Crypto Market Overview

• BTC (-0.92% | Current Price: 113,660 USDT): BTC remains in a weak and range-bound pattern on the hourly chart, trading below key moving averages with short-term momentum under pressure. The MACD is still below the zero line, and while the histogram is narrowing, it does not yet indicate a confirmed reversal. Trading volume has dropped significantly after a sharp sell-off, reflecting growing market caution. If BTC fails to reclaim the 114,500 level, it may continue to consolidate near the lows, with key support around 111,900. On August 5, BTC ETFs recorded a net outflow of $196 million, including $77.4 million from BlackRock’s IBIT and $99.1 million from Fidelity’s FBTC.
• ETH (-2.51% | Current Price: 3,586 USDT): ETH continues to face pressure below the moving averages, showing a mild downtrend in the short term. The MACD bearish crossover remains in effect, with green histogram bars indicating ongoing downward momentum. Declining volume suggests weakening bullish strength, and the lack of breakout momentum may persist. If ETH fails to hold above 3,600, it could retest support between 3,450 and 3,470. In the short term, traders should watch for convergence between volume and moving averages for potential rebound signals. On August 5, ETH ETFs recorded a net inflow of $73.3 million, with $88.8 million flowing into BlackRock’s ETHA.
• Altcoins: The market remains weak and range-bound, with most major tokens declining. The Fear & Greed Index has fallen to 54, indicating slightly more cautious sentiment. In the short term, structural divergence may continue across the altcoin landscape.
• Macro: On August 5, the S&P 500 dropped 0.49% to 6,299.19 points; the Dow Jones fell 0.14% to 44,111.74 points; and the Nasdaq declined 0.65% to 20,916.55 points. As of 02:15 AM (UTC) on August 5, spot gold was trading at $3,376 per ounce, down 0.12% over the past 24 hours.

Trending Tokens

PUMP Pump.fun（+16.42%, Circulating Market Cap: $983M)

According to Gate, the PUMP token is currently priced at $0.002814, up 16.42% in the past 24 hours. Pump.fun is a decentralized meme coin launchpad built on Solana that enables users to create, launch, and list tokens with a single click. It features a fair launch model—no presale, no team allocation—emphasizing community-driven growth and experimental liquidity dynamics. The native token PUMP serves as both a governance asset and a mechanism for value capture through platform buybacks and rewards.

The latest price surge may be attributed to continued large-scale PUMP buybacks. According to EmberCN, Pump.fun recently transferred another 12,000 SOL (approximately $2.16 million) from its fee wallet to its buyback address. Since July 16, the platform has spent 129,100 SOL (about $21.5 million) to purchase roughly 3.83 billion PUMP tokens at an average price of $0.0005. This ongoing capital deployment and transparent buyback activity have boosted market confidence and short-term trading interest. Further attention may focus on the pace of buybacks and liquidity movement going forward.

ILV Illuvium（+20.77%, Circulating Market Cap: $199M)

According to Gate, ILV is currently trading at $21.099, up approximately 20.77% over the past 24 hours. Illuvium is an open-world Web3 RPG built on Immutable X, combining auto-battler mechanics with on-chain asset systems. Players can collect, battle, and trade NFT-based creatures known as Illuvials. ILV is the platform’s core token for governance and economic functions, used for staking, revenue sharing, and in-game rewards.

The recent surge in ILV is mainly driven by the launch of the 2025 Illuvium Pro League (IPL), which features a $250,000 prize pool. The league kicks off on August 16, with finals scheduled for December. The team has also partnered with TFT players and content creators to boost exposure and engagement. The tournament narrative, along with broader interest in Web3 gaming, has drawn capital into ILV, pushing the token price higher.

ZBCN Zebec Protocol（+6.14%, Circulating Market Cap: $466M)

According to Gate, ZBCN is currently priced at $0.005374, up around 6.14% in the past 24 hours. Zebec Protocol is a real-time streaming payment protocol built on Solana, focused on on-chain payroll, fund flows, and crypto asset management. Its native token ZBCN is used for governance, fee payments, and ecosystem incentives.

Zebec recently launched three crypto payment cards—Silver, Carbon, and Black—generating market interest. All cards support Mastercard and Apple Pay, covering a range of consumer needs, and include features such as non-custodial control, multi-chain top-ups, and privacy protections. The Silver card emphasizes zero fees for basic usage, while the Black card targets high-net-worth users with full KYC requirements. As Zebec disclosed more technical specs and expanded real-world use cases, the market responded positively, contributing to the token’s recent gains.

SAROS Saros（+5.65%, Circulating Market Cap: $1.042B)

According to Gate, SAROS is trading at $0.3960, up 5.65% in the last 24 hours. Saros is a comprehensive DeFi platform built on Solana, encompassing DEX, Launchpad, liquidity mining, and yield aggregation features. The platform aims to deliver inclusive DeFi access with ultra-low gas fees and high-performance interactions.

The current price increase may be attributed to two key catalysts. First, the Saros Foundation announced a token buyback program funded by protocol revenues, aimed at long-term value growth and strengthening market confidence. Second, Saros launched its Solana ecosystem campaign, “The Symphony of Evolvement,” and revealed a list of ecosystem partners, including SolanaDaily, Blogtienao, and TradeCoinVN. The combination of buyback expectations and marketing activities has attracted new attention to SAROS. Future trends will likely depend on the progress of the buyback, user engagement levels, and the expansion of ecosystem protocols.

Alpha Insights

U.S. SEC Clarifies Liquid Staking Is Not a Security, Paving the Way for ETH Spot ETF with Staking

The U.S. Securities and Exchange Commission (SEC) has issued new guidance, clarifying for the first time that under certain conditions, liquid staking and the issuance of related receipt tokens (such as stETH, mSOL, JitoSOL) do not constitute the issuance or sale of securities. As a result, entities offering liquid staking services—such as Lido, Marinade Finance, and Stakewise—may not need to register under securities laws, provided the staking does not form part of an investment contract.

The SEC emphasized that staking performed through software protocols or decentralized service providers, where the resulting receipt tokens merely represent ownership and yield entitlement over staked assets, are more akin to technical tools than financial securities.

This clarification is expected to accelerate SEC approval of spot Ethereum ETFs that include staking features, addressing prior regulatory concerns around yield distribution and contractual risk. Liquid staking tokens also improve internal ETF liquidity and asset management efficiency, directly addressing SEC’s earlier reservations. Several asset managers are reportedly updating their ETF filings to incorporate staking mechanisms, aiming to unlock new yield potential for ETH-based financial products.

AMINA Bank Becomes First Regulated Bank to Offer Trading and Custody for SUI

Swiss crypto bank AMINA Bank has officially announced support for SUI, the native token of the Sui blockchain, becoming the first regulated financial institution globally to provide trading and custody services for the asset. SUI is designed to replace traditional Web2 infrastructure by enabling low-latency, enterprise-grade applications and high-frequency transaction processing.

AMINA offers unrestricted trading volume, with plans to introduce staking services in the future. The bank also integrates governance tools and audit mechanisms to meet the compliance and risk management needs of institutional clients.

This development marks SUI’s entry into the regulated financial system, broadening its potential among institutional investors. Following its prior support for Ripple’s RLUSD stablecoin, AMINA continues to expand its support for emerging public blockchain assets, further bridging traditional finance and the decentralized economy. The move signals growing institutional recognition of native crypto assets.

Mantle Sees Surge in Capital Inflows as Stablecoin Market Cap Jumps 23% Weekly

Over the past week, the Mantle ecosystem has experienced strong capital inflows. According to DeFiLlama data, Mantle’s stablecoin market cap surged to $653 million, up 22.85% week-over-week—marking one of the most significant increases in recent months. The growth is likely fueled by multiple positive catalysts, including active ecosystem development, capital incentive programs, and increased market confidence in Mantle’s long-term positioning.

Notably, Mantle was recently added to a strategic ETH reserve, contributing 101,867 ETH (approximately $388 million), enhancing the network’s security and capital resilience. This strategic reserve strengthens user confidence and further cements Mantle’s role in the Ethereum Layer 2 ecosystem, making it more attractive to developers and institutional participants.

Overall, with continuous capital inflow, strengthened reserves, and a growing application ecosystem, Mantle is demonstrating strong traction in attracting users and liquidity. If it continues to onboard major projects and increase user retention and on-chain activity, Mantle is well-positioned to become a leading Ethereum Layer 2 network alongside Base, Arbitrum, and Optimism.


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
• The Block, https://www.theblock.co/post/365708/sec-declares-liquid-staking-is-outside-of-securities-laws-in-latest-guidance-following-project-crypto-initiative
• Finance Feeds, https://financefeeds.com/amina-bank-becomes-first-regulated-bank-to-offer-trading-and-custody-for-sui-token/
• X, https://x.com/lookonchain/status/1952638162922013099

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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.