Crypto Market Overview
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BTC (-0.27% | $63,722 USDT): BTC edged lower over the past 24 hours as the market entered a short-term consolidation phase following its recent recovery. On the final macro trading day of the week, the S&P 500, Dow Jones Industrial Average, and Nasdaq all closed higher, suggesting that broader risk appetite continued to provide a supportive backdrop for crypto assets. However, BTC failed to extend its recent breakout momentum. From a technical perspective, BTC remains above the $63,500 level, indicating that its short-term structure has yet to deteriorate meaningfully, although resistance around $64,500 continues to cap further upside. Trading activity has cooled from the elevated levels seen during the previous rebound, reflecting more cautious sentiment among momentum buyers. In the near term, holding above $63,000 could allow BTC to maintain its consolidation and recovery pattern, while a break below that level may open the door for a retest of support near $62,000.
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ETH (+1.29% | $1,818.46 USDT): ETH outperformed BTC over the past 24 hours, with short-term buying interest showing signs of improvement. The token has reclaimed the $1,800 level after several days of repeated selling pressure, although the $1,840–1,850 range remains a key resistance zone. Technically, ETH continues to print higher lows and has been able to recover key psychological levels relatively quickly after pullbacks, suggesting that bullish momentum has not fully faded. Fundamentally, Ethereum's long-term investment thesis remains intact, while the near-term focus is on whether sufficient trading activity can be sustained above $1,800. A decisive breakout above $1,850 on stronger volume could pave the way for further upside, whereas a drop back below $1,780 would indicate that the current recovery remains fragile.
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Altcoins: Altcoins showed pockets of strength, although the broader market continued to be driven by sector-specific rotation rather than a broad-based rally. Capital remained concentrated in DeFi, Layer 2, DAO governance, and a handful of high-beta mid- and small-cap tokens. The Crypto Fear & Greed Index rose to 28, remaining in the Fear zone. While sentiment has continued to recover from the recent period of extreme fear, the market has yet to transition into a broad risk-on environment. The sustainability of the altcoin rally will largely depend on continued trading volume and capital inflows.
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Macro: On July 10, the S&P 500 gained 0.42% to close at 7,575.39, the Dow Jones Industrial Average rose 0.29% to 52,637.01, and the Nasdaq Composite advanced 0.29% to 26,281.61. As of 9:18 AM (UTC+8) on July 13, spot gold was trading at $4,074.30 per ounce, down approximately 0.01% over the past 24 hours.
Top Gainers
DODO DODO (+43.20% | Circulating Market Cap: $22.63M)
According to Gate market data, DODO is currently trading at $0.02317, up 43.20% over the past 24 hours. DODO is a decentralized trading and liquidity protocol built around its Proactive Market Maker (PMM) model, which is designed to improve capital efficiency for on-chain asset trading. The DODO token is used for protocol governance, ecosystem incentives, and platform-related utilities.
This rally represents a sharp rebound in a well-established DeFi protocol that had previously traded near depressed levels. Buying momentum has been strong, although the token has also retraced from its intraday highs, reflecting profit-taking after the rapid advance. As market sentiment has recovered from Extreme Fear to the Fear zone, capital has begun rotating back into smaller-cap DeFi projects that experienced significant drawdowns. However, DODO's liquidity remains relatively thin, making its price particularly sensitive to short-term capital flows. If trading volume fails to expand further, the current rally could transition from a sharp rebound into a period of wide-range consolidation.
BLAST BLAST (+31.29% | Circulating Market Cap: $25.02M)
According to Gate market data, BLAST is currently trading at $0.0003604, up 31.29% over the past 24 hours. Blast is a Layer 2 network centered on native yield generation, integrating ETH and stablecoin yield with application ecosystems and on-chain trading activity. The BLAST token supports ecosystem incentives, governance participation, and network growth initiatives.
BLAST's rally appears closely tied to the ongoing recovery across Layer 2 assets and renewed rotation into ecosystem tokens. Short-term trading participation has been relatively active, and compared with many lower-liquidity assets, BLAST has exhibited healthier turnover. At the same time, the pullback from intraday highs suggests that overhead profit-taking remains significant. While Layer 2 continues to be viewed as a long-term growth sector, current price action is still being driven primarily by sentiment and capital rotation. If BLAST can maintain active trading within the $0.00034–0.00036 range, its recovery structure could remain intact.
DEXE DEXE (+27.51% | Circulating Market Cap: $2.244B)
According to Gate market data, DEXE is currently trading at $48.601, up 27.51% over the past 24 hours. DeXe is a protocol focused on DAO governance and decentralized organizational management, providing tools for decentralized governance, proposal execution, treasury management, and organizational collaboration. The DEXE token is used for protocol governance, ecosystem incentives, and participation in DAO-related functions.
Among today's leading gainers, DEXE's rally stands out for its higher quality. The token closed near its intraday highs, indicating strong buying support throughout the session. Although DAO governance is not currently the market's hottest narrative, DeXe benefits from a well-defined product positioning and a significantly larger market capitalization than many speculative tokens, making it more attractive to trend-following capital. If DEXE can maintain support above $45, the market may continue to price in the long-term potential of governance infrastructure and decentralized organizational management. That said, following such a substantial advance, any decline in trading volume could lead to much greater price volatility at elevated levels.
Alpha Highlights
BUIDL Surpasses $900 Million on Avalanche as Institutional RWA Adoption Expands Across Multiple Chains
BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $900 million in assets on Avalanche, more than doubling from approximately $464 million to over $900 million within a single week—an increase of roughly 105%. According to RWA.xyz, BUIDL's total assets across all supported networks now stand at approximately $2.87 billion, with Avalanche becoming its second-largest deployment after Ethereum. BUIDL is designed for qualified institutional investors, with underlying assets consisting primarily of short-term U.S. Treasuries, cash, and repurchase agreements. On-chain tokens represent ownership of fund shares and distribute yield according to predefined rules. The recent asset growth does not alter the fund's target NAV of $1 per share; rather, it reflects a growing reallocation of institutional capital across multiple blockchain networks.
The RWA sector is entering a new phase where capital deployment matters more than issuance volume. Previously, tokenized assets were largely evaluated by the size of issuance. Today, the more important question is whether those assets can move seamlessly across multiple blockchains for collateralization, settlement, lending, and broader composability. BUIDL's rapid expansion on Avalanche suggests that institutional-grade on-chain assets are increasingly seeking ecosystems that offer greater settlement efficiency, stronger DeFi integration, and more compliant infrastructure. Over the medium to long term, competition in the RWA sector is likely to center on which blockchain ecosystems can best support real-world asset utilization—including lending, treasury management, and institutional on-chain settlement.
Bonzo Lend Loses Approximately $9.05 Million Following Oracle Failure, Highlighting Persistent DeFi Risk Management Challenges
Bonzo Lend, a lending protocol built on Hedera, suffered losses of approximately $9.05 million after the reported price of its SAUCE collateral was artificially inflated. The incident occurred on July 11, when an attacker submitted incorrect pricing data to the third-party Supra oracle, allowing a small amount of SAUCE to be used as collateral to borrow a disproportionate amount of assets. Following the exploit, Bonzo stated that the root cause was a flaw in Supra's validation process, which accepted zero-value signatures and allowed erroneous pricing data to propagate to the mainnet. The protocol subsequently suspended Bonzo Lend, discontinued Bonzo Points, and initiated asset recovery efforts, protocol remediation, and withdrawal arrangements for liquidity providers.
The incident once again highlights the interconnected risks between oracle validation, collateral pricing, and lending protocol risk management. Although Bonzo's lending contracts executed transactions exactly as designed using their integrated price feeds, compliant smart contract execution alone does not guarantee overall system security. Within DeFi lending markets, erroneous oracle prices can rapidly cascade through liquidation and borrowing mechanisms, turning pricing errors into real financial losses within seconds. Going forward, the industry is expected to place greater emphasis on multi-source price verification, delayed activation of abnormal price feeds, borrowing caps, and isolated collateral mechanisms—particularly when lower-liquidity assets are accepted as collateral.
Thailand to Tighten Oversight of Large Cash and Stablecoin Transactions, Extending Anti-Money Laundering Measures On-Chain
Thailand's central bank plans to introduce stricter source-of-funds verification requirements for cash deposits of THB 5 million (approximately $150,000) or more, while working alongside the country's securities regulator to scrutinize large USDT transactions. The proposed measures are intended to combat concealed fund flows, opaque beneficial ownership structures, and attempts to bypass domestic remittance channels. Thailand previously implemented similar disclosure and verification requirements for large cash withdrawals, which reportedly contributed to a decline in high-value cash activity. The new regulations are expected to take effect in the fourth quarter of 2026.
Stablecoins are increasingly entering a phase of more granular transaction monitoring. Rather than restricting USDT outright, regulators are focusing on the origin of funds, beneficial ownership, and compliance procedures surrounding large-value transactions. For the industry, these policies are likely to accelerate improvements in wallet address screening, customer due diligence (CDD), and suspicious transaction reporting among stablecoin issuers, custodians, and trading platforms. Over the long run, if stablecoins are to continue serving as key infrastructure for cross-border payments and on-chain liquidity, the industry will need to strike a better balance between efficiency and transparency. Otherwise, large-scale institutional and commercial use cases are likely to face increasingly stringent regulatory scrutiny.
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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.
