Gate Research Institute: US Senate Advances Encryption Bill | Hong Kong Releases Digital Assets 2.0 Policy

Crypto Market Overview

• BTC (-0.37% | Current Price 107,460 USDT): BTC is oscillating between 106,000 and 107,000 USDT, with short-term and medium-term moving averages gradually converging, indicating a lack of direction in the short term. Trading volume has significantly decreased since the surge on the 25th, and the current price has slightly fallen below MA 5, showing weak short-term momentum. The MACD histogram has turned negative, with the fast line crossing below the slow line, and there is currently a lack of significant upward volume signals. If bulls cannot regain control, there is a risk of further downward adjustments, and market momentum and sentiment changes should be closely monitored. On June 26, BTC ETF net inflow was 226 million USD, with BlackRock's IBIT inflow of 163 million USD and Fidelity's FBTC inflow of 32.9 million USD, indicating that institutional funds continue to increase their Bitcoin allocations.
• ETH (-1.61% | Current Price 2,444 USDT): While ETH has shown relative resilience around 2,400 USDT, the technical outlook remains bearish. The MACD death cross signal continues, and the price is operating below the short-term moving averages, indicating weak short-term momentum. If the bulls cannot quickly stop the decline and stabilize, further pullback pressure may ensue. Current trading volume has not seen significant expansion, and market sentiment is becoming cautious, suggesting patience is required to wait for direction confirmation. On June 26, ETH ETF experienced a net outflow of $26.4 million, with Grayscale ETHE seeing an outflow of $27.4 million, while BlackRock ETHA recorded an inflow of $5.9 million, reflecting a conservative capital allocation towards Ethereum in the short term.
• 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 4.32% and XRP down 4.76% in the past 24 hours, reflecting a weakening of short-term bullish momentum. The Fear and Greed Index is currently reported at 65, still in the greed zone but lower than the previous day, indicating a contraction in market sentiment, with risk appetite gradually becoming more conservative, and there may still be consolidation pressure in the short term.
• Macro: On June 26, the S&P 500 index rose by 0.80%, closing at 6,141.02 points; the Dow Jones index increased by 0.94%, closing at 43,386.84 points; the Nasdaq index rose by 0.97%, closing at 20,167.91 points. As of June 27, 10:30 AM ( UTC+8, the spot gold price per ounce is temporarily reported at 3,319 dollars, with a decline of 0.25% within 24H.

Trending Tokens on Juejin

CHEEMS Cheems (+7.07%, circulating market value 287 million USD)

According to Gate.io market data, the current price of the CHEEMS token is $0.0000014131, with a 7.07% increase over the last 24 hours. Cheems (CHEEMS) is a cryptocurrency centered around meme culture, inspired by the widely circulated Shiba Inu meme character "Cheems," which belongs to the same meme coin camp as Doge. The project emphasizes community-driven initiatives and a light-hearted, humorous communication style, aiming to establish liquidity and market capitalization support through community consensus and online topicality.

Cheems officially recently retweeted a meme coin themed Twitter Space event, discussing the topic of "the next main battlefield of the meme ecosystem," involving popular public chains such as AVAX. Although the overall scale of the event is not large, in the current environment where trading in the meme coin sector is sluggish, any topical interaction or slight "exposure" could become a catalyst for short-term speculative trading. Moreover, since CHEEMS itself has a small market cap, its price fluctuations are easily amplified by community sentiment. Therefore, although this event has limited impact, it may elevate market attention and buying interest to a certain extent. It is important to note that such price increases are mainly based on short-term speculation, and if there are no substantial benefits to continue, the risk of a pullback still exists.

LQTY Liquity (+3.91%, circulating market cap 150 million USD)

According to Gate.io market data, the LQTY token is currently priced at 1.5342 USD, with an increase of about 4.05% in the past 24 hours. Liquity is a decentralized lending protocol that allows users to use Ether as collateral to withdraw loans at 0% interest. LQTY is the secondary token issued by the Liquity protocol. It can earn revenue generated by the system's fees and incentivizes early adopters and front-end operators. LQTY rewards will only accumulate for stability providers—namely users who deposit LUSD into the stability pool, front-end operators who facilitate these deposits, and liquidity providers in the LUSD:ETH Uniswap pool.

According to the content released by the official and KOL, after the launch of Liquity V2, its core component BOLD token has been friendly forked by multiple projects (such as Beraborrow, Félix, etc.), forming a "15+ fork ecosystem". These platforms have jointly built a quasi-LUSD stablecoin alliance, allowing users to participate in the reward mechanisms of multiple networks using BOLD, and potentially gain future airdrop profits. The market believes that this ecological fission-type expansion not only enhances the use cases of BOLD but also brings potential growth expectations for protocol fees for LQTY, constituting a catalyst for short-term price increases.

MOVE Movement Network (+1.76%, circulating market value 484 million USD)

According to data from Gate.io, the current price of MOVE token is $0.1864, with an increase of approximately 1.76% in the last 24 hours. Movement Network is a blockchain ecosystem based on the modular Move, enabling developers to build secure, high-performance, and interoperable blockchain applications, bridging the gap between the Move and EVM ecosystems.

The main reason for the recent rise of MOVE comes from the Movement Network Foundation's announcement on June 21 to repurchase 10 million MOVE tokens, which directly reduces the market circulation and drives the price up. At the same time, the official also held an event in conjunction with Google Cloud during the ETHCC conference on June 30, and announced that "significant news" will be released, which has increased market expectations and provided short-term momentum support for MOVE. If the details of the subsequent cooperation are clarified, or if there are continuous positive news releases, MOVE is expected to maintain a strong consolidation pattern.

Alpha Interpretation

The U.S. Senate advances the crypto market bill, expected to be implemented by the end of September.

The U.S. encryption regulatory process has made a key breakthrough. Tim Scott, chairman of the U.S. Senate Banking Committee, stated that legislation regarding the structure of the crypto market is expected to be completed by September 30 of this year. This bill is seen as an important foundation for establishing core market mechanisms such as the trading, custody, and issuance of crypto assets, which have long been the focus of both the industry and regulators. He also noted that he will work closely with the House Financial Services Committee to accelerate the integration of the two chambers' versions, aiming to complete the legislative process in the short term.

Given the ongoing discrepancies between the SEC and CFTC regarding regulatory boundaries, once this bill is enacted, it is expected to provide clearer compliance guidelines and more stable market expectations for the US encryption industry. From a market perspective, the implementation of the legislation will not only raise the compliance threshold for the industry but may also accelerate the concentration of funds towards leading platforms and licensed institutions. At the same time, a clear regulatory framework is anticipated to attract more traditional financial institutions, promoting the development of compliant products such as ETFs, custody, and payments. The industry generally believes that the pace of this bill's advancement will become a key barometer for the performance of the US stock crypto sector and market sentiment in the fourth quarter.

Hong Kong releases Digital Asset Policy Declaration 2.0, establishing the LEAP strategic layout.

On June 26, Hong Kong released the "Digital Asset Development Policy Declaration 2.0", centered around the "LEAP" strategy, systematically advancing four main areas: legal regulation, product tokenization, scenario applications, and talent collaboration. This marks the official entry of Hong Kong into a new stage of institutional development for digital assets. The policy clearly establishes a unified regulatory framework and licensing mechanism, with stablecoin regulation set to start in August, bringing clear expectations to the market and attracting more compliant institutions and international capital to establish a presence in Hong Kong, further consolidating its status as a global digital asset hub.

The policy also promotes the tokenization of real assets such as government bonds, gold, and ETFs, accelerating the on-chain process of traditional finance and unleashing the innovative potential in areas like DeFi and RWA. The government supports forward-looking Web3 projects through funding mechanisms and the Digital Harbor pilot. Meanwhile, several local brokerages, such as Victory Securities and Aide Securities, have completed license upgrades, adopting a "distribution-type" model to establish comprehensive accounts at licensed exchanges, providing compliant trading services for mainstream currencies, strengthening KYC and suitability management, and gradually forming a market ecosystem with a "exchange + brokerage" dual-layer structure.

Overall, the "Policy Declaration 2.0" not only sends a strong signal for the development of the digital asset market in Hong Kong but also accelerates the digital transformation of local traditional financial institutions, creating a regulated, efficient, and internationally competitive market ecosystem. It is expected to drive capital inflow and project aggregation, and in the medium to long term, it will create institutional advantages and market attractiveness compared to places like Singapore, Japan, and South Korea.

Nasdaq integrates Canton Network to promote on-chain collateral management automation.

Nasdaq has announced the successful integration of Canton Network blockchain technology into its Calypso system to automate end-to-end margin and collateral management processes. This integration is a use case developed in collaboration with QCP, Primrose Capital Management, and Digital Asset, showcasing the feasibility of embedding on-chain smart contract capabilities into existing institutional operating systems. Through this integration, Nasdaq aims to enhance collateral efficiency and transparency across asset classes, strengthening institutional users' ability to allocate liquidity between digital and traditional financial assets.

Calypso itself is the core platform used by Nasdaq to support real-time risk control, margin allocation, and collateral management for global financial institutions, covering encryption derivatives, fixed income products, exchange-traded derivatives, and over-the-counter trading tools. With the integration of on-chain technology, Calypso will further expand its automation management capabilities, supporting 24/7 uninterrupted operations, reducing manual intervention and compliance friction.

From the perspective of market impact, this move not only validates the integration potential of blockchain in the core trading infrastructure of institutions, but also lays the foundation for future "on-chain settlement" and "smart collateral scheduling," while enhancing the efficiency of the financial market and potentially accelerating the integration process between traditional finance and DeFi infrastructure.

Gate Launchpool

IPO details

• Subscription Project: Moonveil
• Token Name: MORE
• Subscription time: Until July 6, 2025, 20:00 (UTC+8)
• How to participate: Stake MORE, GT, or USDT to receive it for free.
• Total airdrop amount: 3,000,000 MORE

Project Introduction

Moonveil is a full-stack Web3 ecosystem that integrates gaming products, publishing, and L2, independently builds an identity system, is compatible with multiple chains, and promotes the coordinated development of mid-to-heavyweight games and infrastructure. In terms of financing, the project has raised a total of 9 million dollars through three rounds of financing, with leading investors including Gumi Cryptos Capital, Spartan Group, Animoca Ventures, Longhash, IOSG Ventures, and HashKey.
Reference:

• 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
• Nasdaq, https://www.nasdaq.com/press-release/nasdaq-and-qcp-set-new-standard-capital-efficiency-connecting-canton-network-nasdaq-0
• CoinDesk, https://www.coindesk.com/policy/2025/06/26/key-us-senator-tells-white-house-crypto-market-structure-bill-will-be-done-by-sept-30
• GovHK, https://www.info.gov.hk/gia/general/202506/26/P2025062500847.htm
• Gate, https://www.gate.com/launchpool/MORE?pid=328

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.