Crypto Market Overview
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BTC (+1.25% | $59,869): BTC traded sideways at lower levels, repeatedly fluctuating within the 58,000–60,000 USDT range. Although it staged a modest intraday rebound, it has yet to reclaim the 60,000 USDT level. Over the past 24 hours, buying interest emerged around the recent lows, while selling pressure remained concentrated in the 60,000–60,600 USDT resistance zone. The moving average structure remains bearish, with all three major moving averages sloping downward and price trading below the MA30. Both EMA12 and EMA26 remain above the current price, indicating that the short-term rebound is still in its early recovery phase. On the MACD, both the DIF and Signal lines remain below the zero line. Although the histogram has narrowed, no clear bullish reversal signal has emerged. Meanwhile, the price continues to trade between the middle and lower Bollinger Bands, with the band width remaining relatively wide, suggesting that market volatility has yet to fully subside. Failure to reclaim 60,600 USDT would likely cap further upside, while 58,000 USDT remains the key support level. A breakdown below this area could open the door to a retest of the 56,500–57,000 USDT range.
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ETH (+2.40% | $1,595): ETH slightly outperformed BTC during the session but remained in a broader consolidation pattern. The price rebounded modestly from around 1,560 USDT to above 1,580 USDT. Over the past 24 hours, buying support emerged below 1,560 USDT, although trading volume has yet to expand meaningfully during the recovery. The overall moving average structure remains bearish, with all three major moving averages continuing to trend lower and the price still trading below the MA30. Both EMA12 and EMA26 remain slightly above the current price, continuing to act as short-term resistance. Although the gap between the two EMAs has narrowed, no bullish crossover has formed. On the MACD, both the DIF and Signal lines remain below the zero line, while the negative histogram has begun to weaken, indicating that bearish momentum is fading but a sustainable reversal has yet to develop. The price is trading between the middle and lower Bollinger Bands, with the bands remaining relatively wide, suggesting that short-term volatility may continue to increase. A decisive move above 1,610 USDT could pave the way for a recovery toward 1,650 USDT, while a break below 1,550 USDT would raise the risk of a decline toward the psychological 1,500 USDT level.
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Altcoins: Over the past 24 hours, meme coins, selected emerging Layer 1 ecosystem tokens, and high-volatility small-cap assets led the declines. In contrast, niche sectors such as TON–EVM interoperability infrastructure and the AI memory layer bucked the broader market weakness and emerged as the day's standout performers. The Crypto Fear & Greed Index currently stands at 15, remaining firmly in the "Extreme Fear" zone. Overall, the market remains in a fragile recovery phase. While BTC and ETH have stabilized at lower levels, neither has confirmed a trend reversal. Capital continues to favor short-term sector rotation and narrative-driven trading rather than broad market participation.
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Macro: On June 29, the S&P 500 rose 1.18% to 7,440.43, the Dow Jones Industrial Average gained 0.59% to 52,182.74, and the Nasdaq Composite advanced 2.07% to 25,820.14. As of 01:00 AM (UTC) on June 30, spot gold was trading at $3,981.77 per ounce, down 0.87% over the past 24 hours.
Trending Tokens
TAC (TAC) (+159.90%, Circulating Market Cap: $254 Million)
According to Gate market data, TAC is currently trading at 0.05637 USDT, up 159.90% over the past 24 hours. TAC is a Layer 1 blockchain that bridges the Ethereum developer ecosystem with the Telegram/TON user base, combining EVM compatibility with the native TON user experience.
Renewed market interest in the TON ecosystem, Telegram Mini Apps, and cross-chain interoperability narratives, coupled with a sharp increase in trading volume following the breakout, propelled TAC to the top of the daily gainers list. Given its high-beta nature, TAC is likely to remain highly volatile in the near term, and investors should closely monitor whether post-breakout buying interest can be sustained.
RAVE (RaveDAO) (+35.90%, Circulating Market Cap: $107 Million)
According to Gate market data, RAVE is currently trading at 0.4241 USDT, up 35.90% over the past 24 hours. RaveDAO is a Web3 entertainment protocol that integrates electronic music festivals, on-chain NFT ticketing, community governance, and the creator economy, using offline music events as a gateway to onboard users into the crypto ecosystem.
Renewed market attention and growing event momentum have significantly boosted trading activity in RAVE. As a token driven primarily by community engagement and event participation, RAVE has demonstrated stronger speculative appeal during periods of broader market weakness. Its recent rally largely reflects concentrated short-term capital rotating into high-volatility assets. Should trading volume remain elevated, further upside may be possible; however, a deterioration in market sentiment could also lead to a sharp pullback.
UB (Unibase) (+34.40%, Circulating Market Cap: $276 Million)
According to Gate market data, UB is currently trading at 0.1095 USDT, up 34.40% over the past 24 hours. Unibase is positioned as a decentralized AI memory layer, providing AI agents with long-term memory capabilities and cross-platform interoperability.
As narratives surrounding AI agents and AI infrastructure continue to gain traction, investors have renewed interest in AI-native small- and mid-cap projects, driving a notable rebound in UB. The token's recent strength reflects both the continued popularity of AI-related narratives and a technical recovery from previous lows. Nevertheless, the sustainability of its rally will depend on continued ecosystem development and whether trading volume continues to expand.
Alpha Insights
Hedge Funds Record Largest-Ever Weekly Sell-Off of U.S. Technology Stocks
On June 29, Goldman Sachs reported that hedge funds sold U.S. information technology stocks at the fastest pace on record during the week ending June 25, marking the largest weekly reduction since the bank began tracking the data in 2016. The scale of the sell-off even exceeded that seen during August 2024, when the Nasdaq 100 fell more than 10% and entered correction territory.
Meanwhile, the Magnificent Seven accounted for only 14.5% of total U.S. hedge fund gross exposure, close to the lowest level in three years. The allocation has declined by 7 percentage points since the beginning of 2026, representing the largest six-month reduction since the 2022 bear market.
The aggressive reduction in technology exposure suggests that crowded positioning in AI-related and mega-cap technology stocks is beginning to unwind. The sharp decline in hedge fund exposure to the Magnificent Seven indicates that institutional investors are actively reducing risk in high-valuation growth stocks. In the short term, this could weigh on the Nasdaq and dampen global risk sentiment. However, if capital rotates into lower-valuation or defensive sectors, broader market selling pressure could become more contained.
Clarity Act Enters Critical Two-Week Window, Senate Vote Could Come as Early as Late July
On June 29, Crypto in America reported that during the U.S. Senate recess through July 13, bipartisan congressional staff, the White House, and industry representatives will continue negotiations over the remaining differences in the Clarity Act. Key issues include reconciling the Senate Banking Committee and Agriculture Committee versions of the bill, ethics provisions, and anti-money laundering requirements.
If consensus is reached, the legislation could be submitted for a full Senate vote as early as late July or early August. Market participants generally believe that failure to pass the bill before Congress adjourns in August would significantly reduce the likelihood of the legislation being enacted this year.
The Clarity Act has entered a decisive negotiation phase, signaling that the U.S. regulatory framework for digital assets is approaching a critical milestone. Passage of the bill would help clarify the regulatory responsibilities of the SEC and CFTC, providing greater certainty for institutional participation. However, unresolved issues surrounding ethics and AML requirements could still delay the legislative process. Missing the August window would likely prolong regulatory uncertainty and continue to weigh on market sentiment.
On June 29, BlackRock and Ethena Labs announced an expanded strategic partnership. BlackRock's institutional investment platform, Aladdin, will further support Ethena's stablecoin products, with USDe becoming one of the digital assets supported on the platform.
The two firms will also launch a $100 million liquidity facility through Securitize, enabling conversions between BlackRock's tokenized U.S. Treasury fund BUIDL and stablecoins including USDC and USDtb. Eligible institutional clients will also be able to convert between stablecoins and BUIDL outside normal trading hours, further improving interoperability between tokenized real-world assets and digital dollars.
The expanded partnership between BlackRock and Ethena marks another important step in integrating traditional financial infrastructure with stablecoins and tokenized Treasury products. Aladdin's support for USDe is expected to increase institutional adoption of on-chain dollar assets, while the new liquidity facility strengthens the capital bridge between RWA products and stablecoins, reinforcing the long-term growth potential of tokenized real-world assets.
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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.
