Summary
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Market sentiment remains cautious. BTC and ETH continue to consolidate in a choppy range, while structural themes such as AI Agents, RWAs, and Web3 incentive infrastructure have remained active against the broader market trend. Capital continues to rotate around high-growth narratives.
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Rising U.S. inflation expectations and continued hawkish Fed expectations kept institutions broadly on the sidelines. Crypto ETFs posted net outflows of about $65.28 million this week, though the outflow scale narrowed compared with earlier periods.
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Strategy sold about $216 million worth of Bitcoin, drawing broad market attention to listed companies' Bitcoin reserve strategies and the capital-allocation logic of institutional investors.
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BNB Chain announced plans to build a new Layer 1 focused on Agentic Trading, while Zapper announced it will shut down. Industry infrastructure is entering a new phase of iteration and consolidation.
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Securitize and Ionic Digital each completed $400 million financings, while Prime Intellect completed a $130 million Series A round. Institutional capital continues to increase exposure to RWAs, digital infrastructure, and AI-related themes.
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Over the next 7 days, PUMP, CONX, and APT are set to unlock approximately $123 million, $24.6 million, and $6.96 million worth of tokens, respectively. The potential impact of large unlocks on market liquidity warrants attention.
Market Overview
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BTC Market - Against a macro backdrop of elevated U.S. Treasury yields, higher oil prices reinforcing inflation concerns, and broad pressure on risk assets, BTC moved in a choppy intraday pullback. Over the past 24 hours, BTC traded in a range of 61,546.6-63,094.1 USDT, with short-term volatility narrowing somewhat. In terms of MA structure, short-cycle and medium-cycle moving averages are interwoven, with the three lines leaning bearishly. Price is currently trading below MA30 and remains under pressure. EMA12 and EMA26 are both close to spot price, with EMA12 still below EMA26, although the gap between the two has narrowed slightly, indicating marginal easing in short-term downside momentum. On MACD, both DIF and Signal remain below the zero line, while the histogram stays positive but is flattening, suggesting insufficient repair momentum. On Bollinger Bands, price is near the middle band and band width has narrowed from previous levels, indicating that the market is still waiting for directional resolution. Key support lies near 61,672.51 USDT. If that area breaks, price may retest the intraday low of 61,546.6 USDT. The short-term resistance zone lies between 62,678.05 USDT and 63,094.1 USDT.
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ETH Market - Under a market environment shaped by a stronger U.S. dollar, tighter rate expectations, and weaker risk appetite in the DeFi sector, ETH also continued a choppy intraday pullback. Over the past 24 hours, ETH traded in a range of 1,713.48-1,763.97 USDT and overall underperformed BTC slightly. In MA terms, short-cycle and medium-cycle moving averages remain entangled with a weak bias, and price is currently trading below MA30 under pressure. EMA12 and EMA26 remain close to spot price, with EMA12 still below EMA26, but the gap has narrowed, indicating that bearish momentum is easing somewhat. On MACD, DIF and Signal remain below the zero line, while the histogram remains positive but lacks continuity, showing that short-term repair remains fragile. On Bollinger Bands, price is close to the middle band and the band width has narrowed noticeably, suggesting that short-term consolidation may continue. Key support lies near 1,724.82 USDT. If that level fails, the next point to watch is the intraday low of 1,713.48 USDT. Major resistance is in the 1,753.34-1,763.97 USDT range.
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Altcoins - Market risk appetite improved somewhat this week. With Bitcoin holding a range-bound pattern and Ethereum showing relative resilience, capital began rotating into high-beta altcoins. Some AI, DeFi, Layer 2, and governance-related tokens were active. However, the market has not yet entered a full altcoin season. Capital remains concentrated in subsectors with fundamental catalysts and ecosystem-growth expectations, and the market continues to show a structural rather than broad-based opportunity set.
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Stablecoins - Total stablecoin market capitalization currently stands at about $309 billion, accounting for roughly 14% of total crypto market capitalization. Stablecoin supply has continued to grow steadily in recent periods, reflecting that institutional capital is still flowing into on-chain ecosystems and continuing to provide support for subsequent market liquidity.
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Gas Fee - Ethereum mainnet gas fees remain near historical lows. Over the past week, mainnet gas fees stayed below 1 Gwei most of the time, with only brief rebounds during isolated periods of higher on-chain activity. Overall network usage costs remain extremely low. The low-gas environment continues to reduce costs across DeFi, NFTs, and on-chain trading, which should support a further recovery in on-chain application activity.
Trending Tokens
Over the past 24 hours, mainstream assets such as BTC, ETH, and GT all pulled back together, while leading public-chain and DeFi tokens broadly came under pressure. By contrast, Web3 incentive-layer projects, AI Agent networks, and some legacy protocol tokens moved higher against the trend, becoming some of the few structural bright spots in a weak market. The Crypto Fear and Greed Index reads 22 today, placing it in the "Extreme Fear" zone. Rising oil prices, elevated U.S. Treasury yields, and hawkish Fed minutes have all weighed on risk appetite, and market capital remains focused on short-term rotations and high-elasticity names.
POWER Power Protocol (+38.56%, Circulating Market Cap $22.2495 million)
According to Gate market data, POWER is currently trading at 0.10595 USDT, up 38.56% over the past 24 hours. Power Protocol is a protocol layer connecting mainstream applications with Web3 incentive systems. It aims to combine user behavior, application revenue, and on-chain rewards to provide incentive infrastructure for games, consumer applications, and creator platforms.
POWER's rally was mainly driven by the narrative around Web3 consumer applications and on-chain incentives. With mainstream assets under pressure, capital has shown a stronger preference for small- and mid-cap names with clear product scenarios and high elasticity. In addition, POWER's circulating market capitalization exceeds $10 million and its gain ranked among the strongest qualified assets, helping make it a standout performer on today's leaderboard.
OGN Origin Protocol (+14.10%, Circulating Market Cap $12.7754 million)
According to Gate market data, OGN is currently trading at 0.01901 USDT, up 14.10% over the past 24 hours. Origin Protocol is a protocol focused on decentralized commerce, NFTs, and asset issuance, and has long built its ecosystem around on-chain business, stable-yield products, and RWA-related applications.
OGN's strength is tied to a rotation back into legacy protocol assets. In a weak market environment, some capital has rotated out of newly issued high-valuation assets and back into protocol tokens with lower circulating market capitalizations and higher historical recognition. Continued discussion around RWAs and on-chain commerce also helped support OGN's rank among qualifying gainers.
UAI UnifAI Network (+12.97%, Circulating Market Cap $100 million)
According to Gate market data, UAI is currently trading at 0.41858 USDT, up 12.97% over the past 24 hours. UnifAI Network focuses on AI Agents and on-chain automated collaboration, aiming to provide users with capabilities such as trading, data analysis, automated execution, and cross-application calls through an intelligent agent network.
UAI's rally reflects continued capital interest in the AI Agent sector. Despite pressure on the broader market, investors remain highly focused on projects that combine AI, trade execution, and on-chain automation. UAI's relatively large circulating market capitalization and comparatively ample liquidity also helped place it among the top three qualifying gainers.
Key Market Data Highlights
DeFi Dashboard Zapper Announces Shutdown After Seven Years of Operation
According to The Block, on July 8, 2026, DeFi dashboard Zapper announced that it will shut down after seven years of operation. Zapper was one of the most representative user entry points during DeFi Summer, helping users track multi-chain assets, yield farms, NFTs, DAOs, and protocol interactions. At its peak, it had more than 2 million monthly active users and processed over $13 billion in transaction volume.
Zapper's shutdown reflects the commercialization pressure facing DeFi front ends and data aggregation tools. As wallets, block explorers, trade aggregators, and protocol-native interfaces continue to improve, user stickiness for standalone dashboards has been steadily diluted. For the industry, this suggests that DeFi infrastructure needs not only product functionality, but also sustainable revenue, clear distribution channels, and stronger user retention.
BNB Chain to Build a New Layer 1 for Agentic Trading
According to The Block, on July 8, 2026, BNB Chain is building a new Layer 1 focused on Agentic Trading, with plans to launch a testnet by the end of 2026 and a mainnet in early 2027. The chain's goals include sub-50-millisecond transaction pre-confirmation, no public mempool, design throughput above 100,000 TPS, and priority channels for oracles, liquidations, and cross-chain bridges.
Agentic Trading combines AI Agents, on-chain trade execution, and high-performance public chains, and could become a new competitive direction for trading infrastructure. If BNB Chain can reduce frontrunning and latency issues, it could improve the on-chain trading experience and strengthen the competitiveness of the BNB ecosystem in high-frequency on-chain trading scenarios. However, the testnet has not yet launched, and actual performance and liquidity absorption still need to be verified.
Inflation Expectations and the Fed Minutes Become Key Short-Term Variables for BTC
According to CoinDesk, on July 8, 2026, U.S. one-year inflation expectations rose to 3.7%, the highest level since September 2023, while three-year inflation expectations rose to 3.3%, the highest since June 2022. The market is also awaiting the minutes from the Fed's June meeting, and analysts believe that a hawkish tone could trigger further deleveraging of leveraged positions.
Changes in inflation expectations and the rate path directly affect the repricing of capital costs and risk appetite. If inflation expectations continue to rise, it will be harder for the Fed to pivot quickly toward easing, and BTC will need to contend with higher real-yield pressure. If the minutes do not further reinforce hawkish expectations, however, short-term sentiment could instead improve.
Focus of the Week
ETF Outflows Continue, Leaving Crypto Market Liquidity Conditions Cautious
According to CoinMarketCap ETF Tracker data, as of July 8, crypto ETFs have recorded cumulative net outflows of about $65.28 million this week. Of that, Bitcoin ETFs saw net outflows of about $74 million, while Ethereum ETFs recorded net inflows of about $9 million, showing that capital is still primarily leaving BTC products while ETH ETFs are receiving some incremental support.
Overall, although BTC ETFs have recently seen consecutive outflows, the scale of those outflows has narrowed clearly compared with earlier periods. ETH ETFs, by contrast, have maintained a relatively stable inflow trend, reflecting that institutional investors still maintain a relatively high level of attention to mainstream assets. As the market waits for new macroeconomic data and Fed policy signals, ETF fund flows will remain an important indicator for judging institutional risk appetite.
Perpetual Funding Rates Remain Positive While Overall Leverage Sentiment Stays Stable
Data shows that the average funding rate across the market is currently about 0.003%, remaining positive overall. This indicates that perpetual futures markets are still dominated by longs paying funding, but leverage levels have not become obviously overheated. At the same time, total liquidations across the market over the past 24 hours amounted to about RMB 1.91 billion, including around RMB 1.45 billion in long liquidations and about RMB 462 million in short liquidations.
Overall, the derivatives market has not yet shown signs of extreme leverage accumulation, and funding rates remain relatively healthy. That said, long liquidations have been clearly larger than short liquidations, which also reflects that during the recent pullback, long capital has borne the main deleveraging pressure. Short-term market sentiment therefore remains cautious.
Strategy Sells More Than $200 Million of Bitcoin Again, Drawing Attention to Corporate BTC Reserve Strategy
This week, Strategy, the world's largest corporate Bitcoin holder, once again sold about $216 million worth of Bitcoin, sparking broad discussion about corporate Bitcoin reserve strategies. Compared with the company's long-standing "never sell Bitcoin" stance in the past, this sale marks a meaningful shift and has become one of the recent focal points of the crypto market. Following the news, Bitcoin came under short-term pressure, although overall price fluctuations remained relatively limited.
This reduction appears to be more about capital allocation and financing adjustments than about a fundamental change in the company's long-term view of Bitcoin's value. However, as one of the most important representatives of the listed-company Bitcoin reserve model, Strategy's capital-management strategy is now being watched more closely by the market. As more listed companies bring digital assets onto their balance sheets, how corporates balance liquidity needs, capital operations, and long-term holding strategies will remain an important market theme to watch.
Funding Weekly Recap
According to RootData, between July 2 and July 9, 2026, multiple crypto, AI, and infrastructure-related projects announced completed financings across sectors including RWAs, Bitcoin infrastructure, and AI Agents. Below is a brief introduction to the largest financings of the week:
Securitize
On July 2, Securitize announced a $400 million financing. Securitize is a leading global tokenization platform for real-world assets, providing one-stop infrastructure for asset managers, fund issuers, and enterprises, including digital security issuance, custody, transfer agency, and on-chain management. In recent years, the company has continuously promoted the tokenization of traditional financial assets such as U.S. Treasuries, private funds, and credit products, while maintaining partnerships with multiple international asset-management institutions.
This round of financing will be used to further expand its institutional-grade tokenized-asset issuance capabilities, enhance compliance infrastructure, and improve cross-chain asset-management services, while continuing to broaden its network of traditional financial partners. As the RWA market continues to grow, Securitize is well positioned to further consolidate its leadership in the global compliant asset-tokenization sector and to bring more institutional capital into the on-chain financial system.
Ionic Digital
On July 2, Ionic Digital announced the completion of a $400 million private financing. Ionic Digital is a digital-asset company focused on Bitcoin mining and high-performance computing infrastructure, with businesses spanning Bitcoin mining, AI compute centers, and data-center operations. In recent years, the company has continued to transition its computing resources toward AI infrastructure to improve asset utilization and profitability.
The financing will mainly be used to expand data centers, procure next-generation computing equipment, improve energy efficiency, and further expand into AI and high-performance computing markets. As global demand for AI compute continues to rise, Ionic Digital is gradually transforming from a traditional mining company into a comprehensive digital-infrastructure operator, creating new momentum for future growth.
Prime Intellect
On July 8, Prime Intellect announced the completion of a $130 million Series A round, with participation from institutions including Intel Capital and ICONIQ Capital, bringing its post-money valuation to $1 billion. Prime Intellect is committed to building a decentralized AI training network by aggregating globally distributed GPU resources to provide developers and enterprises with open and efficient large-model training infrastructure, lowering the barriers to AI model training and improving compute-resource utilization.
This financing will mainly be used to expand its global GPU network, optimize its distributed training framework, attract more developers into the ecosystem, and continue improving its AI infrastructure products. As the convergence of AI and Web3 continues to strengthen, Prime Intellect's development also reflects sustained capital-market attention toward decentralized AI infrastructure.
Next Week to Watch
Token Unlocks
According to Tokenomist data, over the next 7 days (2026.7.10 - 2026.7.16), the market will face several major token unlocks. The top three projects by unlock size are as follows:
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PUMP will unlock approximately $123 million worth of tokens over the next 7 days, accounting for about 20.5% of circulating supply.
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CONX will unlock approximately $24.6 million worth of tokens over the next 7 days, accounting for about 80.4% of circulating supply.
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APT will unlock approximately $6.96 million worth of tokens over the next 7 days, accounting for about 1.4% of circulating supply.
References:
- Gate, https://www.gate.com/trade/BTC_USDT
- Farside Investors, https://farside.co.uk/btc/
- Gate, https://www.gate.com/trade/ETH_USDT
- Gate, https://www.gate.com/crypto-market-data
- DeFiLlama, https://defillama.com/stablecoins
- Etherscan, https://etherscan.io/gastracker
- Coingecoko, https://www.coingecko.com/en/cryptocurrency-heatmap
- The Block, https://www.theblock.co/post/383595/tom-lees-bitmine-88-million-eth
- The Block, https://www.theblock.co/post/383711/polymarket-third-party-vulnerability-hack
- Coindesk, https://www.coindesk.com/business/2025/12/24/trump-media-shuffles-2-000-btc-after-fresh-bitcoin-inflows
- Rootdata, https://www.rootdata.com/Fundraising
- Tokenomist, https://tokenomist.ai/
- Deribit, https://www.deribit.com/statistics/BTC/metrics/options
- X, https://x.com/AustinBarack/status/2003902632973275405?s=20
- CNBC, https://www.cnbc.com/2025/12/24/nvidia-buying-ai-chip-startup-groq-for-about-20-billion-biggest-deal.html
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