Gate Research Institute Weekly Report: This week, Bitcoin (BTC) experienced narrow fluctuations, while the ETH/BTC exchange rate saw slight volatility. Some popular sectors (AI, Meme, DeFi) showed significant pullbacks, and Falcon USDf supply surpassed $500 million. The U.S. Securities and Exchange Commission (SEC) postponed the approval of the SUI ETF, Circle's IPO valuation reached $6.9 billion, and Pump.fun plans to raise $1 billion to achieve unicorn status.
Summary
Market Interpretation
Market Commentary
Popular Concepts
This week, Bitcoin remained in a high-range consolidation, with altcoins showing mixed performance and many experiencing declines. According to Coingecko data, previously popular sectors such as AI Agents, Meme, and DeFi saw notable pullbacks, with declines of approximately 13.7%, 8.7%, and 5.4% over the past week, respectively. These pullbacks reflect signs of market adjustment after previous gains, indicating a cautious market sentiment, with investors showing a clear tendency to take profits at high levels.
AI Agents
The AI Agents sector is a rapidly emerging innovative field in the cryptocurrency market, focusing on integrating artificial intelligence technology with blockchain to optimize decision-making and operational efficiency for market participants through smart algorithms, data analysis, and automation technologies. This sector includes applications such as AI-driven market predictions, risk management, arbitrage trading, and automated governance of decentralized finance (DeFi) protocols. With its high-speed execution and massive data processing capabilities, AI Agents demonstrate a competitive advantage in highly volatile markets, attracting widespread attention from both institutional and retail investors. — Over the past 7 days, this sector saw a decline of 13.7%, but GIZA, VIVI, and GLORIA within the sector performed notably well.
Meme
The Meme sector is one of the most vibrant and talked-about areas in the cryptocurrency market, characterized by its humor, cultural drive, and high community engagement. This sector combines internet meme culture with blockchain technology to create tokens that are both entertaining and have investment potential. Meme coins typically rely on social media and community-driven viral spread, attracting a large number of retail investors and gaining widespread attention due to their high volatility and speculative nature. — Over the past 7 days, this sector saw a decline of 8.7%, but BOB, CAR, and KEKIUS performed notably well.
DeFi
The DeFi (Decentralized Finance) sector is one of the most innovative and influential areas in the cryptocurrency market, building a financial services ecosystem without traditional intermediaries through blockchain technology. DeFi projects utilize smart contracts to provide financial functions such as lending, trading, liquidity mining, and derivatives, aiming to achieve decentralization, transparency, and inclusivity in finance. This sector attracts widespread attention from global institutional and retail investors due to its high yield potential, openness, and flexibility. — Over the past 7 days, this sector saw a decline of 5.4%, with previously popular projects like CRV, BERA, and COW experiencing significant pullbacks.
Focus of the Week
U.S. SEC Delays Decision on Canary Spot SUI ETF Application
On April 8, 2025, Canary Capital submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to launch a spot ETF tracking the price of the Sui blockchain's native token, SUI. This move aims to provide a compliant and direct investment channel for institutional and retail investors in SUI. The ETF plans to directly hold SUI tokens and use the SUI price benchmark provided by CoinDesk Indices, Inc. as its net asset value (NAV) reference. However, according to the latest report on June 5, 2025, the SEC has decided to postpone its decision on the Canary SUI spot ETF application. The initial response date, originally set for June 5, 2025, has been delayed, and the SEC must make a final decision by January 18, 2026, at the latest (the maximum review period of 240 days).
The SEC's delay in the Canary SUI spot ETF application decision is similar to previous delays in Litecoin and Ethereum spot ETF applications, indicating that the SEC requires more time for risk assessment and market impact considerations when approving such products. For SUI, although it has strong ecosystem support as the native token of the Sui network, providing a solid fundamental basis for future application approvals, this delay also reminds the market that the approval process for altcoin spot ETFs may be longer and more complex than for Bitcoin spot ETFs. This delay may create a certain wait-and-see sentiment in the SUI market in the short term, but in the long run, if ultimately approved, it will bring a large amount of compliant capital to SUI, positively impacting its liquidity and market recognition.
Ethereum Foundation Announces Financial Policy, Plans to Reduce Operating Expenses to 5% Long-Term Benchmark in Five Years
On June 5, 2025, the Ethereum Foundation (EF) released its latest financial policy statement on its official blog, reiterating its core mission to strengthen the Ethereum ecosystem and adhere to the long-term goal of "applications running as expected, with no possibility of downtime, censorship, fraud, or third-party interference."
The Ethereum Foundation announced plans to gradually reduce its management responsibilities, with a projected expenditure of about 15% of treasury funds in 2025, while retaining a fiat currency buffer for 2.5 years of operations. Over the next five years, it aims to gradually reduce annual expenditures to 5%. The foundation will dynamically adjust its assets based on market conditions and may sell ETH as needed, with the current strategy also including staking, lending, and using stablecoins to enhance returns.
EF optimizes returns through dynamic asset allocation while committing to enhance transparency to maintain community trust. This policy will support technological innovation and community development within the Ethereum ecosystem, but caution is needed regarding market pressure and regulatory uncertainties arising from ETH sales. The community and developers can pay attention to EF's quarterly treasury reports and funding plans to seize long-term development opportunities within the Ethereum ecosystem.
Circle Prices IPO at $31 per Share, Valuation Reaches $6.9 Billion
According to multiple media reports, including CoinDesk, stablecoin issuer Circle Internet Group successfully completed its initial public offering (IPO) on June 4, 2025, on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. The IPO exceeded the original pricing range ($24-26), ultimately raising $1.1 billion, with the company's valuation reaching $6.2 billion. The stock will begin trading this Thursday. The original plan was to issue 24 million shares, but due to strong market demand, the final issuance scale was expanded to over 34 million shares.
Circle is a leading global blockchain financial company known for issuing the USDC stablecoin. USDC is a stablecoin pegged 1:1 to the U.S. dollar, backed by low-risk assets such as cash and short-term U.S. Treasury bills, widely used in cryptocurrency trading, decentralized finance (DeFi), and cross-border payments.
Circle's IPO is a milestone in the integration of the crypto industry with traditional finance, marking the transition of stablecoins from fringe assets to mainstream financial instruments. Its $6.9 billion valuation far exceeds that of many traditional fintech companies, highlighting the potential of blockchain finance. In the future, Circle is expected to continue driving USDC expansion through technological upgrades, headquarters relocation, and favorable regulations.
Highlight Data
Falcon Finance Stablecoin Supply Surpasses $500 Million
According to official news, the synthetic dollar protocol Falcon Finance announced that the total supply of its synthetic dollar USDf has surpassed $500 million. As the full public testing of Falcon approaches, market demand for this multifunctional asset continues to grow. According to data from the Falcon Finance official website, the total supply of USDf, pegged to the U.S. dollar, has exceeded $529 million, with a current Total Value Locked (TVL) reported at $589 million.
Falcon Finance demonstrates strong growth momentum and a clear value proposition. Users can over-collateralize BTC, ETH, and stablecoins to generate USDf and further stake it as an interest-bearing token sUSDf, with the current annualized yield close to 10%. Its yield sources include funding rate arbitrage and cross-exchange price difference arbitrage. Additionally, market news suggests that Falcon Finance may launch a governance token in the future, which is expected to incentivize more market users to participate deeply.
Falcon's revenue model relies on market arbitrage opportunities; if market volatility decreases or similar protocols increase, it may lead to narrowed profit margins. Meanwhile, the current global stablecoin regulatory guidelines have not yet fully materialized; if the U.S. suggests concentrating reserve assets in Treasury bonds, it may limit Falcon's current strategy emphasizing collateral diversity. In summary, with high yields and compliant operations, Falcon is expected to expand its user base during the public testing phase in the short term; however, in the medium to long term, its success will depend on the impact of regulatory policies on the collateral model and whether multi-chain deployment can effectively expand its market footprint.
Public Company Treasure Global Launches $100 Million Digital Asset Reserve Plan
On June 5, Nasdaq-listed e-commerce platform operator Treasure Global (TGL) announced the launch of a $100 million digital asset reserve plan as part of its digital infrastructure strategy. The funding for this plan comes from two sources: $50 million from existing equity financing agreements and another $50 million from new investment commitments from strategic partners.
The company plans to phase in the acquisition of blockchain-native assets, including Bitcoin (BTC), Ethereum (ETH), and regulated stablecoins, depending on the pace of fund utilization and market conditions. Although the full amount has not yet been utilized, the company may also submit supplementary registration statements as needed to support subsequent fund withdrawals and asset allocations.
Treasure Global's $100 million digital asset reserve plan is an ambitious strategy that showcases the company's forward-looking layout in the AI and blockchain fields, attempting to seize the digital economy opportunities in Southeast Asia through technological integration. Investing in BTC, ETH, and stablecoins is a relatively forward-looking asset allocation strategy. Similar to MicroStrategy, the long-term growth expectations of Bitcoin investments are likely to drive stock prices and valuations, thereby attracting speculative funds and pushing stock prices up in the short term. It is believed that more traditional companies will join the ranks of cryptocurrency allocation in the future.
Pump.fun Reports Over 60% of Users at a Loss, Plans to Raise $1 Billion to Achieve Unicorn Valuation.
Dune data shows that over the past six months, among approximately 4.257 million addresses that have conducted more than 10 token transactions on the meme coin issuance platform pump.fun, over 60% of the addresses are in a state of loss. However, some users have also achieved significant profits. Among the addresses in profit, the number of addresses with profits ranging from $0 to $1,000 is the highest, reaching 916,500 (accounting for 21.5% of total trading addresses).
At the same time, as a key driver of the meme coin craze over the past year, Pump.fun plans to raise $1 billion through a token sale, with a valuation potentially reaching $4 billion. If this valuation is accurate, it would place it among the ranks of crypto unicorns. It is reported that the token may be launched in the next two weeks, available for sale to both public and private investors, but the official response to this news has not yet been made.
The trading data from Pump.fun reveals the inherent nature of the meme coin market, characterized by high risk and high returns. As a key platform in the meme coin issuance field, Pump.fun's token issuance plan itself possesses strong market appeal and topicality. If this news ultimately materializes, especially in the current environment of heightened market speculation, it is likely to trigger a significant "drain effect."
Related: SEC Wins $1.1 Million in Compensation, Cryptocurrency Fraud Case Defendant Absent from Court Hearing
Original: “U.S. SEC Delays Decision on SUI ETF Application | Falcon Stablecoin Supply Surpasses $500 Million”
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