Crypto Market Overview

• BTC (+1.16% | Current Price: 107,125 USDT): Last week, Bitcoin dipped due to Middle East geopolitical tensions, hitting a low of 103,000 USD before stabilizing and rebounding. Yesterday, it reached a high near the previous resistance level of 109,000 USD. Short-term, expect range-bound trading. On the capital front, Bitcoin spot ETFs saw a net inflow of 408 million USD yesterday, with BlackRock’s IBIT contributing 266 million USD, showing resilient institutional buying.
• ETH (+0.17% | Current Price: 2,578 USDT): Affected by the broader market pullback, ETH rose and fell but maintained a wide consolidation pattern. The ETH/BTC exchange rate dropped to 0.024, with market share falling to 9.22%. Capital flows showed a net outflow of 20.39 million USD from Ethereum spot ETFs yesterday, though ETHA recorded a net inflow of 16.09 million USD.
• Altcoins: The market is mixed, with altcoins showing varied performance. The Fear & Greed Index remains at 53, indicating neutral to slightly optimistic sentiment.
• Macro: Easing Middle East tensions reduced risk aversion, boosting U.S. stocks. Tech stocks, led by the chip sector, drove the Nasdaq up over 1.5%, with the Philadelphia Semiconductor Index rising over 3%. The Dow gained about 300 points. Safe-haven assets retreated, with spot gold reversing Friday’s gains and falling over 2% intraday. Crude oil also turned lower, with WTI down 6%. U.S. Treasury yields edged up, with the 10-year yield nearing 4.46%.

Trending Tokens

PENDLE (Pendle) (+7.17%, Circulating Market Cap: 1.142 Billion USD)

Per Gate market data, PENDLE is currently priced at 4.03 USD, up 7.17% in the last 24 hours, with a circulating market cap of 1.142 billion USD.

Pendle is a protocol enabling tokenized future yield trading on AMM systems. It allows users to lock in future yields, generate additional returns, and trade yield streams without underlying collateral. Since March, PENDLE has been on an uptrend, with a recent pullback but intact bullish structure. With the GENIUS Act clarifying stablecoin regulations, the sector is poised for rapid growth. Pendle, capturing ~30% of stablecoin yield market share with over 80% of its TVL in stablecoins, is well-positioned for sustained upside.

ZKJ (Polyhedra Network) (+25.52%, Circulating Market Cap: 419 Million USD)

Per Gate market data, ZKJ is priced at 0.4337 USD, up 25.52% in the last 24 hours, with a circulating market cap of 419 million USD.

Polyhedra Network aims to provide the fastest zero-knowledge (ZK) proofs for Web3, serving as foundational infrastructure. Its flagship zkBridge has facilitated over 20 million cross-chain transactions across 25+ Layer-1 and Layer-2 blockchains, showcasing scalability and interoperability. ZKJ recently plummeted due to a sell-off but rebounded sharply today after the co-founder announced a buyback plan, boosting confidence. However, high volatility persists, and investors should exercise caution, manage leverage, and monitor risks.

HYPE (Hyperliquid) (+3.19%, Circulating Market Cap: 42.749 Billion USD)

Per Gate market data, HYPE is priced at 43.02 USD, up 3.19% in the last 24 hours, with a circulating market cap of 42.749 billion USD.

Hyperliquid is a high-performance Layer-1 blockchain optimized for a fully on-chain, permissionless financial system. With sub-second block latency, it supports transparent order placement, cancellation, trading, and settlement. HYPE recently hit an all-time high, driven by strong fundamentals like high trading volume, low fees, and an optimized L1 architecture. Successful airdrops, token buybacks, speculative fervor, and DEX sector growth further fuel its rise. However, competition and market volatility may impact future valuations.

Alpha Insights

Backpack Founder: Rebuilt Deposit/Withdrawal System to Expand Chain Support

Backpack founder Armani Ferrante announced via X that the team has rebuilt its deposit/withdrawal system to support more chains. The first update enables USDC and ETH on Arbitrum, with plans to add more chains in the coming days and weeks. This move marks a key step toward a multi-chain ecosystem, aiming to enhance user experience, reduce costs, and boost Backpack’s competitiveness in DeFi. User feedback is positive for Arbitrum support but calls for faster integration of additional chains, reflecting Backpack’s focus on interoperability and user-friendliness.

Truth Social Plans BTC and ETH Dual ETF

On June 16, Trump’s Truth Social filed an S-1 form with the SEC to launch the “Truth Social Bitcoin and Ethereum ETF (B.T.),” issued by Yorkville America Digital, with Crypto.com as custodian and liquidity provider. The fund, planned for listing on NYSE Arca, will allocate 75% to Bitcoin and 25% to Ethereum, offering simplified dual-currency exposure. Following its earlier Bitcoin ETF filing, this underscores the Trump family’s crypto ambitions. If approved, the ETF could gain significant attention due to political influence and brand power, potentially accelerating crypto mainstream adoption.

However, SEC approval via Form 19b-4 may take up to 240 days, with regulatory uncertainties and competition from traditional institutions posing challenges. Trump Media’s recent 250 million USD financing for a Bitcoin reserve signals deeper crypto commitment, but its stock (DJT) fell ~2%, indicating market caution. Political factors may trigger stricter scrutiny and volatility, warranting close monitoring.

Prominent Project Infini Terminates Infini Card Services

On June 17, Infini announced the termination of all Infini Card services (Global, Lite, Tech), halting usage and new applications immediately. This reflects strategic restructuring amid high compliance costs and low profitability. Core functions like deposits, withdrawals, and Earn yields remain operational, with user assets unaffected.

Infini will automatically refund card issuance fees (excluding discounts) within 10 business days and process pending refunds within 5–21 days, demonstrating commitment to user rights. The shutdown highlights challenges in crypto payment cards, including high compliance, operational complexity, and low margins. Infini will now focus on wealth management, but short-term trust erosion and user disappointment require efficient, transparent refund processes to rebuild confidence.

Gate Launchpool

Token Sale Details

• Project: KAI Battle of Three Kingdoms
• Token: SGC
• Sale Period: Until June 19, 2025, 20:00 (UTC+8)
• Participation: Stake BTC or SGC to receive free tokens
• Total Mining Rewards: 13,000,000 SGC

Project Overview

KAI: Sangokushi Taisen - Battle of Three Kingdoms is a blockchain strategy game combining SEGA’s iconic Three Kingdoms IP with double jump.tokyo’s expertise. Popular in Asia, it introduces SGC (SGCP in-game), serving governance and utility roles. Players earn SGCP in PvP battles for purchasing card packs or trading in the in-game marketplace, enhancing gameplay and strategy depth.


References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Gate, https://www.gate.com/zh/launchpool/EDGEN?pid=311

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

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.