Summary

• BTC broke through $111,000 this week but failed to hold the position, retreating to around $108,000. Short-term volatility is expected to continue.
• ETH/BTC exchange rate rebounded slightly, with ETH breaking through the key resistance level of $2,700.
• Tether-backed stablecoin project Plasma’s $1 billion deposit quota was quickly sold out.
• The U.S. Senate passed the procedural vote for the GENIUS Stablecoin Bill.
• TRC20-USDT issuance exceeded 78.7 billion.
• Gate Launchpool launched Fly.trade with a total reward pool of 1,233,344 ELDE tokens.

Market Commentary

• BTC —— BTC once again broke through $111,000 this week but failed to stabilize effectively, currently retreating to around $108,000. The current support level for BTC is at $107,000, with resistance at $111,000. Although ETF funds continued to flow in, they did not bring significant upward momentum. Overall, BTC is expected to consolidate in a high-range zone in the short term.
• ETH —— ETH performed relatively strongly this week, breaking through the key resistance level of $2,700 and reaching a high of $2,880. The ETH/BTC exchange rate broke through 0.0255, with its market share rising to 9.8%. Continuous net inflows of ETH ETF funds for three weeks have supported the market, and ETH is likely to remain strong in the short term.
• Altcoin —— The altcoin market as a whole showed significant volatility but lacked a collective narrative. The Altcoin Season Index remained at 29, reflecting a neutral market sentiment. Overall, the altcoin market is cautious and is expected to continue adjusting and differentiating in the short term.
• Futures —— Over the past week, both BTC and ETH ETFs continued to see net inflows, demonstrating strong institutional demand and optimistic market sentiment.
• Macro Data —— According to market reports, the probability of the Federal Reserve maintaining interest rates unchanged in June is 97.6%, with a 2.4% chance of a 25-basis-point rate cut. In July, the probability of maintaining rates unchanged is 80.5%, with a 19.1% chance of a cumulative 25-basis-point rate cut and a 0.4% chance of a 50-basis-point rate cut.
• Stablecoins —— The total market value of stablecoins surged by 2.2% to $255 billion, with additional funds flowing in from outside the market.
• Gas Fee —— Despite the overall market warming up, Ethereum chain transactions did not increase significantly. As of June 12, the average gas fee for the day was 1.67 Gwei.

Trending Sectors

This week, Bitcoin remained in a high-range consolidation phase, just a step away from breaking its previous high. Altcoins showed mixed performance, with the market still in a wait-and-see mode. According to Coingecko data, the AI Meme, Virtuals, and Perpetual Swaps DEX sectors outperformed the market average over the past week, rising by approximately 16.3%, 15.2%, and 13.9% respectively over seven days. These three sectors share commonalities in having high levels of technological or narrative development and are considered long-term hot tracks.

AI Meme

AI Meme is a type of cryptocurrency that combines AI with meme culture, typically packaging AI technology concepts in a fun and engaging way. These projects have strong community spreadability and high market topic visibility. As the AI concept continues to heat up in the cryptocurrency market, AI Meme projects have risen to prominence, attracting funding. On one hand, they combine technological narratives with entertainment elements to attract a broader range of investors; on the other hand, they have become a key focus for speculative funds in the rotation of hot spots. —— Over the past seven days, this sector has risen by 16.3%, with TERMINAL, SHOGGOTH, and FARTCOIN standing out.

Virtuals

Virtuals is an emerging cryptocurrency ecosystem centered around virtual assets and characters, integrating virtual idols, AI, NFTs, and on-chain interactive experiences. It emphasizes immersive social interaction and digital identity building. The sector has attracted funding mainly because of its strong community stickiness, content extensibility, and brand-building capabilities, which can quickly attract young users and creators. Meanwhile, the combination of AI-driven character intelligence and on-chain economic models offers investors new growth expectations and application scenarios. —— Over the past seven days, this sector has risen by 15.2%, with POLY, BRAIN, and VADER standing out.

Perpetual DEX

Perpetual DEX refers to decentralized exchanges that support leveraged trading without expiration. Users can directly trade derivatives on the chain without custodial assets. They have attracted funding mainly because of their decentralized, secure, and transparent nature, as well as their ability to meet users’ demands for high leverage and low slippage trades. With the increasing demand for on-chain derivatives, related project tokens have shown strong performance. For example, HYPE broke through $40, reflecting the market’s high recognition and enthusiasm for the growth potential of this track. —— Over the past seven days, this sector has risen by 13.9%, with LVN, ZEX, and HYPE standing out.

Focus of the Week

Stablecoin Blockchain Project Plasma’s $1 Billion Deposit Quota Sold Out Rapidly

With Circle’s successful IPO and its impressive market performance, attention to stablecoins has been on the rise. Today, the stablecoin blockchain project Plasma announced that it increased the deposit limit to $1 billion at 9 a.m., and this quota was quickly absorbed by the market. Plasma stated that the $1 billion raised is not for the XPL token sale itself, which has not yet begun. All funds will be bridged to the Plasma mainnet testnet and will belong entirely to the depositors, who will participate in the sale based on their final unit ownership at the time of locking. The public sale terms remain unchanged: $500 million worth of XPL will be sold, with a fully diluted valuation of $5 billion.

According to the official introduction, Plasma is not just a stablecoin chain but a financial infrastructure specifically designed for Bitcoin. It combines the functions of a Bitcoin sidechain, privacy protection, and stablecoin, and is expected to natively support USDT, providing deep liquidity through Tether to meet the strong demand for low-slippage exchanges and trustless lending in BTCFi scenarios.

The Plasma architecture uses Bitcoin as the final settlement layer, introduces BitVM2 and a model that does not require native tokens for gas payments, significantly reducing usage barriers and counterparty risks. Meanwhile, its built-in privacy mechanism supports selective disclosure, balancing regulatory needs. As a project directly supported by Tether, Plasma elevates stablecoins from liquidity tools to core on-chain assets, creating a stablecoin settlement network comparable to traditional banking payment systems. By integrating rollups, privacy, and payment infrastructure, it is expected to become the most valuable financial layer in the Bitcoin ecosystem.

Bullish Submits IPO Application Again

In early June, Circle successfully went public in the U.S., becoming the first stablecoin stock, with its share price soaring 168% on the first day, raising $1.1 billion in funding and triggering a chain reaction in the industry. Bullish, a trading platform, was also reported to have submitted an IPO application to the SEC. Bullish’s development strategy is highly focused on compliance, choosing to partner with Circle (USDC) and avoiding USDT. It has also obtained cryptocurrency licenses in Hong Kong, Germany, and other regions, laying out a global market strategy. Bullish had previously attempted to go public through a SPAC merger but failed and is now restarting its IPO process.

Bullish is backed by Block.one, the parent company of EOS, which raised $4.2 billion through an ICO in 2018, the largest financing case in cryptocurrency history. The EOS project later fell into a low due to technical, governance, and funding allocation issues, prompting Block.one to shift its focus to the compliant trading platform Bullish. Bullish launched in 2021, claiming to have a startup fund of over $10 billion, with investors including Peter Thiel and Mike Novogratz.

Bullish has a strained relationship with the EOS community, which views Block.one’s shift from EOS to Bullish as a “betrayal.” The EOS community had a hard fork and legal disputes with Bullish, eventually splitting completely and renaming the project Vaulta and its token to A in 2025, attempting to break away from the past. To date, Block.one still holds 160,000 bitcoins (worth over $17.5 billion), making it one of the largest private companies in the world in terms of bitcoin reserves, earning profits through asset preservation and investment.

U.S. Senate Passes Procedural Vote for GENIUS Stablecoin Bill

On June 12, 2025, the U.S. Senate passed the procedural vote for the GENIUS Stablecoin Bill (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) with a vote of 68 to 30, officially starting the full Senate debate and paving the way for the final vote. If passed smoothly, the bill will be sent to the House of Representatives for review and could become the first comprehensive federal legislation targeting cryptocurrency in the United States.

The bill focuses on stablecoin regulation, proposing requirements such as 100% reserves, anti-money laundering (AML) compliance, and consumer protection. It aims to increase market transparency, reduce systemic risks, and promote the application of stablecoins in the mainstream payment system. These regulations not only establish a clear compliance framework but also indicate the U.S. government’s active shaping of the digital dollar landscape.

From an industry perspective, the implementation of this bill will have a profound impact on the stablecoin market structure. It will help compliant projects gain greater support from institutions and banks, pushing fiat-backed assets like PayPal USD and USDC into the mainstream. The market generally holds a positive attitude towards the bill, believing that it can reduce policy uncertainty, increase the acceptance of compliant stablecoins, and accelerate the integration of traditional finance and cryptocurrency.

Key Market Data Highlights

Sonic’s Transaction Volume Breaks 100 Million

As of this week, Sonic announced that its blockchain network’s cumulative transaction volume has officially exceeded 100 million transactions. This milestone marks the rapid rise and widespread adoption of Sonic as an emerging Layer 1 blockchain on a global scale. According to data released by the Sonic Foundation on June 8, 2025, the chain’s transaction volume has reached 102 million transactions since the mainnet went live, with a continuous upward trend in daily transaction volume. This reflects the gradual conversion of Sonic’s technological advantages of high throughput, low cost, and high scalability into actual user and developer favor.

Sonic’s blockchain has broken through 100 million transactions, with its high-performance Layer 1 network and low-cost advantages attracting over a million players to the FoMoney full-chain game. Chaos Finance and Chillonic have also driven significant increases in DeFi and NFT transactions. The achievement of 100 million transactions demonstrates its market competitiveness, and future technological upgrades and cross-chain plans will further push it to become an important infrastructure for Web 3.

Uniswap v4 Reaches $40 Billion in Trading Volume in Four Months

Uniswap recently disclosed that since its official launch on January 31, 2025, Uniswap v4 has achieved a trading volume breakthrough of $40 billion in just four months, demonstrating strong market吸引力 and user activity. According to data statistics, Uniswap v4’s trading volume accounts for 8.7% of the total decentralized trading market volume so far in 2025 (approximately $462 billion). Its overall ecosystem continues to lead the DEX market, occupying 23% of the market share and further consolidating its position as the industry’s largest DEX.

Uniswap v4, with its innovative “hook” mechanism and dynamic fees, combined with deep integration with the Unichain Layer 2, has significantly enhanced the flexibility and trading efficiency of decentralized exchanges (DEX). Unichain, with its astonishing 250-millisecond block time and up to 95% cost reduction, has quickly surpassed Ethereum to become the dominant chain for Uniswap v4’s trading volume, accounting for nearly 75% of the market share. In addition, approximately $45 million in liquidity incentives have successfully pushed Unichain’s total locked value (TVL) from $9 million to $267 million, fully demonstrating the high recognition from users. These developments not only highlight Uniswap’s strong innovation capabilities in the DeFi field but also further solidify its position as a leader in decentralized financial infrastructure.

TRC20-USDT Issuance Exceeds 78.7 Billion

As of June 2025, the issuance volume of TRC20-USDT has reached 78.7 billion tokens, accounting for 52.5% of the global USDT total (150 billion tokens). In 2025 so far, there has been an increase of 19 billion tokens, far exceeding the 7 billion tokens added in April 2024, with a nearly 11-fold year-on-year increase. In May alone, 7 billion tokens were issued, and in June, approximately 1 billion tokens have been added so far.

This significant growth not only highlights the dominant position of the TRON blockchain in the stablecoin sector but also demonstrates the profound impact of blockchain technology in reshaping the global financial system. Looking ahead, TRON is expected to further expand its Web3 ecosystem through cooperation with financial institutions and the integration of emerging technologies, broadening the practical application scenarios for TRC20-USDT. Meanwhile, as competition intensifies and regulatory uncertainty rises, TRON will need to continue consolidating its technological advantages to avoid any negative impact on user confidence due to external controversies.

TRX, the native token of the TRON blockchain, has shown relatively strong performance in price over the past few years, consistently maintaining a position in the top 10 by market value. Since 2024, TRX has seen a cumulative increase of over 150%, performing relatively well among Layer 1 blockchains.

Market Opportunities

Gate Launchpool

This week’s focus is on the new project Fly.trade.

Fly.trade is an advanced cross-chain liquidity aggregator designed to provide efficient and convenient currency exchange solutions for traders, decentralized protocols, and agents. By integrating liquidity pools from multiple blockchain networks, it optimizes trading paths, reduces slippage and trading costs, and ensures seamless asset exchanges between different chains. Fly.trade’s core advantage lies in its smart routing algorithm, which can analyze market data in real-time and dynamically select the optimal trading channel, offering users highly competitive prices and fast trade execution.

Preparations

• Gate Account: Register and complete user verification.
• Deposit Assets: Ensure that your account has sufficient GT or BTC. This Launchpool only supports GT and BTC.

Participation in Staking

• Time Window: Until 8:00 PM Beijing Time on June 15, 2025.
• Steps: First, log in to Gate and go to the [Launchpool] page. Second, select the FLY project and click [Participate Now]. Finally, enter the staking amount and confirm to participate.
• Airdrop Total: 1,233,344 FLY tokens.

Funding Weekly Recap

This week, several projects successfully completed financing, involving a wide range of applications in infrastructure and developer platforms. According to RootData statistics, from June 6 to June 12, 2025, a total of 16 projects announced successful financing. Here are some of the highlighted projects:

Turnkey

On June 9, Turnkey completed a $30 million Series B financing round, with participants including Bain Capital Crypto and Galaxy Digital.

Turnkey is a private key infrastructure platform specifically designed for cryptocurrency developers, aiming to simplify and enhance the development experience of blockchain applications. By providing easy-to-use API interfaces, developers can dynamically generate thousands of cryptocurrency wallets and efficiently sign tens of thousands of transactions on any blockchain network. The core advantage of Turnkey lies in its flexible and programmable permission control mechanism, allowing developers to precisely define and customize signature permissions to ensure that the system only signs transactions that meet predefined conditions, thereby significantly improving security and operational efficiency.

Hypernative

On June 10, Hypernative completed a $40 million financing round, with investments from StepStone Group, Boldstart Ventures, and others.

Hypernative is an innovative company focused on cryptocurrency security, dedicated to providing comprehensive protection for digital asset managers, blockchain protocols, and Web3 applications against network threats, economic risks, and governance and community-related risks, minimizing the possibility of significant losses. With its core product, the “Pre-Cog” platform, Hypernative uses advanced proprietary machine learning models to monitor and analyze both on-chain and off-chain data sources in real-time, accurately predicting potential threats and taking preventive measures before network attacks, economic vulnerabilities, governance crises, or community risks cause substantial impacts.

OneBalance

On June 12, OneBalance completed a $20 million financing round, with participants including cyber Fund and Blockchain Capital. OneBalance is an innovative trustworthy account framework aimed at resolving the fragmented user experience in the Web3 ecosystem by integrating chain abstraction, gas abstraction, and permission management, providing users and developers with a more seamless, secure, and efficient blockchain interaction method.

Next Week’s Focus

Token Unlocking

According to Tokenomist data, over the next 7 days (June 14 - June 20, 2025), the market will witness significant token unlocks. The top three are as follows:

• FTN will unlock tokens worth approximately $89 million over the next 7 days, accounting for 4.66% of the circulating supply. These tokens are unlocked for the founding team.
• ZRO will unlock tokens worth approximately $56.9 million over the next 7 days, with 13.42 million ZRO (worth $29.65 million) going to strategic partners, 10.63 million (worth $23.48 million) to core contributors, and 1.67 million (worth $3.68 million) from the buyback portion.
• ZK will unlock tokens worth approximately $41.82 million over the next 7 days, accounting for 21% of the circulating supply. The unlock targets are mainly investment institutions and internal teams.

Reference Sources

• X
• DefiLlama
• Tronscan
• Gate

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