Crypto Market Overview

• BTC (+0.02% | Current price 105,575 USDT): BTC continues to trade sideways around $100,500. Options data show that short- and medium-term implied volatility has generally fallen below 40%, which is considered low, indicating subdued expectations for future price swings. Cautious optimism is warranted for the short-term trend. Last Friday, BTC ETFs saw an outflow of $47.8 million, with Ark ARKB seeing an inflow of $11.5 million, Fidelity FBTC an inflow of $22.8 million, and BlackRock IBIT an outflow of $130 million.
• ETH (-0.69% | Current price 2,494 USDT): ETH continues to fluctuate around $2,500. The ETH/BTC ratio is on a downward trend, holding at 0.023; ETH market share has risen slightly to 9.27%. Last Friday, ETH ETFs saw a net inflow of $25.3 million, with BlackRock ETHA receiving $15.9 million and Grayscale ETH having $9.4 million inflow. ETH ETFs have recorded net inflows for 14 consecutive working days.
• Altcoins: The market has mixed performance, with some sectors rebounding slightly. Today’s Fear & Greed Index stands at 55, indicating further cooling of market sentiment.
• Macro: Last Friday, US stocks closed higher, with the Dow Jones up more than 400 points and the S&P 500 surpassing the 6,000-point threshold. All three major indices posted gains for the week. The latest nonfarm payroll data beat expectations, easing concerns of an imminent US economic slowdown. As of June 9, 11:00 AM (UTC+8), spot gold was quoted at $3,308.11 per ounce, down 0.06% over 24 hours.

Trending Tokens

KAIA Kaia (+12.25%, Circulating Market Cap $700M)

According to Gate.io data, the current price of the KAIA token is $0.0131, with a 24-hour increase of 12.25%. Its circulating market cap is $700 million.

KAIA is an open-source blockchain project aimed at building Asia’s leading Web3 ecosystem. KAIA adopts a practical Byzantine Fault Tolerance (pBFT) consensus mechanism, supporting 4,000 transactions per second and 1-second block confirmation, offering high throughput and low latency. Users can participate in governance, pay transaction fees, and access ecosystem applications through the KAIA token. The ecosystem also supports USDT stablecoin transactions, further enhancing its utility. KAIA emphasizes openness and community-driven development, with no pre-mining and no ICO, ensuring fair distribution and attracting attention from Web3 enthusiasts and investors in the Asian market.Recently, KAIA’s price has risen significantly, mainly driven by two factors: a 5-million token airdrop event and listings on several major exchanges. The airdrop activity, through its incentive mechanism, has effectively attracted a large number of new users, significantly increasing token circulation and market interest. Coupled with the convenience of trading on major exchanges, demand has been further stimulated. Currently, KAIA is showing a strong upward trend.

VICE VICE Token (+36.06%, Circulating Market Cap $104.4M)

According to Gate.io data, the VICE token is currently priced at $0.0162, up 36.06% in the past 24 hours, with a circulating market cap of $36.59 million.

VICE is an open-source blockchain project built on the BNB Smart Chain (BEP20), utilizing a Proof-of-Stake (PoS) mechanism and emphasizing user participation and reward mechanisms. The most distinctive feature of VICE is its simple competition mechanism offering high-value prizes: users can participate in weekly prize pools for luxury cars, premium goods, or VIP experiences with only a small amount of VICE, its native token. Additionally, the VICE platform supports seamless value transactions, making it suitable for gaming, NFT, and Web3 entertainment scenarios. Its development philosophy stresses user-friendliness, global accessibility, and community-driven growth, with no pre-mining and no ICO, earning favor among users seeking high returns and Web3 innovation.

From a market perspective, VICE’s price experienced a short-term surge, likely driven by listings on major exchanges such as Gate. However, the key factor behind its continued upward momentum is its unique “low input, high reward” competition mechanism, where users need only a small amount of VICE tokens to join weekly competitions for high-value prizes. This model is highly attractive within the Web3 community, especially among users seeking both entertainment and investment returns.

UMA UMA (+10.12%, Circulating Market Cap $119M)

According to Gate.io data, UMA is currently priced at $1.34, with a 24-hour gain of 10.12% and a circulating market cap of $119 million.

UMA is an open-source blockchain project built on the Ethereum network, utilizing a Proof-of-Stake (PoS) mechanism and focusing on decentralized finance (DeFi). UMA’s most notable feature is its “priceless financial contract” design pattern, which allows users to create custom synthetic assets and financial contracts — such as derivatives, prediction markets, or insurance products — with only a small amount of its native UMA token. In addition, the UMA protocol supports an open-source Optimistic Oracle mechanism, enabling rapid data verification and contract security, making it ideal for diverse financial innovation scenarios. Its development philosophy emphasizes openness, permissionlessness, and decentralized governance, with no pre-mining and no ICO, earning wide favor among DeFi developers and financial innovators.

Recently, UMA has exhibited strong upward momentum with surging trading volume, briefly breaking through the $1.40 mark. In addition to the inherent appeal as a blockchain project with no pre-mining, no ICO, and a strong focus on openness and decentralized governance, the deeper driving force behind this rally lies in its unique technological advantages and substantial application potential in the DeFi space. From a technical perspective, UMA’s price has continued to rise with increasing volume; if it manages to break above $1.60, a short-term move toward $2 is likely.

Alpha Insights

Nasdaq Applies to Include XRP, SOL, ADA, XLM in Digital Asset Benchmark Index

Nasdaq recently filed a 19b-4 rule change application with the US SEC to include XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA) in its digital asset benchmark index. If approved, the Hashdex Nasdaq Crypto Index US ETF (NCIQ) will shift from its current composition based on the Nasdaq Crypto US Settlement Price Index (NCIUS) to the broader Nasdaq Crypto Index (NCI), which covers nine crypto assets. The SEC is expected to announce a decision by November 2, 2025.

Currently, the NCIUS index is highly concentrated, containing only BTC (88.3%) and ETH (11.7%). The proposed change aims to broaden asset coverage, reducing dependence on individual coins and enhancing product diversification and market representativeness. The move also meets the growing demand for diversified digital asset exposure.

This application is seen as an important milestone of mainstream financial acceptance of crypto assets and will significantly increase ETF diversity. Diversification reduces single-asset volatility risk while giving institutional investors broader access to the crypto market. It is expected to accelerate the optimization of crypto ETF products and reflects deepening integration of crypto with traditional capital markets. For the coins involved, approval would boost their credibility, liquidity, and price potential, especially for Asian investors who may gain indirect exposure via US ETFs.

Uniswap v4 Surpasses $40 Billion in Trading Volume in 4 Months

Uniswap recently disclosed that since its official launch on January 31, 2025, Uniswap v4 has achieved over $40 billion in trading volume within just four months, demonstrating strong market appeal and high user engagement. According to statistics, Uniswap v4’s trading volume already accounts for 8.7% of the total decentralized exchange (DEX) market volume year-to-date in 2025 (approximately $462 billion). Its overall ecosystem continues to lead the DEX market, holding a 23% market share and further consolidating its position as the number one DEX in the industry.

Uniswap v4, leveraging its innovative “hook” mechanism and dynamic fees, along with deep integration with the Unichain Layer 2, has significantly improved the flexibility and efficiency of decentralized exchanges (DEXs). Unichain, with its impressive 250-millisecond block times and up to 95% cost reduction, has rapidly surpassed Ethereum to become the dominant chain for Uniswap v4 trading volume, now accounting for nearly 75% of the market share. In addition, approximately $45 million in liquidity incentives have successfully propelled Unichain’s total value locked (TVL) from $9 million to $267 million, fully demonstrating strong user recognition. These developments not only highlight Uniswap’s powerful innovation capabilities in the DeFi space, but also further solidify its standing as a leading decentralized finance infrastructure provider.

Australian MAM Spot Bitcoin ETF BTC Holdings Rise to 675

Australian asset manager Monochrome Asset Management, via X and its official website, reported that as of June 6, its spot Bitcoin ETF (IBTC) held 675 BTC. IBTC, listed on Cboe Australia on June 4, 2024, is Australia’s first direct spot Bitcoin ETF—marking the first time local institutional investors can directly access spot BTC via regulated channels. In just one year, the fund’s rapid growth in holdings signals strong demand for compliant Bitcoin investment products.

Monochrome’s IBTC, as Australia’s first directly-backed BTC ETF, uses licensed custodians and complies with AFSL regulations, providing investors a transparent and secure crypto investment vehicle. Its operational and compliance model mirrors traditional finance, appealing to institutional funds such as pension plans and family offices. Compared to conventional crypto platforms, IBTC reduces self-custody risk and aligns with the global trend of crypto ETFs—showcasing Australia’s promise in crypto-traditional finance integration. While IBTC is expected to lead the local market with its compliance advantage, price volatility and regulatory risk remain. Overall, IBTC is a landmark for crypto-finance integration, with promising performance but deserving of close attention to market and regulatory challenges.

Gate Launchpool

• Project: YabbaDabbaDoo
• Token Name: YBDBD
• Subscription Deadline: Until June 16, 2025, 20:00 (UTC+8)
• How to Participate: Stake ETH or USDT to receive free allocations
• Airdrop Total: 11,500,000 YBDBD

Project Introduction

YabbaDabbaDoo is a community-driven GameFi project set in a fantasy, Stone Age-themed world. Players defend their villages against wild creatures in tower defense-style gameplay and earn YBDBD tokens as rewards for completing quests and battles. These tokens can be used in the Bedrock Marketplace—a unique digital store where players can trade in-game items, tools, and essentials. Built on BNB Smart Chain (BSC), the project fuses pop culture elements, engaging game mechanics, and blockchain technology to deliver an immersive Play-to-Earn (P2E) experience for gamers.


References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Gate, https://www.gate.com/zh/launchpool/EDGEN?pid=311

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

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.