Crypto Market Overview
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BTC (-2.49% | 58,294 USDT): BTC staged an intraday rally before reversing lower, briefly climbing to around 60,400 USDT before retreating to the 58,000 USDT area. It is currently trading at 58,294 USDT, down 2.5% over the past 24 hours, with the price remaining near the lower end of its recent seven-day range. The moving averages remain in a bearish alignment, with BTC trading below the MA30, indicating that the recent rebound has yet to reverse the prevailing downtrend. Both EMA12 and EMA26 remain above the current price, and no bullish crossover has formed, suggesting continued short-term resistance from the exponential moving averages. On the MACD, both the DIF and Signal lines remain below the zero line, while the histogram stays in negative territory, indicating bearish momentum has yet to fully dissipate. Bollinger Bands show the price trading near the lower band, with the bands widening, reflecting elevated short-term volatility. From an options perspective, short-dated BTC implied volatility (IV) is currently around 44%, suggesting that although defensive positioning has eased somewhat from previous levels, downside hedging demand remains elevated. If BTC can hold the 58,000 USDT support level, bulls may look for a recovery toward the 60,000–62,000 USDT range. However, a decisive break below 58,000 USDT could expose the market to further downside toward 55,000 USDT, where protective puts and bearish spread strategies may regain attractiveness.
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ETH (-1.22% | 1,569 USDT): ETH outperformed BTC on a relative basis, falling less sharply during the session. After retreating from an intraday high of 1,637 USDT to a low of 1,548 USDT, ETH is currently consolidating around 1,569 USDT. The MA5 and MA10 remain below the MA30, maintaining an overall bearish moving average structure, with the price continuing to trade beneath the MA30. EMA12 remains below EMA26, although the gap between the two has narrowed, with no bullish crossover confirmed yet. On the MACD, both the DIF and Signal lines remain below the zero axis, while the histogram has turned positive for three consecutive sessions and continues to expand, suggesting early signs of improving short-term momentum. Bollinger Bands show ETH trading slightly below the middle band, with band width remaining relatively wide. The intraday low around 1,556 USDT, which coincides with the lower Bollinger Band, serves as a key support level, while the upper band near 1,595 USDT represents the primary short-term resistance.
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Altcoins: Over the past 24 hours, the strongest performers were concentrated in the Hyperliquid ecosystem, meme coins, and high-beta small-cap tokens. According to the Gate Markets page, after excluding leveraged tokens, the top gainers were DATA, BASED, and WOJAK. The Crypto Fear & Greed Index currently stands at 16, remaining in the "Extreme Fear" zone. Market sentiment continues to be deeply pessimistic, and any sustainable rebound is likely to require stronger macroeconomic catalysts.
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Macro: On June 30, the S&P 500 rose 0.79% to 7,499.36, the Dow Jones Industrial Average gained 0.26% to 52,319.20, and the Nasdaq Composite advanced 1.52% to 26,213.72. As of 01:15 AM (UTC) on July 1, spot gold was trading at US$3,976.77 per ounce, down 0.78% over the past 24 hours.
Trending Tokens
DATA Network (DATA) (+32,000% | Circulating Market Cap: US$104 million)
According to Gate market data, DATA is currently trading at 0.2889 USDT, up 32,000% over the past 24 hours. DATA Network is a decentralized data infrastructure protocol focused on building an on-chain data sharing and AI collaboration network, providing developers with services including data storage, data verification, and cross-application data access.
As market interest in AI and decentralized data infrastructure continues to grow, coupled with renewed capital inflows into small- and mid-cap infrastructure projects, DATA has seen a sharp increase in trading activity. Its 24-hour trading volume expanded significantly, driving a rapid price surge and making it one of the day's top-performing tokens.
BASED (+29.20% | Circulating Market Cap: US$24.46 million)
According to Gate market data, BASED is currently trading at 0.1042 USDT, up 29.20% over the past 24 hours. Based is a financial "super app" built on the Hyperliquid network, aiming to bridge decentralized finance (DeFi) with traditional financial services.
BASED's 24-hour trading volume increased 59.60% from the previous day. Supported by strong breakout momentum, the token extended its recent rally and remained one of the market's strongest performers.
WOJAK (+26.50% | Circulating Market Cap: US$30.27 million)
According to Gate market data, WOJAK is currently trading at 0.00000009890 USDT, up 26.50% over the past 24 hours. WOJAK is a meme token within the Ethereum ecosystem. Benefiting from improving community sentiment and a broader recovery across meme assets, short-term trading activity has picked up noticeably.
CoinGecko data shows that WOJAK's 24-hour trading volume increased 62.80% compared with the previous day, suggesting that investor risk appetite for low-priced meme tokens has begun to recover.
Alpha Insights
Visa, Mastercard, BlackRock and Other Industry Giants Plan to Jointly Launch OUSD Stablecoin
On June 30, Bloomberg reported that dozens of financial institutions—including Visa, Stripe, Mastercard, BlackRock, and Coinbase—are planning to jointly launch the OUSD stablecoin. The project is expected to adopt a revenue-sharing model, distributing reserve income among participating partners as they compete for on-chain payment infrastructure.
The collaboration among Visa, Mastercard, Stripe, BlackRock, and Coinbase signals that competition in the stablecoin sector is shifting beyond standalone issuers toward jointly built financial infrastructure backed by leading payment networks, asset managers, and crypto exchanges. The initiative builds on reports throughout June that payment giants were exploring a shared stablecoin platform, while introducing two key developments: BlackRock's participation and its global asset management network, along with a revenue-sharing commercial model.
This model represents a meaningful shift in industry dynamics. Rather than concentrating profits within a single issuer, OUSD aims to establish a multi-party economic network resembling traditional card associations, where ecosystem participants share incentives. As AI-driven agents accelerate demand for high-frequency, low-value transactions, traditional payment companies are embedding stablecoin settlement directly into their core networks to address the limitations of existing card systems, including high fees and slow settlement.
Strategy's New Capital Framework Sparks Market Debate; Benchmark Reaffirms "Buy"
On June 30, Strategy's newly announced capital management framework triggered mixed reactions across the market. Benchmark Equity Research reiterated its Buy rating on Strategy Class A common stock (MSTR) and maintained its 12-month price target of $570, arguing that the framework enhances the company's financial flexibility during periods of market stress. Under the new framework, Strategy's board has authorized the company to sell Bitcoin when necessary to replenish its U.S. dollar reserves. The maximum BTC monetization amount allocated for reserve management is $1.25 billion, equivalent to approximately 20,800 BTC at current market prices, or roughly 2.5% of its 847,363 BTC holdings. Benchmark believes the framework marks a shift from relying solely on equity and debt issuance to accumulate Bitcoin toward actively managing both sides of the balance sheet.
However, skepticism remains. Some investors argue that granting authorization to sell Bitcoin could weaken Strategy's long-standing "HODL" narrative and lead the market to price in future selling pressure. Ripple CEO Brad Garlinghouse also criticized the approach, arguing that financial engineering alone cannot generate sustainable long-term value and may have negatively affected broader crypto market sentiment.
At its core, Strategy's new framework represents a transition from a leveraged Bitcoin accumulation strategy toward a more defensive capital structure. In the near term, BTC monetization, share repurchases, and stronger dollar reserves could improve liquidity management while reducing reliance on external financing. Over the longer term, however, if investors interpret Bitcoin sales as a sign of financial pressure rather than prudent treasury management, both MSTR's valuation premium and its Bitcoin-driven investment narrative could weaken.
Gold Briefly Falls Below $3,950/Oz as Major Banks Cut Price Forecasts
On June 30, spot gold extended its decline, briefly falling below $3,950 per ounce during intraday trading, down 1.75% on the day and reaching its lowest level since November 2025. Gold has now retreated roughly 29% from the record high reached in January this year.
As the correction deepens, several major investment banks have lowered their gold price forecasts. Goldman Sachs reduced its end-2026 target from $5,400 to $4,900 per ounce while maintaining a "tactically cautious" stance, citing expectations that Federal Reserve rate cuts have been pushed back to 2027 and the hawkish tone delivered by new Fed Chair Kevin Warsh at his first FOMC meeting. Deutsche Bank, Citigroup, Morgan Stanley, and ANZ have also recently revised their gold outlooks lower.
Despite the near-term downgrade, some institutions remain constructive on gold's longer-term prospects. Goldman Sachs believes the secular bull market remains intact, arguing that continued reserve diversification by emerging market central banks will support structural demand. JPMorgan also maintained its forecast that gold could reach $6,000 per ounce by the end of 2026, viewing the current decline as a cyclical price reset rather than the end of the long-term bull market.
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