Gate Research: Truth Social Files for Blue-Chip Crypto ETF | USDT0 On-Chain Issuance Tops 200 Million

Crypto Market Overview

• BTC（+0.99% 丨 Current Price 108,803 USDT）：BTC is currently exhibiting a short-term consolidation pattern. The short-term moving averages (MA5 and MA10) are tightly aligned, with prices repeatedly oscillating near these levels, indicating significant indecision between bulls and bears and the absence of a clear trend direction. Although the MACD remains above the zero line, the weakening of the red histogram bars and the convergence of the MACD lines suggest that bullish momentum is being absorbed. Trading volume remains neutral to low, reflecting cautious market sentiment. If BTC can hold above the 109,000 level, it may retest the previous high near 109,700; however, if it falls below 108,500, it could pull back toward the MA30 support range. On July 8, BTC ETFs recorded a net inflow of $75.3 million, with BlackRock’s IBIT accounting for $66.8 million and Fidelity’s FBTC contributing $4.8 million
• ETH (+3.17% | Current Price: 2,606 USDT): ETH’s short-term performance is slightly stronger than BTC’s. The price has broken above the MA5, MA10, and MA30 moving averages, forming a clear bullish alignment and showing a mild upward trend in the near term. The MACD remains above the zero line, and although the red histogram bars have slightly weakened, the MACD fast line remains above the slow line, indicating a continued bullish technical structure. Trading volume has seen a modest increase, but not a significant breakout, suggesting that market participation remains cautious. If ETH holds above the 2,580 support level, the next resistance to watch is in the 2,650–2,690 range. However, a drop below 2,560 could signal a short-term pullback risk. On July 8, ETH ETFs recorded a net daily inflow of $29.5 million. Among them, BlackRock’s ETHA saw an inflow of $25.3 million, while Bitwise’s ETHW received $4.9 million.
• Altcoins: The altcoin market saw a short-term rebound, but the overall trend remains weak with limited sentiment recovery. Over the past 24 hours, XRP rose 2.16% and SOL gained 1.63%, but trading volume remained subdued, indicating low willingness to chase the rally. The Fear & Greed Index climbed to 66, reflecting mild improvement in sentiment, though risk appetite has yet to significantly recover. In the short term, the altcoin sector may continue to experience structural rotation and consolidation.
• Macro: On July 8, the S&P 500 fell 0.072% to 6,225.52 points, the Dow Jones dropped 0.37% to 44,240.76 points, while the Nasdaq edged up 0.029% to 20,418.46 points. As of 02:30 AM on July 9 (UTC), spot gold was trading at $3,301 per ounce, up 0.02% over the past 24 hours.
• Trending Tokens

FLOKI Floki Inu（+9.34%, Circulating Market Cap: $869M)

According to Gate, FLOKI is currently trading at $0.00009014, up 9.34% in the past 24 hours. Floki Inu is a community-driven crypto project that initially gained popularity due to Elon Musk’s pet Shiba Inu “Floki.” The project has since evolved into a diversified Web3 ecosystem, with key products including the P2E metaverse game Valhalla, the crypto education platform Floki University, and the NFT marketplace FlokiPlaces, covering sectors such as DeFi, NFTs, and education.

FLOKI’s recent price surge is likely driven by the launch of Valhalla on mainnet, which went live on July 1. Within the first week, over 100,000 Veras (in-game characters) were minted, showing strong user engagement. Additionally, a $10,000 reward campaign further boosted market attention and token activity, contributing to FLOKI’s short-term price strength. Continued monitoring of project development and on-chain metrics is needed to assess the sustainability of this rally.

RAY Raydium（+6.91%, Circulating Market Cap: $611M)

According to Gate, RAY is trading at $2.2777, up 6.91% over the past 24 hours. Raydium is an automated market maker (AMM) and decentralized exchange (DEX) built on the Solana blockchain. It was one of the first AMM projects integrated into the Serum ecosystem, giving it a first-mover advantage. As a core liquidity infrastructure, Raydium not only provides efficient trading and liquidity services but also serves as a vital bridge for both new and existing projects to enter the Solana ecosystem.

This round of gains may be driven by rising interest in the tokenized stock platform xStocks, which offers 24/7 issuance and redemption of tokenized equities on Solana. The platform recently announced a zero-fee policy, significantly lowering the entry barrier for users. As the primary trading venue for xStocks assets, Raydium is benefiting from increased liquidity and user activity, helping push RAY’s price higher. Continued attention to platform development and on-chain activity is needed to determine whether the momentum can be sustained.

MORPHO Morpho Labs（+7.36%, Circulating Market Cap: $457M)

According to Gate, MORPHO is trading at $1.4330, up 7.36% in the past 24 hours. Morpho Labs is a key lending infrastructure developer in the Ethereum ecosystem, focused on enhancing capital efficiency for protocols like Aave and Compound through its “Efficiency Layer” model. Its core products—Morpho Blue and Morpho V2—enable peer-to-peer lending, composable collateral structures, and compatibility with various lending markets.

MORPHO’s latest rally is mainly driven by its expanding multi-chain deployment and strengthening on-chain metrics. In early July, Morpho officially launched its “Multiply” feature across Ethereum, Base, and other major networks. According to Token Terminal, Morpho’s TVL on Base has surged by 245.81% year-to-date, now exceeding $1.8 billion—reflecting strong market confidence in its lending model. Continued monitoring of feature rollouts and ecosystem data will be key to evaluating the sustainability of MORPHO’s price momentum.

Alpha Insights

USDT0 Issuance on Unichain Surpasses 200 Million, Now Ranks Third in Cross-Chain Volume

The total issuance of USDT0 on Unichain has surpassed 200 million tokens for the first time, marking a significant milestone for the chain. As of now, USDT0’s total supply on Unichain has reached 202,089,678 tokens, with over 13,400 on-chain holders and more than 5.24 million transfers, reflecting strong user participation and high asset liquidity.

Notably, Unichain is now the third-largest chain by USDT0 cross-chain flow volume, following only Ethereum mainnet and Arbitrum. This highlights Unichain’s growing strategic role in the cross-chain stablecoin ecosystem. Based on current data, Unichain is rapidly emerging as a key liquidity hub within the LayerZero ecosystem, with its technical compatibility and ecosystem potential gaining recognition.

With rising demand for cross-chain assets and USDT0’s ongoing multi-chain deployment strategy, Unichain’s position is expected to strengthen further. Under the LayerZero architecture and its support for the Omnichain Fungible Token (OFT) standard, more protocols, wallets, and DeFi applications may integrate Unichain going forward.

Truth Social Submits Blue-Chip Crypto ETF Application Covering Multiple Major Assets

According to the U.S. Securities and Exchange Commission (SEC) website, Truth Social Crypto Blue Chip ETF, B.T. has submitted an S-1 registration statement, proposing a passive crypto ETF backed by major digital assets. The product is initiated by Yorkville America Digital, LLC, registered in Nevada, and is expected to be listed on NYSE Arca with a fiscal year-end on September 30.

As disclosed in the filing, the ETF will initially allocate 70% to Bitcoin and 15% to Ethereum, along with 8% to Solana and 2% to XRP, forming a diversified basket of mainstream assets. Positioned as a typical passive investment vehicle, the ETF aims to provide traditional investors with a regulated channel to access the crypto market through transparent structures and public trading.

If approved, this ETF would be among the few blue chip crypto funds covering more than just BTC and ETH, offering greater diversification. It may enrich the current ETF offerings, lower barriers for institutional participation, and increase visibility for key public chains. The review process and market response will be critical indicators of regulatory sentiment and capital deployment trends.

Ethereum Takes First Step Toward EIP-4444, Significantly Reduces Node Storage Requirements

According to the latest announcement from the Ethereum Foundation, all Ethereum execution clients now support history pruning for pre-merge data. Once enabled on mainnet, this update is expected to reduce disk space usage by 300–500 GB per node, significantly lowering the hardware threshold and improving overall network storage efficiency.

This feature does not affect the operation of full nodes or validators, but rather targets users who do not require long-term historical data storage. It marks the first step in implementing EIP-4444’s “historical data expiry” mechanism. The proposal outlines Ethereum’s move away from storing full historical transaction data in all clients, instead directing users to external services for historical data access.

For archive node operators and developers needing complete history, transitioning to community-maintained data endpoints will be necessary. Overall, this upgrade not only introduces technical lightweighting but also lays the foundation for future scalability in Ethereum’s execution layer. It may promote broader validator participation and enhance the network’s efficiency and resilience over the long term.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• X, https://x.com/zerolore/status/1942481920769589511
• SEC, https://www.sec.gov/Archives/edgar/data/2075457/000110465925066296/0001104659-25-066296-index.htm
• Blog Ethereum, https://blog.ethereum.org/2025/07/08/partial-history-exp

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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.