整理：Nona
This Week's Focus
“Pantera Capital: The Trend of Tokenization is Established, Global Capital is Returning to the Sea”
As one of the early blueprint designers of tokenization, Pantera Capital partner asserts: the trend is established, waiting for the global capital to return to the sea.
Ethereum's perpetual contract market share has surpassed Bitcoin for the first time since the 2022 cycle low, and the formation of a 'speculative bubble' may indicate that 'altcoin season' is approaching.
For decades, IPOs have been a legalized form of 'front-running', and Hyperliquid has broken the long-held structural underpricing mechanism of investment banks, opening up profit opportunities that were once exclusive to institutional insiders for retail investors.
NFT weekly trading volume exceeded $140 million, hitting a six-month high. Is the NFT market experiencing a brief rebound or is it a sign of a 'comeback'? Can it leverage various favorable factors to recreate the glory of previous years?
“One Year of Ethereum ETF: From Being Ignored to Institutional Darling”
Compared to Bitcoin's treasury and ETF, Ethereum's uniqueness lies in the fact that Bitcoin is viewed as 'digital gold' for value storage and macro hedging, while Ethereum serves as an infrastructure for practical work.
Selected Recommendations
There are various models for participating in stablecoins, and for such institutions, a more practical approach seems to be collaborating with other stablecoin issuers to provide application scenarios, rather than pursuing the role of an issuer.
“Why is the Dollar Stablecoin the New Dollar 3.0?”
The dependency relationship between stablecoins and U.S. Treasury bonds may lead to some potential risks. For example, if a large-scale redemption wave occurs in the stablecoin market, the stablecoin issuer would need to sell an equivalent amount of U.S. Treasury bonds to cash out these stablecoins, which could lead to severe fluctuations in the Treasury bond market, thereby pushing up government bond yields.
“How Evolutionary Psychology Explains Opposition to Trade”
In fact, a world without trade can only be achieved through strong government measures, requiring the state to intervene and side with some Americans against others.
“Financing: IPO or RWA? This is a Question Worth Considering”
RWA is not a substitute for IPOs, but rather a complement and reconstruction of the traditional financing system. It provides unprecedented financing channels for small and medium-sized enterprises and asset holders, enhancing financial inclusivity; while IPOs remain a key pathway for companies to mature and embrace public markets and global capital.
“Stablecoin Payments and Global Capital Flow Models”
They fully demonstrate the core capability of blockchain to 'instantaneously transfer funds and value', making it possible to build a business closed loop on-chain—payments. However, payments go far beyond the 'point-to-point transfer' stage; real enterprise-level scenarios are much more complex than 'sending money from A to B'.
Ten News Items Not to Miss This Week
Christie's International Real Estate establishes a new department to handle real estate transactions using cryptocurrency.
Beijing Haidian District Financial Management Bureau: Beware of illegal fundraising under the guise of stablecoins.
American Bankers Association opposes Circle's application to establish a national trust bank in the U.S.
Hong Kong Monetary Authority: Starting August 1, promoting any unlicensed stablecoin to the public is illegal.
The White House's first cryptocurrency policy report will be publicly released on July 30.
FTX hearing minutes: Allow creditors in restricted jurisdictions to transfer claims to non-restricted jurisdictions.
Bitmine plans to use all net proceeds of $177 million from the acquisition of ARK Invest shares to purchase Ethereum.
Futu and Huaxia Fund collaborate to launch a tokenized money market fund, covering three major currencies: Hong Kong Dollar, Renminbi, and U.S. Dollar.
JPMorgan considers offering cryptocurrency asset-backed loan services starting next year.
Derin Holdings plans to invest HKD 60 million in Hong Kong tech company Fulong to explore the stablecoin market.
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