Gate Research Institute: ETH rises to a new swing trading high leading the mainstream | The U.S. House of Representatives passes three major encryption bills

Crypto Market Overview

• BTC (+1.39% | Current Price 119,998 USDT): BTC price shows a pattern of gentle upward movement after a period of consolidation, currently fluctuating around 120,000 USDT. The short-term moving averages have turned upwards and formed a bullish arrangement, with short-term support structure gradually strengthening. The MACD indicator shows that the DIF and DEA have formed a golden cross near the zero axis, with continued volume expansion, and momentum is gradually recovering. In terms of trading volume, although it has not significantly increased, it is showing a moderate upward trend, indicating a recovery in buying confidence. On July 17, BTC ETF net inflow was 522 million USD, of which BlackRock's IBIT saw an inflow of 497 million USD, and Fidelity's FBTC saw an inflow of 7.8 million USD.
• ETH (+7.35% | Current Price 3,604 USDT): ETH has shown strong performance recently, with prices continuing to rise and reaching a new peak in this wave. In terms of moving averages, MA 5, MA 10, and MA 30 are in a bullish alignment, and the short-term moving averages are sloping upwards, indicating a solid upward trend. The MACD indicator has rebounded after showing a bottom divergence, with the current DIF and DEA positively crossing, and the momentum bars are continuously increasing, indicating that bullish momentum is gradually strengthening. Meanwhile, trading volume is also expanding in anticipation of a breakout, confirming effective support. On July 17, ETH ETF recorded a net inflow of $602 million in a single day, with BlackRock's ETHA inflow at $546 million and Grayscale's ETH inflow at $29.9 million.
• Altcoins: Mainstream altcoins have generally risen, and the market continues its strong trend. The fear and greed index has risen to 73, maintaining an optimistic sentiment but not reaching extreme euphoria; short-term structural rotation may continue.
• Macro: On July 17, the S&P 500 index rose by 0.54%, closing at 6,297.36 points; the Dow Jones index increased by 0.52%, finishing at 44,484.49 points; the Nasdaq index climbed by 0.75%, ending at 20,885.65 points. As of July 18, 10:30 AM ( UTC+8, the spot gold price per ounce is currently reported at 3,343 USD, with a 24H increase of 0.14%.

Trending Tokens on Juejin

HBAR Hedera (+24.46%, circulating market cap 12.205 billion USD)

According to Gate.io market data, the HBAR token is currently priced at $0.28803, having increased by approximately 24.46% in the last 24 hours. Hedera is a high-performance Layer 1 public blockchain based on the Hashgraph consensus mechanism, featuring low latency, high throughput, and low energy consumption, widely used for enterprise-level applications. Its governance is overseen by a governing council composed of globally renowned companies such as Google, IBM, and Bosch, emphasizing compliance and stability.

HBAR has recently surged strongly, primarily driven by multiple positive developments in its ecosystem. Hedera announced that EQTYLab's verifiable computing will be deployed on the NVIDIA Blackwell platform, and it will collaborate with companies like Accenture to promote enterprise-level AI applications; the blockchain game "Legends Of The Past" has launched and is hosting a $5,000 USDC tournament, boosting the enthusiasm for Web3. In addition, Blade Labs has introduced Sharia-compliant DeFi services, and Isle Finance has deployed a supply chain finance network, with applications continuously being implemented. Coupled with the preheating of developer activities, this has propelled HBAR's short-term strength. Future attention will be on the actual use and development progress of the ecosystem.

XRP Ripple (+20.06%, Circulating Market Cap 213.884 billion USD)

According to Gate market data, the current price of the XRP token is $3.601, up 20.06% in the last 24 hours. XRP is the native token launched by Ripple, primarily used as a value intermediary and liquidity bridge in its global payment network. Ripple is committed to building a "value internet," providing low-cost, high-efficiency, and scalable cross-border payment solutions through the XRP Ledger, and collaborating with various financial institutions and government departments worldwide.

XRP hits a historic high, mainly driven by multiple positive factors. Ripple has been selected for the third consecutive year in the CNBC Global Top Fintech Companies list, with simultaneous improvements in policy and market recognition. At the same time, Ripple is accelerating its global layout for the stablecoin RLUSD, having applied for an EMI license in Luxembourg, in line with the MiCA legislation to enter the European market, and the reserves are held by a New York bank. In terms of native assets, on July 14, the New York Stock Exchange approved ProShares to launch the XRP leveraged ETF (UXRP), marking its official entry into the mainstream financial market. The positive resonance from policies, stablecoins, ETFs, and other factors has driven XRP to surge strongly in the short term, and attention can be paid to the landing of RLUSD and global compliance progress in the future.

ONDO Ondo Finance (+11.49%, circulating market cap 3.375 billion USD)

According to Gate.io market data, the current price of the ONDO token is $1.05, with an increase of approximately 11.49% in the last 24 hours. Ondo Finance is a leading protocol focused on the tokenization of real-world assets (RWA), with core products including the USDY stablecoin pegged to U.S. Treasury bonds, as well as the Global Markets platform that supports the onboarding of assets such as U.S. stocks and ETFs onto the blockchain. Its goal is to bring traditional financial markets onto the blockchain, enhancing asset transparency, efficiency, and global accessibility.

ONDO has recently risen, mainly driven by several positive factors. These include the official launch of USDY on the high-speed public chain Sei, further expanding the on-chain issuance of compliant government bond-like assets; Ondo's acquisition of Strangelove Labs, strengthening its technology and product development capabilities; and in conjunction with the shift towards a positive U.S. regulatory policy, the market is optimistic about its "U.S.-style tokenization" narrative, leading to a short-term strengthening of the ONDO price.

Alpha Interpretation

The U.S. House of Representatives passed three major encryption bills to promote the establishment of a comprehensive regulatory framework.

On July 17, the U.S. House of Representatives unanimously passed three legislative proposals highly related to cryptocurrency, namely the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance National Act, marking a critical step for the U.S. in the regulation of digital assets. Among them, the CLARITY Act and the Anti-CBDC Surveillance National Act will be sent to the Senate for review, while the GENIUS Act is expected to be signed into law by President Trump this Friday. The CLARITY Act passed with a vote of 294 to 134, aiming to clarify the boundaries between cryptocurrency and securities and address the overlapping regulatory issues between the SEC and CFTC.

At the same time, U.S. SEC Chairman Paul Atkins publicly stated that the SEC is considering establishing specific regulatory exemptions for innovative projects to incentivize the development of tokenization technology. He pointed out that regulators are studying how to provide a more flexible regulatory framework for new trading models, including implementing exemptions under certain conditions to accelerate the construction of the tokenized securities ecosystem. Atkins further emphasized that the implementation of legislation related to stablecoins is an important step for the U.S. to become a global crypto center.

Overall, the United States is forming a comprehensive encryption legislative system that includes stablecoin regulation, clear asset classification, and opposition to government surveillance-type CBDCs. If the aforementioned bills are smoothly passed and implemented, they will create a more certain and inclusive policy environment for the U.S. crypto industry, attracting global projects and capital to return, and are expected to establish its leadership position in the global crypto financial system.

CANARY submits INJ ETF to the SEC, speeding up the compliance of pledged assets

The official website of the U.S. SEC shows that CANARY formally submitted the Form S-1 registration statement on July 17, applying to establish a spot crypto ETF based on Staked Injective (INJ). This marks the gradual inclusion of more public chain ecosystem assets into the mainstream financial system following Bitcoin and Ethereum, while staking assets are also attempting to enter the traditional capital market in the form of compliant financial instruments for the first time.

It is worth noting that the SEC has recently successively approved the ETFs for Solana and Ripple, which is widely seen as a substantial breakthrough in regulatory easing, breaking the previous compliance barriers that were limited to Bitcoin and Ethereum. This application for INJ is a new round of exploration under the trend of policy friendliness, marking a shift in U.S. regulation from "selective openness" to "systematic inclusion." In the future, more crypto projects with technological foundations and community consensus are expected to gain access to traditional financial channels.

From the perspective of asset structure, Injective is a public chain focused on DeFi derivatives and modular trading architecture, possessing technical flexibility and institutional support. If the Staked INJ ETF can combine staking yields with on-chain asset exposure, it will provide a new compliant allocation option for risk-tolerant investors.

The Russian Federal Savings Bank plans to provide encryption asset custody services, aiming to dominate the local digital financial landscape.

Russia's largest bank, Sberbank, recently announced plans to provide custody services for domestic crypto assets and has submitted regulatory proposals to the central bank. The bank's senior official, Anatoly Pronin, stated that this move aims to respond to the global trend of banks accelerating their layout in crypto custody, promoting the compliance of Russia's digital asset system. Sberbank proposed to manage crypto assets by referencing the regulatory model of traditional bank accounts. The custody service not only enhances security and prevents the loss of private keys but also allows the freezing of assets in accordance with the law during law enforcement investigations, strengthening risk control and anti-money laundering mechanisms. This service is expected to provide high-net-worth clients and institutions with a more stable and secure channel for crypto asset allocation.

The plan represents a key step taken by Russia in building its domestic digital financial ecosystem. Under the pressures of international financial decoupling and geopolitical tensions, Russia is accelerating its layout of self-owned encryption asset custody and trading infrastructure. Sberbank's active pursuit of dominance this time indicates that national financial institutions will play a core role in the new landscape of the digital economy. In the future, custody services may also become a key supporting tool for promoting central bank digital currencies (CBDC) and broader digital asset strategies.

Gate Launchpool

New Listing Details

• Subscription Project: Eclipse
• Token Name: ES
• Deadline: July 26, 2025 18:00 (UTC+8)
• Participation method: Stake BTC, ETH, or ES to receive for free.
• Total airdrop amount: 990,000 ES

Project Introduction

Eclipse is the first Layer 2 solution on Ethereum to adopt the Solana Virtual Machine (SVM), cleverly combining the advantages of a modular architecture: Ethereum is responsible for transaction settlement, SVM provides efficient execution capabilities, and Celestia ensures data availability.
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
• Bloomberg, https://www.bloomberg.com/news/articles/2025-07-17/sec-to-weigh-innovation-exception-tied-to-crypto-atkins-says?taid=6879953bae8665000187cf32&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter
• Jin10, https://flash.jin10.com/detail/20250718040616713800
• SEC, https://www.sec.gov/Archives/edgar/data/2073616/000199937125009309/0001999371-25-009309-index.htm
• Reuters, https://www.reuters.com/business/finance/russias-sberbank-offers-custody-services-russian-crypto-assets-2025-07-17/
• Gate, https://www.gate.com/launchpool/ES?pid=338

Disclaimer Investing in the crypto market involves high risks. It is recommended that users conduct independent research and thoroughly understand the nature of the assets and products purchased before making any investment decisions. Gate does not bear any responsibility for any losses or damages resulting from such investment decisions.