEGA and the legendary Gatchaman series, which boosted market interest. Meanwhile, Scallop (SCA), a lending protocol within the Sui ecosystem, saw its token surge over 40% two days ago, further boosting sentiment. Technically, SUI has broken through the $2.80 and $2.90 resistance levels and held above the psychological $3.00 mark; if it can break above $3.10 with strong volume, the uptrend is likely to continue.

BONK Bonk (+2.74%, circulating market cap: $1.332 billion)

According to Gate data, the BONK token is currently priced at $0.000017068, up about 2.74% in the last 24 hours. BONK is a dog-themed meme token built on the Solana blockchain, designed to inject liquidity into the Solana ecosystem and promote community engagement and rewards through diverse use cases. Since launching in December 2022, it has become one of the most iconic community tokens on Solana.

On July 2, Tuttle Capital filed an amended effective registration statement with the SEC for a 2x Long BONK ETF, which could launch as early as July 16, marking BONK’s first leveraged ETF product. Driven by this news, BONK began a significant rally, quickly breaking multiple resistance levels from around $0.00001400 and accelerating above $0.00001700 on July 3. The rally featured multiple large bullish candles and sustained increases in trading volume, indicating strong buyer participation and robust upward momentum. This underscores how ETF expectations have boosted both sentiment and liquidity, becoming the core catalyst for the latest price surge.

Alpha Insights

U.S. Senate Advances “One Big Beautiful Bill Act” Bill with Key Procedural Vote

The U.S. Senate has narrowly passed a key procedural motion to advance the so-called “One Big Beautiful Bill Act” Bill , with 51 votes in favor and 49 against. This makes it more likely the bill will formally pass in the coming days, with the goal of reaching the president’s desk before July 4. Spanning over 1,000 pages, the bill mainly extends the corporate and individual tax cuts introduced under President Trump in 2017, adds new tax deductions for tips and auto loans, increases defense spending, and allocates more funds to combat illegal immigration. Next, the bill must still go through full reading, debates, amendments, and a final vote before becoming law.

If enacted, the bill could temporarily boost U.S. equities and risk assets by raising corporate earnings expectations and household disposable income through tax cuts. At the same time, the added defense and spending measures—which may widen the deficit—could fuel optimism around market liquidity. For the crypto market, this rise in risk appetite could trigger fresh inflows into Bitcoin, Ethereum, and some large-cap altcoins. However, in the longer term, if these measures stoke inflation or increase expectations of tighter Federal Reserve policy, potential volatility risks should still be monitored.

Ondo Finance and Pantera Capital Plan $250 Million Fund to Back RWA Projects

Ondo Finance is partnering with Pantera Capital to launch the “Catalyst” investment fund with a target size of $250 million, focused on equity and token investments in real-world asset (RWA) tokenization projects. As an active player in the RWA sector, Ondo currently manages nearly $1.4 billion in market cap through its tokenized U.S. Treasury products, OUSG and USDY. At the same time, Ondo is building its own dedicated Layer-1 blockchain network to enhance RWA liquidity and infrastructure capacity.

This partnership signals that capital markets’ interest in RWAs is evolving beyond product-level innovation to include foundational ecosystem building and long-term strategic investment. The Catalyst fund is set to provide direct funding for emerging RWA projects and help Ondo build a more complete tokenized asset ecosystem. Combined with Ondo’s existing market scale and technical strengths, this initiative could accelerate the process of bringing traditional financial assets on-chain and drive RWAs from pilot projects to broader market adoption. For the crypto sector, RWAs—serving as a bridge between on-chain and off-chain worlds—may catalyze more real capital inflows in the future, becoming a key driver of the industry’s next growth cycle.

Owlto Advances Cross-Chain Infrastructure with USD1 Stablecoin at the Core

The cross-chain protocol Owlto Finance is accelerating its strategy to build a multi-chain infrastructure centered around USD1—a stablecoin reportedly supported by the Trump family. This strategic upgrade focuses on three areas: enabling seamless USD1 transfers across multiple blockchains; allowing users to stake USD1 on any chain and withdraw across chains while earning fees and DeFi yield; and, once the “GENIUS Act” passes, positioning USD1 as the core settlement asset for cross-chain stablecoin swaps, broadening its use cases.

Owlto’s move highlights the broader trend of stablecoins evolving from single-chain deployments to cross-chain ecosystems. By enabling efficient movement and reuse of USD1 across chains—and adding staking yield alongside anticipated regulatory clarity—Owlto aims to establish USD1 as a universal “stable value anchor” in the cross-chain landscape. More broadly, this reflects the stablecoin sector’s push toward compliance and interoperability, helping boost capital efficiency and ecosystem integration, and laying the groundwork for multi-chain collaboration in the future.

Gate Launchpool

• Project: Impossible Cloud Network
• Token: ICNT
• Subscription deadline: Until July 13, 2025, 12:00 (UTC)
• How to participate: Stake BTC, ETH, or ICNT to claim free airdrop
• Total airdrop: 420,000 ICNT

Project Introduction

Impossible Cloud Network (ICN) is an innovative full-stack decentralized cloud platform launched by European cloud service provider Impossible Cloud. It integrates multiple services, including storage, computing, and networking. The platform aims to combine Web2-level performance with the permissionless composability of Web3, establishing a new infrastructure foundation in the DePIN (Decentralized Physical Infrastructure Network) space.


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
• tvbs, https://news.tvbs.com.tw/world/2920712
• Coindesk, https://www.coindesk.com/business/2025/07/03/ondo-pantera-capital-to-invest-250m-in-real-world-asset-projects
• X, https://x.com/Owlto_Finance/status/1940744025944084698
• Gate, https://www.gate.com/launchpool/ICNT?pid=332

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.