On July 9, BTC and ETH continued to fluctuate, with market sentiment being cautious. In terms of popular tokens, FLOKI surged by 9% due to the launch of Valhalla, while RAY and MORPHO rose over 6% respectively, driven by the popularity of xStocks and strong on-chain data. On a macro level, the issuance of USDT0 on Unichain surpassed 200 million, making it the third-largest in cross-chain trading volume; Truth Social submitted a blue-chip ETF application covering mainstream assets such as BTC, ETH, and Solana, while Ethereum is simultaneously advancing the EIP-4444 storage mechanism upgrade to free up node space and enhance network resilience.
BTC (+0.99% | Current Price 108,803 USDT): BTC is showing a short-term consolidation pattern. The short-term moving averages MA5 and MA10 are in a sticky state, with prices oscillating near the moving averages, indicating significant divergence between bulls and bears, with no clear trend direction. Although the MACD indicator remains above the zero axis, the momentum of the red bars is weakening, and the fast and slow lines show signs of convergence, suggesting that short-term bullish momentum is being digested. In terms of trading volume, it remains neutral to low, reflecting a relatively cautious market sentiment. If BTC can stabilize above 109,000, it may test the previous high near 109,700; conversely, if it falls below 108,500, it may retest the MA30 support range. On July 8, BTC ETF recorded a net inflow of 75.3 million USD, with BlackRock's IBIT inflowing 66.8 million USD and Fidelity's FBTC inflowing 4.8 million USD.
ETH (+3.17% | Current Price 2,606 USDT): ETH's short-term performance is slightly stronger than BTC. The price has broken through the MA5, MA10, and MA30 moving averages, and the bullish structure is basically established, showing a mild upward trend in the short term. The MACD remains above the zero axis; although the momentum of the red bars has slightly slowed, the fast line is still above the slow line, indicating a bullish technical outlook. Trading volume has slightly increased, but there is no significant expansion, and short-term funds remain cautious. If ETH can hold above the support of 2,580, the next resistance to watch is the 2,650-2,690 range; if it falls back below 2,560, short-term pullback risks should be monitored. On July 8, ETH ETF recorded a net inflow of 29.5 million USD, with BlackRock's ETHA inflowing 25.3 million USD and Bitwise's ETHW inflowing 4.9 million USD.
Altcoins: The altcoin market has seen a short-term rebound, but the overall trend remains weak, with limited sentiment recovery. In the past 24 hours, XRP rose by 2.16% and SOL by 1.63%. Although there are gains, trading volume is lackluster, and the willingness to chase highs remains low. The Fear and Greed Index has risen to 66, indicating a warming sentiment but still moderate, with no significant release of risk appetite from funds. In the short term, the altcoin sector may maintain a structurally rotating consolidation.
Macro: On July 8, the S&P 500 index fell by 0.072%, closing at 6,225.52 points; the Dow Jones index fell by 0.37%, closing at 44,240.76 points; the Nasdaq index rose by 0.029%, closing at 20,418.46 points. As of July 9, 10:30 AM (UTC+8), the spot price of gold is reported at 3,301 USD per ounce, with a 24-hour increase of 0.02%.
According to Gate's market data, the current price of FLOKI token is 0.00009014 USD, up 9.34% in the last 24 hours. Floki Inu is a community-driven crypto project that initially gained popularity due to Elon Musk's pet Shiba Inu "Floki" and has gradually transformed into a diversified Web3 ecosystem. Its key products include the P2E metaverse game "Valhalla," the crypto education platform Floki University, and the NFT marketplace FlokiPlaces, covering applications in DeFi, NFTs, and education.
The recent rise of FLOKI is likely stimulated by the launch of its metaverse game Valhalla. The game went live on July 1 and completed the minting of over 100,000 Veras within a week, demonstrating strong user engagement. Additionally, the official launched a reward program totaling 10,000 USD, further stimulating market enthusiasm and token interaction, driving FLOKI's price up in the short term. Continued attention is needed on the project's development progress and on-chain data performance to assess whether this upward trend can be sustained.
According to Gate's market data, the current price of RAY token is 2.2777 USD, up approximately 6.91% in the last 24 hours. Raydium is an automated market maker (AMM) and decentralized exchange (DEX) built on the Solana blockchain, and it is one of the first AMM projects in the Serum ecosystem, enjoying a first-mover advantage. As a liquidity infrastructure, Raydium not only provides efficient trading and liquidity services but also serves as an important bridge for emerging and existing projects to enter the Solana ecosystem.
This round of gains may be driven by the rising popularity of the tokenized stock platform xStocks. xStocks offers 24/7 stock issuance and redemption services on the Solana chain and has announced a zero-fee policy, significantly lowering the participation threshold for users. As the main trading entry for xStocks, Raydium has gained market attention with the increase in platform liquidity and activity, driving RAY token's strength in the short term. Continued attention is needed on the project's actual progress and on-chain data performance to evaluate whether growth can be sustained.
According to Gate's market data, the current price of MORPHO token is 1.4330 USD, up approximately 7.36% in the last 24 hours. Morpho Labs is an important lending infrastructure development team in the Ethereum ecosystem, dedicated to enhancing the capital efficiency of mainstream protocols like Aave and Compound through the "Efficiency Layer" mechanism. Its core products, Morpho Blue and Morpho V2, support peer-to-peer loan matching and composable collateral mechanisms, and are compatible with various lending markets.
The recent rise of MORPHO is mainly boosted by multi-chain deployment expansion and strong on-chain data. In early July, Morpho officially announced that the "Multiply" feature has been launched on multiple mainstream networks including Ethereum and Base. According to Token Terminal data, Morpho's TVL on the Base chain has grown by 245.81% since the beginning of the year, surpassing 1.8 billion USD, reflecting the market's high recognition of its lending model and capital efficiency, thereby driving MORPHO token's strength in the short term. Continued attention is needed on the project's progress and on-chain data performance to assess whether the upward momentum can be sustained.
The total issuance of USDT0 on Unichain has surpassed 200 million for the first time, marking an important milestone in the history of the chain. As of now, the total supply of USDT0 on Unichain has reached 202,089,678, with over 13,400 on-chain holding addresses and more than 5.24 million transfer transactions, demonstrating strong user engagement and asset circulation activity.
It is noteworthy that Unichain has now become the "third-largest" chain in terms of inflow and outflow volume in the USDT0 network, second only to the Ethereum mainnet and Arbitrum, indicating that the chain's strategic position in the cross-chain stablecoin scenario is gradually improving. From the data performance perspective, Unichain is rapidly becoming an indispensable stablecoin circulation hub in the LayerZero ecosystem, with its technical compatibility and ecological development potential being recognized by the market.
With the rising demand for cross-chain assets and the further expansion of USDT0 under a multi-chain deployment strategy, Unichain's position is expected to continue to strengthen, especially under the Omnichain Fungible Token (OFT) mechanism supported by the LayerZero architecture, which may drive more protocols, wallets, and DeFi applications to connect and use it in the future.
According to the official website of the U.S. Securities and Exchange Commission (SEC), Truth Social Crypto Blue Chip ETF, B.T. has submitted an S-1 registration statement, intending to launch a passive blue-chip crypto ETF based on mainstream crypto assets. This product is initiated by Yorkville America Digital, LLC, registered in Nevada, and is expected to be listed on the New York Stock Exchange Arca, with an annual settlement date of September 30 each year. According to the disclosed documents, the fund's initial asset allocation will focus on Bitcoin (70%) and Ethereum (15%), while also including Solana (8%) and Ripple (2%) as secondary mainstream assets, forming a basket of composite allocations.
In terms of positioning, this ETF is a typical passive allocation tool, combining an open trading mechanism with a transparent asset structure, providing traditional investors with a compliant channel to enter the crypto market. If approved smoothly, it will become one of the few blue-chip ETFs covering assets beyond BTC and ETH, with a more diverse product structure. Such allocations not only help enrich the selection of crypto ETFs but may also lower the entry threshold for traditional funds, increasing institutional attention on related public chain assets. Its subsequent review progress and market feedback may become an important reference for observing regulatory trends and capital layouts.
According to the latest announcement from the Ethereum Foundation's official website, all Ethereum execution clients now support the history pruning feature for pre-merge historical data. After this update is officially enabled on the mainnet, the disk space occupied by a single node is expected to be reduced by 300 to 500 GB, significantly lowering the operational threshold for nodes and improving overall network storage efficiency. This feature will not affect the consensus behavior of full nodes and validators by default, only targeting node users who do not need to retain historical data for long periods.
The launch of this feature is also the first step for Ethereum to gradually implement the "historical data expiration mechanism" in EIP-4444. According to this proposal, Ethereum will gradually stop storing complete historical transaction data in all execution clients, instead relying on external services for access support, alleviating on-chain storage pressure and enhancing the decentralization of nodes. For archive node users and developers who still need access to complete history, a gradual transition to community-maintained data interfaces will be necessary. Overall, this upgrade not only achieves lightweight storage technically but also lays the foundation for future scalability of the execution layer, potentially driving more nodes to participate in validation and improving the efficiency and resilience of the Ethereum network in long-term operation.
Related: Ethereum (ETH) "super whales" increase their holdings beyond the levels seen before the 95% rise in 2022.
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Original Article: “Truth Social Applies for Crypto Blue Chip ETF | USDT0 On-Chain Issuance Exceeds 200 Million”
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