BTC, ETH Slide as ZKsync Unlock Looms; PYTH, ONDO Outperform

I. Crypto Market Overview

Key Takeaways

Macro Environment

US inflation cooled in June, lowering the odds of a July Fed rate hike and supporting risk assets. Japan's new crypto legislation enhances market integrity and paves the way for ETFs. The FATF urges stricter crypto AML enforcement, raising compliance costs for stablecoin issuers.

Crypto Market

The crypto market saw broad declines, with BTC down 0.88% to $63,855 and ETH falling 2.51% to $1,862, pressured by weak spot demand and risk-off flows. ONDO rose 2.01%, PYTH gained 6.07%, and VIRTUAL climbed 2.92%, driven by strong DeFi and tokenization narratives. Altcoins showed mixed performance.

Today's Outlook

Today, ZKsync will unlock 194 million ZK tokens, potentially impacting ZK price and market liquidity. US macro data releases, including building permits and consumer sentiment, may drive volatility in both USD and crypto markets.

Fear and Greed Index

86.00% Annual Percentile

33 Neutral

Total Crypto Market Cap

$2.19T

1.25%

Total Market Trading Volume

$64.53B

4.45%

Altcoin Season Index

36.36%

Quarterly Percentile

48 / 100

Total Futures Market Open Interest

2.06B

0.94%

Futures

386.76B

4.71%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Bank of Korea raised its base rate by 25 basis points to 2.75%, the first hike since 2023, citing persistent inflation and strong growth. This move increases borrowing costs and could reduce CRYPTO market liquidity, impacting DEFI activity and speculative trading in South Korea.

US inflation cooled in June, with CPI at 3.5% and core CPI at 2.6% year-over-year, lowering the probability of a July Fed rate hike to 10%. The softer inflation outlook supports risk assets, including Bitcoin and DeFi tokens, by reducing immediate tightening pressure.

Federal Reserve Vice Chair Jefferson signaled that while current monetary policy is appropriate, further rate hikes remain possible if inflation persists. This ongoing uncertainty keeps crypto markets sensitive to macroeconomic data and Fed commentary.

Federal Reserve's Logan advocated for a potential interest rate hike to address stubborn inflation, despite recent data showing a slowdown. The prospect of higher rates could weigh on crypto valuations by increasing opportunity costs for holding risk assets.

Cryptocurrency Regulatory Trends

BitPay has secured a MiCA license from Dutch regulators, enabling expansion of crypto and stablecoin payment services across the EU. This regulatory approval is expected to boost institutional confidence and support broader adoption of digital assets in Europe.

The Bank of Tanzania is finalizing a regulatory framework for cryptocurrencies and stablecoins, aiming to enhance investor protection and combat financial crime. This move signals growing regulatory acceptance and could encourage further crypto adoption in Africa.

Revolut has received preliminary approval from Dubai's VARA to offer crypto broker-dealer and exchange services in the UAE. This strengthens Dubai's position as a global crypto hub and may attract more institutional players to the region.

Japan has enacted new legislation classifying crypto as financial products, introducing insider trading rules and paving the way for future ETF listings. These reforms are expected to improve market integrity and attract both retail and institutional investors.

The FATF has called for accelerated enforcement of anti-money laundering rules in the crypto sector, highlighting that stablecoins accounted for 84% of illicit crypto transaction volume in 2025. Stricter compliance requirements may increase operational costs for issuers and impact market dynamics.

Ondo Finance (ONDO): ONDO surged 17.7% in 24h, with trading volume reaching $286M and market cap at $1.9B. The rally is driven by strong demand for tokenized real-world assets and increased DeFi adoption, as ONDO dominates 66% of the tokenized ETF market.

PYTH Network (PYTH): PYTH rose 11.1% in 24h, with $33M in trading volume and a $410M market cap. Growth is fueled by expanding partnerships and its role as a leading oracle, now securing over $7B in value and supporting 250+ DeFi applications.

Virtuals Protocol (VIRTUAL): VIRTUAL gained 2.9% in 24h, with $103M in trading volume and a $415M market cap. The price increase is supported by high liquidity (24.9% vol/market cap) and sector-wide interest in AI and tokenized asset protocols.

Smart Money Movements

Citadel Securities invested $400 million in Crypto.com at a $20 billion valuation, marking the exchange's first institutional funding round and supporting expansion into tokenized securities and derivatives.

Tether invested $20 million in Argentine neobank Ualá, completing a $197 million funding round that valued the fintech at $3.2 billion and signaling deeper stablecoin integration in Latin American finance.

A dormant Bitcoin whale moved 5,908 BTC, worth approximately $382.67 million, to a new wallet after eight years of inactivity, highlighting significant long-term holder activity.

US spot Bitcoin ETFs recorded $108 million in net inflows, while ether funds added $54 million, reflecting renewed institutional interest and cumulative Bitcoin ETF inflows surpassing $51 billion since 2024.

Swedbank AB increased its holdings in Strategy (formerly MicroStrategy) by 8,278 shares, bringing its total to 90,590 shares valued at $8.81 million, further boosting its exposure to Bitcoin via equity markets.

Events to Watch

Jul 17 (Fri)

US Building Permits, Housing Starts, Export/Import Prices, Industrial Production, and Michigan Consumer Sentiment data for June/July to be released, impacting USD and crypto markets.

Jul 17 (Fri)

ZKsync will unlock 194 million ZK tokens, a major token unlock event that may affect ZK token price and market liquidity.

Jul 18 (Sat)

GENIUS Act Stablecoin Rulebook and Rulemaking deadlines arrive, potentially shaping the US federal framework for payment stablecoins.

Jul 19 (Sun)

Pi Network will release over 24 million PI tokens, increasing market supply and potential selling pressure.

Jul 20 (Mon)

China Loan Prime Rate (1Y & 5Y) and Canada Inflation Rate data for June will be released; CLARITY Act Senate floor vote may impact crypto regulation.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Bank of Korea raised its base rate by 25 basis points to 2.75%, the first hike since 2023, citing persistent inflation and strong growth. This move increases borrowing costs and could reduce CRYPTO market liquidity, impacting DEFI activity and speculative trading in South Korea.

US inflation cooled in June, with CPI at 3.5% and core CPI at 2.6% year-over-year, lowering the probability of a July Fed rate hike to 10%. The softer inflation outlook supports risk assets, including Bitcoin and DeFi tokens, by reducing immediate tightening pressure.

Federal Reserve Vice Chair Jefferson signaled that while current monetary policy is appropriate, further rate hikes remain possible if inflation persists. This ongoing uncertainty keeps crypto markets sensitive to macroeconomic data and Fed commentary.

Federal Reserve's Logan advocated for a potential interest rate hike to address stubborn inflation, despite recent data showing a slowdown. The prospect of higher rates could weigh on crypto valuations by increasing opportunity costs for holding risk assets.

Cryptocurrency Regulatory Trends

BitPay has secured a MiCA license from Dutch regulators, enabling expansion of crypto and stablecoin payment services across the EU. This regulatory approval is expected to boost institutional confidence and support broader adoption of digital assets in Europe.

The Bank of Tanzania is finalizing a regulatory framework for cryptocurrencies and stablecoins, aiming to enhance investor protection and combat financial crime. This move signals growing regulatory acceptance and could encourage further crypto adoption in Africa.

Revolut has received preliminary approval from Dubai's VARA to offer crypto broker-dealer and exchange services in the UAE. This strengthens Dubai's position as a global crypto hub and may attract more institutional players to the region.

Japan has enacted new legislation classifying crypto as financial products, introducing insider trading rules and paving the way for future ETF listings. These reforms are expected to improve market integrity and attract both retail and institutional investors.

The FATF has called for accelerated enforcement of anti-money laundering rules in the crypto sector, highlighting that stablecoins accounted for 84% of illicit crypto transaction volume in 2025. Stricter compliance requirements may increase operational costs for issuers and impact market dynamics.

Trending Tokens

Ondo Finance (ONDO): ONDO surged 17.7% in 24h, with trading volume reaching $286M and market cap at $1.9B. The rally is driven by strong demand for tokenized real-world assets and increased DeFi adoption, as ONDO dominates 66% of the tokenized ETF market.

PYTH Network (PYTH): PYTH rose 11.1% in 24h, with $33M in trading volume and a $410M market cap. Growth is fueled by expanding partnerships and its role as a leading oracle, now securing over $7B in value and supporting 250+ DeFi applications.

Virtuals Protocol (VIRTUAL): VIRTUAL gained 2.9% in 24h, with $103M in trading volume and a $415M market cap. The price increase is supported by high liquidity (24.9% vol/market cap) and sector-wide interest in AI and tokenized asset protocols.

Smart Money Movements

Citadel Securities invested $400 million in Crypto.com at a $20 billion valuation, marking the exchange's first institutional funding round and supporting expansion into tokenized securities and derivatives.

Tether invested $20 million in Argentine neobank Ualá, completing a $197 million funding round that valued the fintech at $3.2 billion and signaling deeper stablecoin integration in Latin American finance.

A dormant Bitcoin whale moved 5,908 BTC, worth approximately $382.67 million, to a new wallet after eight years of inactivity, highlighting significant long-term holder activity.

US spot Bitcoin ETFs recorded $108 million in net inflows, while ether funds added $54 million, reflecting renewed institutional interest and cumulative Bitcoin ETF inflows surpassing $51 billion since 2024.

Swedbank AB increased its holdings in Strategy (formerly MicroStrategy) by 8,278 shares, bringing its total to 90,590 shares valued at $8.81 million, further boosting its exposure to Bitcoin via equity markets.

Events to Watch

Jul 17 (Fri)

Jul 17 (Fri)

Jul 18 (Sat)

Jul 19 (Sun)

Jul 20 (Mon)

III. Phemex Market Focus

New Listings

Jul 16: (KORU/USDT)

Jul 13: (SKHY/USDT)

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