Crypto Assets Market Weekly: Bitcoin breaks through the $110,000 mark, Ethereum approaches important resistance level

Market Overview

This week, the Crypto Assets market continued to strengthen, with Bitcoin breaking through the $110,000 mark, and Ethereum also approaching the important resistance level of $2,630. However, the uncertainty of U.S. trade policies has raised some concerns in the market.

Although the United States has extended the tariff deferral period to August 1, it has once again threatened to raise taxes on imported goods from major trading partners. The tariffs currently in place amount to a tax equivalent to 1.5% of GDP for U.S. importers, with annual tariff revenues exceeding $300 billion. The lagging effects of these tariffs on inflation are expected to be reflected in the July CPI data to be released in August.

The Federal Reserve faces a dilemma: on one hand, a survey from the New York Fed shows that one-year inflation expectations have fallen to 3%; on the other hand, itemized pressures such as medical costs and university tuition remain significant. The labor market also presents conflicting signals, with fears of unemployment easing, but the difficulty of reemployment increasing.

Hong Kong Stablecoin Regulation

The Hong Kong "Stablecoin Ordinance" will come into effect in August, and the market is full of expectations. Some analysts have pointed out that Hong Kong stocks related to the stablecoin concept have risen sharply recently, reflecting the strong expectation of compliance benefits brought by a clear regulatory framework.

The regulatory framework will cover core requirements such as anti-money laundering and reserve audits, with the first batch of licenses expected to be issued within the year. However, stablecoins still need to overcome three obstacles to disrupt the traditional payment system: the distribution mechanism of interests between financial institutions and technology companies, the challenge of cross-border regulatory coordination, and the stress testing of systemic risks under extreme market conditions.

Bitcoin and Ethereum Analysis

Bitcoin is experiencing a critical technical breakthrough and cycle validation near the $110,000 mark. Some analysts believe that if it cannot break through this resistance level, it may fall back to $100,000; conversely, it is expected to challenge $120,000. More optimistic predictions suggest that Bitcoin could rise to the range of $120,000 to $125,000 in the next phase.

In the long term, some analysts predict based on historical halving cycles that the peak of this bull market may occur between mid-September and mid-October 2025. Some traders have begun to gradually reduce their positions, planning to fully exit the market before October 2025.

On the Ethereum front, after breaking through the $2600 mark, it is approaching the triangular resistance level of $2630. The market's optimistic sentiment towards Ethereum has also transmitted to related stocks, with companies like GameSquare, Sharplink, and Bit Digital experiencing significant increases in their stock prices.

Altcoin Market

The performance of the altcoin market has been mixed. Vertex announced the migration of its DEX on Arbitrum to the Ink network, gradually phasing out the native token VRTX, resulting in a 60% drop in VRTX within 24 hours. The LetsBONK token in the Solana ecosystem experienced a pullback of over 30%, and the market temporarily lacks a sustainable new narrative.

It is worth noting that after gaining attention on social media, the $Lore token's market capitalization surpassed 2 million USD.

Market Data

• Bitcoin Price: $108,513 (Year-to-date +15.99%)
• Ethereum Price: $2,600.10 (Year-to-date -22.06%)
• Fear and Greed Index: 67 (Greed)
• Market share: BTC 64.2%, ETH 9.3%
• 24-hour liquidation data: A total of 59,563 people were liquidated globally, with a total liquidation amount of 121 million USD.

ETF Capital Flow

• Bitcoin ETF: +$80.08 million, continued net inflow for 4 days
• Ethereum ETF: +46.6308 million USD, continuous net inflow for 3 days

Hot News

• A well-known venture capital firm has liquidated its COMP holdings and transferred another 400,000 COMP to the exchange today.
• A stablecoin issuer holds $8 billion worth of gold in a secret vault in Switzerland.
• World Gold Council: Global gold ETFs increased by $38 billion in the first half of the year, with average daily trading volume hitting a half-year record.
• Hong Kong listed company Jinyong Investment surged over 600%, previously announced stablecoin cooperation with AnchorX.
• "Yiwu merchants begin to accept stablecoins" ranked 4th on a certain search engine hot search list.
• Publicly listed real estate company Murano plans to establish a Bitcoin reserve through a $500 million equity transaction.