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Gate Research: BTC Reaches New ATH of 112,000 USDT | Gate Launches Pump.fun Token Sale

Gate Research: BTC Reaches New ATH of 112,000 USDT | Gate Launches Pump.fun Token Sale

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7/10/2025, 8:42:31 AM
Gate Research Weekly: BTC up 2.39% to a record 112,000 USDT; ETH surges 8.35%. Pump.fun to launch first token sale on July 12, with Gate supporting the public offering of 150,000,000,000 PUMP tokens. Monad Foundation to acquire stablecoin infra developer Portal Labs. UK crypto platform Ziglu enters special administration due to financial collapse.

Summary

  • BTC rose by 2.39% this week, hitting a new all-time high of 112,000 USDT; ETH surged by 8.35% on strong trading volume.
  • Monad Foundation plans to acquire stablecoin infrastructure developer Portal Labs.
  • UK crypto platform Ziglu faces financial collapse and has entered special administration.
  • Ripple’s stablecoin RLUSD accelerates its expansion, with circulation exceeding $500 million.
  • Total value locked (TVL) in RWA surpassed $6.1 billion, with BlackRock leading the sector, holding nearly 46% market share.
  • Gate supports the public sale of Pump.Fun (PUMP) tokens, offering 150,000,000,000 PUMP for subscription.

Market Commentary

Market Highlights

  • BTC — BTC gained 2.39% this week, setting a new all-time high. It traded in a narrow range between 107,000–108,500 USDT for most of the week, with relatively calm trading volume. Yesterday, BTC broke out sharply, briefly topping 112,000 USDT before pulling back slightly, indicating some selling pressure at higher levels. In the short term, BTC may continue to test resistance above.
  • ETH — ETH surged by 8.35% this week. After dipping from around 2,630 USDT to near 2,400 USDT, ETH quickly formed a V-shaped rebound, pushing as high as 2,780 USDT to hit a recent peak. Some profit-taking could follow, so it remains to be seen whether ETH can consolidate at higher levels and extend its gains.
  • Altcoins — Most major altcoins posted moderate gains this week. Notably, BONK rose by 27.98%, XLM by 23.12%, while SPX and FLOKI climbed 22.71% and 17.88% respectively.
  • ETF and derivatives — Spot BTC and ETH ETFs saw several days of net inflows, reflecting continued institutional interest. In derivatives, BTC and ETH contracts saw liquidations of $233.5 million and $151.36 million respectively over the past 24 hours.
  • Macro data — The New York Fed’s June survey showed 1-year inflation expectations fell to 3.02%, the lowest in five months and down from 3.20%, suggesting easing concern over future price pressures. Public concern over layoffs also eased.
  • Stablecoins — The total stablecoin market cap increased to $259.7 billion, reflecting further inflows of new funds.
  • Gas fees — Ethereum’s average gas fee increased slightly this week, reaching 1.219 Gwei on July 10.

Trending Sectors

Overall, the crypto market showed a rebound this week with cautious optimism, and most major altcoin sectors ended in positive territory. According to Coingecko data, Tokenized Assets, Launchpad, and Directed Acyclic Graph (DAG) sectors led the gains over the past seven days, rising by 20.2%, 13.8%, and 9.5% respectively.

Tokenized Assets

This sector includes tokens issued by platforms that provide tools or infrastructure for asset tokenization — the process of representing real-world assets like real estate, stocks, and bonds as digital tokens on the blockchain. This week, the sector rose by 20.2%, with PRCL and STBU jumping by 58.3% and 45.7%.

Launchpad

Launchpads are crypto crowdfunding platforms that help new blockchain projects raise capital and launch their tokens before listing on major exchanges, giving early investors access to new tokens. This week, the sector rose by 13.8%; LAUNCH and REVS soared by 662.3% and 103.1% respectively.

Directed Acyclic Graph (DAG)

The DAG sector includes projects that use DAG or DAG-based hybrid structures as their core architecture. DAG structures allow each new transaction or data unit to reference one or more previous units directly, without relying on blocks synchronized across the entire network. This improves parallel processing and throughput. Over the past week, the sector rose by 9.5%, with XEL and WATER up by 43.1% and 18.1% respectively.

Focus of the Week

Pump.fun Announces Details of Public Token Sale, Launching on July 12

Pump.fun officially announced on X that its PUMP token will start its first public token offering on July 12, with a total supply of 1 trillion tokens and an estimated valuation of about $4 billion. The sale will continue until either 150 billion tokens are sold or until July 15 at 14:00 (UTC).

Notably, PUMP tokens will not be tradable during the sale period; transfer functionality is expected to be enabled 48–72 hours after the sale ends. Pump.fun also clarified that citizens and residents of the United States and the United Kingdom are excluded from participating, and the sale will not be available in these and other restricted regions.

The public sale is designed to quickly attract liquidity and market attention, deeply linking token value to platform activity and closing the internal economic loop. Although Pump.fun was briefly overtaken in popularity by LetsBonk recently, this move could drive short-term capital and user attention back, forcing competitors to innovate faster in terms of features, launch cadence, and cross-chain support to keep up with Pump.fun’s early advantage in brand influence and user engagement. However, the $4 billion valuation behind the public sale has raised concerns about liquidity absorption and future market depth, with potential risks of overvaluation and speculative bubbles.

Monad Foundation to Acquire Stablecoin Infrastructure Developer Portal Labs

The Monad Foundation announced it will acquire Portal Labs, a developer specializing in stablecoin infrastructure. After the deal closes, Portal will operate as a subsidiary, and its co-founder and CEO Raj Parekh will join the Monad Foundation to lead payment and stablecoin initiatives. Portal Labs has long provided SDKs and APIs enabling over 100 blockchains to quickly integrate stablecoin payment features.This acquisition will allow Portal’s multi-chain payment solutions to deeply integrate with Monad’s high-performance Layer 1 blockchain, which is scheduled to go live in the second half of 2025.

The acquisition fills Monad’s technical gaps in stablecoin payments and cross-chain integration, laying a solid payment infrastructure foundation for its future ecosystem. Portal’s multi-chain capability could help Monad rapidly scale applications post-launch, making it more attractive to developers and enterprises. It also reveals Monad’s strategic focus on real-world applications and liquidity rather than purely on performance metrics — likely pressuring other high-performance, cross-chain competitors to pivot toward real payment scenarios and user experience.

UK Crypto Platform Ziglu Faces Financial Collapse, Enters Special Administration

UK-based crypto banking platform Ziglu has entered special administration due to insolvency. Ziglu’s directors applied for bankruptcy, and the court appointed David Shambrook and Damian Webb from RSM Restructuring Advisory LLP as special administrators on July 7 to oversee asset management and creditor repayment.

Financial documents show Ziglu accumulated over £20 million in losses over two consecutive years and suffered an additional loss of more than £4 million due to the collapse of Celsius Network. On June 13, the UK’s Financial Conduct Authority (FCA) ordered Ziglu to suspend electronic money issuance and crypto custody services.As of the end of 2023, special administrators reported Ziglu held around £7.25 million in customer funds, including approximately £6.7 million in crypto assets, but customer withdrawals have been fully frozen. The FCA also reminded investors that such crypto activities are not covered by deposit insurance.

The chain reaction from Celsius’s collapse and tightening regulations ultimately overwhelmed Ziglu. For the industry, this case highlights once again the risks associated with centralized platforms and the importance of asset custody and third-party risk. The FCA’s swift intervention also signals stricter regulatory oversight and could push the market to consolidate further around larger, licensed, and better risk-managed platforms.

Highlight Data

Ripple Stablecoin RLUSD Expands Rapidly, Circulation Surpasses $500 Million

Since its launch in December 2024, Ripple’s USD-pegged stablecoin RLUSD has grown quickly, with total circulation now over $500 million and an average daily trading volume of around $26 million, reflecting solid market acceptance and growth momentum. RLUSD is issued on both the XRP Ledger and Ethereum, ranking among the world’s top 20 USD stablecoins.

Backed 1:1 by cash, cash equivalents, and short-term US treasuries, RLUSD’s model aligns with other regulated stablecoins like USDC and FDUSD, underscoring Ripple’s push toward financial compliance.

Ripple is also actively applying for a US national trust bank charter, which, if approved, would allow it to hold customer deposits directly and issue RLUSD under banking oversight — further strengthening its strategy for stablecoins and payments.

Currently, total USD stablecoin market capitalization exceeds $255 billion, making up over 95% of the global stablecoin market. Though RLUSD remains a smaller share (about $501 million), its rapid rise shows persistent demand for compliant, secure, and transparent USD stablecoins. RLUSD’s growth potential and Ripple’s regulatory roadmap warrant ongoing attention.

Solana Perpetual Futures Volume Exceeds $4 Billion, Institutional Interest Rising

Since launching on the Chicago Mercantile Exchange (CME) in March 2025, Solana (SOL) perpetual futures have reached cumulative trading volume exceeding $4 billion, highlighting SOL’s rapid emergence as a core asset for institutional investors.

This demonstrates strong liquidity and depth in SOL markets and underscores its growing presence in mainstream financial infrastructure. Solana currently ranks among the top six global crypto assets by market cap, with its ecosystem showing robust growth across DeFi, meme coins, DePIN, NFTs, and more. On-chain data shows its active user numbers and daily transactions remain high, supporting real demand for financial products.

As one of the few non-BTC/ETH assets supported on CME, Solana derivatives could gain broader liquidity and strengthen its strategic position among institutional investors. Future products like options could further benefit the Solana ecosystem.

RWA TVL Surpasses $6.1 Billion, BlackRock Leads with Nearly 46% Market Share

According to Token Terminal, the total value locked (TVL) in on-chain real-world assets (RWA) has reached an all-time high, exceeding $6.1 billion, driven by growing compliance, asset tokenization, and institutional participation. Asset management giant BlackRock dominates the sector with over 46% market share, underscoring its leadership in the on-chain RWA ecosystem.

The RWA market now includes a mix of traditional financial giants like Franklin Templeton, WisdomTree, and VanEck, alongside crypto-native projects such as Ondo Finance, Superstate, and Blockchain Capital.

As more traditional assets like US treasuries, funds, and credit products become tokenized, RWA TVL is growing exponentially, reflecting the accelerating convergence of capital markets and blockchain technology.

With clearer regulatory frameworks emerging, RWA is seen as a critical bridge between Web3 and traditional finance, and a key gateway for future institutional adoption. Further advancements in cross-chain support, settlement mechanisms, and secondary market liquidity could drive even greater growth in this sector.

Gate Weekly Featured Token Sale

This week’s highlighted subscription project: Pump.fun (PUMP)

PUMP is the official utility token of the Pump.fun protocol, which includes the meme token issuance platform and AMM protocol swap.pump.fun. Users can freely access the protocol without holding PUMP, as it remains entirely permissionless. However, PUMP token holders can participate in various promotional campaigns launched by the team. As a utility token, PUMP will develop alongside the Pump.fun brand, incentivizing user participation and community building within the ecosystem.

This PUMP token offering is initiated by the Pump.fun team. The project is valued at $4 billion, with 15% of tokens planned for sale, aiming to raise approximately $600 million. The team retains all rights to interpret details regarding token issuance, allocation, and related mechanisms.

How to Participate

  • Gate Account: Register and complete identity verification.
  • Deposit Funds: Ensure sufficient USDT balance, as the subscription will be settled in USDT.

Subscription Details

  • Subscription Period: July 12, 2025, 22:00 – July 15, 2025, 22:00 (UTC+8), or until sold out.
  • Price: 1 PUMP = 0.004 USDT.
  • Method: Subscribe using USDT; visit [Homepage Banner or Campaign Page] for the entry link.
  • Total Subscription Supply: 150,000,000,000 PUMP.
  • Distribution: Tokens will be distributed after the subscription ends; exact timing subject to official announcement.
  • Trading: Listing time will be announced separately.

Disclaimer
This PUMP token sale is organized and managed by the Pump.fun team/foundation. All rights and decisions regarding token issuance, allocation, and trading lie solely with the Pump.fun team. Gate, as an official partner platform, only provides technical support such as the purchase channel and distribution and does not participate in project valuation, market operations, or liquidity management.

Risk Warning
Market Volatility: Token sales involve high risk. Liquidity and value in secondary markets are uncertain and could fluctuate dramatically, potentially resulting in partial or total capital loss.
Investment Responsibility: Assessing whether the project valuation is reasonable and whether future market performance meets expectations must be decided by the user. Please carefully evaluate your risk tolerance to avoid investing beyond your means.
Disclaimer: Gate only provides technical services and does not guarantee or promise any market performance, liquidity, or return on investment. Your participation indicates you fully understand and voluntarily accept all associated risks.

Funding Weekly Report

According to RootData, between July 4 and July 10, 2025, 15 crypto projects announced completed funding rounds or acquisitions. These spanned infrastructure, Web3 gaming, AI computing, cloud mining, and more, showing continued market interest in foundational capabilities and user-facing applications.

Below are the top three projects by funding size this week:

H100 Group

On July 9, H100 Group announced it had raised approximately $54 million in funding, which will be used to further increase its Bitcoin investments.

H100 Group is a health tech company from Sweden focused on AI-driven longevity and wellness services. This round indicates that the company is gradually integrating Bitcoin into its balance sheet and long-term strategic plan as a core reserve asset. As of now, H100 Group holds around 294.5 BTC.

Distinct Possibility Studios

On July 4, Distinct Possibility Studios announced it had secured $30 million in funding, co-led by Bitkraft and Brevan Howard.

Founded by EverQuest co-creator John Smedley, the studio aims to develop an open-world shooter that combines MMORPG and FPS elements. Its first AAA title, Reaper Actual, is expected to launch on Steam and Epic Games Store. The funds will be used to support game development and release, exploring new directions in Web3 gaming.

Kuru

On July 7, Kuru announced it had completed a $11.6 million Series A funding round, led by Paradigm.

Kuru is an on-chain order book DEX built on the Monad blockchain, designed to provide users with a unified on-chain spot trading platform that integrates discovery, research, and trading. The project aims to fully implement matching, settlement, and other core trading logic on-chain to enhance transparency and decentralization. The funding will primarily be used to expand the team and advance protocol development, accelerating the rollout of its fully on-chain trading infrastructure.

Next Week to Watch

Token Unlocks

According to Tokenomist, several significant token unlocks will occur from July 11 to July 16, 2025. The top three are:



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.

Author: Ember, Shirley
Reviewer(s): Mark
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
* This article may not be reproduced, transmitted or copied without referencing Gate. Contravention is an infringement of Copyright Act and may be subject to legal action.

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Content

Summary

Market Commentary

Focus of the Week

Highlight Data

Gate Weekly Featured Token Sale

Funding Weekly Report

Next Week to Watch

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