GateResearch

Gate Research Daily: On June 13, BTC fell 4.30% to its current price of 103,884 USDT, and briefly fell below $103,000 during the session, with a net outflow of $202 million in ETFs in a single day. ETH dropped by 10.76%, and its current price is 2,474 USDT; The ETH ETF has seen net inflows for 18 consecutive business days, with a net inflow of $10.8 million yesterday. The altcoin market fell overall, with the Fear & Greed Index dropping to 54. The three major indexes continued to rise at the close of the U.S. stock market on Thursday, with the Dow and S&P hitting new three-month highs, and the U.S. May PPI data being better than expected, and spot gold at $3,435.15 an ounce, up 1.43% in 24 hours. The SEC has officially repealed the Gensler-era proposal for draconian DeFi regulation, and industry regulation has slowed down in the short term. Uniswap Wallet has launched a smart wallet function, which supports one-click exchange and bundled transactions. Polygon's native token, POL, is cross-chained to Solana via the Wormhole NTT framework. Gate Launchpool's new MEET48 project is now open.

Introduction
This quantitative bi-weekly report (from May 27, 2025, to June 9, 2025) focuses on the market performance of Bitcoin and Ethereum, systematically analyzing key indicators such as long-short ratio, contract open interest, and funding rates, providing a quantitative interpretation of the overall market situation. The quantitative strategy module in this issue emphasizes the practical application of the "moving average trend breakout strategy" in the top ten crypto market cap projects (excluding stablecoins), systematically explaining its strategy logic, signal determination mechanism, and execution process. Through parameter optimization and historical backtesting validation, the strategy demonstrates good stability and execution discipline in trend recognition and risk control. Compared to simply holding BTC and ETH, this strategy performs better in terms of yield enhancement and drawdown control, offering a quantitative trading reference framework with practical value.
Abstract
In the past two weeks, BTC has been between 100,000 and 110,000 US

Gate Research Weekly Report: BTC fell back to 108,000 USD after breaking through 111,000 USD this week, with short-term high-level fluctuations; ETH broke through the 2,700 USD resistance level, with market share rising to 9.8%; AI Meme, Virtuals, and Perptual Futures DEX zones led the gains; Plasma's 1 billion USD deposit limit was quickly sold out; Bullish resubmitted its listing application; the U.S. Senate passed the procedural vote on the GENIUS stablecoin bill.

Crypto market panorama
BTC (-0.02% | Current price 109,603 USDT): After a strong rebound yesterday, BTC has once again entered a consolidation phase, briefly falling below 109,000 USD during the day. On Tuesday, BTC ETF inflows amounted to 94.5 million USD, with ARK's ARKB inflowing 20.3 million USD and Fidelity's FBTC inflowing 67.1 million USD.
ETH (+3.00% | Current price 2,778 USDT): ETH has staged a strong rebound following the market yesterday, currently consolidating around 2,800 USD, with the ETH/BTC exchange rate rising to 0.025; ETH's market share has increased to 9.87%. On Tuesday, the net inflow of ETH ETF was 4,440.

Abstract
- The total crypto market capitalization showed a high volatility trend in May, continuing the upward momentum brought about by the easing of tariffs at the end of April, and the market as a whole maintained a strong upward trend. Driven by the passage of the U.S. stablecoin bill "GENIUS", the total crypto market capitalization reached a stage high before the bill was passed. With the gradual digestion of the effect of favorable policies, the total market value has seen a moderate correction.
- In May 2025, the top 8 cryptocurrencies by market capitalization generally rose, with ETH leading mainstream cryptocurrencies with an increase of over 40%. The only token that fell in May was XRP, whose market capitalization decreased by 2.33%, primarily due to the delay in the approval of the XRP ETF.
- In terms of on-chain data, Solana continues to lead with an average of nearly 100 million transactions per day, solidifying its dominance in high-frequency applications; Base in May

crypto market panorama
- BTC (+4.02% | Current price 109,829 USDT): After a prolonged period of sideways movement, BTC finally made a strong comeback yesterday, briefly breaking through the 111,000 dollar mark during the session. Although it subsequently fell back below this key level, market sentiment has been activated, which may drive a rebound in other major cryptocurrencies. On Monday, BTC

Abstract
- According to the Cryptorank Dashboard data on June 3, 2025, the Web3 industry completed 122 financing rounds in May 2025, with a total financing amount of $1.92 billion.
- From the Top 10 projects, it can be seen that the leading funds in Web3 are primarily flowing into three major tracks: CeFi, blockchain services, and infrastructure. Traditional financial tools such as large mergers and PIPE investments are frequently appearing, marking an accelerated integration of Web3 and TradFi (traditional finance).
- Financing is primarily concentrated in CeFi (1.29 billion USD) and blockchain services (274 million USD) sectors, with CeFi holding an absolute dominant position, highlighting institutional capital's high focus on compliance, service capabilities, and the integration path with traditional finance.
- The scale of Web3 financing shows

Crypto market overview
BTC (+0.02% | Current Price 105,575 USDT): BTC continues to oscillate around $100,500, with options data showing that the implied volatility for the medium to short term has generally fallen below 40%, which is considered a low level. Overall, the market has low expectations for future volatility, and short-term market trends need to be cautiously optimistic. Last Friday, BTC ETF saw an outflow of $47.8 million, among which Ark ARKB had an inflow of $11.5 million, Fidelity FBTC had an inflow of $22.8 million, and BlackRock IBIT saw an outflow of $130 million.

On June 6, BTC fell to around $100,500 this morning, and the market share of BTC was temporarily 63.9%, hitting a nearly four-year high. ETH fell sharply, directly below the middle of the daily Bollinger Bands, the ETH/BTC exchange rate fell below 0.024 today, and the market share of ETH fell to 9.2%; Altcoins have fallen sharply, and some tokens have fallen back to the lows of this round; Circle rose 168.48% on the first day of listing, with a turnover of $3.941 billion; Musk and Trump clashed, and U.S. stocks and crypto markets plummeted.

Pump.fun and Letsbonk.fun have significant differences in token design, narrative, trading mechanisms, and community operations. Pump.fun is feature-rich and highly interactive, while Letsbonk.fun, though in its early stages, has advantages in social media sentiment. The two represent different strategic mindsets and will become competitors in the Memecoin issuance field in the future.

Abstract
- BTC continues to oscillate at high levels after failing to break through $111,000.
- Altcoins are adjusting at high levels, with previously popular sectors like AI Agents, Meme, and DeFi concepts generally experiencing pullbacks.
- The Ethereum Foundation has announced a new financial policy, aiming to reduce annual operating expenses to 5% over the next five years.
- The US SEC has postponed its decision on the Canary spot SUI ETF application.
- Projects such as Rails, Avantis, and 3Jane completed financing ranging from millions to tens of millions of dollars this week.
- Gate Launchpool launches SOPH new token offering, with a total airdrop of 24 million SOPH.
Market Interpretation
Market Commentary
BTC Market —— Recently, the price trend of BTC has continued to show a narrow range of fluctuations, with multiple attempts to breach 111,000 USD.

crypto market panorama
BTC (+0.11% 丨 Current 105,696 USDT): Yesterday's BTC ETF saw a net inflow of $375 million, of which BlackRock IBIT saw an inflow of $58 million, Fidelity FBTC saw an inflow of $136 million, and Ark ARKB saw an inflow of $139 million. Despite the strong inflow of ETF funds, BTC continues to maintain a narrow range, and the market may continue to be dominated by volatility in the short term.

It is expected that by 2024, the global GameFi market size will reach 19.584 billion USD, with high popularity in the Asia-Pacific region and daily active users reaching 4.5 million. The North American market has the largest share, but the Asia-Pacific region is growing rapidly. The number of users is increasing steadily, and on-chain volume is rebounding. GameFi tokens have performed poorly overall, and the industry is moving towards social casual games and full-chain games, with traditional gaming giants joining to promote market expansion. The GameFi financing amount in 2024 will reach 651 million USD, with Animoca Brands being an active investment institution.

crypto market panorama
BTC (+0.67% | Current Price 105,570 USDT): BTC has been fluctuating within a narrow range during the day, briefly rising to 106,500 USD before retreating; this position is the middle band of the BTC daily Bollinger Bands. If it cannot effectively break through, the recent market may primarily trend downwards in a fluctuating manner.
Yesterday BTC

crypto market panorama
BTC (-2.05% | Current price 105,688 USDT)
The BTC price continues to fluctuate, failing to effectively stabilize after breaking through the $111,000 mark. Subsequently, two attempts to break through the key resistance level of $111,000 were also unsuccessful. It is currently in a phase of downward oscillation, with support at about $104,500 and resistance at about $107,500.
On Thursday, BTC ETF experienced a net outflow of 359 million dollars, ending a 10-day net inflow status, during which IBIT had a net inflow of 125 million dollars in a single day, while FBTC had a net outflow of 166 million dollars in a single day.

Foreword
This quantitative bi-weekly report (from May 13, 2025, to May 26, 2025) focuses on the market performance of Bitcoin and Ethereum, systematically analyzing key indicators such as long-short ratios, contract open interest, and funding rates, providing a quantitative interpretation of the overall market situation. The quantitative strategy module in this issue emphasizes the practical application of the "Bollinger Bands Reversal Strategy" in the top ten cryptocurrency projects by market capitalization (excluding stablecoins), detailing its strategy logic, signal determination mechanism, and execution framework. Through systematic parameter optimization and historical backtesting validation, this strategy demonstrates good stability in trend identification and risk control, and possesses clear execution discipline. Compared to simply holding BTC and ETH, this strategy shows superior advantages in both returns and drawdown control, providing a practical reference framework for quantitative trading.
Abstract
In the past two weeks, BTC broke through 110,000 USD.

In 2025, the competition of public chains will escalate, and the new generation of public chains (such as Sonic, Berachain, Abstract, Unichain, Sei, and Hyperliquid) will set off an "interchain war". Sui suffered losses due to hacking, and the security of Move was questioned. Sonic is "Performance + Incentive" to drive growth, with a TVL of $1 billion. Berachain is innovative PoL consensus driven, with a TVL of $1.189 billion. Unichain's TVL increased from $9 million to $267 million under Uniswap incentives. Sei focuses on DeFi and high-frequency trading, with a TVL of $487 million.

Abstract
- BTC fell back after breaking through $110,000, with short-term fluctuations as the main market trend.
- The ETH/BTC exchange rate has rebounded slightly, with $2,700 serving as a short-term resistance level for ETH.
- Grayscale launched the AI asset segment, including tokens such as VIRTUAL, KAITO, AIXBT, etc.
- Trump Media Technology Group announces the launch of a $2.5 billion Bitcoin treasury plan.
- The SOL supply on CEX has decreased to 27.01 million, approaching the lowest point in October 2022.
- Gate Launchpool launches ELDE, with a total prize pool of 1,000,000 ELDE.
Market Interpretation
Market Commentary
BTC Market —— After continuously breaking through the $111,000 mark, BTC has failed to effectively stabilize.

Gate Research Institute Daily: On May 28, MetaMask Wallet officially integrated Solana network; Cantor Fitzgerald launched a $2 billion Bitcoin mortgage plan; Grayscale launched an AI encryption industry zone; PFVS, WCT, and VIRTUAL Token performed well.