Home/Guide/Market Insights/Others/MEXC Daily News (6.18) | BTC Market Cap Accounts for 63.9% of Total Crypto Market Cap, Long-Term Holders' Sell-Off Activity Nears Low Point

MEXC Daily News (6.18) | BTC Market Cap Accounts for 63.9% of Total Crypto Market Cap, Long-Term Holders' Sell-Off Activity Nears Low Point

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Jun 18, 2025MEXC

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1. Market Overview

According to MEXC data, BTC's 24-hour price change over the past day is +0.52%, currently priced at 104,753.89 USDT.

Top 10 USDT-based perpetual contract trading pairs on the MEXC platform - Heatmap.

For more information on cryptocurrency prices and macroeconomic trends, please click MEXC Market to learn more.

2. Industry Data Analysis

2.1 Data: BTC Market Cap Accounts for 63.9% of Total Crypto Market Cap

According to CoinMarketCap data, BTC's market cap accounts for 63.9% of the total cryptocurrency market cap, while Ethereum's share is 9.3%.

CryptoQuant analyst Axel Adler Jr. wrote, "If we observe the entire group of long-term holders, their current sell-off activity is approaching its lowest level. Essentially, the sell-off actions of long-term holders have reached a current low point, which aligns with a classic accumulation phase. In the previous four similar cases, three of these long-term holder behaviors led to an 18% to 25% increase in Bitcoin's price over the following 6 to 8 weeks. The current low level of the long-term holder binary indicator is supported by positive on-chain holding period momentum and MVRV Z-score values, further strengthening the likelihood of Bitcoin's continued upward movement."

3.2 Placeholder Partner: Current Bull Market Dynamics Differ from the Past, but the Bull Market is Still Present

Placeholder partner Chris Burniske tweeted, "BTC has demonstrated higher low-point support during every market concern, like a spring being continuously compressed and ready to explode. Meanwhile, ETH has shown strength beyond market expectations, and SOL has calmly dealt with the FTX-related panic caused by large-scale unlock events. The dynamics of this bull market differ from past ones, primarily due to weak altcoins, the meme coin frenzy, and TradFi finally 'succeeding,' but the bull market is still intact."

4. Industry News

4.1 U.S. Senate Votes to Approve the "GENIUS Stablecoin Act," Awaiting House Review

According to Politico, the U.S. Senate passed the landmark cryptocurrency legislation, the "GENIUS Act," on Tuesday, aimed at fostering growth in the industry. This represents a historic lobbying victory for digital asset companies in the Senate’s first vote on comprehensive cryptocurrency regulatory reform. The Senate approved the bill with a vote of 68 in favor and 30 against, with 18 Democrats joining most Republicans in supporting the bill’s submission to the House for further review.

4.2 JPMorgan Executives Meet with U.S. SEC to Discuss On-Chain Capital Markets Transition

According to Cointelegraph, executives from JPMorgan recently met with the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Task Force to discuss digital asset regulation and the far-reaching impacts of on-chain capital markets. According to a SEC statement released on Tuesday, JPMorgan executives and the SEC exchanged views on the "potential effects of migrating existing capital market activities to public blockchains," including potential changes to traditional models and how companies evaluate the risks and rewards of such changes. The two parties also discussed JPMorgan's current presence in the crypto space, including its existing digital platform used for handling repurchase agreements (a short-term lending tool in financial markets), which is part of the bank’s "digital financing" and "digital debt services" offerings.

5. Market Highlights

5.1 South Korean Lawmaker to Introduce Digital Asset Innovation Bill, Enhancing Stablecoin Regulation and Expanding Oversight

According to News1, South Korean Democratic Party lawmaker Park Hyun-young will introduce the "Digital Asset Market Innovation and Development Act" in July. Recently, fellow Democratic Party lawmaker Min Byung-deok proposed the "Digital Asset Basic Law," but Park’s proposal further enhances the stablecoin regulatory framework. Under the bill, issuers of stablecoins must have at least 1 billion KRW in capital, meet 12 specific requirements, and obtain approval from financial authorities. Another key difference between Park’s bill and Min’s proposal is that it expands the regulatory scope to include stablecoins issued overseas, whereas Min’s bill only covers domestically issued digital assets. Once the legislative review committee is established, the bill may merge with the proposal from lawmaker Min.

5.2 JPMorgan Pilots JPMD Deposit Token on Base Chain

Base tweeted that JPMorgan will pilot the issuance of the JPMD token on the Base chain, representing U.S. dollar deposits. The first transfer is expected to take place in the coming days and will be available exclusively to institutional clients.

5.3 Coinbase Seeks SEC Approval to Launch "Tokenized Stocks"

Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch a "tokenized stock" trading service. The company’s Chief Legal Officer, Paul Grewal, stated that this initiative is a "top priority" for Coinbase, and if approved, it would allow the platform to directly compete with traditional brokers like Robinhood.

Since the Trump administration, the regulatory environment for crypto in the U.S. has improved significantly. In February, the SEC dropped its enforcement action against Coinbase for 2023. Analysts suggest that if the plan is approved, the SEC may allow it via a "no-action letter." Currently, exchanges like Kraken already offer similar services to international users.

5.4 Malaysia Launches Digital Asset Center to Test Stablecoin and Other Innovative Applications

Malaysia has announced the launch of its "Digital Asset Innovation Center" initiative. The regulatory sandbox, led by Bank Negara Malaysia (BNM), will allow testing of innovations such as the Ringgit-backed stablecoin and programmable payments. The goal is to position Malaysia as a regional fintech hub. Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, stated that the country is simultaneously upgrading its Rentas payment system, exploring cross-border payment connectivity, and tokenizing assets.

5.5 Brazil's Bitcoin Reserve Bill Passes First Committee Review

Brazil's Bitcoin Reserve Bill, "PL 4501/2023 or PL 4501/2024," has passed the first committee review. The bill proposes the creation of a "sovereign strategic Bitcoin reserve," allocating up to 5% of the country's foreign exchange reserves to Bitcoin. If implemented, Brazil will become the second Latin American country, after El Salvador, to establish a legal BTC reserve. Brazil’s Vice President Chief of Staff, Pedro Giacondo Guara, stated in March that the "strategic sovereign Bitcoin reserve" is crucial for national prosperity and a matter of public interest, calling Bitcoin "the gold of the internet."

6. Project Updates

1）Kraken's Ink Blockchain Plans to Launch Token and Conduct Airdrop.

2）Ink Foundation: Plans to Launch INK Token, to be Airdropped to New Liquidity Protocol Participants.

3）Pumpfun Official Account and Founder Alon’s Personal Account Have Been Unblocked.

4）Namada Completes Final Stage of Mainnet Release, Native Token NAM Begins Trading This Week.

5）Starknet: Staking Migration Completed, Staking Operations Have Resumed.

6）DAOBase's First Airdrop Will Allocate 5% of Total Token Supply, with 2% for IDO Distribution.

7）Spark Opens Ignition Airdrop Claim.

8）Mysten Labs Co-Founder Releases "Sui for Governments" Article, Calling Sui a Solution for Government Digital Transformation.

9）Galaxy and Liquid Collective Partner to Provide Ethereum Liquid Staking Services to Institutions.

10）NBA Player Tristan Thompson Joins AxonDAO as a Board Member and Partner.

7. Project Funding Updates

1）Decentralized AI project Gradient raised $10 million in a seed round led by Pantera and Multicoin Capital.

2）Web3 AI data infrastructure platform PublicAI secured $10 million in funding.

3）Eigen Labs launched its Ethereum restaking protocol EigenCloud and received an additional $70 million investment from a16z.

4）Stablecoin startup Ubyx completed a $10 million seed round led by Galaxy Ventures.

5）Cross-border settlement infrastructure provider XFX raised $9.1 million in a seed round led by Haun Ventures.

6）Elon Musk’s xAI is reportedly in talks to raise $4.3 billion through equity financing.

7）Crypto payroll platform Volante Chain, founded by former OpenAI employees, raised $2 million in a private funding round.

8）Privacy-focused, transaction-specific Layer 1 project Defx secured $2.5 million in seed funding.