Crypto Market Overview

• BTC（-1.43% 丨 Current Price 105,700 USDT）：BTC is consolidating between the 105,000 to 106,000 USDT range, with no clear short-term direction. The MA5 and MA10 are trending downward, indicating weakening momentum. Price remains slightly below the MA5, maintaining a bearish bias. Since late June, trading volume has declined significantly, with no notable breakout. The MACD shows the fast line below the slow line, and the histogram remains negative despite some narrowing, suggesting limited rebound strength. If BTC fails to reclaim the MA10 level, it may retest the 105,000 support zone. As of July 2 at 05:00 (UTC), BTC ETFs recorded a net outflow of $342 million on July 1, with $172 million from Fidelity’s FBTC and $119 million from Grayscale’s GBTC.
• ETH (-3.10% | Current Price: 2,410 USDT): ETH is consolidating around the 2,400 USDT level with weak short-term momentum and continued pressure from moving averages. Price remains below the MA5 and MA10, with the MA30 also trending down—indicating ongoing bearish sentiment. Although ETH has seen a minor rebound, it has yet to break above the 2,410 resistance level. Volume remains subdued, and MACD lines are trending downward with the histogram still negative, signaling insufficient buying pressure. If ETH fails to reclaim the 2,420 level, there is a risk of pulling back to 2,370. As of July 2 at 05:00 (UTC), ETH ETFs saw a net inflow of $40.7 million on July 1, with BlackRock’s ETHA gaining $54.8 million while Fidelity’s FETH saw a $24.1 million outflow.
• Altcoins: The altcoin market has entered a technical correction phase, with risk appetite cooling off. Most altcoins have turned from gains to losses over the past 24 hours—SOL dropped 4.03%, and XRP fell 1.98%—reflecting weakening short-term bullish momentum. The Fear & Greed Index is at 63 today, still in the “Greed” zone but lower than the previous day, suggesting fading sentiment and a shift toward more cautious positioning. A further consolidation phase may follow.
• Macro: On July 1, the S&P 500 fell 0.80% to 6,198.01 points; the Dow Jones rose 0.91% to 44,494.94 points; and the Nasdaq gained 0.82% to 20,202.89 points. As of July 2 at 02:30 AM (UTC), spot gold is priced at $3,329 per ounce, down 0.27% over the past 24 hours.

Trending Tokens

CALCIFY Calcify Tech（+42.61%, Circulating Market Cap: $139M)

According to Gate, CALCIFY is currently trading at $0.76161, up 42.61% over the past 24 hours.

Calcify Tech is a decentralized compute marketplace that leverages smart contracts to provide fair, transparent, and on-demand access to GPU, CPU, and memory resources. Designed for AI developers, Web3 projects, and enterprise users, the platform eliminates intermediaries to offer scalable and cost-effective computing power.

The recent surge may be attributed to CALCIFY’s listings on multiple centralized exchanges, driving increased market attention and capital inflow. As liquidity improves and user reach expands, short-term sentiment remains bullish. However, long-term performance will depend on token unlock schedules and actual usage growth to reflect the platform’s value.

SUN SUN（+5.7%, Circulating Market Cap: $332M)

According to Gate, SUN is currently priced at $0.01723, up approximately 5.7% in the past 24 hours. SUN is a DeFi-focused token and platform within the TRON ecosystem. Initially built for governance and stablecoin swaps, it has expanded to support liquidity mining, staking, and stablecoin exchanges, positioning itself as the core DeFi infrastructure on TRON. As a project led by TRON’s founder, SUN plays a central role in the ecosystem.

The recent price uptick appears driven by TRON community engagement, especially the Twitter Space hosted by “SunPump” titled “How TRON’s Financial Flywheel Connects On-Chain and Off-Chain Capital,” which attracted over 160,000 listeners. Additionally, positive feedback around the TRON-native meme token tool SunGenX has boosted community activity and enthusiasm. SUN’s short-term momentum is benefiting from rising ecosystem engagement, though sustained growth will hinge on actual capital inflow and dApp adoption within TRON.

VENOM Venom（+4.12%, Circulating Market Cap: $402M)

According to Gate, VENOM is trading at $0.19283, marking a 4.12% gain over the last 24 hours. Venom is a Layer-1 blockchain focused on financial infrastructure, developed by the Venom Foundation. Targeted at emerging markets, governments, and institutions, the platform is designed for scalability, compliance, and high throughput. It features both permissioned and open architectures and supports multi-chain compatibility and institutional-grade deployments.

The recent price rise may be linked to increased ecosystem exposure and community engagement. On July 1, Venom Foundation’s CEO participated in a Gate-hosted AMA, boosting brand visibility and investor interest. Additionally, Venom’s announced partnership with Vietnam’s Techsmart Telecom to develop digital financial infrastructure has strengthened expectations around regional expansion. Overall, clear positioning and proactive geographic outreach appear to be the main drivers of this rally, though continued progress and execution will be key to sustaining momentum.

Alpha Insights

Gate Surpasses 30 Million Global Users, Advancing Brand Revamp and Compliance Strategy

Global crypto asset trading platform Gate has officially announced that its registered users have exceeded 30 million, marking a significant milestone in its global expansion and diversified product strategy. As a leading platform with over a decade of industry experience, Gate has weathered multiple crypto market cycles and continues to evolve through consistent product innovation and technical development. It has built a comprehensive product ecosystem covering Launchpad, Gate Alpha, Launchpool, HODLer Airdrop, CandyDrop, and more—enhancing capital activity and user engagement.

On the branding front, Gate has launched its new global domain, Gate.com, along with a redesigned brand logo—signaling its strategic shift toward internationalization, regulatory alignment, and premium positioning. The rebranding aims to strengthen brand recognition and user trust in a highly competitive market, attracting more institutional and long-term users.

In terms of compliance, Gate continues to proactively engage with regulators worldwide. In 2025, its entity Gate Technology FZE officially obtained a VASP (Virtual Asset Service Provider) license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to legally offer services such as trading and custody in the region. This move not only reinforces Gate’s regulatory presence in the Middle East but also lays a solid foundation for expanding its global reach among high-net-worth and institutional clients.

U.S. SEC Fast-Tracks Approval of Grayscale Fund’s ETF Conversion, Marking a Milestone in Crypto Compliance

The U.S. Securities and Exchange Commission (SEC) has recently fast-tracked approval of a rule change proposal submitted by the New York Stock Exchange Arca, allowing Grayscale Digital Large Cap Fund LLC (GDLC) to be listed for public trading. Pursuant to Section 19(b)(2) of the Securities Exchange Act, the SEC approved proposal SR-NYSEARCA-2024-87, including Amendment No. 1, signifying another step toward mainstream acceptance of digital asset funds.

Previously available only to accredited investors via over-the-counter (OTC) trading, GDLC’s listing will enhance its liquidity and broaden access for retail investors. The fund primarily tracks a basket of the largest crypto assets, with approximately 80% allocated to Bitcoin, 11% to Ethereum, and smaller allocations to Solana, Cardano, and XRP—presenting a typical large-cap crypto index structure.

This expedited approval sends a clear signal that regulators are increasingly open to compliant digital asset products, particularly ETFs and other exchange-traded vehicles. For Grayscale, GDLC’s approval strengthens its regulatory legitimacy and could pave the way for future product approvals. Overall, this milestone reflects crypto’s accelerating integration into traditional capital markets.

Malaysia Securities Commission Proposes to Ease Token Listing Rules, Strengthen DAX Regulation and Investor Protection

The Malaysia Securities Commission (SC) recently released a regulatory reform proposal to revise the country’s Digital Asset Exchange (DAX) framework, aiming to speed up the token listing process while enhancing investor protections. Under the proposed changes, tokens meeting minimum eligibility criteria could be listed directly on DAX platforms without prior SC approval. This would boost market efficiency, reduce compliance burdens for platforms and project teams, and accelerate the circulation of high-quality assets—strengthening Malaysia’s competitiveness in the regional crypto market.

At the same time, the SC plans to introduce stricter operational and governance requirements to bolster compliance foundations for DAX platforms. New rules would mandate the segregation of customer and platform funds to mitigate misappropriation risks and enhance overall risk management and transparency. Furthermore, the proposal includes stronger AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) frameworks to align with international standards and build investor trust.

This reform demonstrates Malaysia’s proactive approach to digital asset development, seeking a balance between openness and regulation. While easing listing procedures fosters innovation, stricter standards help safeguard market stability and user security. As countries like Singapore, Hong Kong, and the UAE accelerate Web3 regulatory development, Malaysia’s move could further solidify its position as one of Southeast Asia’s most flexible and promising crypto markets.

Gate Launchpool

• Project: Namada
• Token: NAM
• Subscription Deadline: Until 13:00 (UTC), July 9, 2025
• Participation: Stake NAM, GT, or USDT to receive free airdrops
• Total Airdrop Allocation: 1,198,572 NAM

Project Introduction

Namada is a multi-chain composable privacy layer built as a Proof-of-Stake (PoS) Layer 1 blockchain. It aims to protect users’ personal data by establishing a privacy asset hub and enabling private cross-chain transactions. Namada supports all types of assets and offers enhanced data privacy for existing public blockchains, decentralized applications (dApps), tokens, and NFTs.


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
• X, https://x.com/Gate_io/status/1939922843002949763
• Crowdfund Insider, https://www.crowdfundinsider.com/2025/07/243871-securities-commission-malaysia-plans-overhaul-of-crypto-exchange-rules/
• The Block, https://x.com/TheBlock__/status/1940097766996259255
• Gate, https://www.gate.com/launchpool/NAM?pid=322

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.