Crypto Market Overview

• BTC (-1.26% | Current Price: 101,106 USDT): Impacted by geopolitical tensions, BTC dropped to around 98,000 USDT before rebounding sharply, forming a potential V-shaped reversal. Short-term support is at 98,000 USDT, while resistance is at 101,500 USDT. A strong breakout above this level with high volume could push BTC toward the 102,800–103,500 USDT range. Conversely, a breakdown below 98,000 USDT may trigger further downside. On June 20, BTC ETFs saw a net inflow of $6.4 million — BlackRock’s IBIT saw an inflow of $46.9 million, while Fidelity’s FBTC had an outflow of $40.5 million.
• ETH (-0.84% | Current Price: 2,242 USDT): ETH accelerated downward, breaking through multiple key support levels, reaching a low near 2,110 USDT before a quick rebound. It is now consolidating around 2,230 USDT. The current range is between 2,180–2,200 USDT for support and 2,260–2,280 USDT for resistance. A volume-supported breakout above 2,280 USDT could lead to a test of 2,340 USDT, while a breakdown below 2,180 USDT could retest previous lows. On June 20, ETH ETFs saw a net outflow of $11.3 million — BlackRock’s ETHA had a $19.7 million outflow, while Grayscale’s ETH product saw a $6.6 million inflow.
• Altcoins: Most altcoins followed the broader market downturn. The Crypto Fear & Greed Index stands at 47 today, indicating a neutral to slightly fearful sentiment.
• Macro: On June 20, the S&P 500 fell 0.22% to 5,967.84 points; the Dow Jones Industrial Average rose 0.08% to 42,206.82 points; and the Nasdaq Composite dropped 0.51% to 19,447.41 points. As of June 23, 10:30 AM (UTC+8), spot gold was trading at $3,362.9 per ounce, a decrease of 0.16% within 24 hours.

Trending Tokens

IP Story (+14.67% | Circulating Market Cap: $756M)

According to Gate market data, IP is trading at $3.079, up 14.67% in the last 24 hours.

Story Protocol is a Layer-1 blockchain designed for programmable tokenization of intellectual property (IP). It enables users to codify and automate how IP is monetized, allowing agents and individuals to manage IP use on-chain. IP tokens serve as the core medium of exchange, powering efficient transactions and fair resource distribution.

Amid a broad market correction, the IP token’s counter-trend rally has been driven by multiple factors. From a technical perspective, after a period of sideways consolidation, it experienced a breakout with surging volume on the morning of June 23, signaling proactive capital inflows. This move was further supported by a rising-bottom structure, unleashing previously accumulated bullish momentum. In addition, as a core asset within the Story Protocol ecosystem, the project’s official X account posted a message today (June 23) hinting at a major upcoming event — likely contributing to increased market attention through anticipated positive news or ecosystem developments. Meanwhile, as a low-cap token, IP has greater upside elasticity during periods of large-cap corrections, attracting speculative capital and resulting in its short-term outperformance.

HYPE (Hyperliquid) (+7.31% | Circulating Market Cap: $11.96B)

Gate data shows HYPE is trading at $35.728, up 7.31% in the past 24 hours.

Hyperliquid is a decentralized perpetuals trading platform built on its own Layer-1 blockchain, utilizing the HyperBFT consensus mechanism. It features an on-chain order book and can process up to 100,000 orders per second. The HYPE token powers transaction fees, staking rewards, and governance. \
Technically, HYPE corrected from $40 starting June 20, consolidated between $31–34 from June 21–22, and began rising steadily on increasing volume from late June 22, now holding above $35.

Bullish momentum is also fueled by fundamentals:

• Lion Group, a Nasdaq-listed company, announced a $600M capital raise, naming HYPE as a primary reserve asset in a planned L1 treasury system with SUI and SOL.
• Eyenovia disclosed a $50M PIPE agreement to create a crypto reserve pool centered on HYPE.
• Narrative alignment and capital inflow jointly drove this rebound.

KAIA (Kaia) (+6.54% | Circulating Market Cap: $1.123B)

Gate shows KAIA is trading at $0.193, up 6.54% in 24 hours.

KAIA is the native token of the Kaia blockchain — a merger of Klaytn (by Kakao) and Finschia (by LINE) — and is used for transaction fees and network security. As an EVM-compatible L1, Kaia offers low latency, 1-second block times, and instant finality — ideal for real-time applications.

KAIA’s recent rally reflects a convergence of policy support, ecosystem expansion, and improving sentiment:

• With South Korea’s newly elected president Lee Jae-myung endorsing KRW stablecoin development, the Kaia Foundation swiftly partnered with local giants Kakao Pay and LINE NEXT to advance KRW stablecoin adoption.
• On-chain data shows DEX daily volume rose from under $100K on June 9 to $2M+, and TVL jumped past $37M — clear signs of increased activity and capital inflow.

These factors combined to fuel KAIA’s strong performance despite the broader market dip.

Alpha Insights

Kakao Pay, South Korea’s Payment Giant, Announces Strategic Move into KRW Stablecoin Sector

South Korean payment giant Kakao Pay is accelerating its entry into the KRW stablecoin space. Recently, the company filed 18 trademark applications with the Korean Intellectual Property Office combining “KRW” with its corporate branding (e.g., KRWKP, KRWP), covering areas such as virtual asset trading, electronic transfers, and related financial intermediation services. The market widely interprets this move as a forward-looking response to the upcoming “Digital Asset Basic Act,” which is expected to provide a legal basis for private institutions to issue KRW-denominated stablecoins.

Meanwhile, South Korean gaming company Nexthurs has also publicly expressed its intention to compete for early issuance rights of KRW stablecoins, signaling a rapidly intensifying race in this field.

Kakao Pay’s proactive move into the KRW stablecoin market not only demonstrates a swift response to policy tailwinds but also reflects its ambition to secure a first-mover advantage in the foundation of digital financial infrastructure. As the Digital Asset Basic Act opens the door for private stablecoin issuance, the KRW stablecoin sector is transitioning from narrative-driven speculation to tangible competition. With its extensive reach in payment scenarios and strong ecosystem integration capabilities, Kakao Pay is well-positioned to become a key driver of KRW stablecoin adoption. On the market side, the anticipation of KRW stablecoin implementation is becoming a core catalyst for short-term price momentum in Kakao Pay and other local blockchain projects.

Iran Tensions Spark Geopolitical Concerns, Trigger Broad Crypto Market Sell-Off

Amid reports that Iran may move to block the Strait of Hormuz, market risk aversion surged, placing downward pressure across the crypto asset space. On Sunday, Bitcoin briefly dipped below $100,000, hitting its lowest level since May. Ethereum fell back to early-May levels, while XRP dropped to lows not seen since early April. The Strait of Hormuz, a strategic chokepoint connecting the Persian Gulf and the Arabian Sea between Iran and Oman, accounts for roughly 20% of global oil transport. Any escalation in tensions could have systemic impacts on global energy supply and risk assets.

Rising geopolitical concerns over Iran’s actions have prompted capital to flow into safe-haven assets, intensifying market volatility. The situation around the Strait of Hormuz underscores the immense influence of geopolitical risks on global markets—especially risk-sensitive assets. As one of the world’s most critical energy corridors, any blockade could sharply drive up oil prices and reignite global inflation expectations, potentially triggering a cascade of liquidity tightening and sell-offs in risk assets. The sharp fluctuations in the crypto market reflect its heightened sensitivity to macro and geopolitical shocks, and its continued lack of safe-haven characteristics. The declines in major cryptocurrencies like Bitcoin and Ethereum are not only due to technical breakdowns but also represent a broader reassessment of short-term liquidity and risk pricing.

Base, Unichain, and Hyperliquid Lead the Week in Cross-Chain Bridge Inflows

According to on-chain data, Base, Unichain, and Hyperliquid recorded the highest net cross-chain bridge inflows over the past week, attracting $35.92 million, $15.04 million, and $8.75 million respectively—highlighting their strong capital appeal. In contrast, Bera, Avalanche, and Mantle experienced the largest net outflows, with $58.51 million, $51.44 million, and $15.46 million leaving their ecosystems.

The leading positions of Base, Unichain, and Hyperliquid in bridge inflows reflect growing market confidence in their ecosystems. Base continues to attract applications and capital thanks to the Coinbase ecosystem and its high-performance Layer-2 infrastructure. Unichain, an emerging L2 purpose-built for DeFi, is rapidly accumulating liquidity during this structural bull cycle through deep integration with protocols like Uniswap. Meanwhile, Hyperliquid, with its full-chain matching engine and native asset trading model, is emerging as a rising star in the on-chain derivatives sector.

Gate Launchpool

• Project: DeLorean Labs
• Token: DMC
• Subscription Deadline: Until June 24, 2025, 19:00 (UTC+8)
• Participation: Stake USDT or GT to receive free airdrop
• Total Airdrop Allocation: 16,000,000 DMC

Project Introduction

DeLorean Labs is the official Web3 platform of DeLorean Motor Company (DMC), continuing its legacy of innovation. The company is preparing to launch the world’s first tokenized electric vehicle, along with the industry’s first on-chain system for vehicle reservation, trading, and analytics. The DeLorean protocol provides a seamless, transparent ecosystem for the digital purchase, trading, verification, and tracking of vehicles — all backed by immutable records of ownership, maintenance, usage, and performance data.


References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/zh/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/zh/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• In.news.naver, https://n.news.naver.com/article/011/0004499902
• cn.wsj, https://cn.wsj.com/articles/strait-hormuz-oil-markets-fab2ff0d
• Defillama, https://defillama.com/bridges
• Gate, https://www.gate.com/zh/launchpool/DMC?pid=324

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.