Crypto Market Overview

BTC ( +1.64% | Current Price: 121,248 USDT )

After a period of sideways consolidation, BTC experienced a strong upward breakout within a short time frame, surpassing the 121,200 USDT mark and setting a new rally high at 121,260.3 USDT. Short-term moving averages (MA5, MA10) have clearly turned upward and formed a bullish alignment, with the price far above MA30, indicating robust short-term bullish momentum. The large bullish candlestick with increased volume suggests concentrated buying power. If BTC can stably hold above 121,000 USDT, the upward move may extend further. However, traders should note short-term overbought conditions and the risk of profit-taking at high levels; a drop below the 120,000 USDT mark with declining volume could trigger a technical pullback to reset indicators. Overall, the trend remains strong, but chasing longs should be done with controlled pacing and risk management.

Additionally, on August 8, BTC ETFs recorded a net daily inflow of $403 million, including $360 million into BlackRock’s IBIT and $30.5 million into Fidelity’s FBTC, reflecting increasing institutional allocations to Bitcoin.

ETH ( +1.98% | Current Price: 4,305 USDT )

After a brief corrective pullback, ETH resumed its uptrend, breaking above the recent high of 4,349.81 USDT and closing at 4,305 USDT, maintaining a strong bullish structure. Short-term moving averages (MA5, MA10) have crossed upward again and remain in bullish alignment, with the price well above MA30, signaling a healthy medium- to short-term trend. ETH has repeatedly found solid support in the 4,250–4,260 USDT range, indicating stable buying interest. If it can hold above 4,300 USDT, ETH could target the 4,400 USDT level. That said, as the price approaches previous highs, insufficient volume could lead to a pullback for technical correction. Overall, ETH remains in a strong consolidation pattern, with pullbacks providing opportunities to watch support levels closely.

On August 8, ETH ETFs saw a net daily inflow of $461 million, with $254 million flowing into BlackRock’s ETHA and $132 million into Fidelity’s FETH.

GT ( +0.08% | Current Price: 16.96 USDT )

GT rebounded strongly after finding support near the 16.40 USDT level, recovering to around 16.96 USDT. Short-term moving averages (MA5, MA10) have turned upward and are poised to form a golden cross in the near term, providing potential support; MA30 remains relatively flat, suggesting a continued medium-term range-bound trend. The overall structure shows range trading characteristics, with notable resistance above 17.00 USDT. A volume-backed breakout above this level could open the door to testing the previous high of 17.24 USDT; otherwise, the price may consolidate between 16.80–17.00 USDT. In the short term, it is important to watch the effectiveness of support around the 16.85 USDT area.

Tokens Heatmap

Most tokens continued their strong upward momentum, with market sentiment running high and trading activity surging. ZKJ led the rally with an impressive +79.47%, becoming the focal point of the market. In addition, tokens such as XNY, JUV, AVA AI, DOLO, and INSP also posted gains exceeding 20% or even 30%, underscoring intense market heat and strong capital inflows.

ZKJ – Polyhedra Network (+77.01%, Circulating Market Cap: $108M)

According to Gate data, ZKJ is currently priced at $0.31067, up approximately 77.01% in the past 24 hours. Polyhedra Network (ZKJ) is a platform leveraging zero-knowledge proof (ZKP) technology to advance Web3 interoperability, scalability, and privacy. It aims to bridge different blockchain networks, protocols, and systems, enabling seamless cross-Web3 communication and collaboration.

Amid broad ETH ecosystem strength, Polyhedra’s surge was driven mainly by its collaboration with Google Cloud and a series of strategic moves. On August 9, the project announced zkGPT — a system that can verify the correct execution of large language model inference without revealing model details. This innovation significantly boosted market attention. From August 10, ZKJ’s price rallied sharply from around $0.15 to as high as $0.36588, accompanied by a notable surge in trading volume, reflecting concentrated capital inflows and strong bullish sentiment.

LDO – Lido (+14.05%, Circulating Market Cap: $1.331B)

Gate market data shows LDO trading at $1.4889, up 14.05% in the past 24 hours. Lido is a decentralized liquid staking protocol allowing users to stake tokens without locking them up, while still participating in other DeFi activities. By issuing tradable staking receipt tokens (e.g., stETH for Ethereum), Lido enables liquidity retention during staking.

This rally stems from both macro and micro drivers:

• Macro: Advancements in staking-based ETFs and clearer regulation have created long-term tailwinds for the liquid staking sector.
• Micro: Recent community discussions over an LDO buyback plan have fueled short-term optimism. On August 7, community member Kuzmich proposed a draft buyback plan in the governance forum, noting that Lido’s treasury holds about $145M in liquid assets that currently generate no yield. This buyback expectation has prompted a revaluation of the token’s worth, accelerating capital inflows.

ENA – Ethena (+11.56%, Circulating Market Cap: $5.485B)

Gate market data shows ENA trading at $0.8324, up 11.56% in the past 24 hours. Ethena is a decentralized stablecoin protocol whose core product is the USD-pegged synthetic asset USDe. It operates using a “cash-equivalent + derivative hedge” market-neutral strategy, combining spot staking with perpetual futures short positions.

ETH’s rally has lifted its entire ecosystem, with Ethena’s $USDe surpassing $10B in market cap within just 500 days — a key driver of investor attention. In response, ENA’s price climbed steadily from around $0.55 and accelerated from August 9–11, peaking at $0.8357. The price trend remains within a clear upward channel, with each pullback quickly reversing, highlighting sustained bullish inflows and strong market sentiment.

Daily Token Launch

New Token Sale Details

• Subscription Project: Baby Shark Universe
• Token Name: BSU
• Subscription Period: Until August 16, 2025, 10:00 (UTC)
• Participation Method: Stake BTC or BSU to claim for free
• Total Airdrop Supply: 1,019,541 BSU

Project Introduction

Baby Shark Universe (BSU) is a hybrid entertainment platform built on the globally renowned Baby Shark IP, bridging Web2 and Web3. Designed for mass adoption, BSU is creating a family-friendly ecosystem that spans games, NFTs, and metaverse experiences. The project has formed co-branded partnerships with leading NFT collections such as Pudgy Penguins and Lil Pudgys, achieving multiple sell-outs and demonstrating strong market appeal and community trust.

Hotpot Insights

Solana Ecosystem Meme Token Launch Platform BAGS Surpasses letsBonk.fun in 7-Day Revenue

According to Defillama data, the meme token launch platform BAGS in the Solana ecosystem posted standout performance over the past seven days, surpassing the well-known letsBonk.fun to become the second-highest revenue-generating platform in the Solana ecosystem, trailing only pump.fun. This milestone underscores BAGS’ rapid rise in the Solana meme token market and its growing user recognition.

BAGS’ short-term revenue outperformance over letsBonk.fun highlights its strong competitiveness and market appeal in Solana’s meme token issuance sector. As a community-driven, lightweight asset innovation, meme tokens are often characterized by high volatility and speculative trading. BAGS’ rapid growth reflects the market’s enthusiasm for emerging crypto assets with social and entertainment attributes. With the Solana ecosystem continuing to mature, ensuring user safety and compliance while optimizing user experience will be key to the future development of BAGS and similar platforms. Investors should also be aware of the high-risk nature of the meme token market and participate with caution.

Bitcoin Market Cap Surpasses Amazon to Rank Sixth Globally, Total Crypto Market Cap Hits Record $4.1 Trillion

According to 8market data, Bitcoin’s market capitalization has surpassed $2.45 trillion, overtaking Amazon to become the sixth-largest asset globally, reinforcing its status and influence as “digital gold.” Meanwhile, the total cryptocurrency market cap has exceeded $4.1 trillion, setting a new all-time high and rising 2.5% in the past 24 hours, indicating robust market momentum and growing investor confidence.

Bitcoin’s market cap overtaking traditional giant Amazon marks a milestone in mainstream capital market recognition of crypto assets, with its value-storage function becoming increasingly prominent. The continued climb in total crypto market cap reflects strong investor expectations for blockchain technology and the future of the crypto ecosystem. However, as the market grows in size, volatility and regulatory pressures are also likely to intensify. Investors should remain rational and prudent. Going forward, whether Bitcoin and the broader crypto market can sustain steady growth will depend on technological innovation, policy developments, and institutional adoption trends.

LayerZero Foundation Proposes $110M Acquisition of Stargate Cross-Chain Bridge and STG Token

The LayerZero Foundation has proposed a $110 million acquisition of the Stargate cross-chain bridge and its governance token STG. Under the proposal, STG tokens will be retired, and holders can exchange them at a rate of 1 STG = 0.08634 ZRO, equivalent to approximately $0.1675 per STG based on ZRO’s current price of about $1.94. Upon completion, Stargate will be integrated into the LayerZero Foundation, and the Stargate DAO will be dissolved. The official statement said this move aims to accelerate the synergy between Stargate and LayerZero, leveraging LayerZero’s resources to expand the Stargate ecosystem, deepen its functionality beyond cross-chain bridge services, and enhance overall user experience and value circulation within the LayerZero ecosystem.

This $110M acquisition not only demonstrates LayerZero’s strong commitment to cross-chain infrastructure but also reflects the strategic importance of cross-chain bridge technology as a core enabler of multi-chain interoperability. By integrating Stargate, LayerZero can achieve closer protocol collaboration and resource sharing, strengthen technical capabilities and ecosystem vitality, and advance the unification and optimization of cross-chain experiences. For STG holders, the token swap may bring short-term adjustments but also offers the potential for greater long-term value through LayerZero’s growth prospects. Overall, the acquisition solidifies LayerZero’s competitiveness in the multi-chain ecosystem and lays a solid foundation for future innovation and commercialization of cross-chain protocols.


References

• 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/trade/GT_USDT
• Gate, https://www.gate.com/price
• Gate, https://www.gate.com/launchpool/BSU?pid=355
• Defillama, https://defillama.com/revenue/chain/solana
• 8market, https://8marketcap.com/
• The Block, https://www.theblock.co/post/366246/layerzero-foundation-proposes-110-million-acquisition-of-stargate-bridge-as-token-struggles

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
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.