[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202507251104322363973073.webp) This report analyzes market trends and notable airdrop projects from July 8 to 21, 2025. Driven by policy tailwinds and technical momentum, the crypto market saw a significant upward move. Gaming-focused Layer 1 chain CROSS led the gains with a 476% surge, while GAL and SUSHI posted strong volume-driven rallies, becoming short-term favorites for active capital. Large-cap assets like ETC remained stable and acted as liquidity anchors. The overall market continues to exhibit a pattern of “narrative rotation and large-cap resilience,” with volume anomalies remaining a key indicator of market sentiment. Meanwhile, airdrop campaigns from projects such as Orochi, Gradient, OneFootball, and Fleek are now underway—this report outlines how to participate and seize potential upside during the rebound phase. **Key Takeaways:** - Mid- and small-cap tokens surge, structural rotation leads market trend: From July 8 to 21, the crypto market showed strong upward momentum, with the top 500 tokens averaging a 31.28% gain. Among them, tokens ranked 101–200 and 401–500 saw the strongest performance, both averaging over 32% in gains. Capital has rotated beyond large-cap assets to those with breakout potential, indicating that the market has shifted from a mainstream-driven rally to a broader structural rotation involving wider participation. - High-beta narrative tokens lead gains, CROSS and CFX outperform: Among the top 10 gainers, most tokens rallied over 100%, driven by themes like meme coins, Layer-1 ecosystems, AI, and community projects. CROSS, a gaming-focused L1 chain, surged 476% over two weeks, fueled by its Verse8 partnership and multiple exchange listings. Other notable performers like DIA, CFX, and SNEK attracted capital with compelling narratives and technological innovation. Funds are clearly favoring projects with strong stories, high volatility, and ecosystem catalysts. - Volume surges concentrated in narrative-driven tokens, SUSHI, ETC, GAL show strong price-volume resonance: Volume spikes were mainly seen in projects with solid narratives or real use cases. Legacy protocols like SUSHI and ETC saw trading volumes rise by over 12x and 36x respectively, alongside significant price rebounds. Data shows that mid- and small-cap assets respond more sensitively to capital inflows, with higher price-volume correlation compared to large caps. In this rotation phase, the strategy of “volume + narrative” has become a key focus for capital deployment. - Policy tailwinds restore market confidence, structural rally may extend: Three major crypto bills have been passed in the U.S., including the GENIUS Act and CLARITY Act, establishing clearer frameworks for stablecoin regulation and asset classification. Coupled with the SEC’s initiative to create exemptions for tokenized assets, the policy environment is becoming more favorable. The convergence of improved market structure and regulatory clarity has boosted investor confidence, laying the groundwork for a more sustained and healthy market cycle. - Multiple airdrop campaigns underway, capitalizing on narrative-driven momentum: Airdrop initiatives from projects like Orochi, Gradient, OneFootball Club, and Fleek continue to roll out, spanning hot sectors such as privacy computing, browser-based node networks, sports communities, and Web3 development platforms. Most of these campaigns utilize platforms like Galxe, social tasks, or point-based systems for early incentives. Users can participate early with low entry barriers, taking advantage of potential upside during market consolidation. Discover more details today → Gate Research: ETH Climbs Strongly, CROSS Surges Over 470%, Sparking a Mid-Cap Rotation Rally Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. **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. Gate Team July 25, 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