Summary

• BTC repeatedly failed to break above $111,000, remaining in a high-range consolidation.
• Altcoins saw corrections near highs; previously popular sectors like AI Agents, Meme, and DeFi generally pulled back.
• Ethereum Foundation announced a new fiscal policy, aiming to reduce annual operating expenses to 5% over the next five years.
• The US SEC delayed its decision on the Canary Spot SUI ETF application.
• Rails, Avantis, 3Jane and other projects completed multi-million to tens of millions of dollars in financing this week.
• Gate Launchpool launched a SOPH subscription, with a total airdrop amount of 24 million SOPH.

Market Overview

Market Commentary

• BTC — Recently, BTC price action has remained range-bound, repeatedly failing to breach the key resistance at $111,000. Despite ongoing net inflows into ETFs, upward momentum remains limited. After several attempts to break out, the price has consistently retreated, with clear signs of consolidation at the highs. The resistance level remains at $111,000, with support between $104,500-$107,000. Overall, ETF inflows and short-term sell pressure could keep BTC in range-bound trading in the near term, with a cautious tone dominating due to a lack of strong upward drive.
• ETH — ETH has shown relative resilience, struggling to stay above the $2,700 mark but repeatedly pulling back, trading within a $2,300–$2,700 range. The ETH/BTC ratio has fluctuated slightly, around 0.025, with market share stable at about 9.4%. ETH ETFs have seen significant net inflows (totaling $744 million in the last two weeks alone), which supports the price, but so far has not led to a major breakout. If ETH can hold above $2,700, further recovery is possible, but for now, the price action remains choppy.
• Altcoins — Altcoin markets have been volatile, showing mixed results and lacking a strong sector-wide narrative. The Altcoin Season Index has fallen from its high, now sitting between 20–25, signaling waning sector momentum. Some coins like HYPE temporarily led gains but are mostly under short-term correction pressure. Market sentiment is rational, and in the short term, further differentiation and adjustment near highs is likely.
• Futures — After experiencing outflows (notably, a 10-day net inflow streak ended in late May), BTC ETFs saw renewed net inflows this week, but the impact on price has been limited. ETH ETFs continued receiving large daily net inflows, which helps ETH, but no dominant market trend has emerged.
• Macro Data — Global macro uncertainty remains, amid shifting sentiment between caution and optimism due to US and European trade policy. Gold price has fluctuated slightly. Faster capital rotation means ongoing volatility in financial markets in the short term.
• Stablecoins — Total stablecoin market cap increased by 1.01% to $249.7 billion, with further inflow of off-exchange capital.
• Gas Fees — As overall market activity rebounds, Ethereum on-chain transactions have picked back up. As of June 5, average daily gas fee stood at 0.723 Gwei.

Trending Sectors

This week, Bitcoin has consolidated within a high price range, while altcoins were mixed, with more decliners than gainers. According to Coingecko, popular sectors such as AI Agents, Meme, and DeFi experienced notable corrections, with seven-day declines of about 13.7%, 8.7%, and 5.4% respectively. The drop in these sectors reflects a market correction after recent rallies, with sentiment shifting towards caution and more evident profit-taking behavior at the highs.

AI Agents

The AI Agents sector is an emerging, fast-growing area in crypto, focused on combining AI tech with blockchain for smarter, more efficient trading and automation. This includes AI-driven market prediction, risk management, arbitrage, and automated governance for DeFi protocols. With their data processing and fast execution, AI Agents attract both institutional and retail interest in times of high volatility. — The sector has fallen 13.7% in the past week, though tokens like GIZA, VIVI, and GLORIA stood out.

Meme

The Meme sector is among crypto’s most vibrant and eye-catching, characterized by humor, culture, and strong community participation. Combining internet meme culture with blockchain, meme tokens often see viral adoption via social media and community efforts, attracting retail traders with high volatility and speculation. — The sector dropped 8.7% over the past week, but coins like BOB, CAR, KEKIUS performed notably.

DeFi

DeFi (Decentralized Finance) remains one of the most innovative and influential sectors, providing non-custodial lending, trading, yield, and derivatives through smart contracts. With its high-yield potential and openness, DeFi continues to attract global investors. — The sector dropped 5.4% over the past week, with former leaders CRV, BERA, and COW noticeably retreating.

Focus of the Week

US SEC Delays Decision on Canary Spot SUI ETF Application

On April 8, 2025, Canary Capital submitted an S-1 registration statement to the SEC, aiming to launch a spot ETF tracking the SUI token of the Sui blockchain. The ETF plans to hold physical SUI tokens, using CoinDesk Indices, Inc.’s SUI price as its NAV reference. According to the latest on June 5, 2025, the SEC has decided to delay its response to the Canary SUI Spot ETF application. The original decision date (June 5, 2025) is now postponed, with a final deadline of January 18, 2026 (i.e., the 240-day maximum review period).

The postponed decision resembles previous SEC delays on Litecoin and Ethereum spot ETF applications, reflecting extended risk assessment and impact analysis required by the SEC. For SUI, as the native token of a robust ecosystem, this provides hope for approval in the future, but the delay underscores that altcoin spot ETFs face a longer, more complex approval path than Bitcoin. This move may generate short-term uncertainty for SUI, but approval would bring substantial compliant capital, boosting liquidity and legitimacy long-term.

Ethereum Foundation Announces Fiscal Policy: 5% Annual Spending Goal in Five Years

On June 5, 2025, the Ethereum Foundation (EF) published a new fiscal policy on its official blog, reaffirming its core mission to strengthen the Ethereum ecosystem and uphold the long-term vision of “applications running exactly as programmed, with no downtime, censorship, fraud, or third-party interference.”

EF will gradually scale back operational roles, targeting 15% treasury spending in 2025, and retaining fiat reserves for 2.5 years of runway. Over five years, annual expenses will be cut to 5%. The foundation will adjust its asset allocation dynamically—selling ETH as needed, and employing staking, lending, and stablecoins to enhance returns.

EF’s approach aims to optimize treasury yield while maintaining transparency and sustaining community trust. Although beneficial for innovation and ecosystem growth, the community should watch for market pressure from ETH sales and evolving regulatory risks. Developers are encouraged to track EF’s quarterly treasury reports and grant programs for long-term opportunities.

Circle IPOs at $31 per Share, Valuation Hits $6.9 Billion

Multiple outlets (including CoinDesk) report that stablecoin issuer Circle Internet Group successfully priced its IPO on the NYSE on June 4, 2025, under the ticker CRCL. The offering outpaced its initial pricing band ($24-26), raising $1.1 billion, with the company valued at $6.2 billion. Due to high demand, shares sold expanded from 24 million to over 34 million.

Circle, issuer of USDC (a 1:1 USD-backed stablecoin), is a leading blockchain finance company. USDC is used widely in crypto trading, DeFi, and cross-border payments, and is fully backed by cash and short-term US Treasuries.

The IPO marks a milestone in bridging crypto with traditional finance, signaling the mainstreaming of stablecoins. Circle’s $6.9 billion valuation outpaces many fintech peers, highlighting blockchain finance’s growth potential. Ongoing tech upgrades, HQ relocation, and pro-regulatory moves are expected to further USDC’s expansion.

Key Market Data Highlights

Falcon Finance Stablecoin Supply Surpasses $500 Million

Falcon Finance announced that its synthetic USD (USDf) supply has exceeded $500 million, as demand rises ahead of its full public launch. The current USDf supply stands at over $529 million, with TVL at $589 million.

Users can mint USDf by over-collateralizing BTC, ETH, or stablecoins, and then stake as yield-bearing sUSDf with nearly 10% APY—sourced from funding rate and cross-exchange spread arbitrage. Market rumors suggest a governance token is forthcoming, likely deepening user engagement.

While Falcon’s yield model is attractive, profitability may shrink as market volatility drops or competition intensifies. Furthermore, pending global stablecoin regulation—like potential US requirements to hold only Treasuries—may impact Falcon’s diversified collateral strategy. In the short term, Falcon’s compliance and high yields should spur growth during the public launch; long-term, success depends on regulatory developments and expansion to multiple chains.

Listed Firm Treasure Global Launches $100M Digital Asset Reserve Plan

On June 5, Nasdaq-listed e-commerce operator Treasure Global (TGL) unveiled a $100 million digital asset reserve initiative as part of its digital infrastructure strategy. The capital—$50 million from existing equity deals and $50 million from strategic partners—will be deployed in stages to acquire BTC, ETH, and regulated stablecoins, depending on pace and market conditions. The company may file supplemental statements for further funding or asset allocation.

This move demonstrates vision in AI and blockchain, with a forward-looking digital asset allocation strategy akin to MicroStrategy. Bitcoin’s long-term potential can lift share price and valuation, attracting more speculative funds, and may spur more traditional firms to hold crypto reserves.

Pump.fun: Over 60% of Users Lose Money; Eyes Unicorn Status with $1B Raise

Dune Analytics shows that in the past 6 months, among ~4.257 million addresses with 10+ trades on meme token platform pump.fun, over 60% are in loss. Still, some users enjoyed substantial profits, with the largest profit group (about 916,500 addresses, or 21.5%) earning $0-$1,000.

Pump.fun, key to the meme coin craze, now reportedly aims to raise $1 billion via token sales, targeting a valuation of up to $4 billion. If realized, this would confer unicorn status. The token is rumored to list in two weeks, with both public and private selling; no official confirmation yet.

The platform’s data highlights meme coins’ high-risk/high-reward nature. As a leading meme launchpad, its token launch could siphon significant liquidity (“drainage effect”) if implemented amid current speculative sentiment.

Market Opportunities

Gate Launchpool

One project to watch is: Sophon Network

Sophon Network is a high-performance Ethereum Layer 2 built using ZK Stack, targeting entertainment applications. Named after the “Sophon” from sci-fi novel “The Three-Body Problem”, it aims to deliver seamless user experience with invisible technical complexity.

SOPH is the platform’s native ERC-20 token, total supply of 10 billion—serving as the ecosystem’s main economic engine, supporting transactions, decentralization, security, and growth.

Through zero-knowledge proofs, Sophon Network achieves high throughput, low latency, and low cost, obscuring underlying blockchain complexity for mass user participation. The core mission is to furnish scalable blockchain infrastructure for entertainment—games, NFTs, virtual worlds, and social networks—supporting large-scale user and high-frequency interactions.

How to Participate

• Gate Account: Sign up and complete KYC.
• Deposit Assets: This Launchpool supports BTC, GT, and SOPH.
• Staking: Deadline is 20:00 Beijing local time, June 8.
• Log in to Gate, go to [Launchpool]
• Select the SOPH project, click “Participate Now”
• Enter amount and confirm.
  Total airdrop: 24 million SOPH.

Funding Weekly Recap

This week, multiple projects across infra and developer tools closed successful fundraising. According to RootData, 6 projects announced new rounds. Highlights:

Rails

Raised $12M on June 4. Led by Slow Ventures, with Kraken, CMCC Global, Quantstamp, and Round13 Capital.

Rails is a self-custody crypto exchange combining centralized order books and decentralized blockchain security—offering efficient, secure, and transparent trading with on-chain verifiable custody.

Avantis

Raised $8M Series A on June 3, led by Founders Fund (Peter Thiel) and Pantera, with Symbolic Capital, SALT Fund, and Flowdesk.

Avantis is an oracle-powered decentralized synthetic derivatives protocol, enabling up to 100x leveraged trading of crypto and real-world assets, all without holding the underlying asset, leveraging high-performance oracles (e.g., Chainlink).

3Jane

Raised $5.2M on June 4, led by Paradigm.

3Jane is a DeFi-native derivatives protocol, offering new earning opportunities via restaking and instant settlement. Users can stake on Proof of Stake systems via EigenLayer/Babylon, generating BTC/ETH yields, with smart contracts ensuring instant settlement and transparency.

Next Week to Watch

Token Unlocks

According to Tokenomist, the next 7 days (2025.6.09–2025.6.15) will see some major token unlocks:

• APT: About $56 million linear unlock over the next 7 days, 1.8% of circulating supply, distributed to foundation, community, core contributors, and investors.
• STRK: About $17 million linear unlock, nearly 4% of total market cap, mainly to investors and early contributors—could impact liquidity and price.
• IMX: About $13.52 million unlock, 1.85% of current circulating supply, mainly for project development and ecosystem building—may create short-term sell pressure.
  
  
  References：
• X, https://x.com/Grayscale/status/1927463971335909625
• defillama, https://defillama.com/stablecoins
• Gate, https://www.gate.com/zh/launchpool/ELDE?pid=307
• EF, https://blog.ethereum.org/2025/06/04/ef-treasury-policy
• DESK, https://www.coindesk.com/markets/2025/06/04/circle-debuts-on-nyse-at-31-per-share-valuing-stablecoin-issuer-at-62-billion

Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content including technical analysis, market insights, weekly reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer
Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets or products before making any investment decisions. Gate assumes no liability for any losses incurred from such decisions.