BlockBeats will summarize key industry news from the week (July 14 - July 20) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
This week, the crypto market continued its upward trend: Bitcoin broke $123,000 to set a new historical high, and Ethereum surpassed $3,600
On July 14, Bitcoin first broke $123,000, setting a new historical high. At the same time, the massive short position of "insider trader" @qwatio was completely liquidated, with a total value of $334 million. On July 18, ETH rose above $3,600, driving a number of altcoins to rise simultaneously, with the total market capitalization of cryptocurrencies exceeding $4 trillion. Related reading: “ETH Surges Nearly 12% in One Day, Which Altcoins Might Follow?”, “What Five Major Macro Factors Are Driving the Strong Rebound in the Crypto Market?”, “Trader Observation | What’s Next for Bitcoin After Breaking New Highs?”
The U.S. House of Representatives Passed Three Cryptocurrency Bills, GENIUS Bill Officially Signed
On July 18, the U.S. House of Representatives passed three pieces of cryptocurrency-related legislation: the CLARITY Bill, the GENIUS Bill, and the Anti-CBDC Surveillance State Bill. The CLARITY Bill and the Anti-CBDC Surveillance State Bill will be sent to the Senate for review. The GENIUS Bill was officially signed into law by Trump on Friday local time. Related reading: “The Stablecoin Bill in Hand, and the Restless Wall Street Bankers”, “With Crypto Milestones Approaching, What Impact Will the Passage of Three Major Crypto Bills Have on the Industry?”, “Washington's 'Crypto Week' Begins, How Will the Three Bills Rewrite Crypto's Fate?”
Trump Repeatedly Criticizes the Renovation of the Federal Reserve Building, Powell Responds
On July 13, White House economic advisor Hassett stated that if there is evidence, President Trump has the authority to fire Federal Reserve Chairman Powell, adding that the Federal Reserve bears "a lot of responsibility" for the cost overruns on the renovation of its Washington headquarters. However, in the following days, Trump's stance on whether to fire Powell remained inconsistent. On the 18th, Federal Reserve Chairman Powell responded to the renovation issue, stating that the collaboration with the National Capital Planning Commission is constructive and robust, and that it is voluntarily promoted by the Federal Reserve. The project changes approved by the National Capital Planning Commission (NCPC) have only reduced and simplified construction content, with no new elements added, and do not require further review. Related reading: “The Trump-Powell Saga: A Global Liquidity Crisis Triggered by Renovations”, “On Powell's 'Stay or Go': The Prediction Market Listens to Trump, the Interest Rate Market Listens to Bessenet”
Base Held "A New Day One" Event This Week, Launching "Universal App" Base App to Replace Coinbase Wallet
On July 17, Base held the "A New Day One" event, where Coinbase CEO Brian Armstrong and Base co-founder Jesse Pollak delivered speeches and announced the launch of the "Universal App" (everything app) — the "Base App," aimed at attracting more users into the crypto economy. This new app, which replaces Coinbase Wallet, integrates wallet, trading, and payment functions while incorporating social media, instant messaging, and mini-program support, all running on its self-developed Ethereum Layer 2 network, Base. It also launched Flashblocks to increase network base speed by 10 times, making the Base network the fastest EVM chain currently. Related reading: “Base Conference Highlights: From Superchain to Super App”, “Coinbase No Longer Wants to Be Just a Trading Platform”, “One Step Ahead of Twitter, the New Coinbase Wallet Evolves into WeChat”
Backpack Officially Opens FTX Debt Sale Channel
On July 18, Backpack tweeted that it has officially opened the FTX debt sale channel. Users can complete the entire process on the platform: real-name verification, debt verification, price confirmation + settlement payment. Backpack will not charge any fees throughout the process. "To assist other users who still hold FTX debts, we are launching a non-profit, completely neutral debt sale channel to help global FTX debt holders connect with third-party buyers willing to purchase FTX debts."
Musk Seeks Name for Grok Male Companion, Causing Volatility in Related Meme Coins
On July 16, Musk sought a name for Grok's male companion on the X platform, responding with a "heart" emoji to the community's suggestion of "Taki, derived from your name (Musk)," seemingly indicating approval. Following this news, related meme coins experienced significant volatility, with Ani briefly surging to a market cap of $40 million before falling back; the original name of the male companion, CHAD, saw its market cap exceed $2 million; and "Taki" briefly had multiple meme coins with the same name. On the 17th, Musk announced that the name of the male companion in the Grok humanoid companion will be Valentine, named after the protagonist in Heinlein's novel "Stranger in a Strange Land." Subsequently, CHAD briefly plummeted over 50%, with a market cap of less than $500,000, after having surpassed $10 million that day. Additionally, meme coins related to the Grok humanoid companion, Ani and rudi, both saw short-term declines, with Ani's market cap dropping to $70 million and rudi's market cap falling to $1.2 million. Related reading: “AI Girlfriend Concept Soars, What is Ani That Musk Is Crazy About Again?”
"14-Year Dormant 80,000 BTC Whale" Transferred 40,010 BTC to Galaxy Digital This Week, Another 40,000 BTC to an Address Starting with bc1qs
On July 15, on-chain analyst Yu Jin monitored that the "14-Year Dormant 80,000 BTC Whale" moved 40,010 BTC, all transferred to Galaxy Digital, with an average outflow price of $117,391. This transfer may be for sale. On the 17th, on-chain analyst Ai Yi monitored that the whale transferred another 40,000 BTC to the address starting with bc1qs…f4au0, totaling $4.74 billion.
BlackRock iShares Ethereum ETF Submits Staking Application
On July 18, BlackRock iShares Ethereum ETF submitted a staking application. According to a document submitted on Thursday, the application was submitted by Nasdaq under SEC Rule 19b-4. 21Shares and Grayscale have also submitted similar proposals to introduce staking features for their Ethereum ETFs. Following this news, LDO briefly surged over 11%.
SharpLink's Holdings Exceed Ethereum Foundation, Becoming the Largest ETH Holder
On July 15, according to on-chain data, the ETH holdings of SharpLink Gaming, a publicly listed company in the U.S., have reached 294,000 ETH, with an average purchase price of about $2,695. SharpLink has surpassed the Ethereum Foundation, which holds about 251,000 ETH, making it the largest ETH holder. The Ethereum Foundation's holdings have decreased by 6.52% over the past 30 days, while SharpLink Gaming's holdings have increased by about 48.5% over the same period. Related reading: “New ETH Whale: Why Are We Betting on SBET?”
Ethereum Will Celebrate Its 10th Anniversary, EF Will Hold Global Community Events in Cities Like Shenzhen, China
On July 18, according to an official announcement, the Ethereum Foundation will hold global community events on July 30, the day of Ethereum's 10th anniversary, in cities such as Shenzhen and Hong Kong, China.
Trump Will Allow Pension Funds to Invest in Cryptocurrency and Gold
On July 18, it was reported that Trump is preparing to open cryptocurrency, gold, and private equity to the $9 trillion U.S. retirement market, a move that will stimulate a fundamental shift in how Americans manage their savings. According to three insiders, Trump is expected to sign an executive order as early as this week to allow alternative investments beyond traditional stocks and bonds in 401k retirement plans. These investments will cover a wide range of asset classes, from digital assets to metals, as well as funds focused on corporate acquisitions, private loans, and infrastructure deals. Related reading: “$9 Trillion Pension Funds Entering Crypto? Trump Aims to Lift Ban on 401(k) Investments in Crypto Assets”
Grayscale Has Secretly Submitted IPO Registration Draft to SEC
On July 14, Grayscale Investments announced that it has secretly submitted a registration statement draft on Form S-1 to the U.S. Securities and Exchange Commission (SEC). The number of shares to be registered and the price range have not yet been finalized. This registration is expected to be implemented after the SEC completes its review process, depending on market and other conditions. Related reading: “Bitcoin Peaks, Asset Management Giant Grayscale Quietly Launches IPO Plan”
Binance Wallet Partners with Four.Meme to Launch Exclusive Bonding Curve-Based TGE Model
On July 14, Binance Wallet announced the launch of a new Token Generation Event (TGE) model using a bonding curve mechanism—a pricing method that dynamically adjusts token prices based on market demand. This event is a collaboration between Binance and Four.Meme and marks the platform's first use of this mechanism for a TGE. On July 16, the exclusive Bonding Curve version of TGE on Binance Wallet launched its first project, Hyperion (RION). Related reading: “Binance's New Play: Bonding Curve TGE—What’s the Story Behind the First Project Hyperion?”
Linea Project Leader: Token Economics to Be Announced at the End of July, Not TGE; Specific TGE Timing Depends on External Factors like CEX
On July 14, Declan Fox, the leader of the Linea project, clarified on social media that the Linea token economics and governance rules will be announced at the end of July (not during the Token Generation Event); airdrop query tools and eligibility criteria will be released a few days before the TGE; the specific timing of the TGE will depend on external factors like CEX, but it will not be delayed for too long; SBET is the stock code for Sharplink. The Linea token code is LINEA, but SBET, ETH, and LINEA will form a "trio" through Ethereum. Related reading: “Linea is Finally Going for TGE, Reflecting on 900 Days of Life and Death for the L2 Unicorn”
U.S. Justice Department Claims It Only Held 28,988 BTC as of March, Significantly Lower Than Market Speculation
On July 17, documents obtained by independent crypto journalist L0la L33tz through the Freedom of Information Act revealed that the number of bitcoins held by the U.S. Marshals Service is much lower than previously thought. The Justice Department disclosed in its response that as of March, it only held 28,988 bitcoins. This figure significantly differs from other market data sources: Arkham Intelligence estimates that U.S. government departments collectively hold nearly $25 billion in cryptocurrency assets; Bitcoin Treasuries data indicates that the U.S. government should hold 198,012 BTC (approximately $25 billion). Senator Cynthia Lummis, a major supporter of strategic Bitcoin reserves, stated, "It's shocking that the U.S. has reportedly sold over 80% of its Bitcoin reserves, leaving only about 29,000. If true, this would be a major strategic blunder, causing the U.S. to fall years behind in the Bitcoin space." Related reading: “Trump's Crypto Reserve Plan Thwarted, Did U.S. Marshals Sell 170,000 BTC?”
Former FSL Chief Growth Officer Mable Jiang Announces Founding of Social Protocol Trends
On July 17, Mable Jiang, Chief Growth Officer of FSL, the parent company of Stepn, announced her departure and the founding of the social protocol Trends. Trends will be value-driven and aims to advance the boundaries of information finance. Trends has received early support from several prominent founders and angel investors, including Solana co-founder Anatoly Yakovenko, Solana Foundation Chair Lily Liu, and Jupiter co-founders Meow & Siong. Mable stated that after years of exploring the popularization of crypto applications, she distilled three first principles: first, true Web3 innovations are accompanied by a significant reduction in the cost of value flow; second, the trend of tokens as information containers merging with social media; third, the continuous decrease in the cost of on-chain issuance and value transfer, with social scenarios being prepared for this. Related reading: “Solana All-Stars Support, How to Play Trends.fun Where 'Tweets Become Tokens'?”
Standard Chartered Bank Launches Bitcoin and Ethereum Spot Trading Services for Institutional Clients
On July 15, Standard Chartered Bank launched spot trading services for Bitcoin and Ethereum for institutional clients through its UK branch to meet the growing demand for crypto assets. Standard Chartered stated that it is the first global systemically important bank to offer deliverable Bitcoin and Ethereum spot trading services, providing secure, compliant, and scalable access.
Trump Family Crypto Project "WLFI Token Tradable" Proposal Has Passed
On July 17, according to relevant page information, the Trump family crypto project "WLFI Token Tradable" proposal has completed voting and passed. The proposal aims to: make WLFI tokens tradable, thereby enabling broader community governance participation through peer-to-peer trading or secondary markets; transition the WLFI ecosystem from closed participation to open participation; enhance the utility and scope of the token; initiate the next phase of community ownership and interaction; align long-term token incentives with the adoption and success of the protocol. Related reading: “WLFI Unlocking Launch is Imminent, What’s the Valuation?”
Hungary Implements World's Strictest Crypto Regulations, Digital Asset Trading May Be Criminalized
On July 14, it was reported that Hungary officially implemented one of the world's strictest cryptocurrency regulations on July 1, forcing several large fintech companies to suspend related services and potentially criminalizing the digital asset trading activities of hundreds of thousands of citizens. This significant policy change has caused widespread confusion and concern in the fintech sector. The new regulations introduce two criminal offenses: "abuse of crypto assets" and "providing unauthorized crypto asset exchange services." Individuals using unauthorized cryptocurrency trading services may face up to two years in prison for the underlying trading activities; if the transaction amount exceeds 50 million Hungarian forints (approximately $140,000), the maximum sentence can reach three years; if it exceeds 500 million forints (approximately $1.4 million), the maximum sentence can reach five years.
Decentralized Card Game fantasy.top Announces Migration to Base
On July 15, it was officially announced that the decentralized card game fantasy.top will migrate to Base, with the cross-chain bridge required for migration opening at 1 PM on July 15. On December 13 last year, the decentralized card game Fantasy.top based on Blast announced the launch of the second version of the platform, Fantasy V2, while completing a $4.25 million seed round of financing. This round of financing was led by Dragonfly, with participation from Manifold Ventures. Related reading: “Ecological 'Flag Bearer' Fantasy.top Leaves, What Happened to Blast?”
California Governor Launches "Breakthrough Project," Inviting Executives from Ripple, Coinbase, and Other Crypto Companies to Participate in Government-Business Collaboration Reform
On July 15, FOX Business reporter Eleanor Terrett reported that California Governor Gavin Newsom announced the launch of the "California Breakthrough Project" and invited senior leaders from tech and crypto companies such as Ripple, Coinbase, and MoonPay to participate, aiming to provide suggestions and support for improving the efficiency of the California government and interdepartmental collaboration. The project working group held its first meeting on June 6 at Ripple's headquarters in San Francisco, with other participants including executives from Instacart, Snapchat, Anduril Technologies, and well-known angel investor Ron Conway.
U.S. Justice Department and CFTC Have Concluded Investigation into Polymarket
On July 15, Bloomberg reported that during Trump's administration, the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) concluded their investigation into the prediction platform Polymarket.
NVIDIA to Resume Sales of H20 Chips in China
On July 15, market news indicated that NVIDIA (NVDA.O) will resume sales of its H20 chips in China, announcing the launch of a new, fully compliant GPU for the Chinese market. The U.S. government has assured NVIDIA that it will grant the necessary licenses, and NVIDIA hopes to begin deliveries soon. Related reading: “Jensen Huang: 30 Years After Financial Freedom, I Have No Dreams”
Bitcoin Mortgages Debut in Australia
On July 18, it was reported that Block Earner has launched Australia's first Bitcoin-backed home loan. The company had previously fought a legal battle with regulators for over two years. The launch of this product was made possible by a federal court ruling in April this year, which determined that Block Earner's cryptocurrency lending products do not fall under the "financial products" category of the Corporations Act. This ruling means that the company does not need to hold a financial services license to accept Bitcoin as collateral for home loans.
Mainland Virtual Currency Scam Hits Hong Kong, Over 100 Victims and 4 Arrested
On July 18, Caixin reported that a virtual currency investment scam from the mainland has spread to Hong Kong, with at least 118 people falling victim, resulting in total losses of approximately HKD 3.2 million. The Hong Kong police revealed that on July 15, they arrested four local residents on charges of "conspiracy to commit fraud." They are suspected of hosting promotional dinners for the mainland virtual currency scam, recruiting victims, and collecting fraudulent funds totaling HKD 3.89 million. Aside from a small amount of funds withdrawn, approximately HKD 3.2 million has yet to be recovered.
This Week's Major Financing: Function, Two Prime, Dakota, Spiko, Ephemera, Blockskye, Substack, ACM
On July 15, it was reported that crypto infrastructure company Function completed a $10 million seed round of financing, led by Galaxy Digital, with participation from Antalpha and Mantle.
On the 15th, it was reported that Two Prime, a registered investment advisor and institutional lender with the U.S. Securities and Exchange Commission (SEC), currently manages approximately $1.75 billion in assets. The company announced the completion of a $20 million equity financing round led by Bitcoin mining company MARA Holdings (MARA), with Susquehanna Crypto also participating. In addition to acquiring equity in the company, MARA will increase its Bitcoin allocation in Two Prime's institutional yield strategy from 500 BTC to 2,000 BTC.
On the 15th, it was reported that Dakota, a crypto-integrated banking platform for enterprises, completed a $12.5 million Series A financing round, led by CoinFund, with participation from 6th Man Ventures and Triton Ventures, aimed at expanding its borderless banking services.
On the 17th, it was reported that the tokenized money market fund platform Spiko announced the completion of a $22 million Series A financing round, led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall.
On the 17th, it was reported that Ephemera, the developer of the decentralized messaging protocol XMTP, completed a $20 million Series B financing round aimed at building and developing its ecosystem. This round was co-led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures, and others.
On the 18th, it was reported that Blockskye, which builds blockchain infrastructure for business travel, completed a $15.8 million Series C financing round, led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, and others.
On the 18th, it was reported that content subscription platform Substack recently completed a $100 million financing round led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Rich Paul of Klutch Sports Group, and Jens Grede, co-founder of Skims Body Inc.
On the 18th, the privacy finance protocol AI Cross Matrix (ACM) announced the completion of a $12 million seed round of financing, with investors including Asva Capital, Genesis Capital, BuzzBridge Capital (BZB), Avalon Wealth Club, and M2M Capital.
This Week's Popular Articles
“The Stablecoin Bill in Hand, and the Restless Wall Street Bankers”
The passage of the GENIUS Act and the CLARITY Act marks the official "landing" of stablecoins in the U.S., becoming officially endorsed financial instruments. The increase in regulatory clarity has prompted traditional Wall Street banks to collectively enter the market. JPMorgan, Citigroup, Bank of America, and others are all laying out plans for stablecoins and on-chain payments, while Standard Chartered has directly opened spot trading for Bitcoin and Ethereum. Meanwhile, Peter Thiel and others have launched a new bank, Erebor, to provide compliant stablecoin services for high-risk innovative enterprises. With the reopening of federal trust bank licenses, Circle, Ripple, Anchorage, and others are actively seeking access to the Federal Reserve's clearing system, as crypto finance moves from the margins to the mainstream, sparking a new wave of financial infrastructure reconstruction.
“ETH's Changing of the Guard: From Retail Consensus to Wall Street Collusion?”
ETH has plummeted to $1,500 at the beginning of the year, which is actually a planned washout and changing of the guard by institutions. On-chain data shows that holdings are concentrating in the hands of a few large holders. Small-cap U.S. stocks like SBET and BMNR are aggressively purchasing ETH through PIPE financing, with backers including crypto OGs like Pantera, Consensys, and Founders Fund. The narrative around ETH's rise has shifted from speculation to structured financial instruments, attracting traditional financial capital. This script is orchestrated by Ethereum's core capital, as ETH transitions from a community consensus asset to an institutional collusion asset. The narrative has changed, but the controllers remain familiar crypto veterans.
“Coinbase No Longer Wants to Be a Trading Platform”
Coinbase is undergoing a deep transformation from a traditional trading platform to a provider of on-chain financial infrastructure. Facing challenges such as declining profits, loss of trading volume, and increased competition, the company is building a comprehensive ecosystem covering payments, privacy, token management, and institutional services around Base chain, USDC network, wallets, and derivatives markets through acquisitions of Spindl, Iron Fish, Liquifi, and Deribit, gradually reducing its reliance on spot trading. Coinbase is positioning itself as the "Apple + Visa + AWS" of the Web3 world, reshaping the underlying structure of the crypto world with identity systems, on-chain social, and payment settlements, with its ultimate competitor no longer being crypto exchanges but the entire traditional financial system.
“If ETH Reaches $5,000, How Much Can SBET Rise?”
In the past month, as Ethereum surged from $2,100 to $3,000, ETH has quietly become a new strategic asset pursued by publicly listed companies in the U.S. Five U.S. companies have collectively purchased over 540,000 ETH, valued at over $1.6 billion, with SharpLink (SBET) significantly increasing its holdings by nearly 50,000 ETH in just five days, earning staking rewards exceeding 300 ETH, surpassing the Ethereum Foundation in holdings. The mNAV indicator shows that the current valuation remains rational and has not yet entered the emotional bubble stage. Institutions value three main attributes of ETH—staking rewards, RWA narrative, and the replicable "MSTR model," driving a process of institutional value discovery for Ethereum. If ETH continues to rise to $5,000, these "Ethereum coin stocks" may face a new round of valuation reassessment.
“Behind the Surge of $PENGU, the Little Penguin Aims to Become the Face of Finance”
Pudgy Penguins are redefining the narrative and positioning of NFTs. Recently, both the floor price of their NFTs and the token $PENGU have surged, not due to hype but ignited by a collective "covert operation" of crypto giants changing their profile pictures to penguins, reflecting its rise as a symbol of industry consensus. From deep binding with core Web3 projects to ringing the Nasdaq opening bell in traditional finance, Pudgy Penguins are vying for the title of "visual spokesperson for the financial world" with their friendly and cute image, aiming to become a brand symbol connecting mainstream and crypto, no longer just a meme or NFT project.
“What Conditions Must a Project Meet to Move from Binance Alpha to Binance Spot?”
After the upgrade of Binance Alpha to 2.0, most projects listed on Binance Spot are new projects with strong financing backgrounds and formal project teams, accounting for only about 20%, demonstrating a higher entry threshold. These projects are diverse in type, not significantly leaning towards popular narratives or self-invested projects, but generally possess strong financing capabilities and synchronized TGE + airdrop rhythms. In terms of performance, over 70% of projects have a maximum diluted market value on the first day of trading exceeding 20 times the financing amount, indicating that market valuation expectations for "regular army" projects have gradually formed an invisible threshold.
“Why Are Whales Frenziedly Snapping Up XPL in Plasma's Public Sale?”
Plasma, co-invested by Tether's parent company Bitfinex and Peter Thiel, raised $27.5 million in just two months, achieving a valuation of $500 million, making it the most notable public chain dedicated to stablecoins. It combines the security of Bitcoin's settlement layer with Ethereum Virtual Machine compatibility, supporting free transfers of USDT, privacy protection, and native BTC liquidity, attracting a large number of users to participate in the XPL public sale. Its unique fee mechanism and dual-layer architecture not only enhance performance but also open new revenue and influence sources for Tether, potentially becoming a new dominant stablecoin to challenge TRON.
“What Potential 'Pitfalls' Exist Amid the Surge of Crypto Reserve Companies?”
The "crypto treasury" trend among public companies is evolving from merely buying coins to a carefully designed financial engineering process, using traditional financing tools like PIPE, SPAC, ATM, and convertible bonds to drive market capitalization through narrative and guide liquidity through structure. With the support of institutions like UTXO, Pantera, and Galaxy, several companies have transformed into "coin-based meme stocks," but this capital game also hides structural risks: information asymmetry, dilution pressure, and liquidity mismatch often leave retail investors at a disadvantage. What truly drives stock price fluctuations may not be Bitcoin prices, but rather the invisible logic of capital structure.
“Underrated Opportunity: Ethereum Meme Coins as the Wealth Code of This Cycle”
In this article, the author shares specific strategies for achieving financial freedom through Ethereum meme coins: gradually exiting the declining liquidity of the Solana ecosystem and shifting towards highly liquid, DeFi-compatible Ethereum meme coins, focusing on blue-chip projects like PEPE, MOG, and SHIB, while moderately holding mid-cap coins to enhance potential returns. By using the IMF protocol to collateralize meme coins for lending, low-risk spot leverage operations can be conducted to maximize returns. Finally, the author emphasizes taking profits in batches, setting clear exit strategies, and believes that meme coins will continue to explode in the next bull market.
“Peter Thiel: 2024 Will Be the Year Musk No Longer Believes in Mars”
The complex relationship between Silicon Valley and Trump stems from deep-seated technological anxieties and ideological shifts in Silicon Valley. In a conversation with Ross Douthat, Peter Thiel reiterated his concerns about "technological stagnation," arguing that since the 1970s, society has gradually lost its momentum for progress, and the name of "peace and security" conceals a form of soft totalitarianism. He criticized mainstream tech culture for losing its adventurous spirit, calling for a rekindling of radical exploration beliefs, and warned that environmentalism and global governance could become breeding grounds for future "antichrist" style control. In his view, AI is currently the only technological breakthrough, but it could either drive reconstruction or exacerbate stagnation. Facing the future, he maintains a realistic clarity while holding onto the hope of free will.
“As Wall Street Starts Hoarding ETH, Ethereum Enters Its Spotlight”
As Wall Street refocuses on crypto assets, ETH is becoming a core target in institutional views—it has ETF support, a robust on-chain stablecoin ecosystem, and is seen as "digital gold beta." Although Ethereum still faces scalability and value capture issues, in the eyes of investors, ETH is attracting structural incremental capital due to the "Lindy effect" and relatively undervalued status, pushing its asset pricing gradually away from on-chain narratives towards potential historical highs.
Blockchain tokenized stocks aim to make it easier for global users to invest in U.S. stocks, but in practice, there have been severe price deviations, insufficient liquidity, and regulatory risks, raising concerns about market manipulation and insider trading. Several tokens saw their prices skyrocket at issuance, far exceeding the underlying stocks, and tokens linked to unlisted companies launched by Robinhood have also faced official scrutiny. Although issuers claim that blockchain trading is more transparent, transactions on anonymous platforms are still seen as potential regulatory loopholes.
The Solana ecosystem wallet Phantom has partnered with the decentralized contract exchange Hyperliquid, allowing users to conduct contract trading with up to 40x leverage directly within the wallet. This collaboration has had significant effects: Hyperliquid reaches tens of millions of users, and its token price hits new highs; Phantom quickly profits from the commission mechanism, expanding its product capabilities with contract trading; users enjoy better liquidity and near-institutional level fees. This seamless cross-ecosystem integration is also seen as a practical example of the future of chain abstraction, showcasing a new direction for the evolution of crypto products.
“In the Battle of Solana Meme Platforms, Raydium Becomes the Biggest Beneficiary?”
Letsbonk.fun has surpassed Pump.fun in daily deployments and the number of graduated tokens, becoming the most popular meme token launch platform, while its LaunchLab architecture based on Raydium makes Raydium one of the biggest beneficiaries of this trend. As a large number of new coins are issued through Letsbonk.fun, Raydium not only gains continuous trading fees but also increases the buyback of RAY through the LaunchLab fee mechanism. Currently, the buyback funds account for 12% of the circulating market value, forming strong support. Additionally, the layout of tokenized trading in U.S. stocks on Raydium also indicates further growth potential for future revenues.
In the next two years, Ethereum will advance technological innovation around five major directions: zkEVM, execution architecture, L1-L2 collaboration, validator mechanisms, and sharding. zkEVM will directly enhance the main chain's efficiency and institutional compliance, the RISC-V architecture will reshape execution performance and cost structure, L1-L2 collaboration will break down cross-chain barriers and integrate massive liquidity, optimizing validator thresholds and returns is expected to increase staking rates and strengthen deflationary logic, while the restart of the sharding plan will pave the way for Web3 scalability. The combination of technological transformation and structural improvements in capital supply and demand may provide medium- to long-term support for ETH prices.
Trump has launched a palace coup against Powell over the issue of the Federal Reserve's headquarters renovation, escalating this seven-year political struggle into a high-risk event affecting global markets. If Powell is indeed forced to resign, it would undermine the independence of the Federal Reserve, trigger a depreciation of the dollar, cause severe fluctuations in U.S. Treasury yields, and exacerbate uncertainty in global financial markets. This is not only a contest over interest rates and inflation paths but also a direct conflict between institutional authority and political power.
“From Grassroots to $600 Billion Market Cap, Robinhood's Entertainment to Life”
Starting as a zero-commission trading platform, Robinhood quickly attracted millennial retail investors with its gamified design and order flow payment model, triggering a transformation in the industry's commission structure. After the GameStop incident, the company's reputation suffered, but it also seized the opportunity to accelerate its crypto strategy. With key milestones like the Dogecoin craze, the launch of Robinhood Wallet, and SBF's investment, its crypto business has grown rapidly. By 2025, Robinhood will acquire Bitstamp, develop its own chain, and open blockchain securities trading, completing its transformation from a retail brokerage to a global fintech platform, with stock prices surpassing $100 and a market cap exceeding $88 billion, reshaping its narrative as a financial protagonist.
In the first half of 2025, the overall crypto market showed a pattern of oscillating recovery, with total market capitalization rising slightly by 1.99% amid a mix of macro headwinds and policy tailwinds. Bitcoin's market cap remains stable at $2 trillion, driven by ETF and public company allocations, while Ethereum's ecosystem continues to show resilience, and Solana and BNB Chain maintain high activity levels. DeFi has entered a mature stage, with RWA, prediction markets, and stablecoins becoming new growth points. The entry of institutions and the trend of tokenizing traditional financial assets are accelerating, while U.S. and EU regulations are gradually clarifying, providing compliance support for the market. In the second half of the year, the market will continue to be profoundly influenced by shifts in monetary policy, legislative progress, and the integration of TradFi.
“The Wave of Crypto Reserves Among Public Companies: Behind the Scenes of Crypto VC's Big Reveal”
An increasing number of public companies are incorporating crypto assets into their financial strategies, forming a wave of "crypto treasury" from Bitcoin, Ethereum to stablecoins and AI tokens, driven by crypto VCs and funds including Pantera, Galaxy Digital, Animoca, Sora, and DWF Labs through PIPE, convertible bonds, and mergers. These institutions not only provide funding but also participate in corporate governance and strategy formulation, promoting companies like MicroStrategy, SharpLink, and Upexi to build on-chain financial systems based on BTC, ETH, or SOL, accelerating the crypto transformation of traditional enterprises and marking crypto assets as a new type of reserve asset class in the global capital market.
“$500 Million Sold Out in 12 Minutes: Is PUMP's Pre-Sale Just a Game for Institutions and Whales?”
The PUMP pre-sale ignited market sentiment, selling $500 million in just 12 minutes, but data shows that actual participants were highly concentrated, with CEX channels for new listings nearly empty, and Kraken had only two individuals receiving high allocations. Although the official website reported participation from tens of thousands, the median purchase amount was only $540, indicating that most users had limited actual investment; meanwhile, large holders circumvented restrictions through new wallets, dominating the flow of funds. Overall, this seemingly decentralized feast for all has become a precise layout for a few whales, with marginal retail investors more like spectators and liquidity exiters.
“2024 Crypto IPO Wave: SPACs Replace Traditional Shell Companies, Bitcoin Companies Sprinting”
Strategy companies are leading the trend of public companies holding Bitcoin through a debt-for-coin model, forming a leveraged flywheel of "buy coins—finance—buy coins again"; this model is being further simplified and replicated through SPAC shell listings, where emerging companies may not even need actual business operations, relying solely on holding coins and financial structure packaging to enter the capital market. Although the SPAC route has advantages such as regulatory leniency and flexible narratives, it also faces risks related to transparency, governance, and risk accumulation. However, driven by bullish market sentiment and institutional endorsements, SPACs are becoming a new track for the securitization of Bitcoin exposure. Investors need to be cautious of the gap between its complex structure and the essence of the assets.
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