Gate Research Institute: Gate's global registered users exceed 30 million｜The US SEC accelerates the approval of Grayscale's fund conversion to ETF

Crypto Market Overview

• BTC (-1.43% | Current price 105,700 USDT): BTC is consolidating in the range of 105,000 to 106,000 USDT, with a lack of direction in the short-term trend. MA5 and MA10 are trending downwards, momentum is weakening, and the price is slightly below MA5, continuing the bearish pattern. Trading volume has significantly decreased since the end of June, with no effective breakout. The MACD fast line is below the slow line, and although the histogram is converging, it remains negative, indicating insufficient rebound momentum. If it cannot return above MA10, it may retest the support at 105,000 in the short term, and attention should be paid to momentum changes and news impacts. On July 1, BTC ETF had a net outflow of 342 million USD, including 172 million USD outflow from Fidelity's FBTC and 119 million USD outflow from Grayscale's GBTC, data as of July 2, 13:00 ( UTC+8).
• ETH (-3.10% | Current Price 2,410 USDT): ETH is currently consolidating around 2,400 USDT, with a weak short-term trend still being pressured by moving averages. The price is operating below MA5 and MA10, and MA30 is declining, indicating a continuation of the bearish trend. Although the price has stabilized slightly, it has not been able to break through the 2,410 resistance, and the rebound strength is limited. Overall trading volume is weak, with MACD's fast and slow lines moving downward, and the histogram has yet to turn positive, indicating insufficient momentum. If it cannot return above 2,420, there is still a risk of testing 2,370 in the short term, and attention needs to be paid to changes in volume and sentiment. On July 1, ETH ETF recorded a net inflow of 40.7 million USD in a single day, with BlackRock's ETHA inflowing 54.8 million USD and Fidelity's FETH outflowing 24.1 million USD, data as of July 2, 13:00 ( UTC+8).
• Altcoins: The altcoin market has entered a technical correction phase, with risk sentiment cooling down. The altcoin sector has generally shifted from rising to falling, with SOL down 4.03% and XRP down 1.98% in the past 24 hours, reflecting a weakening of short-term bullish momentum. The Fear and Greed Index is reported at 63 today, still in the greed zone, but lower than the previous day, indicating that market sentiment has somewhat contracted and capital risk appetite is gradually becoming conservative, which may still exert consolidation pressure in the short term.
• Macro: On July 1, the S&P 500 index fell by 0.80%, closing at 6,198.01 points; the Dow Jones index rose by 0.91%, closing at 44,494.94 points; the Nasdaq index rose by 0.82%, closing at 20,202.89 points. As of July 2, 10:30 AM (UTC+8), the spot gold price is temporarily reported at 3,329 dollars per ounce, with a 24H decline of 0.27%.

Popular Tokens on Juejin

CALCIFY Calcify Tech (+42.61%, circulating market cap 139 million USD)

According to Gate.io market data, the current price of CALCIFY token is $0.76161, with a 42.61% increase in the last 24 hours. Calcify Tech is a decentralized computing power market that provides users with fair, transparent, and on-demand access to GPU, CPU, and memory resources through smart contracts. The platform is specifically designed for AI developers, Web3 projects, and enterprise users, eliminating intermediaries and providing computing power in a scalable and cost-effective manner.

The recent rise may be related to the platform recently being supported by multiple centralized exchanges, which has increased market attention and capital inflow. As liquidity improves and user coverage expands, short-term sentiment shows positive expectations. However, attention should also be paid to the rhythm of token releases and whether the subsequent actual usage can realize the platform's value, in order to assess the sustainability of the medium to long-term trend.

SUN SUN (+5.7%, circulating market value 332 million USD)

According to Gate.io market data, the SUN token is currently priced at 0.01723 USD, having risen approximately 5.7% in the last 24 hours. SUN is a token and platform specifically designed for DeFi within the TRON ecosystem, originally aimed at supporting on-chain governance and stablecoin trading, and has now expanded to functions such as liquidity mining, staking, and stablecoin exchanges, with the goal of building core financial infrastructure on TRON. As one of the key projects led by the founder of TRON, SUN plays a role similar to that of a "DeFi hub" within the ecosystem.

The recent price increase may be catalyzed by the recent activities of the TRON community, especially the Twitter Space "How TRON's Ecological Financial Flywheel Connects On-chain and Off-chain Capital Circulation?" organized by the "SunPump" organization, which has garnered significant market attention with over 160,000 listeners. In addition, users have provided positive feedback on the TRON native meme coin tool SunGenX, further enhancing community engagement and enthusiasm, indirectly boosting the performance of TRON's ecological tokens. Observing both technical and community aspects, the SUN token benefits from the increased ecological popularity and rising user participation, showing strengthened short-term momentum. However, it is essential to continue monitoring TRON's capacity to support actual capital flow and application implementation in the ecosystem.

VENOM Venom (+4.12%, circulating market cap 402 million USD)

According to Gate.io market data, the current price of the VENOM token is $0.19283, up about 4.12% in the last 24 hours. Venom is an L1 blockchain platform focused on building financial infrastructure, driven by the Venom Foundation, and positioned as a high-performance blockchain for emerging markets, governments, and institutions. Its goal is to create a scalable, compliant, and high-throughput financial ecosystem in developing countries. Currently, Venom has both permissioned and open architectures, supporting multi-chain compatibility and institutional-grade application deployment.

This round of price increase may be driven by recent ecological exposure and community interaction. On July 1, the CEO of Venom Foundation participated in Gate AMA activities, enhancing brand popularity and market attention. Previously, the official announcement of a collaboration with Vietnam's Techsmart Telecom aimed to promote the construction of digital financial infrastructure, strengthening expectations for landing in the Southeast Asian market. Overall, the clear product positioning and active regional expansion are the main factors driving this round of price increase, and subsequent attention should still be paid to the actual progress of the project.

Alpha Interpretation

Gate's global registered users have exceeded 30 million, with brand renewal and compliance layout advancing simultaneously.

The global crypto asset trading platform Gate has announced that its registered user count has officially surpassed 30 million, marking a milestone achievement in the platform's globalization expansion and product diversification layout. As a leading platform that has been deeply involved in the industry for over ten years, Gate has not only witnessed multiple development cycles in the crypto industry but has also gradually built a comprehensive product ecosystem covering multiple business lines such as Launchpad, Gate Alpha, Launchpool, HODLer Airdrop, and CandyDrop through continuous product innovation and technological accumulation, further enhancing capital activity and user participation.

In terms of brand building, Gate has officially launched a new global domain Gate.com and released a new brand logo, reflecting its strategic intent to develop towards internationalization, compliance, and high-end positioning. Through the brand revitalization, Gate hopes to strengthen brand recognition and user trust in the highly competitive crypto market, attracting more institutional and long-term users' attention.

On the compliance front, Gate is continuously advancing regulatory alignment efforts in various parts of the world. In 2025, its subsidiary Gate Technology FZE officially obtained a VASP (Virtual Asset Service Provider) license from the Dubai Virtual Assets Regulatory Authority (VARA), which means it can legally provide multiple encryption asset services locally, including trading and custody. This initiative not only consolidates Gate's compliance layout in the Middle East market but also provides institutional guarantees for its future expansion into the global high-net-worth individual and institutional client sectors.

The US SEC accelerates the approval of Grayscale's fund conversion to ETF, moving towards a new milestone in encryption asset compliance.

The U.S. Securities and Exchange Commission (SEC) recently approved a rule change proposal submitted by the New York Stock Exchange Arca through an "accelerated approval" process, allowing Grayscale Digital Large Cap Fund LLC (referred to as GDLC) to be listed and traded on the exchange. According to the provisions of the Securities Exchange Act Section 19(b)(2), the SEC made an accelerated approval of the proposal numbered SR-NYSEARCA-2024-87 (including Amendment No. 1), marking a further step of digital asset funds towards the mainstream financial system.

GDLC was originally an over-the-counter fund limited to qualified investors. Its approval for listing will effectively enhance liquidity and broaden the channels for investor participation. This fund primarily tracks a portfolio of the largest cryptocurrencies by market capitalization, with approximately 80% of its assets allocated to Bitcoin, around 11% to Ethereum, and the remaining mainstream coins such as Solana, Cardano, and XRP having a smaller proportion, reflecting a typical large-cap crypto index structure.

The SEC's rapid approval this time sends an important signal: the regulatory agency is gradually opening up its attitude towards compliant digital asset products, especially in the fields of ETFs and publicly traded funds. For Grayscale, the approval of GDLC not only enhances its product's compliance status but may also pave the way for other funds under application. Overall, this event holds symbolic significance, reflecting that encryption assets are accelerating their integration into the traditional capital market system.

The Securities Commission of Malaysia plans to relax the token listing process, strengthen DAX regulation, and enhance investor protection.

The Securities Commission of Malaysia (SC) recently issued a regulatory reform proposal aimed at adjusting the framework for Digital Asset Exchanges (DAX) in the country to expedite the token listing process and strengthen investor protection. According to the proposal, if a digital asset meets the minimum eligibility criteria, it could be directly listed on the DAX platform without the need for prior approval from the Commission. This reform will help improve market efficiency, reduce compliance burdens for platforms and project parties, and accelerate the circulation speed of quality assets, thereby enhancing Malaysia's competitiveness in the regional crypto market.

At the same time, the committee also plans to introduce stricter operational and governance requirements to strengthen the compliance foundation of the DAX platform. The new regulations will require operators to ensure complete segregation of customer assets from the platform's own funds to prevent asset misappropriation risks and enhance overall risk control and transparency. In addition, regulatory mechanisms such as anti-money laundering (AML) and counter-terrorism financing (CTF) will be strengthened to align with international compliance standards and enhance investor trust.

This reform not only demonstrates Malaysia's proactive response to the development of the digital asset market but also reflects the country's attempt to strike a balance between openness and regulation. On one hand, it releases innovative vitality by relaxing listing procedures, while on the other hand, it ensures the stability of the financial market and user safety with higher standards. Against the backdrop of countries like Singapore, Hong Kong, and the UAE accelerating the advancement of Web3 compliance systems, Malaysia's move is expected to further consolidate its position in the Southeast Asian digital asset ecosystem. If the reform is successfully implemented, Malaysia may become one of the most regulatory flexible and growth-potential crypto asset trading centers among emerging markets.

Gate Launchpool

New Subscription Details

• Subscription Project: Namada
• Token Name: NAM
• New subscription time: Until July 9, 2025, 21:00 (UTC+8)
• Participation Method: Stake NAM, GT, or USDT to receive for free.
• Total airdrop amount: 1,198,572 NAM

Project Introduction

Namada is a multi-chain composable privacy layer, serving as a Layer 1 blockchain based on Proof of Stake (PoS), dedicated to protecting users' personal data by building a privacy asset hub and supporting discreet cross-chain transactions. It supports any type of asset and can provide stronger data privacy protection capabilities for existing public chains, decentralized applications (dApps), tokens, and NFTs.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• X, https://x.com/Gate_io/status/1939922843002949763
• Crowdfund Insider, https://www.crowdfundinsider.com/2025/07/243871-securities-commission-malaysia-plans-overhaul-of-crypto-exchange-rules/
• The Block, https://x.com/TheBlock__/status/1940097766996259255
• Gate, https://www.gate.com/launchpool/NAM?pid=322

Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate does not bear any responsibility for any losses or damages arising from such investment decisions.