MEXC Daily Highlights (July 23): SOL Leads the Gains, ETH Faces On-Chain Liquidity Crunch, Market Sees Intensifying Bull-Bear Struggle

Jul 23, 2025MEXC

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1. Market Overview

According to MEXC data, SOL rose to 205.83 USDT and is now reported at 203.54 USDT, with a 24-hour increase of + 0.89%.

MEXC platform USDT standard perpetual futures trading volume of the top ten heat map .

ETHUSDT , SOLUSDT , BTCUSDT , SUIUSDT , and DOGEUSDT are the top five. For more information about SOL prices and macroeconomics, please click [MEXC Market] to view.

SOLUSDT leads the list of popular trading pairs with a 0.89% increase. With the price of SOL back above 200 USDT, MEXC specially launched the " Solana Ecological Month " activity to give back to users.

2. Industry Data

2.1 About 519,000 ETH are queuing to exit the Ethereum PoS network, setting a record for the longest waiting time in nearly a year and a half

According to CoinDesk , after the surge in ETH, stakers have accelerated their withdrawals. As of July 22, about 519,000 ETH (about $1.92 billion) have queued up to exit the network, with a waiting time of more than 9 days for withdrawals. However, the demand for new staking remains strong, with 357,000 ETH (about $1.30 billion) waiting to enter the network and a waiting time of more than 6 days for admission. Despite the pressure of unstaking, the market selling pressure is limited, and the momentum of institutional and retail investors entering the market is still continuing.

2.2 Crypto Panic and Greed Index Rises to 74 , Market Still in "Greed" State

According to Alternative data , today's crypto panic and greed index is 74, yesterday it was 72 (last week's average was 70), and the market sentiment is still in the "greed" state range. Note: The panic index threshold is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media popularity (15%) + market research (15%) + the proportion of Bitcoin in the entire market (10%) + Google buzzword analysis (10%).

3. Industry News

3.1 Trump announces trade deal with Japan: 15% tariffs + $550 billion in US investment

According to Reuters , the US has just reached a massive agreement with Japan, which may be the largest ever. According to Trump's instructions, Japan will invest $550 billion in the US, and the US will receive 90% of the profits. This agreement will create thousands of jobs - which is unprecedented. Perhaps most importantly, Japan will open up its country's trade, including cars and trucks, rice and certain other agricultural products, and other things. Japan will pay a 15% reciprocal tariff to the US. This is a very exciting time for the US, especially as the US will continue to maintain a good relationship with Japan.

3.2 South Korean regulators require restrictions on the proportion of ETFs holding shares in cryptocurrency companies such as Coinbase

According to GlobeNewswire The Financial Supervisory Service of South Korea recently issued verbal guidance to domestic asset management companies, asking them not to expand their holdings of ETFs in cryptocurrency companies such as Coinbase and Strategy. The regulatory agency emphasized that the "Emergency Measures Related to Virtual Currency" released in 2017 is still valid. The document prohibits formal Financial Institutions from directly holding virtual assets, obtaining related collateral, or making equity stake investments. Data shows that multiple ETFs in South Korea have increased their allocation to virtual asset-related targets to more than 10%, with the "ACE US Stock Best-Selling ETF" holding 14.59% of Coinbase. This regulatory guidance aims to limit the risk exposure of traditional financial products to virtual assets.

4. Analyst Insights

4.1 Bitcoin and Ethereum ETF approved physical subscription and redemption mechanism shows positive signals

Bloomberg ETF analyst James Seyffart wrote that recently, five funds listed on the CBOE submitted revised documents to the SEC, showing that regulators are actively communicating and adjusting details with fund parties, or paving the way for physical subscription and redemption mechanisms. It is worth noting that this mechanism only applies to authorized participants (such as large Wall Street institutions and market makers), and ordinary investors cannot directly exchange ETF shares for Bitcoin or Ethereum spot assets.

4.2 Bitcoin May Briefly Dip to $115,000 Test Support

According to Cointelegraph , as Bitcoin has absorbed most of the obvious selling pressure liquidity during the process of rising to $122,000, analyst AlphaBTC warned that the price of Bitcoin may briefly dip to $115,000 to test the support level. Bitcoin's liquidity heat map shows that the order book is ready for this, with buy orders concentrated between $115,000 and $116,100.

5. Funding Updates

5.1 Soluna Holdings completes $20 million financing with participation from Spring Lane Capital

According to BusinessWire Soluna Holdings (NASDAQ: SLNH) announced that it has raised $20 million in financing from Spring Lane Capital for the construction of Project Kati 1 in Texas, which is part of a 35 MW expansion plan. The project will start construction in the third quarter of 2025 and is expected to complete preliminary power and equipment commissioning in Quarter 1 of 2026. The funds cover the funds needed for construction and support Soluna's high-performance computing and Bitcoin hosting expansion plans driven by Renewable Energy. Additionally, Spring Lane Capital has reserved up to $100 million in additional capital for Soluna's larger projects.

5.2 Chain game developer Delabs Games completes $5.20 million Series A financing, led by Hashed

According to GamesBeat , Delabs Games has completed a $ 5 200,000 Series A financing to strengthen its Web3 gaming ecosystem. The company will use the funds to expand its metaverse platform "Delabs", promote more game integration and community building, and accelerate the launch of original NFT and cryptocurrency features to consolidate its competitiveness in the blockchain gaming field.

6. Market Trends

6.1 Listed Company Skycorp Solar Will Accept Cryptocurrency Payments and Invest in Ethereum

According to GlobeNewswire , NASDAQ Listed Company Skycorp Solar Group Limited (stock code: PN) announced that it will accept Bitcoin , Ethereum and major stablecoins such as USDC and USDT as international transaction payment methods starting from August 1st. The solar PV product supplier also plans to allocate part of its cash reserves and Renewable Energy project investment returns to strategic Ethereum acquisitions as part of its long-term digital asset management plan.

6.2 Circle launches Circle Gateway, a new infrastructure for achieving unified balance across USDC chains

According to official Circle news , Circle has released the Circle Gateway testnet, which supports Avalanche, Base, and Ethereum mainnet, providing users with the ability to access USDC across chains in seconds. The mainnet version will be launched soon and will continue to expand to more blockchains. Core highlights include:

Cross-chain access of < 500ms: No need for cross-chain bridge or preset assets, quickly call unified USDC balance.

Efficient liquidity management: Meet the liquidity needs of multiple chains through a single integration, reducing capital occupation.

Non-custodial design: Users have full control over USDC, funds can only be moved with signature authorization, and withdrawals do not require trust in third parties.

7. Project Updates

1) Sonic starts the first season of airdrop collection, and users can now apply for 25% of the shares

DWF Labs announced that it has withdrawn all funds from Falcon Finance from centralized exchanges

Aptos integrates LayerZero full-chain token standard WBTC-OFT.

Yuga Labs' joint creation article hints at the possible emergence of NFT treasury companies

Ark Invest to sell Coinbase stock for about $90.58 million

Dan Tapiero Launches $500 million Crypto Fund, Merges Companies to Create New Brand 50T

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