Gate Research: Crypto Market Cap Falls Below $2.1 Trillion as Market Leverage Continues to Retreat

Summary

• The total cryptocurrency market capitalization has retreated to approximately $2.09 trillion. The market remains in a choppy correction phase, major crypto assets are broadly under pressure, and risk appetite has yet to show a meaningful recovery. In the short term, the market is likely to stay range-bound.

• Crypto ETFs recorded roughly $87.9 million in net outflows in a single day, and net flows over the past 30 days have remained predominantly negative, indicating that institutional investors are still allocating cautiously. Even so, total ETF assets under management still stand at about $95.99 billion, suggesting that long-term allocation demand remains intact.

• The derivatives market continues to cool. Total open interest has fallen to about $410.9 billion, while 24-hour trading volume is around $98.4 billion. Market leverage has continued to contract, and investors are generally focused on controlling risk exposure and adopting more defensive trading strategies.

• This week's funding activity was concentrated in stablecoin payments, data infrastructure, and on-chain applications. Fomo completed a $75 million Series B round, underscoring that enterprise-grade payment infrastructure remains a core focus of capital, while on-chain data services and consumer-facing Web3 applications continue to attract institutional interest.

• According to Tokenomist, the market is expected to see about $102 million in token unlocks over the next seven days. H, SAHARA, and SUI rank among the largest unlocks, and several projects carry relatively high unlock ratios, which warrants close attention to the potential impact of new circulating supply on market sentiment.

Market Commentary

• BTC Market — BTC remained under pressure over the past 24 hours and briefly fell to $59,100 intraday. The earlier low-level consolidation structure has yet to fully repair. On the macro side, U.S. equities showed mixed performance and safe-haven sentiment remained elevated, which weakened the sustainability of any crypto rebound. Technically, BTC has slipped back below $61,000; if it cannot reclaim $63,000, short-term trading is likely to remain weak and range-bound. In the options market, roughly $10.6 billion in BTC quarterly options is set to expire on June 26, and rising put demand suggests that the 3-7 days after expiry could become a new window for directional choice. From a trading perspective, the move lower came with expanded volume, indicating a combination of active selling and leveraged position reduction.

• ETH Market — ETH followed the broader market lower, touching an intraday low of $1,552.72 and remaining in a renewed retest phase after a weak rebound. Compared with BTC, ETH's drawdown has been slightly smaller, but the structure is still soft and capital has not yet shown signs of sustained accumulation. On the chart, ETH is trying to find balance again in the $1,550-$1,700 range. If it cannot quickly recover $1,650, short-term price action is likely to stay weak and range-bound. In the options market, put demand has also picked up, and the approaching June 26 quarterly expiry could further amplify volatility. Fundamentally, the Ethereum Foundation has recently begun restructuring its R&D team with greater focus on scaling, security, and the developer ecosystem, but short-term trading is still being driven primarily by liquidity and risk appetite.

• Altcoins — The latest Crypto Fear & Greed Index reading stands at 12, which remains firmly in extreme fear territory. This sharp drop in sentiment shows that the market is repricing short-term uncertainty much more aggressively. On the tape, the clearest feature is that declines have become smoother while rebounds have struggled to expand meaningfully. For traders, that means localized hotspots may still exist, but the market is better suited to light positioning and faster-paced execution.

• Stablecoins — Total stablecoin supply remains elevated at around $320 billion. The on-chain U.S. dollar liquidity reservoir is still ample and continues to provide underlying settlement depth for both spot and derivatives markets.

• Gas Fee — Gas on Ethereum mainnet remains near historical lows, generally below 0.1 Gwei, marking a noticeable decline from last week.

Trending Tokens

The market showed a clearly defensive structure today. Leading assets broadly pulled back, while strength was concentrated only in a handful of countertrend narratives and some inverse leveraged tokens. Total crypto market capitalization fell over the past 24 hours even as volume expanded, indicating that real capital was actively reducing risk and adjusting positions. Opportunities are still coming from localized thematic bursts, and the market remains dominated by existing liquidity rather than fresh capital.

O o1.exchange (+42.50% | Circulating Market Cap: $133.21M)

According to Gate market data, O is currently trading at $0.7934, up 42.50% over the past 24 hours. o1.exchange is a Base ecosystem project focused on on-chain trading and blockchain interaction, with the O token serving as the core incentive and utility asset within its ecosystem. The project is widely associated with the intersection of on-chain trading infrastructure and AI-driven trading narratives.

The rally has largely been driven by a re-rating of mid-cap, high-beta assets. With a circulating market capitalization exceeding $133 million, O offers sufficient liquidity to attract speculative capital. During the past 24 hours, the token traded between $0.51967 and $0.85186, reflecting active momentum buying as well as profit-taking. While weakness in major cryptocurrencies has limited broad market participation, it has also encouraged capital to seek assets capable of delivering independent price action. Continued strength will depend on whether trading activity can remain elevated at current levels; otherwise, a sharp decline in volume could increase the risk of a pullback.

AIC AI Companions (+42.02% | Circulating Market Cap: $13.22M)

According to Gate market data, AIC is currently trading at $0.013933, up 42.02% over the past 24 hours. AI Companions is an AI-powered virtual companion project centered on digital interaction and tokenized application economics. The AIC token is used for ecosystem incentives, payments, and access rights within the platform.

The rally appears to be a typical rebound in the low-cap AI sector. With a circulating market capitalization just above $13 million, the token remains highly sensitive to incremental capital inflows. Over the past 24 hours, AIC traded between $0.009621 and $0.0175, highlighting strong speculative participation. AI-related narratives continue to attract trading interest, but under the current Extreme Fear environment, their sustainability remains heavily dependent on trading volume. Given AIC's relatively modest liquidity, maintaining strong turnover at higher price levels will be critical to preventing a sharp post-rally correction.

SLX Solstice (+35.51% | Circulating Market Cap: $73.74M)

According to Gate market data, SLX is currently trading at $0.32091, up 35.51% over the past 24 hours. Solstice is a Solana-based project focused on yield-generating assets and financial infrastructure. Its native token, SLX, is generally viewed as part of the Solana ecosystem's yield and financial infrastructure narrative, with emphasis on capital efficiency, yield distribution, and ecosystem liquidity.

Compared with other gainers, SLX's rally has been supported by relatively healthy trading volume rather than thin liquidity alone. The token advanced from $0.22076 to $0.33422, producing a clear volume-backed breakout pattern. Capital continues to show interest in Solana ecosystem infrastructure despite the broader market's risk-off environment. The sustainability of the rally will depend on whether SLX can maintain stable turnover above $0.30. A failure to hold above the breakout zone could trigger rapid profit-taking by short-term traders.

Data Highlights

Ethereum Foundation Restructures R&D Team, Shifting Focus Toward Execution

According to The Block, the Ethereum Foundation has restructured its Protocol Research and Development team, including layoffs and organizational changes. The move reflects a broader effort to rebalance resources across research, engineering execution, and ecosystem support. As Ethereum's scaling roadmap, user experience, and security priorities continue to evolve, the Foundation is shifting from a research-driven organization toward one that emphasizes execution efficiency and cross-team coordination.

While the restructuring is unlikely to act as an immediate catalyst for ETH prices, it is significant from a long-term ecosystem perspective. As public blockchains mature, markets increasingly evaluate not only technical roadmaps but also the execution capabilities of core organizations. Greater focus on scaling, security, developer tooling, and application delivery could strengthen Ethereum's long-term fundamentals. Conversely, concerns over governance transparency or R&D continuity could weigh on market sentiment in the short term.

Ground Raises $8 Million to Bring On-Chain Yield to Fintech APIs

Ground, founded by a co-founder of Superstate, has raised $8 million to build API infrastructure that enables fintech companies to integrate on-chain yield products. Unlike consumer-facing DeFi protocols, Ground packages yield strategies into backend services that can be embedded into financial applications without requiring users to interact directly with blockchain infrastructure.

This reflects a broader shift in which on-chain yield is becoming embedded within mainstream financial applications rather than remaining a standalone DeFi experience. It also signals that DeFi infrastructure is increasingly evolving toward a B2B distribution model. By abstracting away wallet management, cross-chain complexity, protocol integration, and risk management, API-based infrastructure could significantly expand the addressable market for stablecoins, tokenized funds, and yield-bearing digital assets.

Cambrian Launches Oracle Testnet as Infrastructure Competition Intensifies

Following a $5.9 million funding round, Cambrian has launched the public testnet for its oracle network. Oracles serve as critical infrastructure for DeFi, derivatives, real-world assets (RWAs), and on-chain risk management by securely transmitting external data onto blockchains. The testnet launch suggests the project's current priority is validating its node architecture, data quality, latency, and developer integration.

The role of oracle networks has expanded well beyond simple price feeds. As RWAs, on-chain derivatives, and automated trading strategies continue to grow, applications increasingly demand highly reliable, low-latency, and manipulation-resistant data. While Cambrian's testnet is unlikely to reshape the competitive landscape immediately, it further intensifies competition in blockchain data infrastructure. If the project can differentiate itself through low latency, multi-source verification, and developer-friendly integration, it could gain traction within high-performance on-chain financial ecosystems.

Focus of the Week

Market Remains in a Choppy Correction as Total Capitalization Falls Below $2.1 Trillion

As of June 25, total cryptocurrency market capitalization stood at about $2.09 trillion, down 2.68% over the past 24 hours. The broader market has continued its correction this week, with major crypto assets broadly under pressure. Core assets such as Bitcoin and Ethereum remain range-bound, and overall market risk appetite has yet to show meaningful improvement. Judging from aggregate trading conditions, spot-market activity has cooled compared with the earlier period, investor wait-and-see sentiment has intensified further, and the market has entered a phase of consolidation.

Overall, the market is still being influenced by a combination of macro conditions, capital flows, and sentiment. On one hand, profit-taking from the earlier rally continues to create selling pressure. On the other hand, the pace of new capital entering the market remains slow, and there is still a lack of new catalysts strong enough to push prices into a breakout. Before capital conditions improve in a meaningful way, the market is likely to remain range-bound in the short term while it waits for a clearer directional signal.

ETF Outflows Continue as Institutional Capital Maintains a Cautious Stance

As of June 24, crypto ETFs recorded about $87.9 million in net outflows for a single day, including around $81 million in net outflows from Bitcoin ETFs and about $7 million from Ethereum ETFs. Looking at the past 30 days, ETF flows have remained net negative overall, indicating that institutional risk appetite has not yet recovered and that market sentiment remains cautious.

It is worth noting that total assets under management for crypto ETFs still stand at roughly $95.99 billion. That means the overall scale has not materially contracted, which suggests that long-term institutional demand for digital-asset allocation is still present. Although short-term outflows have created some price pressure, ETFs remain one of the market's most important sources of incremental institutional capital. If macro liquidity conditions improve later on, or if market risk appetite gradually recovers and ETF flows turn positive again, they could still become an important marginal force behind any stabilization and rebound.

Derivatives Activity Continues to Cool as Market Leverage Moves Lower

According to derivatives market data, total market open interest currently stands at about $410.9 billion, with perpetual contracts accounting for nearly all of that figure and remaining the dominant portion of the market. Compared with previous highs, open interest has continued to trend lower, reflecting a further contraction in overall market leverage and a stronger preference among capital for controlling risk exposure.

At the same time, total 24-hour derivatives trading volume across the market is about $98.4 billion, down meaningfully from earlier cyclical highs, indicating weaker market activity. Implied volatility has also remained subdued, suggesting that short-term expectations for a trending move have softened. In the absence of a clear direction and fresh capital support, investors are generally trading more cautiously, and the market is likely to remain range-bound in the near term while waiting for a new macro event or a shift in funding conditions to provide fresh catalysts.

Funding Weekly Recap

According to RootData, from June 18 to June 25, 2026, 11 crypto and adjacent projects announced completed funding rounds spanning stablecoin payments, data infrastructure, and on-chain applications. This week's funding pattern suggests that capital is still focusing on projects with tangible commercial deployment potential and strong infrastructure characteristics. In other words, fundraising attention within the industry continues to concentrate on enterprise services and foundational technologies. Below is a brief introduction to the largest disclosed deals of the week.

fomo

On June 22, fomo completed a $75 million Series B round led by Index Ventures, with participation from USV and several other institutions. Following the raise, the company was valued at about $550 million.

Fomo is a platform focused on enterprise-grade stablecoin payments and global fund-settlement services. It mainly provides financial infrastructure such as stablecoin collections and disbursements, cross-border payments, and treasury management for businesses. As stablecoin usage continues to expand across global trade, cross-border remittances, and corporate settlement, enterprise demand for efficient and low-cost payment networks keeps rising. This funding round shows that the capital market remains optimistic about the stablecoin payments sector. Compared with stablecoin issuance alone, infrastructure built around payment networks, fund management, and enterprise financial services is emerging as a new investment hotspot. As more enterprises enter on-chain payment systems, service providers in this segment may still have substantial growth potential.

Allium

On June 23, Allium completed a $40 million Series B round led by Amplify Partners, with participation from multiple institutions.

Allium is a blockchain data infrastructure provider that offers on-chain data indexing, analytics, and real-time data interfaces for developers, enterprises, and financial institutions, helping users build Web3 products and data applications more efficiently. As the on-chain ecosystem continues to expand, data services have become an essential part of the industry's foundational infrastructure. This financing round also reflects the market's recognition of the long-term value of data infrastructure. As more institutions enter digital assets, demand for high-quality on-chain data, risk-control systems, and analytics capabilities continues to increase, making foundational data-service providers an indispensable layer of the Web3 ecosystem with significant room for long-term growth.

Onyx Odds

On June 24, Onyx Odds completed a $20 million funding round led by Payward, valuing the company at about $220 million.

Onyx Odds focuses on on-chain prediction markets and sports-betting infrastructure. It aims to use blockchain technology to improve market transparency, settlement efficiency, and user participation, while building a more open prediction-market platform for users worldwide. From an industry perspective, the round suggests that capital interest in consumer-facing Web3 applications is gradually returning. As infrastructure matures, on-chain applications are entering a more diversified phase of development, and segments such as prediction markets, entertainment, and social interaction may attract more new users and provide fresh growth momentum for the broader Web3 ecosystem.

Next Week to Watch

According to Tokenomist, the market is expected to see about $102 million in token unlocks over the next seven days (June 26, 2026 to July 2, 2026). While the total amount is lower than in the previous period, several projects still deserve close attention. The top three unlocks are as follows:

• H will unlock roughly $17.06 million worth of tokens over the next seven days, equal to 14.5% of circulating supply.

• SAHARA will unlock roughly $13.38 million worth of tokens over the next seven days, equal to 29.9% of circulating supply.

• SUI will unlock roughly $9.38 million worth of tokens over the next seven days, equal to 0.3% of circulating supply.

References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/crypto-market-data
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• CoinGecko, https://www.coingecko.com/en/categories
• DefiLlama, https://defillama.com/stablecoins
• Etherscan, https://etherscan.io/gastracker
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/
• Coinmarketcap, https://coinmarketcap.com/zh/charts/spot-market/

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