Gate Research Institute: Bitcoin hits a new high of 112,000 USDT｜Gate platform supports Pump.fun Token public sale

Summary

• BTC rose 2.39% this week, reaching 112,000 USDT and setting a new historical high; ETH surged dramatically by 8.35%.
• Monad Foundation will acquire stablecoin infrastructure developer Portal Labs.
• The UK crypto platform Ziglu is facing financial collapse and has entered special administration.
• Ripple stablecoin RLUSD accelerates expansion, with a circulation surpassing 500 million dollars.
• RWA locked assets exceeded 6.1 billion USD, with BlackRock holding nearly 46% market share leading the field.
• Gate supports the public sale of Pump.fun (PUMP) token, with a total subscription amount of 150,000,000,000 PUMP.

Market Interpretation

Market Commentary

• BTC Market —— This week BTC rose by 2.39%, reaching a new historical high. This week, BTC maintained a narrow range fluctuation between 107,000–108,500 USDT, with overall trading volume relatively flat. Yesterday, there was a noticeable surge in the market, with prices quickly breaking through the fluctuation range and briefly touching above 112,000 USDT, setting a new historical high. However, there was a slight pullback afterward, indicating that there is still some selling pressure at high levels, and in the short term, it may continue to test the strength of the breakout in the upper resistance zone.
• ETH Market —— This week ETH soared by 8.35%. The overall trend of ETH this week showed a decline followed by a rise, with the price falling from around 2,630 USDT to around 2,400 USDT, quickly forming a V-shaped reversal. It strongly broke through yesterday, once reaching as high as 2,780 USDT, setting a new recent high. However, after a short-term surge, it may face some profit-taking pressure, and we need to pay attention to whether it can stabilize at a high level and further expand upward.
• Altcoins —— This week, mainstream altcoins showed a moderate upward trend, with BONK having a weekly increase of 27.98%, XLM rising by 23.12%, and SPX and FLOKI increasing by 22.71% and 17.88%, respectively.
• ETF and Contract Market —— Regarding ETF funds, BTC and ETH spot ETFs have recorded net inflows for several consecutive days, demonstrating ongoing support from institutional capital. In terms of contracts, in the last 24 hours, BTC and ETH contracts have seen liquidations of 233.5 million USD and 151.36 million USD, respectively.
• Macroeconomic Data - The 1-year inflation expectation of the New York Federal Reserve in June 2023 fell to 3.02%, hitting a five-month low, down from the previous value of 3.20%. This indicates that market concerns about future price pressures have eased, and public anxiety about layoffs has also significantly decreased.
• Stablecoins - The total market value of stablecoins has risen to 259.7 billion USD, with further inflow of incremental funds from the over-the-counter market.
• Gas Fee —— This week, the Gas fees on the Ethereum network have increased compared to last week. As of July 10, the average Gas fee for the day was 1.219 Gwei.

Popular Concepts

This week, the cryptocurrency industry as a whole has shown a rebound trend, with market sentiment being cautiously optimistic, and most altcoin mainstream sectors experiencing gains. According to Coingecko data, within this week, the Tokenized Assets, Launchpad, and Directed Acyclic Graph (DAG) sectors have all shown an upward trend, with increases of 20.2%, 13.8%, and 9.5% respectively over the past 7 days.

Tokenized Assets

The Tokenized Assets sector mainly refers to tokens issued by platforms that provide tools or infrastructure for the tokenization of assets. Asset tokenization refers to the mapping of real-world assets, such as real estate, stocks, bonds, etc., onto the blockchain through methods like smart contracts, forming digital units that can be traded, staked, or collateralized on-chain. — In the past 7 days, this sector has increased by 20.2%, with PRCL and STBU rising by 58.3% and 45.7%, respectively.

Lauchpad

Launchpad is a cryptocurrency crowdfunding platform designed to help new blockchain projects raise funds and launch tokens. These platforms provide early investors with the opportunity to acquire tokens before they are publicly listed on major exchanges. — The sector has risen by 13.8% in the past 7 days, with LAUNCH and REVS up by 662.3% and 103.1%, respectively.

Directed Acyclic Graph (DAG)

The Directed Acyclic Graph (DAG) sector refers to a subdivision that centers around the core underlying architecture of DAG or DAG-based improved structures. DAG is a directed acyclic graph structure used in the blockchain field to replace the traditional linear chain structure of blockchain. Its core features are: the data structure presents a forking and non-backtracking topological form, where each new transaction or data unit can directly point to one or more existing units without relying on the globally synchronized packaged blocks, thus enhancing parallel processing capabilities and throughput. — Over the past 7 days, this sector has risen by 9.5%, with XEL and WATER increasing by 43.1% and 18.1%, respectively.

This Week's Focus

Pump.fun announces the public sale details of the token, which will launch the initial token offering on July 12.

Pump.fun officially announced on platform X that the Pump.fun token PUMP will officially launch its initial coin offering on July 12, with a total supply of 1 trillion tokens, corresponding to an estimated valuation of approximately 4 billion USD. This public sale is planned to continue until a total of 150 billion tokens are sold or until 22:00 Beijing time on July 15. It is important to note that during the public sale period, PUMP tokens cannot be traded, and the official expects to open the transfer function within 48–72 hours after the sale ends. Additionally, Pump.fun clearly states that citizens and residents of the United States and the United Kingdom will not be able to participate in this token issuance, and the related sales will not be open to these two countries and other restricted areas.

Pump.fun's public sale concentrated on attracting funds and discussion heat in a short period of time while issuing its own tokens, deeply binding the token's value to the platform's activity and improving the internal economic loop. Although it was briefly overtaken by LetsBonk recently, this move may still bring about a short-term inflow of traffic and funds, forcing competitors to accelerate innovation in gameplay, issuance rhythm, and cross-chain support to counter Pump.fun's first-mover advantage in brand influence and user stickiness. However, the $4 billion valuation behind the public sale has also raised market concerns about funding endurance and subsequent liquidity, necessitating vigilance against potential bubbles and valuation pressures.

Monad Foundation will acquire stablecoin infrastructure developer Portal Labs

The Monad Foundation announced that it will officially acquire Portal Labs, a developer focused on stablecoin infrastructure. After the transaction is completed, Portal will continue to operate as a subsidiary, and its co-founder and CEO Raj Parekh will join the Monad Foundation, responsible for payment and stablecoin-related business. Portal Labs has long been dedicated to providing SDK and API tools for over 100 blockchains, facilitating developers to quickly integrate stablecoin payment capabilities. This acquisition also means that Portal's multi-chain payment solutions will be deeply integrated with Monad's high-performance Layer 1 blockchain, which is expected to officially launch its mainnet in the second half of 2025.

This acquisition not only allows Monad to fill the gaps in stablecoin payment and cross-chain integration on a technical level but also lays a solid payment infrastructure for its future ecosystem. Portal's multi-chain capabilities are expected to help Monad rapidly expand application scenarios after the mainnet launch, enhancing its appeal to developers and enterprises. At the same time, this indicates that Monad emphasizes practical application implementation and liquidity support in the competition of public chains, rather than solely relying on performance narratives. This could put new pressure on competitors who also focus on high performance and multi-chain interoperability, encouraging the industry to accelerate the shift from "score running" to competing in real payment scenarios and user experience.

The UK crypto platform Ziglu is facing financial collapse and has entered special administration.

The UK crypto banking platform Ziglu has announced that it has entered special administration due to an inability to pay debts. The board of Ziglu has filed for bankruptcy in court and appointed special administrators. David Shambrook and Damian Webb from RSM Restructuring Advisory LLP were appointed as special administrators on July 7, taking over asset management and creditor liquidation work. Financial documents show that Ziglu has incurred losses totaling over £20 million over two consecutive years and suffered asset losses exceeding £4 million due to the collapse of Celsius Network. On June 13 of this year, the UK's Financial Conduct Authority (FCA) mandated a suspension of its electronic money issuance and crypto custody services. Currently, the special administrators have announced that as of the end of 2023, Ziglu holds approximately £7.25 million of customer funds, of which about £6.7 million is in crypto assets, while customer withdrawals have been completely frozen; the FCA also reminds investors that the related crypto activities are not covered by deposit insurance protection.

The chain reaction triggered by Celsius's collapse and the tightening of regulatory policies have become key factors overwhelming Ziglu. For the entire industry, this is not only another case of centralized platform risk spiraling out of control, but it also serves as a reminder for users to pay attention to asset custody safety and third-party funding risks. Meanwhile, the rapid intervention by the FCA also shows that UK regulatory authorities are adopting a stricter attitude towards user protection. In the future, the market may accelerate towards platforms that are fully compliant with licenses, have larger asset scales, and stronger risk control capabilities.

Highlight Data

Ripple stablecoin RLUSD accelerates expansion, circulation exceeds 500 million USD

Since its launch in December 2024, the US dollar-pegged stablecoin RLUSD issued by Ripple has achieved rapid growth, with a circulating supply exceeding $500 million and an average daily trading volume of about $26 million, demonstrating robust market acceptance and growth momentum. Currently, RLUSD is issued on both the XRP Ledger and the Ethereum chain, successfully ranking among the top 20 US dollar stablecoins globally. It adopts a 1:1 dollar peg mechanism, fully supported by cash, cash equivalents, and short-term US Treasury bonds, with a structure similar to compliant stablecoins like USDC and FDUSD, reflecting Ripple's path toward advancing financial compliance.

Currently, Ripple is actively applying for a national trust bank license in the United States. If approved, it will be able to directly hold customer deposits and issue RLUSD, which is expected to further strengthen its strategic layout in stablecoins and payment scenarios. This will bring it closer to the banking regulatory system and help deepen its integration with the traditional financial system.

As of now, the total market capitalization of US dollar stablecoins has exceeded $255 billion, accounting for over 95% of the global stablecoin market. Although RLUSD's share is still small (approximately $501 million), its rapid rise reflects a strong market demand for compliant, secure, and transparent US dollar stablecoins. The growth potential of RLUSD and Ripple's regulatory advancement path are worth continued attention.

Solana perpetual contract trading volume exceeds $4 billion, institutional interest continues to rise.

Since its official launch on the Chicago Mercantile Exchange (CME) in March 2025, the cumulative trading volume of Solana (SOL) perpetual contracts has surpassed $4 billion, indicating that it is rapidly becoming one of the core assets of interest for institutional investors. This performance not only highlights the market liquidity and trading depth of SOL but also signifies its rising status within the mainstream financial system.

Currently, Solana's market capitalization ranks sixth among global crypto assets, and its ecosystem demonstrates strong development momentum in areas such as DeFi, Meme, DePIN, and NFTs. On-chain data shows that its active user count and daily trading volume remain high, laying the foundation for the actual trading demand of financial products.

Solana is one of the few non-BTC/ETH public chain assets supported by CME, which means its derivatives market will gain more sources of liquidity and further consolidate its strategic position in the eyes of mainstream investors. If CME subsequently launches advanced products such as options, the Solana ecosystem is expected to continue benefiting.

RWA locked-up volume breaks through 6.1 billion USD, with BlackRock capturing nearly 46% market share leading the race.

According to Token Terminal data, as of now, the total locked value (TVL) of on-chain real-world assets (RWA) has reached a historic high, surpassing $6.1 billion, indicating that this sector is rapidly expanding under trends such as compliance, asset tokenization, and increased institutional participation. Among them, asset management giant BlackRock holds the market's top position with over 46% market share, highlighting its dominant role in the on-chain RWA ecosystem.

The current RWA market participants include several traditional financial giants and emerging platforms, such as well-known institutions like Franklin Templeton, WisdomTree, and VanEck, as well as on-chain native projects like Ondo Finance, Superstate, and Blockchain Capital. As more traditional assets (such as US Treasuries, funds, and credit) gradually move on-chain in token form, RWA TVL is experiencing exponential growth, reflecting the accelerated integration of capital markets and blockchain technology.

With the regulatory framework gradually becoming clearer, RWA is seen as a crucial bridge between Web3 and TradFi, viewed as a key breakthrough for the next stage of institutional entry. If subsequent support for chain expansion, improvement of settlement mechanisms, and enhancement of secondary market liquidity occur, this sector is expected to experience further explosive growth.

Gate This Week's Popular Subscriptions

This week's token subscription project to pay attention to is: Pump.fun (PUMP)

PUMP is the official utility token of the Pump.fun protocol (which includes the Meme token issuance platform and the AMM protocol swap.pump.fun). Users can freely use the protocol without holding PUMP, and the protocol itself remains completely permissionless. PUMP token holders can participate in various promotional activities initiated by the official team. As a utility token, PUMP will develop in synergy with the Pump.Fun brand, aimed at incentivizing user participation and community building within the ecosystem.

The PUMP token subscription event is initiated by the Pump.fun team, with a total project valuation of 4 billion USD, intending to sell 15% of the tokens, and is expected to raise 600 million USD. The final interpretation rights regarding the issuance, distribution, and related mechanisms of the tokens are the responsibility of the project party.

Participation Guidelines

• Gate account: Register and complete user verification;
• Deposit assets: Ensure that there is sufficient USDT in the account, as subscriptions will be settled in USDT;

Subscription Details

• Subscription period: July 12, 2025, 22:00 to July 15, 22:00 (UTC+8), while supplies last;
• Subscription Price: 1 PUMP = 0.004 USDT;
• Subscription method: USDT subscription, please go to 【Home Banner or event page】 for the subscription entrance;
• Total subscription amount: 150,000,000,000 PUMP;
• Distribution time: Distribution will be carried out uniformly after the subscription ends, and the specific time will be subject to the official announcement;
• Trading time: The subsequent opening time will be subject to the official announcement.

Disclaimer The PUMP token sale event is organized by Pump.fun and initiated by the foundation. All rights of explanation and decision-making related to the token issuance, distribution, and trading mechanisms belong to the Pump.fun team. Gate, as the official cooperation platform, only provides the purchasing entrance and technical support services for token sales and distribution, and does not participate in project valuation, market operations, or token liquidity management.

Risk Warning

1. Market Volatility Risk: Token sale activities carry high risks, and the liquidity and value in the secondary market cannot be determined, which may lead to sharp price fluctuations and potentially result in partial or total loss of funds.
2. Investment decision responsibility: Whether the project valuation is reasonable and whether the future market performance can match expectations must be judged by the user themselves. Please be sure to carefully assess your own risk tolerance to avoid investments that exceed acceptable limits.
3. Disclaimer: The platform only provides technical services and does not guarantee or promise anything regarding the market performance, liquidity, or investment returns of the tokens. Your participation is deemed as having fully understood and voluntarily assumed all risks.

Financing Weekly Report

According to RootData, from July 4 to July 10, 2025, a total of 15 cryptocurrency projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as infrastructure, Web3 gaming, AI computing, and cloud mining, indicating a sustained market focus on underlying capability building and user application expansion. Below is a brief introduction to the top three projects ranked by financing scale this week:

H100 Group

Announced on July 9th that it has completed approximately $54 million in financing, which will continue to be used to increase Bitcoin investments.

H100 Group is a health technology company from Sweden that focuses on AI-driven longevity and health services. This round of financing indicates that it is gradually incorporating Bitcoin into its balance sheet and long-term strategic layout, as one of its core reserve assets. As of now, H100 Group has held 294.5 Bitcoins.

Distinct Possibility Studios

Announced the completion of a $30 million financing on July 4, led jointly by Bitkraft and Brevan Howard.

Distinct Possibility Studios, founded by EverQuest co-founder John Smedley, is dedicated to creating an open-world shooting game that combines MMORPG and FPS elements. Its first AAA title, Reaper Actual, is expected to launch on Steam and the Epic Games Store, with funding allocated for game development and release, exploring new directions in Web3 gaming.

Kuru

Announced the completion of a $11.6 million Series A financing on July 7, led by Paradigm.

Kuru is a full-chain order book DEX built on the Monad public blockchain, aimed at providing users with a unified on-chain spot asset trading platform that integrates search, research, and trading functions. The project is dedicated to fully on-chaining core trading logic such as matching and settlement to enhance the transparency and decentralization level of transactions. This round of financing will mainly be used to expand the team and promote protocol development, accelerating the implementation of its full-chain trading infrastructure.

Attention Next Week

Token Unlock

According to data from Tokenomist, the market will see significant token unlocks over the next 7 days (2025.7.11 - 2025.7.16). The top 3 unlocks are as follows:

• CONX will unlock tokens worth approximately $135 million in the next 7 days, accounting for 201.96% of the circulating supply.
• CHEEL will unlock approximately $108 million in value over the next 7 days, accounting for 2.08% of the total supply.
• APT will unlock tokens worth approximately $52.14 million in the next 7 days, accounting for 1.75% of the circulating supply.
  Reference Source
• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• Farside Investors, https://farside.co.uk/btc/
• Coinglass, https://www.coinglass.com/LiquidationData
• jin10, https://flash.jin10.com/detail/20250708230038826800
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• X, https://x.com/pumpdotfun/status/1942947316953948218
• The Block, https://www.theblock.co/post/361803/monad-foundation-to-bring-payment-solution-to-monad-by-acquiring-stablecoin-infrastructure-developer-portal-labs?utm_source=rss&utm_medium=rss
• Crowdfundinsider, https://www.crowdfundinsider.com/2025/07/244991-uk-crypto-startup-ziglu-faces-financial-collapse-enters-special-administration/
• DefiLlama, https://defillama.com/stablecoin/ripple-usd
• X, https://x.com/Cointelegraph/status/1942750677752549614
• X, https://x.com/tokenterminal/status/1943047610899796046
• Gate, https://www.gate.com/announcements/article/46021
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

Disclaimer Investing in the cryptocurrency market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take any responsibility for any losses or damages resulting from such investment decisions.