Home/Guide/Market Insights/Others/MEXC Daily News (July 3)｜Bitcoin Eyes $110K Breakout, Ethereum ETF Hype Builds, July Bull Season Approaches

MEXC Daily News (July 3)｜Bitcoin Eyes $110K Breakout, Ethereum ETF Hype Builds, July Bull Season Approaches

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Jul 3, 2025MEXC

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1. Market Overview

According to MEXC data, ETH is currently trading at 2,567.10 USDT, marking a 24-hour increase of 2.73%.

Heatmap of the top 10 USDT-margined perpetual contract trading pairs on the MEXC platform.

For more updates on cryptocurrency prices and macroeconomic trends, visit MEXC Markets.

According to CoinDesk, Ethereum surged to $2,601 on July 2 and broke out after consolidating for 16 hours. Bitwise CIO Matt Hougan predicts a significant acceleration in capital inflows to spot Ethereum ETFs in the second half of 2025. Robinhood has confirmed it is building a Layer-2 chain on Arbitrum to support tokenized stocks and assets on Ethereum, further strengthening Ethereum's role as the backbone of tokenized finance. Nearly 30% of ETH supply is now staked, and Layer-2 adoption continues to accelerate—reinforcing Ethereum as a foundational layer for real-world asset tokenization.

2.2 Data: Stablecoin Issuers Generated Nearly $10 Billion in Revenue Over the Past Year

According to CoinDesk Data, stablecoin issuers collectively generated close to $10 billion in revenue over the past year.

Tether led the pack with $6.56 billion, followed by Circle with $1.89 billion, Sky Protocol with $384 million, and Ethena with $332 million.

3. Industry Analyst Insights

3.1 10x Research: Bitcoin Testing $110K as July’s Traditional Bull Season Kicks Off

According to analysis from 10x Research, Bitcoin is attempting to break through the upper bound of its consolidation range after experiencing 98 consecutive days of capital outflows. Despite strong ETF inflows, declining exchange balances, and political pressure on the Federal Reserve, Bitcoin’s price has remained relatively stable.

With July historically marking the start of a bullish season and key labor market data on the horizon, analysts suggest the market may be on the verge of a major breakout.

The report notes that the fundamental drivers behind Bitcoin’s rebound since late April not only remain intact but have grown stronger. BTC is now testing the critical $110,000 level, and the current period of low volatility offers investors a rare opportunity to position themselves strategically.

3.2 BTC Hits $109,700, but Pro Traders Remain Cautious on Momentum

According to Cointelegraph, Bitcoin briefly tested support at $105,200 on Wednesday before climbing above $109,000—approaching its all-time high. However, derivatives market data shows that professional traders remain cautious, with no significant increase in bullish positioning.

Key drivers behind the price action include expanding money supply in the Eurozone and signs of weakness in the U.S. labor market. Meanwhile, the USDT discount in China has widened to 1%, the lowest since mid-May, reflecting lingering investor skepticism about Bitcoin’s rally. On Tuesday, spot Bitcoin ETFs saw net outflows of $342 million, while rising trade tensions added to overall market uncertainty.

3.3 Bloomberg Analyst: First SOL Staking ETF Sees $8M Volume in First 20 Minutes of Trading

Bloomberg analyst James Seyffart reported on X (formerly Twitter) that the first SOL staking exchange-traded fund, the REX-Osprey SOL + Staking ETF (SSK), had a strong debut on the Chicago Board Options Exchange (Cboe), recording approximately $8 million in trading volume within its first 20 minutes.

4. Industry News

4.1 U.S. Senate Banking Committee to Hold Hearing on Crypto Market Structure Next Week

According to crypto journalist Eleanor Terrett, the U.S. Senate Banking Committee is scheduled to hold a full committee hearing on crypto market structure next week. The hearing will take place on July 9 at 10:00 PM Beijing time. Confirmed participants include Ripple CEO Brad Garlinghouse, Blockchain Association CEO Kristin Smith, Chainalysis CEO Jonathan Levin, and Paradigm General Partner Dan Robinson.

4.2 Belgium’s KBC Bank to Allow Customers to Invest in Bitcoin and Other Cryptocurrencies

As reported by L'Echo, Belgian bank KBC will soon allow its customers to invest in Bitcoin and other cryptocurrencies. The service, offered via its Bolero subsidiary, is expected to launch later this fall pending regulatory approval.

4.3 SEC Chairman Paul Atkins: Rise of Tokenized Equities Will Improve Public Access to Private Markets

Speaking on CNBC’s Squawk Box, U.S. SEC Chairman Paul Atkins discussed the rise of tokenized equities and their impact on private markets. Atkins stated that tokenization technology will make private market investments more accessible to the general public.

5. Market Highlights

5.1 SEC Halts Grayscale’s Digital Large Cap Fund ETF Conversion for Further Review

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has paused Grayscale’s plans to convert its Digital Large Cap Fund into an exchange-traded fund (ETF), placing the proposal under further review.

As previously reported by The Block via Foresight News, the SEC had initially approved—on an accelerated basis—a proposed rule change submitted by NYSE Arca that would allow shares of the Grayscale Digital Large Cap Fund LLC to be listed and traded. The SEC cited Section 19(b)(2) of the Securities Exchange Act in its decision to expedite approval of the amended proposal (SR-NYSEARCA-2024-87).

The fund is currently traded over-the-counter and is available only to accredited investors. It is composed primarily of Bitcoin (nearly 80%), with Ethereum making up around 11%, and smaller allocations to Solana, Cardano, and XRP.

5.2 Ripple Applies for U.S. Bank Charter to Expand Crypto Services

According to The Wall Street Journal, Ripple has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national banking license. If approved, Ripple would be subject to both state and federal regulatory oversight for its RLUSD stablecoin. Previously, its subsidiary Standard Custody also applied for a Federal Reserve master account in order to directly custody RLUSD reserves.

5.3 Trump Media Files Application for Mixed BTC-ETH Spot ETF

Trump Media & Technology Group has filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a new ETF that will directly hold both Bitcoin and Ethereum. Named the Truth Social Bitcoin and Ethereum ETF, the fund would allocate 75% of assets to Bitcoin and 25% to Ethereum, and aims to track the performance of both cryptocurrencies through direct exposure.

6. Project Updates

1）Spotify user community Unwrapped DAO is selling Spotify usage data through the Vana infrastructure.

2）JPMorgan’s blockchain division is testing a tokenized carbon credit application.

3）OpenAI denied authorization and endorsement of Robinhood’s tokenized stock launch.

4）Jupiter has opened claims for Q2 Active Staking Rewards (ASR).

5）Vana concluded Epoch 6 and announced the top five datasets.

6）Aptos partnered with Yellow Card to offer instant stablecoin transfers in Africa.

7）IoTeX launched the “Physical Intelligence” platform, expanding its AI strategy.

8）DeFi Development Corp. expanded its convertible note issuance to $112 million for Solana investments.

7. Project Financing

1）Decentralized stablecoin infrastructure Perena has completed its Echo round of financing.

2）Norwegian mining company Green Minerals signed a financing agreement worth approximately $25 million to increase its Bitcoin holdings.