Over the past week, crypto market risk appetite recovered notably. Supported by softer U.S. employment data, lower Treasury yields, and stronger U.S. equities, BTC rose about 6.8% WoW, while ETH gained about 12.2%. ETF flows remained net negative overall, but ETH ETFs saw modest inflows in the second half of the week. On-chain, PumpSwap sustained strong growth, driving incremental gains in Solana trading activity and protocol revenue; the LST sector also recovered, while Aave borrowing demand shifted back toward the Ethereum main market. In derivatives, BTC OI rebounded to around $22 billion, and funding rates remained positive, indicating that leveraged capital was re-entering the market.
Key highlights from last week’s market overview:
- Market Focus: Softer employment data and easing rate pressure drove a rebound in risk assets, with ETH outperforming BTC.
- Liquidity: BTC ETFs remained in weekly net outflow, while ETH ETFs saw modest inflows in the second half of the week; TradFi Perp DEX activity continued to concentrate in equity assets.
- Gate TradFi: Weekly trading volume remained elevated at around $85 billion, with CFDs contributing about 95% of total volume. Stock trading volume rose for the fifth consecutive week to a new recent high.
- On-chain Data: DEX activity continued to diverge, with PumpSwap sustaining strong growth; stablecoin supply remained weak, while LSTs recovered alongside the rebound in ETH and SOL.
- Lending and Revenue: Aave borrowing demand shifted back toward the Ethereum main market, while USDC borrowing rates rose; protocol revenue elasticity mainly came from Solana traffic entry points.
- Derivatives: BTC OI rebounded to around $22 billion, 25D Skew recovered, and DVOL fell back to the 39–40 range.
- Institutional Updates: In June, platform spot and futures trading volume increased by 49.39% and 11.19% MoM, respectively. Institutional spot and futures trading volume rose by 17.71% and 10.70% MoM, respectively, while CrossEx trading volume increased 26% WoW in the first week of July.
Discover more details today: Gate Institutional Weekly: BTC Price Recovers from Recent Lows, Gate U.S. Stocks Trading Volume Hits Another Period High (June 29 – July 5, 2026)
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
July 8, 2026
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