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CoinCatch Market Daily Report (July 23, 2025)
Beginner
2025-07-23 | 10m
On July 23, BTC consolidated at high levels, ETH continued its gradual uptrend with moderate momentum, and altcoins maintained structural rotation. 21Shares filed for an ONDO ETF, marking further progress in RWA compliance; Polygon’s stablecoin supply reached a three-year high, signaling steady capital inflows; and Sui ecosystem’s MPC coordination project Ika announced its mainnet launch on July 29. Gate Launchpool introduced the Solana ecosystem project NeonNeko, supporting GT/NEKO staking for airdrop rewards.
Crypto Market Overview
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BTC (+0,77% | Current Price: 118,514 USDT): BTC price is mostly consolidating within the 119,000 to 120,000 USDT range. Over the past two days, its price has steadily climbed despite minor pullbacks, with the overall trend remaining relatively strong. Short-term moving averages continue to trend upward, and the price sits above the MA system, indicating a preserved bullish structure. The recent upward movement was accompanied by increasing volume, suggesting buying support; however, volume has slightly weakened, raising concerns about the sustainability of short-term momentum. A strong breakout above 120,500 with volume could confirm the uptrend. On July 22, BTC ETFs saw a net outflow of $68 million, with ARK’s ARKB and Bitwise’s BITB each recording outflows of $42.3 million, as of 05:00 AM (UTC) on July 23.
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ETH (-0.11% | Current Price: 3,691 USDT): ETH has experienced multiple upward downward trends in recent days, gradually climbing along short-term moving averages. The price remains above multiple MAs, indicating a strong bullish structure. Overall trading volume is stable without significant spikes, suggesting that market participants remain cautious. The MACD has formed a bullish crossover at low levels, with the histogram expanding, signaling a mild recovery in short-term bullish momentum. The market remains in a slow upward consolidation phase, with attention focused on volume changes and potential breakouts of previous highs to confirm trend continuation. On July 22, ETH ETFs recorded a net inflow of $533 million, including $426 million into BlackRock’s ETHA and $72.6 million into Grayscale’s ETH product.
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Altcoins: Major altcoins saw broad gains, with the market maintaining a moderately bullish trend. The Fear & Greed Index rose to 70, indicating optimistic sentiment without signs of extreme exuberance. Structural rotation in the short term may continue.
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Macro: On July 22, the S&P 500 rose 0.06% to 6,309.62 points; the Dow Jones gained 0.4% to 44,502.44 points; and the Nasdaq fell 0.39% to 20,892.69 points. As of 02:30 AM (UTC) on July 23, spot gold was trading at $3,429 per ounce, down 0.29% over the past 24 hours.
Top Gainers
SPK SPARK（+79.34%, Circulating Market Cap: $121.79 Million)
SPK token is currently priced at $0.1149, up approximately 79.34% in the past 24 hours, increased by nearly 300% in the past two days. Spark is an onchain capital allocator, with $3.86B deployed across DeFi, CeFi, and RWA. It unlocks capital efficiency at scale, auto-balancing allocations based on market conditions while maintaining a conservative risk profile.
The surge in activity seems to be primarily driven by the project’s airdrop. Phase 1 of the airdrop, which allows users to claim tokens, concludes today. The next phase, ‘Overdrive,’ is also nearing a critical deadline. During this phase, participants have the opportunity to qualify for a second airdrop. The excitement surrounding the airdrop could also be boosting market sentiment, leading to more interest in the token. This likely explains SPK’s latest behaviour. However, once the staking period ends and the tokens are distributed, some recipients might sell them. This could create selling pressure and possibly lower the price in the short term after August 12. A similar pattern was observed when the token launched in June.
AERGO Aergo（+14.39%, Circulating Market Cap: $77.61 Million)
AERGO token is currently priced at $0.1599, up 14.39% over the past 24 hours. Aergo is an open-source blockchain platform developed by Blocko, designed to facilitate the development and deployment of blockchain applications for businesses. It aims to bridge the gap between enterprise-grade performance and public blockchain decentralization. The native token of the Aergo platform is called AERGO, and it is used for various purposes within the ecosystem, including smart contract deployment, staking, and paying for services.
AERGO’s rally combines technical triggers, ecosystem progress, and favorable altcoin rotation. Watch the $0.158-$0.172 Fibonacci extension zone for resistance tests.
BAKE Bakery Token（+18.47%, Circulating Market Cap: $330 Million)
Bake token is currently priced at $0.1116, up approximately 18.47% in the last 24 hours. Launched in September 2020, BakeryToken (BAKE) is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process. BakerySwap is a decentralized automated market-making (AMM) protocol that is based on the Binance Smart Chain (BSC). The BAKE token is a native BEP-20 governance token on the platform.
BAKE’s rally combines exchange-driven liquidity changes, technical momentum, and broader altcoin strength. Watch the $0.104–$0.11 resistance zone and Binance’s July 25 collateral update for directional cues.
Market Insights
21Shares Files for ONDO ETF, Accelerating RWA Compliance Integration
On July 22, 21Shares officially submitted an S-1 registration filing to the U.S. SEC for the ONDO ETF, proposing a new fund named “21Shares Ondo Trust.” The ETF will hold ONDO tokens directly, tracking the CME CF Ondo Finance–Dollar Index. This structure avoids the use of leverage or derivatives, enhancing both transparency and regulatory compliance. If approved, 21Shares would become the first issuer to bring a real-world asset (RWA) token into an ETF framework, marking a significant step toward integrating blockchain assets with traditional financial infrastructure.
The filing also reflects Ondo Finance’s proactive regulatory strategy. As a project focused on tokenizing U.S. Treasuries and other traditional assets, Ondo Finance recently acquired SEC-registered broker-dealer Oasis Pro and partnered with Pantera Capital to launch a $250 million fund aimed at scaling institutional RWA adoption. Following the ETF announcement, ONDO saw a strong price rebound, with 24-hour trading volume nearing $500 million, indicating renewed market confidence. However, the ETF is still pending SEC approval and is not protected under the Investment Company Act of 1940, making its ultimate listing outcome a key indicator of RWA integration progress.
Polygon Stablecoin Supply Surpasses $2.8B, Signaling Ecosystem Growth and Multichain Momentum
The total stablecoin supply on the Polygon network has exceeded $2.8 billion, reaching a three-year high. This milestone highlights Polygon’s growing capacity to retain capital within its ecosystem, especially amid increasing competition among multichain and Layer 2 platforms. The continued deployment of major stablecoins such as USDC and USDT has further optimized protocol-level liquidity, enabling faster, low-cost transactions across DeFi and payment applications.
Polygon officially entered the implementation phase of its “Polygon 2.0” roadmap in 2025, with key components like the AggLayer mainnet and the Bhilai hard fork now going live. At the same time, Polygon is deepening partnerships with traditional finance and Web2 institutions—Stripe and Franklin Templeton have both launched payment and fund-related services on the network. The PoS chain remains a preferred venue for stablecoin use and DeFi activity due to its low fees and high performance. The surge in stablecoin supply reflects growing liquidity confidence and positions Polygon for a new cycle of ecosystem expansion.
SEC Approves, Immediately Pauses Bitwise's Bid to Convert BITW Crypto Index Fund to ETF
The Securities and Exchange Commission approved — then abruptly paused — Bitwise’s plan to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF) on Tuesday, raising fresh uncertainty around the agency’s standards for crypto ETFs. The fund holds 90% of its weight in bitcoin BTC and ether (ETH), with the remainder spread across Solana SOL, XRP, Cardano ADA, Avalanche AVAX, Chainlink LINK, Bitcoin Cash BCH, Uniswap UNI and Polkadot DOT. It manages $1.68 billion in assets and rebalances monthly.
Bitwise launched the fund in 2017. The 2.5% expense ratio remains steep by ETF standards, but the conversion to a spot ETF would make BITW the first multi-asset crypto index ETF in the U.S. — if it proceeds. The asset manager has not yet disclosed if the management fee would stay at 2.5%.
A similar product, Grayscale’s Digital Large Cap Fund (GDLC), which tracks BTC, ETH, XRP, SOL and ADA, also received initial SEC approval before the agency reversed course, pausing the fund's launch.
References:
arside.co.uk. (n.d.).
Farside. Retrieved July 23, 2025, from
https://farside.co.uk/
Investing.com. (n.d.).
USA Indices. Retrieved July 23, 2025, from
https://investing.com/indices/usa-indices
CoinGecko. (n.d.).
Categories. Retrieved July 23, 2025, from
https://www.coingecko.com/categories
U.S. Securities and Exchange Commission. (2025, June 19).
Form S-1: Registration statement under the Securities Act of 1933: 21Shares AG. (Accession No. 0001213900-25-066691). Retrieved from
https://www.sec.gov/Archives/edgar/data/2061627/000121390025066691/ea0248711-s1_21shares.htm
Abrams, Z. (2025, July 22).
SEC approves, then pauses, Bitwise's bid to convert BITW crypto index fund to ETF. CoinDesk.
https://www.coindesk.com/policy/2025/07/22/sec-approves-then-pauses-bitwise-s-bid-to-convert-bitw-crypto-index-fund-to-etf/
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.
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