CoinCatch Daily: July 16th
- BTC retraced near $117,000 USDT, while ETH led short-term gains. Among trending tokens, EIGEN surged nearly 12% on positive news of Fuel's partnership with Boundless. TAO rose nearly 8% due to the wTAO airdrop and the launch of an Earn platform. ENA climbed over 8% following its collaboration with Neutrl to incentivize USDe use cases. On the policy and capital front, Trump facilitated consensus for a vote on the "GENIUS Act," with the bill scheduled for advancement the next morning. This could establish a key milestone for stablecoin regulatory compliance, boosting institutional confidence in compliant assets like USDC. The NYSE officially approved an XRP leveraged ETF, further integrating Ripple ecosystem assets into mainstream markets.
Crypto Market Overview
BTC (-1.34% | Current Price: $118,243 USDT): BTC entered a retracement and consolidation phase after hitting a recent high on July 14th, showing insufficient rebound momentum. Moving averages have yet to form effective support, and the MACD indicator shows no clear strengthening, indicating a neutral-to-bearish short-term outlook. In contrast, ETH displayed significant strength, breaking previous highs. Short-term moving averages show a bullish alignment, accompanied by rising trading volume. The MACD formed a golden cross, with momentum continuously strengthening, signaling a bullish short-term trend and potential for further upside. On July 15th, BTC ETFs saw a net inflow of $403 million, with BlackRock's IBIT attracting $416 million, while Grayscale's GBTC experienced an outflow of $41.2 million.
ETH (+6.58% | Current Price: $3,166 USDT): ETH has shown robust performance recently, with prices rising steadily and breaking above previous wave highs. Short-term moving averages are in a bullish alignment, indicating a clear uptrend. Trading volume expanded simultaneously, reflecting active buying interest and bullish market sentiment. The MACD indicator formed a golden cross, and its red bars continue to lengthen, signaling strengthening momentum. Overall, ETH's technicals lean bullish, with short-term potential for continued gains. Maintaining above $3,150 could pave the way for challenging higher price ranges. On July 15th, ETH ETFs recorded a net single-day inflow of $192 million, with BlackRock's ETHA attracting $171 million and Fidelity's FETH drawing $12.2 million.
Altcoins: Some major altcoins experienced minor pullbacks. The Fear and Greed Index dipped slightly to 68, indicating sentiment remains in the "Greed" zone, though the pace of warming has slowed. Risk appetite hasn't significantly increased, suggesting the altcoin sector may continue its rotational pattern in the short term.
Macro: On July 16th:
S&P 500 fell 0.4% to 6,243.76 points;
Dow Jones Industrial Average declined 0.98% to 44,023.29 points;
Nasdaq Composite gained 0.18% to 20,677.80 points.
As of 10:30 AM UTC+8 on July 16th, spot gold traded at $3,334 per ounce, posting a 24-hour gain of 0.29%.
Quick Overview of Key Data
Indicator |
Value |
Bitcoin 24H Drop |
>5% (from 123,100 USD to 116,300 USD) |
Global Liquidation Count |
135,800 |
Liquidation Amount |
493 million USD |
Exchange BTC Holdings % |
14.5% (all-time low) |
Whale Addresses (>1000 BTC) |
2,135 (new all-time high) |
U.S. June CPI YoY |
2.7% (expected 2.6%) |
Trending Tokens
EIGEN Eigenlayer (+11.99%, Circulating Market Cap: $454 Million)
According to market data, EIGEN is currently quoted at $1.4424, up 11.99% in 24 hours. EigenLayer is a restaking protocol built on Ethereum, allowing users to restake staked ETH or LSTs (like stETH) to provide security for modular infrastructure such as Data Availability (DA), sequencers, and oracles. Its goal is to create a shared security network, reducing trust costs for new protocols and accelerating the development of the modular blockchain ecosystem. EIGEN's recent rise is likely fueled by the positive news of modular blockchain Fuel officially migrating its Data Availability to EigenDA. This move significantly enhances network throughput and cost efficiency, validating EigenLayer's practical application value. Additionally, cross-chain ZK project Boundless announced its Mainnet Beta launch and "The Signal" industry collaboration initiative, receiving official support from EigenCloud, further solidifying its ecosystem position. Rising market sentiment and increased capital attention drove EIGEN's short-term strength. Future sustainability depends on protocol application progress and ecosystem expansion.
TAO Bittensor (+7.96%, Circulating Market Cap: $4.153 Billion)
According to market data, TAO is currently quoted at $437.3, up approximately 7.96% in 24 hours. Bittensor is a decentralized AI network based on blockchain, aiming to incentivize global developers to collaboratively train and provide machine learning models through an open, transparent mechanism. Its native token TAO is used to reward model providers, staking, and governance. TAO's recent increase is primarily attributed to the launch of Bittensor's Earn platform and the wTAO airdrop. The Earn platform supports high-APY staking strategies, allowing participation with TAO, ETH, USDC, and other assets, with additional TAO rewards offered, attracting capital inflows for locking. Concurrently, the team announced the official launch of wTAO and initiated an airdrop worth nearly $1.5 million, enhancing TAO's usability and liquidity within the Ethereum ecosystem. This dual catalyst boosted market enthusiasm, driving TAO's price higher rapidly. Future price sustainability depends on actual staking data on the platform and market feedback post-airdrop distribution.
ENA Ethena (+8.08%, Circulating Market Cap: $2.312 Billion)
According to market data, ENA is currently quoted at $0.3585, up approximately 8.08% in 24 hours. Ethena is a decentralized stablecoin protocol, with its core product being USDe, a synthetic dollar-pegged asset. Its mechanism combines spot ETH staking with perpetual contract short positions, implementing a market-neutral "cash-and-carry" strategy. ENA's recent gains are likely driven by Ethena's announcement of a partnership with Neutrl, where USDe was selected as the core base asset. Neutrl is introducing its institutional-grade market-neutral strategy on-chain, utilizing USDe for market-making and hedging transactions, signifying USDe's recognition in professional trading scenarios. This collaboration helps boost USDe demand, enhance capital efficiency, and solidify Ethena's position in the crypto stablecoin sector. Expanding use cases and improving market sentiment contributed to ENA's short-term price increase. Future sustainability relies on the partnership's implementation results and protocol revenue performance.
Market Insights
Trump Facilitates Consensus, "GENIUS Act" Set for Vote Next Morning
Trump stated on Truth Social that he met with 11 of the 12 lawmakers needed to advance the "GENIUS Act" in the Oval Office, reaching consensus after brief consultations. All attendees expressed support for the bill's procedural rules and agreed to advance it to a vote the next morning. Speaker of the House Mike Johnson also participated by phone, expressing a desire to complete the legislative process swiftly. This coordination demonstrates the high organizational capability of the Trump team in policy promotion and reflects a substantial degree of consensus within the Republican Party for the "GENIUS Act." The Act establishes a comprehensive regulatory framework for the US stablecoin market, clarifying mechanisms like monthly disclosures and bankruptcy protection, aiming to enhance market transparency and consumer protection. If passed, it would be a key milestone in US stablecoin legislation, providing clearer development pathways for compliant issuers like USDC while potentially increasing policy pressure on unregulated stablecoin projects. In the short-term, the market should watch whether this bill further boosts institutional confidence in stablecoin assets, driving capital towards compliant crypto assets and impacting market structure and trading sentiment.
Ripple Advances RLUSD Stablecoin into Europe, XRP Leveraged ETF Approved by NYSE
Ripple is accelerating its global expansion, pushing forward with both its stablecoin RLUSD and native token XRP. Recently, Ripple applied for an Electronic Money Institution (EMI) license in Luxembourg to facilitate RLUSD's compliant entry into the EU market, aligning with the upcoming Markets in Crypto-Assets Regulation (MiCA). As early as April, Ripple established a European subsidiary in preparation for the application and designated a New York bank as the reserve custodian to enhance transparency and compliance. Simultaneously, Ripple is pursuing a federal regulatory path in the US, applying for a national bank charter from the OCC in early July, with its subsidiary seeking a Federal Reserve master account. The goal is to establish a high-level global clearing network and build a globally competitive stablecoin system. Regarding its native asset, XRP achieved a key milestone: the NYSE Arca approved ProShares' leveraged XRP ETF (ticker: UXRP) on July 14th. This marks XRP's formal entry into mainstream financial markets, further enhancing its liquidity and institutional participation, providing strong support for Ripple's global strategy.
Cantor Plans $3.5B Bitcoin Buy From Adam Back’s Blockstream: Reports
Financial services firm Cantor Fitzgerald plans to acquire $3.5 billion worth of Bitcoin from Adam Back’s Blockstream Capital to spin up a company to hold the cryptocurrency, the Financial Times and Bloomberg reported on Tuesday.
They would see BlockStream contribute as much as 30,000 Bitcoin, currently worth $3.5 billion, in exchange for shares in Cantor Equity Partners 1, a blank-check special purpose acquisition company (SPAC), which would be renamed BSTR Holdings. The deal also includes plans to raise up to $800 million in additional outside capital for further Bitcoin purchases and follows a previous $3.6 billion crypto deal Cantor Fitzgerald made with SoftBank and Tether in April to create the Bitcoin acquisition company.
Cantor is run by Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick, while Back’s 1997 Hashcash cryptographic work was cited by Bitcoin's pseudonymous creator, Satoshi Nakamoto, and became foundational to Bitcoin’s proof-of-work consensus.
Solana RWA Market Share Reaches 3.9%, Grows Nearly 1.4x YTD
Solana continues to gain traction in the RWA (excluding stablecoins) sector, with total RWA assets now exceeding $418 million, representing a 140.6% increase year-to-date. This significantly narrows the gap with leading platforms and far outpaces the overall market growth of 62.4% during the same period. Solana's growth rate is nearly double the market average, showcasing strong momentum in this sector for 2025. Currently, Solana hosts multiple RWA projects, covering diversified assets like tokenized US equities, US Treasuries, and institutional funds. The project types are increasingly diverse, and the ecosystem is expanding. Leveraging high throughput, near-zero transaction costs, and an active developer community, Solana is attracting more RWA projects to deploy on its chain, driving sustained growth in on-chain activity and capital. According to RWA.xyz data, Solana holds a 3.9% share of the RWA market, ranking fourth among all blockchains, behind Ethereum (58.4%), ZKsync Era (17.2%), and Aptos (4%). Despite the current gap in market share, driven by continuous expansion and high growth rates, Solana demonstrates the potential to challenge leading platforms.
References:
Farside Investors. (n.d.). BTC. Retrieved July 16, 2025, from https://farside.co.uk/btc/
CoinCatch Team
Disclaimer: Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.