BlockBeats will summarize key industry news from the week of July 21 to July 27 in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
This Week's Crypto Market Pullback After a Surge: ETH Approaches $4000, BNB Breaks $800 to Set a New All-Time High, Currently All Have Pulled Back
Recently, the crypto market has experienced significant volatility, with a clear divergence between mainstream coins and altcoins. On July 21, Ethereum briefly surpassed $3800 but fell below $3600 the next day, with a 24-hour decline of 1.70%. On the 23rd, BNB showed strong performance, rising to $800, setting a new all-time high with a daily increase of 3.92%. On the 25th, Bitcoin briefly dipped below $115,000 before rebounding slightly. Meanwhile, altcoins continued to decline broadly, with SPK dropping over 32% in 24 hours, SAHARA down over 30%, and PENGU also falling more than 13%. Related articles: “Ethereum Rushes to $4000: What Happened?”, “Multiple Altcoins Finally Hit New Highs, Will Crypto Follow with New Highs or Pullbacks?”
NFT Market Slightly Warms Up, Prices of Blue-Chip NFTs like Taproot Wizards and Fat Penguins Rebound
On July 21, according to CoinGecko data, the total NFT trading volume across the network reached $31.085 million in the past 24 hours, an increase of 195.1%. At the same time, the total market cap of NFTs surpassed $6 billion, with a 24-hour increase of 18.1%. Taproot Wizards saw a daily increase of over 30%, Node Monkeys increased by 28.2%, and Fat Penguins rose by 15.6%. Related articles: “Is the Summer of NFTs Back? Check Out What the Established Projects Are Up To”, “Blue-Chip NFTs Rise Collectively, Is Market Confidence Really Back This Time?”
“80,000 BTC Ancient Whale” Has Sold All Its Bitcoins, Market Value Exceeds $9 Billion
This week, early BTC investors from the “Satoshi Era” completed the sale of over 80,000 Bitcoins through Galaxy Digital Inc., with a total value exceeding $9 billion at current market prices. This is one of the largest nominal value Bitcoin transactions in cryptocurrency history, reportedly part of the investor's estate planning strategy. Since July 15, this ancient whale's address has shown activity, with 80,000 BTC entrusted to Galaxy Digital for sale, likely through secondary market sales and OTC.
Ethereum Launches The Torch NFT to Commemorate Its 10th Anniversary, Commemorative NFT Minting Open to All Users on July 30
On July 21, Ethereum launched “The Torch” NFT to honor those who shaped its development and values during its first decade, which will aid in the future construction of Ethereum. In the 10 days leading up to Ethereum's 10th anniversary, The Torch NFT will symbolically be passed between wallets. On July 30, The Torch NFT will be destroyed to commemorate Ethereum's 10th anniversary. On that day, everyone will be able to mint a commemorative NFT.
U.S. SEC Chairman: ETH Is Not a Security
On July 22, the new chairman of the U.S. Securities and Exchange Commission, Paul Atkins, stated in an interview with CNBC that ETH is not a security. He expressed that it is “encouraging” to see publicly traded companies adopting Bitcoin and cryptocurrencies as financial reserve assets.
TRON Founder Justin Sun to Participate in Blue Origin's NS-34 Space Mission
On July 21, Blue Origin announced the list of six passengers for the NS-34 mission, which includes Arvi Bahal, Gökhan Erdem, Deborah Martorell, Lionel Pitchford, J.D. Russell, and Justin Sun, who won a seat on the New Shepard for $28 million in 2021. The auction proceeds have been donated to 19 space-themed charities to inspire the next generation to engage in STEAM (Science, Technology, Engineering, Arts, Mathematics) fields and promote the future development of space living.
Coinbase Officially Launches Crypto Perpetual Contract Trading for U.S. Users This Week
On July 22, Coinbase announced that starting July 21, 2025, U.S. users will be able to trade CFTC-regulated perpetual futures on the Coinbase financial market, marking the entry of this globally largest derivative type onto the platform. Coinbase stated that for years, U.S. cryptocurrency traders could only watch as their international counterparts used one of the most popular tools in the digital asset market—perpetual futures. Due to a complex regulatory environment, U.S. traders have been unable to participate. However, this situation is about to change.
The White House's First Cryptocurrency Report to Be Released by the End of This Month
On July 22, crypto journalist Eleanor Terrett updated that “White House officials told me that the White House cryptocurrency report will be made public by the end of this month.” The report is expected to include regulatory and legislative recommendations, but specific content remains unclear. This report is the result of months of collaboration between working group leaders David Sacks, Bo Hines, and senior officials from the Treasury Department, Commerce Department, SEC, and CFTC, aimed at implementing President Trump's executive order signed in January to strengthen the U.S. leadership in the cryptocurrency sector. The working group's original tasks included developing a federal digital asset framework covering stablecoins (Congress has initiated related procedures) and exploring whether to establish a national digital asset reserve (which Trump established in March).
Overview of Institutional Ethereum Large Holdings Changes in the Last 30 Days: Bitmine Holds 566,800 ETH to Reclaim First Place
On July 25, according to Strategicethreserve data, the following treasury companies and institutions have seen significant changes in Ethereum holdings over the past 30 days: Bitmine Immersion Tech (BMNR) ranks first, currently holding 566,800 ETH, valued at approximately $2.11 billion, with a 30-day holding increase of 247.41%; SharpLink Gaming (SBET) ranks second, currently holding 360,800 ETH, valued at approximately $1.35 billion, with a 30-day holding increase of 91.43%; the Ethereum Foundation ranks third, holding 237,500 ETH, valued at approximately $886 million, with a 30-day holding decrease of 8.09%.
Tether Discloses Part of Its Investment Portfolio: Invested in Over 120 Companies, Focusing on Bitcoin, Payments, and More
On July 23, Tether's CEO Paolo Ardoino stated that Tether has disclosed part of its investment/venture capital portfolio. Overall, Tether has invested in over 120 companies and may significantly increase this number in the coming months and years. The invested companies include Juventus, Bitdeer, Crystal Intelligence, Rumble, Shiga Digital, and others. These investments come from Tether's own profits (projected to be $13.7 billion in 2024) and do not involve the reserves of USDT (and other stablecoins), falling under Tether's investment department. Key areas of focus include payment infrastructure, renewable energy, Bitcoin, agriculture, artificial intelligence, and tokenization.
Trump Visits Federal Reserve Headquarters This Week, Directly Requests Powell to Cut Interest Rates
On July 25, U.S. President Trump visited the Federal Reserve headquarters and was interviewed by the media alongside Federal Reserve Chairman Powell. In response to how he would retract his criticisms of Powell, Trump expressed a desire for Powell to cut interest rates and stated he would pay attention to the committee's interest rate decisions. Trump also mentioned that generally, he would fire a project manager who exceeds the budget. When Trump cited the Federal Reserve headquarters renovation budget data, Powell continuously shook his head beside him, and Trump mockingly stated that the building renovation was a daunting task. When Trump told Powell, “I hope he lowers interest rates,” he patted Powell's back firmly, after which Powell awkwardly smiled. Related article: “Trump Urges Rate Cuts at the Federal Reserve, Powell: Already Read but Not Responding”
PolyMarket Acquires Small Derivatives Trading Platform QCX to Legally Re-enter the U.S. Market, Market Speculates It May Be Preparing to Issue Tokens
On July 21, Bloomberg reported, citing informed sources, that the cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange named QCX, which will allow Polymarket to legally re-enter the U.S. market. This acquisition will officially reopen the platform to U.S. users. Earlier this month, the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) concluded their investigation into Polymarket. According to sources, Polymarket will acquire QCX for $112 million. QCX applied for a license from the CFTC in 2022 and was only permitted to operate on July 9 of this year. A Polymarket spokesperson confirmed the acquisition. Related articles: “$100 Million Ticket Purchase, Prediction Giant Returns to the U.S. After the Storm”, “Clearing Obstacles for Token Issuance? Polymarket Splurges $112 Million to Acquire QCEX for Compliance License”
The acquisition has also led to market speculation about potential token issuance plans. On July 23, sources indicated that Polymarket is deciding whether to launch its own custom stablecoin or to enter into a revenue-sharing agreement with Circle based on the amount of USDC held on the platform. The source stated that Polymarket's motivation for creating its own stablecoin is solely to have a reserve of earnings. A representative from Polymarket stated that no decision has been made regarding the stablecoin issue. Related articles: “Expected Losses, High Betting Thresholds: Is Polymarket's Airdrop Worth Chasing?”
StablecoinX to Invest $260 Million to Launch ENA Treasury Strategy, Plans to List on Nasdaq Under the Code "USDE"
On July 21, Stablecoin issuer StablecoinX announced that it has completed $360 million in financing to acquire ENA tokens and plans to list Class A common stock on the Nasdaq global market under the ticker "USDE." The Ethena Foundation will contribute ENA tokens valued at $60 million. To initiate the acquisition plan, StablecoinX will use the net cash of $260 million obtained from the financing (after deducting related expenses) to purchase locked ENA tokens from a subsidiary of the Ethena Foundation. Starting today, the Ethena Foundation's subsidiary (through third-party market makers) will strategically acquire ENA tokens using the entire $260 million cash obtained from token sales over the next few weeks, aligning the interests of the foundation with those of StableCoinX shareholders. Following this news, ENA briefly surged over 20% on the same day.
Market News: Crypto Company BitGo Files for IPO in the U.S.
On July 21, market news indicated that veteran cryptocurrency custody platform BitGo Holdings has secretly submitted a registration statement draft to the U.S. Securities and Exchange Commission, planning to go public (IPO) with Class A shares. Following the listing of stablecoin issuer Circle on the New York Stock Exchange in June, this could mark another significant U.S. cryptocurrency listing. Related articles: “The IPO Wave Has Officially Arrived, Veteran Asset Manager BitGo Secretly Files for IPO”
Approximately $2.64 Billion in ETH Queued to Exit Ethereum PoS Network, New Staking Demand Begins to Decline
On July 27, according to data from the validator queue tracking site validatorqueue, the current exit queue for the Ethereum PoS network has increased to 694,000 ETH, with a recent peak of 744,000 ETH, while on July 16, this number was only 1,920 ETH, and there was no need to queue for exit on July 15. At current prices, the ETH exiting the PoS network is approximately $2.64 billion, with withdrawal delays extended to 12 days and 1 hour. Meanwhile, the demand for staking from newly activated validators has reached a turning point after a recent phase of increase; on July 17, there were 435,000 ETH queued to enter the network, while today the admission queue has dropped to 220,000 ETH, valued at approximately $836 million, with a current queue time of 3 days and 20 hours. Figment co-founder Andy Cronk previously stated, “When prices rise, people will unstake and sell to lock in profits, and we observe that both retail and institutional investors follow this pattern over multiple cycles.” Related articles: “ETH Unstaking Queue Hits New High: Institutional Bull-Bear Showdown, How Will Retail Investors Respond?”, “520,000 ETH Unstaking in Progress, Can the Market Handle It?”
Analysis: pump.fun May Launch Trading Volume Incentive Program, Reward Token is PUMP; Pump.fun Co-Founder States Airdrop Will Not Happen Immediately
On July 24, pump.fun co-founder Alon stated in a live broadcast, “We are eager to reward the community that has supported our platform for the past year and a half. Our goal is to ensure that this airdrop event goes smoothly and is meaningful. This will provide us with a great opportunity to strengthen our ecosystem, increase trading volume, and maintain activity over a longer period. This is crucial for re-attracting attention and sparking interest. Although the PUMP airdrop will not happen immediately, we will share the timeline and details as soon as possible.” Related articles: “A Live Broadcast That Completely Crashed pump.fun”
On July 27, crypto research organization Dumpster DAO revealed that “pump.fun may be preparing to launch a trading volume incentive program lasting at least 30 days, with the reward token being PUMP. The official Pump SDK has recently been updated to support the incentive mechanism, adding an admin function to set incentive parameters, including how many PUMP tokens are distributed daily. Additionally, methods for tracking user trading volume and claiming PUMP rewards have been added. The current incentive plan is based on a 30-day incentive cycle, but if the team wishes, this mechanism can also be reused or extended. The IDL (Interface Description Language) for the Pump bonding curve program was also updated a few hours ago, indicating that trading volume based on the bonding curve may also count towards incentive rewards.
The total number of reward tokens for this incentive program is currently unclear. In an updated SDK test version, it is set to distribute 1 billion PUMP tokens daily. However, this is just a test document, and at this rate, 3% of the total supply would be distributed in a month, which seems excessive; the actual distribution ratio may be adjusted. These changes have not yet been officially launched. However, given that Pump's trading volume has significantly declined compared to competitors like BONK.fun, the team seems to be trying to regain market share through the incentive program.”
BlockBeats Note: This news has not yet been confirmed by the official pump.fun team and is only discovered by the community through SDK updates; more information awaits official disclosure.
FTX's Next Round of Compensation Distribution Expected to Begin Around September 30
On July 24, according to a press release, FTX announced that for the approved five categories of customer equity claims and six categories of general unsecured claims (as defined in the plan), as well as for convenience claims that have been approved but not yet allocated since the previous record date, the next distribution registration date is expected to be August 15, 2025, and the next distribution is expected to begin around September 30, 2025. The next distribution will be conducted by FTX's distribution service providers BitGo, Kraken, and Payoneer. FTX also announced that it has been authorized by the bankruptcy court to reduce the disputed claims reserve by $1.9 billion, from $6.5 billion to $4.3 billion, with the released cash to be distributed to approved claim holders in the next distribution.
Christie's Subsidiary Establishes Cryptocurrency Real Estate Transaction Department
On July 25, The New York Times reported that one of the largest luxury real estate brokerage firms in the U.S., Christie's International Real Estate, is establishing a dedicated department to allow buyers to purchase real estate using digital currencies. This will be the first mainstream real estate brokerage firm to form a dedicated team to handle transactions that rely solely on cryptocurrency payments, completely independent of banks. Aaron Kirman, CEO of Christie's Los Angeles subsidiary, stated that he is currently in discussions with several major banks to promote the acceptance of cryptocurrency as a payment method for real estate transactions requiring financing. He expects that within five years, cryptocurrency transactions will account for more than one-third of the total residential real estate transactions in the U.S. Related articles: “Christie's Opens Cryptocurrency Home Purchase Channel, Wealthy Assets Enter 'Stealth Mode'”
Takashi Murakami to Launch Collectible Trading Card NFT Series "108 Flowers Revised" on Base Chain
On July 24, renowned contemporary artist Takashi Murakami announced on social media that his collectible trading card NFT series "108 Flowers Revised," inspired by physical artworks, will officially launch during the Onchain Summer event. The series is now on-chain, and users can mint directly through the Base app. Minting will officially begin at 9 AM JST on August 1. Related articles: “Takashi Murakami's New NFT Work to Launch on Base, Is the Previous Work a Flop Ready for Another Harvest?”
Tron Inc. Rings the Opening Bell on Nasdaq This Thursday
On July 24, Tron Inc. (Nasdaq: TRON) (hereinafter referred to as "the Company"), a leading innovator at the intersection of blockchain, entertainment, and digital assets, rang the opening bell at the Nasdaq Stock Exchange today. The ceremony took place at the Nasdaq MarketSite in Times Square, New York, hosted by Justin Sun, founder of the TRON blockchain and global advisor for Tron Inc., marking an important step for the company towards next-generation technology and digital innovation.
Crypto Influencer Crypto Beast Accused of Manipulating ALT Crash, Involved in Cashing Out Over $11 Million
On July 22, crypto detective ZachXBT stated that crypto KOL "Crypto Beast" is suspected of orchestrating and manipulating the event where the ALT token plummeted from a market cap of $190 million to $3 million. On July 14, a large number of internal wallets sold over $11 million worth of $ALT in a short period, causing the price to crash from $0.19 to $0.003. On-chain analysis revealed that Crypto Beast had actively promoted ALT on X and Telegram, sharing his public wallet address (now deleted) in posts. By comparing transaction times, it was found that this address was directly related to multiple side wallets that transferred funds through Celestia, with the funds flowing to various instant trading platforms such as KuCoin and Binance. More than 45 wallets were linked to Crypto Beast, all of which collectively sold tokens on July 14. Additionally, he has used similar tactics in multiple projects, suspected of participating in several token "rug pulls," such as ALPHA, RICH, and YE.
Hong Kong Customs Busts $1.15 Billion Money Laundering Case Involving Virtual Asset Trading and Cash Smuggling
On July 22, according to the Sing Tao Daily, Hong Kong Customs has cracked a case suspected of laundering money through cash smuggling and virtual assets, involving approximately HKD 1.15 billion. A local man and a non-local man were arrested. Customs had previously identified a 37-year-old local man and a 50-year-old non-local man based on intelligence and launched a financial investigation, discovering that the two were suspected of smuggling cash out of the country and frequently conducting large transactions of stablecoins and fiat currencies with unclear sources of funds, suspected of money laundering. During the operation, customs seized multiple mobile phones, tablets, and bank cards suspected to be related to the case. The investigation is ongoing, and the two men are currently on bail pending trial, with the possibility of more arrests.
Hubei Court Sentences Criminals for Fraud Involving Backdoor Code to Steal Virtual Currency, Amounting to Approximately 77.76 Million Yuan
On July 25, it was reported that in March 2025, the Yunmeng County Court in Hubei Province issued a first-instance judgment on a major virtual currency fraud case, sentencing He and three others to prison terms ranging from three to thirteen years for fraud, along with fines ranging from 20,000 to 300,000 yuan. Recently, the second-instance court rejected the appeal and upheld the original judgment. It is reported that He and others developed and launched a so-called "decentralized" virtual currency trading platform in 2020 and issued a corresponding token "D Coin." Between October and November 2020, He and others repeatedly manipulated the price of D Coin to skyrocket, then forcibly exchanged user assets for high-priced D Coin, subsequently transferring the virtual currency to personal accounts, and later causing the price to plummet, resulting in severe losses for users who could not withdraw their assets. Investigations revealed that the platform caused 103 investors to suffer losses, with the amount involved exceeding 77.76 million yuan.
This Week's Major Financing: Soluna, Poseidon, DSRV, Gaia, Lightyear
On July 22, it was reported that data center developer Soluna Holdings, Inc. (Nasdaq: SLNH) announced today that it has completed its latest round of financing, funded by Spring Lane Capital (SLC), to support the expansion of its Kati project in Texas to 35 megawatts, officially launching the Kati 1 project.
On the 23rd, it was reported that full-stack AI data layer startup Poseidon completed a $15 million seed round of financing, led by a16z Crypto. Poseidon's goal is to address the scarcity of high-quality training data with clear intellectual property rights in AI development.
On the 23rd, South Korean blockchain infrastructure service provider DSRV announced the completion of approximately 16 billion Korean won (about $11.6 million) in the first round of Series B financing. This round of financing was participated in by major Korean investment institutions such as Intervest and NH-SK Securities, with a second round of financing expected to start at the end of next month, during which more financial institutions will join.
On the 23rd, decentralized AI inference platform Gaia announced the completion of $20 million in seed and Series A financing, led by ByteTrade, SIG, Mirana, and Mantle, with participation from Outlier Ventures, NGC, Taisu Ventures, and Consensys Mesh.
On the 24th, it was reported that European investment app Lightyear completed $23 million in financing, led by NordicNinja, with participation from Estonian tech entrepreneurs including Bolt co-founder Markus Villig. This startup aims to become the "European version of Robinhood," entering the commission-free trading market.
This Week's Popular Articles
“What Impact Will BlackRock's ETH Staking ETF Have on Ethereum If Approved?”
BlackRock plans to introduce staking features for its Ethereum ETF, sparking significant market attention regarding the shift in ETH investment logic. Staking ETFs will transform ETH from a purely speculative asset into a financial instrument with yield attributes, driving new demand from institutions and retail investors. To address the liquidity issues of staked assets, liquid staking protocols (such as Lido's stETH) and centralized platforms (such as Coinbase's cbETH) have become key solutions, attracting capital to related sectors and tokens. With regulatory advancements and infrastructure maturation, ETH staking yields are expected to become a core support for the integration of traditional finance and crypto.
“A Live Broadcast That Completely Crashed pump.fun”
In the early hours of July 19, pump.fun co-founder Alon was interviewed on Twitch, which triggered a public relations disaster, causing $PUMP to plummet nearly 20% that day. Although he reiterated the commitment to the airdrop and claimed to inject liquidity into the ecosystem, his failure to provide a timeline and repeated "cannot disclose" attitude sparked strong dissatisfaction from the community, with the trading performance being mocked as "discount failure." Meanwhile, competitor Bonk quickly announced that platform revenue would support leading meme coins, contrasting pump.fun's slow actions. The interview failed to calm emotions and further undermined market confidence, making pump.fun, which holds substantial funds, appear both opaque and insincere.
“Bullish, Emerging from EOS, Officially Targets the New York Stock Exchange”
Crypto trading platform Bullish has officially submitted IPO documents to the SEC, planning to list on the New York Stock Exchange under the ticker "BLSH," marking another compliance-focused crypto company entering the U.S. stock market after Coinbase and Circle. Bullish is initiated by Block.one, the parent company of EOS, which set a record with a $4.2 billion ICO in 2017 and later shifted to traditional financial markets, gaining support from heavyweight investors like Peter Thiel. Notably, Bullish's rise has been accompanied by a complete rupture with the EOS community, with Block.one accused of abandoning ecological commitments and reallocating resources to new projects, causing strong dissatisfaction within the community. Now, holding 160,000 BTC and valued at $10 billion, Bullish is attempting to reshape its positioning as the "regular army of Wall Street in the crypto space," showcasing a typical path of crypto projects transitioning from technical narratives to deep capital engagement.
The Perp DEX sector, represented by Hyperliquid, is expected to experience explosive growth in 2025, with the token HYPE driving wealth effects and the high growth potential of on-chain derivatives trading attracting numerous projects to enter the space. Five unlaunched dark horse projects, including edgeX, Lighter, Aster, Ethereal, and Paradex, each have unique features, covering high-performance matching, zero fees, Binance ecosystem binding, USDe support, and options integration. With technological and capital backing, they have become key focuses in this round of yield farming and investment frenzy.
“Peter Thiel Quietly 'Controls' BitMine, the PayPal Father Bets on Ethereum”
Peter Thiel has quietly become the largest shareholder of BitMine, marking the full-scale launch of his shift from Bitcoin to Ethereum: not only building an ETH treasury through BitMine but also making extensive investments in key infrastructures such as stablecoins (Paxos, Ubyx), derivatives (Avantis), and Layer 2 (Caldera), intending to control the core pipeline of future financial flows. From funding Vitalik to supporting Bullish's listing and promoting Erebor Bank, he is building his crypto empire with a protocol-first strategy, viewing Ethereum as the cornerstone of a new financial order, reigniting PayPal's unfinished monetary revolution dream.
Currently, about 88% of SOL is in circulation, with 71% actively staked, far exceeding ETH's 30%. Although there are discrepancies in data sources regarding the locking ratio, almost all tokens have been unlocked, with only FTX holding approximately 600,000 uncirculated tokens. According to Arkham data, the top ten holders collectively own over 20% of the supply, and the Solana Foundation has entrusted 35.6 million SOL for decentralized validation. Despite only 14.3% of staked SOL coming from liquid staking tokens, an increase in this ratio could unleash significant potential for Solana's DeFi ecosystem. Overall, 0.33% of wallets control over half of the supply, and 97.4% of wallets hold less than 1,000 SOL, indicating a pattern of concentration alongside widespread retail participation.
Most experts expect Ethereum to reach approximately $4,308 by the end of 2025, rising to $10,882 and $22,374 in 2030 and 2035, respectively, with strong long-term bullish sentiment. Although the price fluctuation range for 2025 is quite large ($1,940 to $4,746), 57% of experts believe now is a good time to buy, while 43% think ETH is undervalued. Ethereum is seen as the most promising crypto infrastructure due to its position in DeFi, tokenization of real-world assets, and institutional adoption, with ETF promotion and large enterprise applications reinforcing its growth logic.
“ZORA: 5x in 10 Days, Value Discovery of Content Tokens”
Zora is upgrading from a content minting platform to a high-frequency consumer application centered around the creator economy, integrating on-chain token mechanisms. Despite a decline in token prices, its creator coin mechanism, protocol revenue model, and user activity continue to improve, building a quantifiable on-chain attention monetization loop through a TikTok-like interface deeply integrated with Base. Zora Labs is viewed as the R&D engine for protocol growth, and if it can establish a native advertising system to bring brand funds into the token ecosystem, it is expected to build a long-term moat and become a key infrastructure in the crypto consumption space.
Since the launch of the Ethereum ETF last year, it has experienced a downturn, but now net inflows have reached an all-time high, and assets under management have doubled. Institutions are significantly increasing their ETH holdings through both ETFs and reserve assets, with companies like SharpLink and BitMine holding over 700,000 ETH. As BlackRock pushes for staking ETFs, U.S. regulators may allow staking features within the year, injecting strong expectations for Ethereum, which is transitioning from an "application network" to a digital infrastructure asset that institutions are eager to allocate.
“Arthur Hayes: Trump and Besant Team Up to 'Market-Make', Will BTC Reach $250,000 by Year-End?”
Hayes compares the investment market to dance and music rhythms, emphasizing that understanding fiat credit expansion is key to rising asset prices, especially for fixed-supply assets like Bitcoin. He believes the U.S. is gradually moving towards a "fascist-style" economy centered on state intervention and war, stimulating industrial expansion through government guarantees and bank credit, ultimately creating asset bubbles to maintain economic and social stability. The crypto market, particularly Ethereum, will become a new policy tool and the core of asset bubbles under the Trump administration, forming a closed-loop financial ecosystem from credit injection, stablecoin custody, to government bond acquisition. His investment strategy clearly bets on Ethereum and its ecosystem, viewing it as the best move under the current credit rhythm.
“Diamond Hands Final Chapter: Four Altcoin Investment Opportunities I Favor”
This article shares four Beta-level assets that are currently favored in this cycle: AAVE, due to its certainty and security in combining with traditional finance, holds long-term value in the RWA wave; Pendle is the absolute leader in the yield asset splitting sector, expected to rise again with RWA; Hyperliquid's token issuance is at its peak, and its strong liquidity and ecological extensibility still warrant stealth; Bittensor, although previously questioned for "self-feeding," possesses platform potential similar to ETH in the Crypto+AI narrative, with halving nodes worth close attention. The overall style is shifting from Alpha to Beta, reflecting the long-term beliefs and practical considerations of the current market.
“LTC Takes the Stage on Wall Street: MEI Pharma's 'Litecoin Treasury' Surges Over 80%”
U.S. biotech company MEI Pharma announced the inclusion of Litecoin (LTC) in its treasury, becoming the first publicly listed company to allocate LTC, and appointed Litecoin founder Charlie Lee to its board, causing a surge in stock prices. This strategic shift has garnered over $100 million in funding commitments and support from GSR and the Litecoin Foundation, marking LTC's formal entry into the institutional asset allocation landscape. With the rising probability of ETFs and the replication of micro-strategy models, Litecoin's financial status and market value are undergoing reevaluation, accelerating the institutionalization process of altcoins.
Stablecoins, as digital assets pegged to the U.S. dollar and deployed on blockchains, are evolving from core tools in crypto trading to potential disruptors of global payment systems. Their low cost, high transparency, and programmability demonstrate clear advantages in scenarios such as cross-border payments, domestic U.S. payments, and AI agent payments. Although the current monthly transaction volume of stablecoins exceeds 100 million, their market share in traditional payments remains small. The passage of the 'GENIUS Act' provides a clear regulatory framework for stablecoins in the U.S., enhancing financial stability and compliance, and bringing long-term benefits to blockchain ecosystems like Ethereum. In the future, stablecoins are expected to compete with traditional fintech, tokenized deposits, and central bank digital currencies, becoming an important force driving digital payment innovation.
The first federal stablecoin bill in the U.S., the 'GENIUS Act', has successfully passed amid political maneuvering, bringing a clear legal path and compliance framework to the crypto industry. Circle's Chief Strategy Officer Dante Disparte believes the bill not only legitimizes the crypto industry but also places stablecoins at the core of global financial competition, helping to solidify the dollar's position. The bill introduces an international reciprocity mechanism, granting the U.S. Treasury the power to promote its regulatory model globally, and sets strict requirements for stablecoin issuers, promoting market transparency and security. Circle is competing for compliance with banking giants by applying for a national trust bank license, aiming to build a blockchain-based global financial infrastructure.
“a16z: The Landing of Stablecoins is Just the First Step, the CLARITY Act is Key”
The CLARITY Act has passed the House with a high vote, expected to establish a clear and operable regulatory framework for the U.S. crypto market. It defines the regulatory boundaries for digital commodities and decentralized systems through a "control-based" maturity model, gradually transferring regulatory authority from the SEC to the CFTC, and setting corresponding norms for exchanges, project parties, and DeFi. The act not only enhances transparency, restricts insider trading, and protects consumer rights but also complements the GENIUS Act related to stablecoins, jointly promoting the inclusion of the crypto industry into the compliance system and maintaining the U.S.'s leading position in the global blockchain infrastructure competition.
In the past three months, the crypto market has significantly warmed up, with the prices of several mainstream public chain tokens soaring, but on-chain data performance varies: Ethereum's price has doubled under the push of ETFs and institutional buying, with TVL increasing but the number of ETH decreasing; Solana's activity and capital have both declined, with ecological heat concentrated on Pump.fun; BSC's daily active users and trading volume have surged, yet there is a net outflow of funds; Base's activity has surged but funds are flowing back to Ethereum; Arbitrum's data is stable but prices have rebounded significantly; Sui and Hyperliquid have seen both price and on-chain indicators rise, performing well; Aptos is relatively lagging. Overall, this round of increase seems more like a prelude of capital, with ecological construction still needing validation.
“IOSG: Are SBET Coin Stocks Innovative Narratives or Ethereum Leverage?”
Bitcoin and Ethereum strategic reserves have become popular strategies for listed companies, especially under the demonstration effect of MicroStrategy, with Metaplanet, Twenty One, SharpLink, and others quickly building positions through complex financing methods such as convertible bonds, SPACs, and PIPEs, while forming competitive barriers through tax arbitrage, staking yields, and strategic partnerships. However, the industry is highly homogeneous, with most projects lacking sustained advantages over the long term, showing clear valuation bubbles and facing rapid correction risks during market downturns. Ethereum reserves are particularly active, with companies like SharpLink, BTCS, and BitMine strengthening their yield models through staking, DeFi lending, and attracting top VCs and founders to empower their businesses.
“The Final Movement of the Crypto Economy Trio: Interest Rates”
The Federal Reserve's interest rate policy has become a key variable in the crypto market, with rate hikes or cuts affecting not only U.S. dollar liquidity but also profoundly influencing the trends of digital assets like Bitcoin. Changes in interest rates impact U.S. Treasury yields, the dollar index, gold and oil prices, and the RMB exchange rate, further feeding back into the global financial market. Rate cuts typically release liquidity, enhance risk appetite, and push up crypto asset prices, but this impact is also intertwined with various factors such as economic fundamentals, market sentiment, and policy expectations, and is not linear or one-directional. In today's highly interconnected market, understanding the logic of interest rate cycles and capital behavior is crucial to grasping the rhythm and managing risks amid volatility.
“Pantera Partner: Three Heavy Hits from Washington's 'Crypto Week', Is U.S. Crypto Hegemony Secure?”
The U.S. has recently passed three key bills that completely reshape the regulatory landscape of the crypto industry. The 'GENIUS Act' has been signed into law by Trump, setting unified compliance standards for stablecoin issuance, promoting active pilot programs by banks and tech giants, and significantly boosting market confidence and capital inflows. The 'CLARITY Act' clarifies the regulatory boundaries between the SEC and CFTC, providing a clear legal path for decentralized projects and encouraging them to evolve towards mature blockchain standards. The 'Anti-CBDC Act', included in the National Defense Authorization Act, prevents the launch of central bank digital currencies without congressional approval, safeguarding financial privacy and strengthening policy support for decentralized systems. The synergy of these three bills marks the U.S.'s formal embrace of leadership in the crypto industry, with stablecoins, open finance, and on-chain payments accelerating their development under this regulatory framework.
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