Gate Research: ETH Hits Local High Leading Majors | U.S. House Passes Three Key Crypto Bills

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Research Daily Report Altcoins Trading Macro Trends

7/18/2025, 4:47:03 AM

Gate Research Daily Report: On July 18, BTC traded in a narrow range while ETH broke out to a new local high, leading the major assets. The U.S. House of Representatives passed three key crypto bills, including the GENIUS Act, advancing the formation of a comprehensive crypto regulatory framework. Meanwhile, CANARY filed for a Staked INJ ETF, and Russia’s Sberbank announced plans to offer crypto custody services. Gate Launchpool introduced the L2 project Eclipse, enabling BTC/ETH/ES staking for airdrop rewards.

Crypto Market Overview

BTC (+1.39% | Current Price: 119,998 USDT): BTC is showing a mild upward trend following a period of consolidation, currently trading around 120,000 USDT. Short-term moving averages have turned upward and formed a bullish alignment, reinforcing the short-term support structure. The MACD indicator shows a bullish crossover near the zero line, with increasing momentum. Although trading volume hasn’t spiked significantly, it is gradually rising, reflecting improving buy-side confidence. On July 17, BTC ETFs saw a net inflow of $522 million, with BlackRock’s IBIT receiving $497 million and Fidelity’s FBTC gaining $7.8 million.
ETH (+7.35% | Current Price: 3,604 USDT): ETH has shown strong recent performance, continuing its upward trajectory and reaching a new local high. The MA 5, MA 10, and MA 30 are in a bullish alignment, with short-term slopes steepening—indicating a firm uptrend. The MACD has rebounded from a bullish divergence, with DIF and DEA lines crossing upward and momentum bars expanding steadily. Volume also picked up ahead of the breakout, confirming the move with solid support. On July 17, ETH ETFs recorded a net inflow of $602 million, including $546 million into BlackRock’s ETHA and $29.9 million into Grayscale’s ETH product.
Altcoins: Major altcoins saw broad gains as the market maintained a bullish bias. The Crypto Fear & Greed Index rose to 73, indicating continued optimism, though not yet at euphoric levels. In the short term, sector rotation within altcoins may persist.
Macro: On July 17, the S&P 500 rose 0.54% to 6,297.36 points, the Dow Jones gained 0.52% to 44,484.49 points, and the Nasdaq advanced 0.75% to 20,885.65 points. As of 02:30 AM (UTC) on July 18, spot gold is trading at $3,343 per ounce, up 0.14% over the past 24 hours.

Trending Tokens

HBAR Hedera（+24.46%, Circulating Market Cap: $12.205B)

According to Gate, HBAR is currently trading at $0.28803, up approximately 24.46% in the past 24 hours. Hedera is a high-performance Layer 1 blockchain based on the Hashgraph consensus mechanism, known for its low latency, high throughput, and energy efficiency. It is widely adopted in enterprise applications and governed by a council of global giants including Google, IBM, and Bosch, with a strong emphasis on compliance and stability.

HBAR’s recent surge is driven by a series of ecosystem developments. Hedera announced that EQTYLab’s verifiable compute will be deployed on NVIDIA’s Blackwell platform, in collaboration with Accenture and ScanComputers to support enterprise AI applications. The Web3 game “Legends Of The Past” has launched, featuring a $5,000 USDC tournament to boost ecosystem engagement. Additionally, Blade Labs is launching Sharia-compliant DeFi services, and Isle Finance has deployed an RWA-based supply chain finance network. Combined with developer activity and upcoming events, HBAR has gained strong short-term momentum.

XRP Ripple（+20.06%, Circulating Market Cap: $213.884B)

According to Gate, XRP is currently priced at $3.601, up 20.06% in the past 24 hours. XRP is the native token of Ripple, serving as a liquidity bridge and medium of exchange within its global payment network. Ripple aims to build an “Internet of Value” through the XRP Ledger, enabling low-cost, scalable, and efficient cross-border transactions.

XRP hit a new all-time high, fueled by multiple bullish catalysts. Ripple was named to CNBC’s Top Global Fintech Companies list for the third consecutive year, boosting credibility and visibility. The firm is also accelerating the global rollout of its stablecoin RLUSD, having applied for an EMI license in Luxembourg to comply with the EU’s MiCA framework. RLUSD reserves will be held by BNY Mellon. Meanwhile, in the U.S., Ripple is pursuing a national banking charter and Fed master account. On the native token side, the NYSE approved ProShares’ leveraged XRP ETF (UXRP) on July 14, marking XRP’s formal entry into traditional markets. The confluence of regulatory, product, and institutional momentum has driven strong price action, with further upside hinging on RLUSD deployment and regulatory clarity.

ONDO Ondo Finance（+11.49%, Circulating Market Cap: $3.375B)

According to Gate, ONDO is currently trading at $1.05, up 11.49% in the past 24 hours. Ondo Finance is a leading protocol for tokenizing real-world assets (RWA), with core products such as USDY—a stablecoin backed by U.S. Treasuries—and its Global Markets platform that brings stocks, ETFs, and other traditional financial assets on-chain. Ondo aims to enhance transparency, efficiency, and global accessibility in finance via blockchain.

ONDO’s recent rally is supported by several key developments. USDY has officially launched on the high-speed Sei blockchain, expanding the reach of tokenized Treasuries. Ondo also acquired Strangelove Labs, strengthening its full-stack technical capabilities. In addition, Bitget joined Ondo’s Global Markets Alliance, adding support for over 100 tokenized assets. With growing institutional alignment and regulatory tailwinds in the U.S., ONDO is gaining momentum as a key player in the “Tokenization, Made in America” narrative.

Alpha Insights

U.S. House Passes Three Major Crypto Bills, Advancing Comprehensive Regulatory Framework

On July 17, the U.S. House of Representatives unanimously passed three significant cryptocurrency-related legislative proposals: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. This marks a pivotal step forward in shaping the U.S. regulatory landscape for digital assets. Among them, the CLARITY Act and the Anti-CBDC bill will now move to the Senate for review, while the GENIUS Act is expected to be signed into law by President Trump later this week.

The CLARITY Act, which passed with a 294–134 vote, aims to clearly define the regulatory boundaries between cryptocurrencies and securities, resolving longstanding jurisdictional overlaps between the SEC and CFTC.

Meanwhile, SEC Chairman Paul Atkins stated that the agency is considering introducing tailored regulatory exemptions to foster innovation in tokenization. He noted that the SEC is exploring more flexible frameworks for emerging trading models and may implement conditional exemptions to support the growth of tokenized securities ecosystems. Atkins further emphasized that the passage of stablecoin-related legislation is a critical step toward positioning the U.S. as a global crypto hub.

Taken together, these developments reflect the formation of a comprehensive U.S. crypto policy framework—covering stablecoin regulation, asset classification, and resistance to state-controlled CBDCs. If successfully enacted, these laws could provide regulatory clarity, encourage global capital inflows, and strengthen the U.S.’s leadership in the global digital finance space.

CANARY Files for INJ ETF with SEC, Accelerating Staked Asset Regulation

According to the SEC’s website, CANARY officially filed an S-1 registration statement on July 17 to launch a spot crypto ETF based on Staked Injective (INJ). This marks the first attempt to introduce a staking-based crypto asset ETF into traditional markets, following the success of Bitcoin and Ethereum ETFs.

Notably, the SEC recently approved ETFs for Solana and Ripple, signaling a tangible regulatory shift beyond BTC and ETH. The INJ ETF filing reflects this momentum, highlighting the U.S.’s shift from selective approval to a broader, systemic embrace of diverse crypto assets with strong technical and community foundations.

Injective is a DeFi-focused Layer 1 blockchain with modular infrastructure and institutional backing. If approved, the Staked INJ ETF would offer investors both staking yield and native token exposure, providing a new compliant investment vehicle for those seeking on-chain yield within traditional financial structures.

Sberbank Plans Crypto Custody Services, Aims to Lead Russia’s Digital Finance Landscape

Russia’s largest bank, Sberbank, recently announced plans to offer custody services for domestic crypto assets and has submitted a regulatory proposal to the central bank. Anatoly Pronin, Executive Director of the bank’s alternative payments division, stated that the initiative is a response to the global trend of banks entering the crypto custody space and aims to drive regulatory clarity for Russia’s digital asset ecosystem.

Sberbank’s proposal suggests applying traditional bank account standards to the management of crypto assets. The custody service would enhance asset security, prevent private key loss, and enable law enforcement to freeze assets during investigations—strengthening anti-money laundering and risk control capabilities.

The move signals Russia’s intent to establish a sovereign digital financial infrastructure amid geopolitical and financial decoupling. By taking a leading role, Sberbank could become a cornerstone of Russia’s digital economy strategy. In the long term, this crypto custody initiative may also support the rollout of Russia’s central bank digital currency (CBDC) and broader blockchain-driven financial infrastructure.

Gate Launchpool

Launchpool Details

Project: Eclipse
Token: ES
Expiration date: July 26, 2025, 10:00 (UTC)
Participation: Stake BTC、ETH or ES to receive for free
Total Mining Rewards: 990,000 ES

Project Overview

Eclipse is the first Layer 2 solution on Ethereum to adopt the Solana Virtual Machine (SVM), seamlessly integrating the strengths of modular architecture: Ethereum handles settlement, SVM enables high-performance execution, and Celestia ensures data availability.

References

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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.

Author: Shirley

Reviewer(s): Ember, Mark

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