[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202507241440492834267331.webp) - Market Overview: This week, BTC rose by 0.72%, underperforming altcoins. Its price fluctuated between $117,300 and $119,995, showing an overall pattern of an initial decline followed by a rebound. From July 17 to 20, the price gradually dropped from $119,289 to a low of $117,300, then saw a notable rebound on July 22, breaking above the $119,000 mark. ETH surged by 9.48%, outperforming the average increase of altcoins this week. Over the past 7 days, ETH showed a steady upward trend, rising from $3,368 on July 17 to $3,765 on July 22, reflecting strong market confidence. Mainstream altcoins generally showed an upward trend, and the median 7-day price change among the top 100 cryptocurrencies by market cap was 3.40%. CFX was the best-performing token this week, with a 7-day price increase of 75.22%. - This Week's Highlights: Jeff, the founder of the Bitcoin Layer 2 project Merlin Chain, announced in an interview that the Merlin 2.0 upgrade plan has been officially released. Crypto mining firm MARA Holdings announced the issuance of $850 million in 0% convertible notes to purchase more Bitcoin. Goldman Sachs partnered with Bank of New York Mellon to launch a blockchain-based tokenization solution for money market funds. - Key Data Points: According to Token Terminal, as of July 2025, the total active loan volume across lending protocols in the Ethereum ecosystem has surpassed $30 billion, representing a nearly tenfold increase from under $3 billion at the beginning of 2023. Data from regulated digital asset bank Sygnum shows that by mid-2025, the annual transaction volume processed by the Bitcoin network has reached $20 trillion, surpassing Visa's settlement volume of $13 trillion for the same period — a first in history. On July 2, asset management firm REX Shares launched the REX-Osprey SOL Staking ETF, which has since exceeded $100 million in assets under management, becoming the first U.S. ETF to combine spot Solana exposure with on-chain staking rewards. - Market Opportunity: This week, the Gate Launchpool project ZKWASM is worth watching. The subscription deadline is July 29 at 12:00 UTC. This round supports staking of both USDT and ZKWASM tokens, with a total mining reward of 500,000 ZKWASM. - Next Week's Watchlist: Several token unlock events are scheduled in the next 7 days. JUP will unlock approximately $31.18 million worth of tokens, accounting for 1.78% of its circulating supply. KMNO will unlock $12.4 million, representing 12.50% of its total supply. Discover more details today → Gate Research: Bitcoin's Annual Transaction Volume Surpasses Visa | Merlin 2.0 Builds "Interest-Bearing and Tradable" BTC Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides users with in-depth articles, including technical analysis, market insights, market reviews, industry research, trend forecasting, and macroeconomic policy analysis. **Disclaimer** Investing in the cryptocurrency market involves a high level of risk. Users are strongly advised to conduct independent research and fully understand the nature and risks of the assets and products they intend to purchase before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions. Gate Team July 24, 2025 **Gateway to Crypto** Trade over 3,500 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves

Gate Research: Bitcoins Annual Transaction Volume Surpasses Visa | Merlin 2.0 Builds "Interest-Bearing and Tradable" BTC