Gate Research Institute: Truth Social applies for encryption blue-chip ETF | USDT0 on-chain issuance breaks through 200 million pieces

Crypto Market Overview

• BTC (+0.99% | Current price 108,803 USDT): BTC shows a short-term consolidation pattern. The short-term moving averages MA5 and MA10 are in a state of convergence, with the price oscillating around the moving averages, indicating significant divergence between bulls and bears, with no clear trend direction. Although the MACD indicator remains above the zero line, the momentum of the red bars is weakening, and there are signs of convergence between the fast and slow lines, suggesting that short-term bullish momentum is being digested. In terms of trading volume, the overall level remains neutral to low, reflecting relatively cautious market sentiment. If BTC can stabilize above 109,000, it is expected to test the previous high near the resistance of 109,700; conversely, if it breaks below 108,500, it may retest the MA30 support range. On July 8, BTC ETF saw a net inflow of 75.3 million USD, with BlackRock IBIT accounting for 66.8 million USD and Fidelity FBTC for 4.8 million USD.
• ETH (+3.17% | Current Price 2,606 USDT): The short-term trend of ETH is slightly stronger than BTC. The price has broken through the MA5, MA10, and MA30 moving averages, and the bullish structure is basically established, showing a mild upward trend in the short term. The MACD remains above the zero line, and although the momentum of the red bars has slightly slowed down, the fast line is still above the slow line, and the technical aspect remains bullish. The trading volume has slightly increased, but no significant expansion has occurred, and short-term funds remain cautious. If ETH maintains support above 2,580, the next resistance to watch is the 2,650-2,690 range; if it falls back below 2,560, caution is needed for short-term pullback risks. On July 8, ETH ETF recorded a net inflow of $29.5 million in one day, with BlackRock's ETHA inflowing $25.3 million and Bitwise's ETHW inflowing $4.9 million.
• Altcoins: The altcoin market has seen a short-term rebound, but the overall trend remains weak, with limited sentiment recovery. In the past 24 hours, XRP rose by 2.16% and SOL by 1.63%. Despite the increase, trading volume is sluggish, and the willingness to chase higher prices remains low. The Fear and Greed Index has risen to 66, indicating a warming of sentiment but still moderate. The risk appetite for funds has not been significantly released, and in the short term, the altcoin sector may maintain a structurally rotating consolidation.
• Macro: On July 8, the S&P 500 index fell by 0.072% to 6,225.52 points; the Dow Jones index dropped by 0.37% to 44,240.76 points; the Nasdaq index rose by 0.029% to 20,418.46 points. As of July 9, 10:30 AM (UTC+8, the spot gold price is temporarily reported at 3,301 dollars per ounce, with a 24H increase of 0.02%.

Popular Tokens in the Crypto Market

FLOKI Floki Inu (+9.34%, circulating market cap 869 million USD)

According to Gate.io market data, the current price of the FLOKI token is $0.00009014, up 9.34% in the last 24 hours. Floki Inu is a community-driven encryption project that initially gained popularity due to Elon Musk's pet Shiba Inu "Floki," and has gradually transformed into a diversified Web3 ecosystem. Its key products include the P2E metaverse game "Valhalla," the crypto education platform Floki University, and the NFT marketplace FlokiPlaces, covering applications in various fields such as DeFi, NFTs, and education.

The recent rise of FLOKI is mainly stimulated by the launch of its metaverse game Valhalla on the mainnet. The game went live on July 1 and completed over 100,000 Veras minting within a week, demonstrating strong user engagement. At the same time, the official launched a reward activity with a total of $10,000, further igniting market enthusiasm and token interaction, driving FLOKI's price up in the short term. Ongoing attention to the project's development progress and on-chain data performance is needed to determine whether this wave of upward momentum can continue.

RAY Raydium (+6.91%, circulating market cap 611 million USD)

According to Gate.io market data, the RAY token is currently priced at $2.2777, having risen about 6.91% in the last 24 hours. Raydium is an automated market maker (AMM) and decentralized exchange (DEX) built on the Solana blockchain, and it is also one of the first AMM projects in the Serum ecosystem, giving it a first-mover advantage. As a liquidity infrastructure, Raydium not only provides efficient trading and liquidity services but also serves as an important bridge for emerging and existing projects to enter the Solana ecosystem.

This round of price increase may be driven by the rising popularity of the tokenized stock platform xStocks. xStocks offers 24/7 stock issuance and redemption services on the Solana chain and has announced a zero-fee policy, significantly lowering the participation threshold for users. As the main trading entry point for xStocks, Raydium has gained market attention with the increase in platform liquidity and activity, pushing the RAY token to strengthen in the short term. Going forward, it is important to pay attention to the project's actual progress and on-chain data performance to assess whether the growth can be sustained.

MORPHO Morpho Labs (+7.36%, circulating market cap 457 million USD)

According to Gate.io market data, the current price of the MORPHO token is $1.4330, up about 7.36% in the last 24 hours. Morpho Labs is an important lending infrastructure development team in the Ethereum ecosystem, dedicated to enhancing the capital efficiency of mainstream protocols such as Aave and Compound through the "Efficiency Layer" mechanism. Its core products, Morpho Blue and Morpho V2, support peer-to-peer matching loans, composable collateral mechanisms, and are compatible with various lending markets.

The recent surge of MORPHO is mainly boosted by the expansion of multi-chain deployment and the continued strengthening of on-chain data. At the beginning of July, Morpho officially announced that the "Multiply" feature has been launched on multiple mainstream networks such as Ethereum and Base. According to Token Terminal data, Morpho's TVL on the Base chain has grown by 245.81% since the beginning of the year, surpassing 1.8 billion USD, reflecting the market's high recognition of its lending model and capital efficiency, which in turn has driven the short-term strength of the MORPHO token. Moving forward, attention should still be paid to project progress and on-chain data performance to determine whether the upward momentum can be sustained.

Alpha Interpretation

USDT0 has issued over 200 million on Unichain, with cross-chain trading volume ranking third.

The total issuance of USDT0 on Unichain has exceeded 200 million for the first time, marking an important milestone in the history of the chain. As of now, the total supply of USDT0 on Unichain has reached 202,089,678, with over 13,400 on-chain wallet addresses and more than 5.24 million transfer transactions, demonstrating strong user participation and asset circulation activity.

It is worth noting that Unichain has now become the "third largest" chain in terms of inflow and outflow within the USDT0 network, second only to the Ethereum mainnet and Arbitrum, indicating that the chain's strategic position in the cross-chain stablecoin scenario is gradually improving. From a data performance perspective, Unichain is rapidly becoming an indispensable stablecoin circulation hub within the LayerZero ecosystem, with its technological compatibility and ecological development potential recognized by the market.

With the rising demand for cross-chain assets and the further expansion of USDT0 under a multi-chain deployment strategy, Unichain's position is expected to continue to strengthen, especially under the Omnichain Fungible Token (OFT) mechanism supported by the LayerZero architecture, which may drive more protocols, wallets, and DeFi applications to integrate and use in the future.

Truth Social submits encryption blue-chip ETF application, covering various mainstream assets

According to the official website of the U.S. Securities and Exchange Commission (SEC), Truth Social Crypto Blue Chip ETF, B.T. has submitted an S-1 registration statement, intending to launch a passive blue-chip crypto ETF that targets mainstream encryption assets. This product is initiated by Yorkville America Digital, LLC, registered in Nevada, and is expected to be listed on the New York Stock Exchange Arca, with an annual settlement date of September 30 each year. According to the document disclosure, the fund's initial asset allocation will focus on Bitcoin (70%) and Ethereum (15%), while also including Solana (8%) and Ripple (2%) as secondary mainstream assets, forming a basket of portfolio allocations.

From a positioning perspective, this ETF is a typical passive allocation tool that combines an open trading mechanism with a transparent asset structure, providing traditional investors with a compliant channel to enter the crypto market. If approved successfully, it will become one of the few blue-chip ETFs covering assets beyond BTC and ETH, with a more diverse product structure. Such allocations not only help enrich the crypto ETF options but may also lower the entry barriers for traditional funds, enhancing institutional interest in related public chain assets. Its subsequent review progress and market feedback may become an important reference for observing regulatory trends and capital layouts.

Ethereum takes the first step with EIP-4444, significantly saving node storage space.

According to the latest announcement from the Ethereum Foundation's official website, all Ethereum execution clients now support the history pruning feature for pre-merge historical data. After this update is officially enabled on the mainnet, the disk space usage for a single node is expected to reduce by 300 to 500 GB, significantly lowering the operating threshold for nodes and improving overall network storage efficiency. This feature will not affect the consensus behavior of full nodes and validators by default, and is aimed specifically at node users who do not need to retain historical data long-term.

The launch of this feature is also the first step in Ethereum's gradual implementation of the "historical data expiration mechanism" in EIP-4444. According to this proposal, Ethereum will gradually stop storing complete historical transaction data in all execution clients, instead relying on external services to provide access support, in order to alleviate on-chain storage pressure and enhance the decentralization of nodes. For users and developers of archive nodes who still need access to complete history, a gradual transition to community-maintained data interfaces will be necessary. Overall, this upgrade not only achieves lightweight storage technically, but also lays the foundation for the scalability of the execution layer in the future, which is expected to encourage more nodes to participate in validation and improve the efficiency and resilience of the Ethereum network in long-term operation.
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/zerolore/status/1942481920769589511
• SEC, https://www.sec.gov/Archives/edgar/data/2075457/000110465925066296/0001104659-25-066296-index.htm
• Blog Ethereum, https://blog.ethereum.org/2025/07/08/partial-history-exp

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 being purchased before making any investment decisions. Gate does not accept any responsibility for any losses or damages resulting from such investment decisions.