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According to Gate Ventures' latest weekly report, influenced by the escalation of geopolitical risks and changes in the AI competitive landscape, all three major U.S. stock indices fell last week, energy prices rose significantly, and the trends of safe-haven assets like gold and U.S. Treasuries diverged. The cryptocurrency market continued its structural trend, with Bitcoin and Ethereum rising by 1.5% and 3.6%, respectively, while both spot BTC and ETH ETFs maintained net inflows.In terms of industry development, regulation and real-world applications continued to be the focus this week. Japanese convenience store giant Lawson, in collaboration with Netstars, is advancing a stablecoin payment pilot, further promoting the use of stablecoins in everyday consumption scenarios; South Korea plans to officially incorporate digital assets into its national asset management framework and explore the tokenization of government bonds and state-owned assets, with the construction of RWA infrastructure continuing to accelerate. In Europe, after the transition period of MiCA ended, the total number of licensed institutions increased to 294, although the number of new licenses has slowed down, institutional participation remains strong.In terms of investment and financing, the cryptocurrency industry recorded a total of 16 financing events last week, highly concentrated in the infrastructure sector: among them, Alpaca completed a $135 million financing to enhance tokenized securities and AI financial infrastructure; Flex completed a $70 million financing to further expand its stablecoin cross-border payment network, continuously confirming the capital market's long-term optimism towards digital financial infrastructure. Gate Ventures believes that as the global regulatory framework gradually improves and the integration of traditional finance and blockchain deepens, the digital asset ecosystem is expected to enter a more mature and diverse development stage.

According to Gate market data, the Dow Jones Index closed up 385.56 points on July 21 (Tuesday), an increase of 0.74%, at 52,224.82 points; the S&P 500 Index rose by 65.91 points, an increase of 0.89%, at 7,509.19 points; the Nasdaq Composite Index increased by 329.13 points, an increase of 1.29%, at 25,837.21 points.

According to a report by CCTV Finance, Wei Liang, Vice President of the China Academy of Information and Communications Technology, stated that the daily Token call volume in our country has surged from about 100 billion at the beginning of 2024 to 140 trillion by the end of March 2026, an increase of over a thousand times.Intelligent agents are giving rise to a brand new economic form, known as the "Token economy." Token, in Chinese, is called 词元, and it is an important unit for large models to process information and measure model invocation costs. Its growth rate is the most intuitive barometer of industrial development.In the era of intelligent agents, a single user command may trigger multiple rounds of model calls and resource consumption, directly driving an explosion in demand for artificial intelligence computing power. With the large-scale application of intelligent agents, a series of new models surrounding Token measurement, scheduling, pricing, and trading are beginning to take shape.

According to Gate market data, the Dow Jones Index closed up 149.48 points on July 10 (Friday), an increase of 0.28%, closing at 52,636.89 points; the S&P 500 Index closed up 31.65 points, an increase of 0.42%, closing at 7,575.29 points; the Nasdaq Composite Index closed up 74.72 points, an increase of 0.29%, closing at 26,281.61 points.

CryptoQuant analyst Darkfost pointed out that the proportion of unrealized profits in Bitcoin has dropped to 65.8%, below the historical average of 81%, while the proportion of unrealized losses is about 34.2%. The current market is still supported by profitable positions rather than dominated by losses, but the profit proportion continues to decline.Darkfost stated that in past bear markets, the market always reaches a stage where unrealized losses exceed the proportion of profits, and it is currently uncertain whether this cycle will be an exception. This indicator reflects the overall profit and loss situation of market positions and is an important reference for assessing market sentiment and potential selling pressure.

According to on-chain analyst Yu Jin's monitoring, half an hour ago, the whale AllegraSeam transferred 20.32 million USDC to Hyperliquid and opened a long position worth 22.8 million dollars in SKHX at a price of 1480 dollars.The day before yesterday, another whale opened a long position worth 30 million dollars in SKHX at a price of 1411 dollars. SK Hynix's US stock ADR is priced at 149 dollars, corresponding to a Korean stock price of 1490 dollars, and the current price is near that range.

According to Jinshi, the four-week average of initial unemployment claims in the United States for the week ending July 4 was 218,750, with the previous value revised from 222,000 to 222,500.

According to on-chain analyst Yu Jin's monitoring, as SKHX rebounded from $1300 to $1500, a certain whale opened a long position worth $30 million in SKHX at an average price of $1411, with an unrealized profit of $2.08 million.They placed a limit sell order between $1880 and $1900, and if it returns to a new high, they will profit $10 million.

According to a report by 10x Research, the stock prices of recently listed cryptocurrency-related companies have generally fallen sharply from their post-listing highs. Among them, Gemini (GEMI) has dropped by 91%, Amber (AMBR) has decreased by 89%, BitGo (BTGO) has fallen by 79%, Circle (CRCL) has declined by 78%, Coinbase (COIN) has decreased by 63%, and Securitize (SECZ) has also dropped by 41%.Data shows that these 8 recently listed cryptocurrency companies have, on average, fallen 73% from their post-listing highs. The report points out that the sharp decline in stock prices after listing has become a common phenomenon for cryptocurrency company IPOs, and investors need to adopt a more systematic strategy to cope with such volatility.

According to the analyst thechessONCHAIN on CryptoQuant, Bitcoin's NUPL (Net Unrealized Profit/Loss) is currently 0.158, with its 100-day exponential moving average at 0.215 and the 30-day exponential moving average at 0.155.On June 2, the 30-day moving average has crossed below the 100-day moving average, indicating a weakening market momentum, but both are currently still above the zero axis.

According to South Korea's Digital Asset, the comprehensive equity exchange date between Naver Financial and Upbit's parent company Dunamu has been postponed again from September 30 to December 31, marking the second delay this year, having previously been postponed from June 30 to September 30 in March.The equity exchange ratio remains unchanged, with 1 share of Dunamu exchanged for 2.5422618 shares of Naver Financial. Dunamu stated that the transaction still requires approval from the Fair Trade Commission for corporate mergers, approval for changes in major shareholders under the Credit Information Act, and reporting of changes in major shareholders under the Specific Financial Information Act, and the progress may lead to further delays or even the transaction falling through.Dunamu also pointed out that legislative discussions on the Basic Law of Digital Assets are progressing, and the content of future regulations may impact the conduct or outcome of the equity exchange.

CME Group announced that its average daily trading volume (ADV) in June reached a new record of 30.6 million contracts, a year-on-year increase of 19%; the trading volume in the second quarter reached 29.8 million contracts, marking the second highest in history.In terms of cryptocurrency, the CME's average daily trading volume for cryptocurrency futures contracts in June increased by 76% year-on-year, reaching 334,000 contracts, with a nominal value of approximately $10.7 billion. Among these, the average daily trading volume of micro Bitcoin futures contracts grew by 46%, reaching 77,000 contracts. In the second quarter, the average daily trading volume for cryptocurrency futures contracts reached 250,000 contracts, a year-on-year increase of 32%, with a nominal value of approximately $13.7 billion, of which the average daily trading volume of Ethereum futures contracts increased by 10%, reaching 18,000 contracts.

According to SolanaFloor (@SolanaFloor) monitoring, the daily token issuance on the Solana chain has reached a new high in 80 days, the number of tokens graduating has also surged, and the number of new users has continued to rise over the past two weeks.

According to the official announcement, Bitget has supported the US stock rToken spot dollar-cost averaging feature, allowing users to regularly allocate stock assets through the spot dollar-cost averaging robot. This feature supports 24/7 trading, and users can execute dollar-cost averaging through on-exchange and off-exchange matching mechanisms, regardless of whether it is a trading day or a non-trading day in the US stock market. After upgrading the app to the latest version, users can enter "Trading Robot," select "Spot Dollar-Cost Averaging," and create a dollar-cost averaging plan by setting parameters such as the investment amount and cycle.It is reported that the rToken, identified by the letter r + stock code (for example, rNVDA for NVIDIA), is issued by Reality, a licensed RWA protocol under Bitget, and is directly connected to global liquidity pools such as NASDAQ and NYSE through collaboration with the compliant brokerage Alpaca.

According to BBX data, the two largest publicly listed reserve companies for Ethereum issued a counter-cyclical buy signal yesterday, with the core dynamics as follows:SharpLink, Inc. (NASDAQ: $SBET) (one of the largest publicly listed reserve companies for Ethereum, founded by CEO Joe Lubin, formerly known as SharpLink Gaming, transitioning to Ethereum Treasury in May 2025) released an official press release on June 30: the company purchased an additional 10,000 ETH at an average price of $1,611 per coin, raising its total holdings to 886,725 ETH; during the same period, it repurchased 2,132,773 shares of common stock (average price $4.69), bringing the total repurchased since the buyback program started in August 2025 to 4,071,223 shares. This ETH purchase was funded by the company's previously completed $75 million targeted issuance (registered direct offering). CEO Joseph Chalom stated that this fundraising "provides capital support for proactive ETH treasury management strategies." The company's average purchase cost for 886,725 ETH is approximately $3,609 per coin, and with the current price around $1,611, the paper loss is about $1.77 billion; however, the company earned approximately 18,800 ETH in staking rewards in Q1 (equivalent to about $30 million per quarter at current prices), with revenue of $12.1 million during the same period (a 16-fold increase compared to $742,000 in the same period last year). The company has officially been included in the Russell 2000 and Russell 3000 indices, which will trigger passive buying from active and passive funds tracking these two indices, potentially broadening the institutional shareholder base and increasing access to capital markets.Bitmine Immersion Technologies, Inc. (NYSE: $BMNR), as of June 26, according to the latest data cited by CoinDesk, the company's ETH holdings have risen to approximately 5.67 million coins (an increase of about 280,000 coins compared to the 5.39 million disclosed in the SEC 8-K on May 26), with a net increase of about 52,203 coins in the previous week (equivalent to about $82 million); the company's chairman Tom Lee stated on June 26: "We are maintaining a steady accumulation pace throughout 2026, and we believe we are in the early stages of a Crypto Spring." At the current price of about $1,610, the market value of 5.67 million ETH is approximately $9.13 billion; during the same period, Bitmine jointly funded the Ethlabs nonprofit research organization with SharpLink and Ethereum co-founder Joe Lubin (founded by former Ethereum Foundation researchers, focusing on Ethereum infrastructure and institutional research), further strengthening the institutional narrative support for the ETH ecosystem through the endorsement of the three organizations.

The economic laboratory of the fintech company Ramp has released a new version of the Ramp AI Adoption Index report. Based on spending data analysis from over 70,000 U.S. enterprise customers, the adoption rate of enterprise-level AI for Anthropic increased by 2.5 percentage points to 41%, officially surpassing OpenAI, which slightly decreased to 39.5%, establishing a leading position in the field of commercial applications.The report focuses on analyzing the spending trends of top enterprises that "deeply adopt AI." Data shows that the top 1% of enterprises spend as much as $7,449 per employee per month on AI, with this figure still achieving a 14.1% increase last month; in contrast, the top 10% of enterprises have an average monthly spending of $611 per employee, while the median enterprise spends only $11.38 (approximately equal to the cost of a single basic subscription).Additionally, the research points out that enterprises that deeply apply AI do not experience "vendor lock-in" and generally adopt multiple cutting-edge large models, open-source platforms, and vertical AI solutions simultaneously. Although enterprises are beginning to experiment with more cost-effective models (such as DeepSeek) in the face of cost pressures, overall AI spending remains on an upward trend.

CryptoQuant analyst Darkfost stated that about 84% of altcoin trading prices on Binance have fallen below the 200-day moving average, a situation that has persisted for nearly eight months, marking the second longest period of weakness since 2020, only behind the previous bear market's record of about ten months.The Total 3 index, which tracks the market capitalization of altcoins excluding Ethereum, continues to decline and has confirmed a weekly close below the 200-day moving average. Darkfost pointed out that altcoins have maintained a high correlation with Bitcoin prices during this cycle. Although the current weakness confirms a downward trend, historically, such periods usually provide mid-term opportunities, but this time requires stricter asset screening than before.

According to Coinglass data, the current average funding rate for BTC across the network over 8 hours is 0.0039%. Among the current mainstream exchanges, the rate for Binance is 0.0032%, OKX is 0.0005%, Bybit is 0.0016%, and Gate is 0.0069%.