BlockBeats will organize the key industry news content of the week (7.21-7.27) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
This week, the crypto market rebounded after a surge: ETH approached $4,000, BNB broke through $800 to hit a record high, and now both have rebounded
The crypto market has been volatile recently, with a clear divergence between mainstream and Altcoin. On July 21, Ethereum once broke through $3,800, but fell below $3,600 the next day, a 24-hour drop of 1.70%. On the 23rd, BNB was strong, rising to $800, a record high, with a daily increase of 3.92%. On the 25th, Bitcoin briefly fell below $115,000 before rebounding slightly. At the same time, Altcoin continued to fall generally, with SPK falling more than 32% in 24 hours, SAHARA falling more than 30%, and PENGU also falling more than 13%. Related reading: "Ethereum sprints to $4,000: What happened?" , "Multiple altcoins finally hit new highs, will Crypto hit new highs or pullbacks in the future?"
The NFT market has slightly recovered, and the prices of blue-chip NFTs such as Taproot Wizards and Fat Penguin have rebounded
On July 21, according to CoinGecko data, the total NFT transaction volume in the past 24 hours reached 31.085 million US dollars, an increase of 195.1%. At the same time, the total market value of NFT exceeded 6 billion US dollars, with a 24-hour increase of 18.1%. Taproot Wizards increased by more than 30% in a single day, Node Monkey increased by 28.2% in a single day, and Fat Penguin increased by 15.6% in a single day. Related reading: "Is the summer of NFT back again? Come and see what new moves the old projects have made" , "Blue-chip NFTs have risen collectively, has market confidence really returned this time?"
The "80,000 BTC Ancient Whale" has sold all of its Bitcoins, with a market value of over $9 billion
This week, an early BTC investor in the "Satoshi era" completed the sale of more than 80,000 bitcoins through Galaxy Digital Inc., with a total value of more than $9 billion at current market prices. This is also one of the largest bitcoin transactions in terms of nominal value in the history of cryptocurrency. It is reported that these BTC are also part of the investor's estate planning strategy. Since July 15, the address of this ancient whale has changed, and 80,000 BTC have been commissioned by Galaxy Digital for sale, which should be sold in the secondary market and OTC.
Ethereum launches The Torch NFT to commemorate its 10th anniversary, and commemorative NFT minting will be open to all users on July 30
On July 21, Ethereum launched "The Torch" NFT to pay tribute to those who shaped the development of Ethereum in its first decade and the values that will help build Ethereum in the future. In the 10 days before the 10th anniversary of Ethereum, this The Torch NFT will be symbolically passed between wallets. On July 30, The Torch NFT will be destroyed to commemorate the 10th anniversary of the founding of Ethereum. On that day, everyone can mint a commemorative NFT.
US SEC Chairman: ETH is not a security
On July 22, Paul Atkins, the new chairman of the U.S. Securities and Exchange Commission, said in an interview with CNBC that ETH is not a security. It is "encouraging" to see listed companies adopt Bitcoin and cryptocurrencies as fiscal reserve assets.
TRON founder Justin Sun will participate in Blue Origin NS-34 space mission
On July 21, according to official news, Blue Origin announced the list of six passengers for the NS-34 mission, including: Arvi Bahal, Gökhan Erdem, Deborah Martorell, Lionel Pitchford, JD Russell, and Justin Sun, who won the first seat on the New Shepard at a bid of $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, art, mathematics) and promote the future development of space life.
Coinbase officially launches crypto perpetual contract trading for US users this week
On July 22, Coinbase officially announced that starting from July 21, 2025, U.S. users can trade CFTC-regulated perpetual futures through Coinbase Financial Markets, and this type of derivative with the largest trading volume in the world will be available on the platform. Coinbase said that for many years, U.S. cryptocurrency traders could only watch their international counterparts use one of the most popular tools in the digital asset market - perpetual futures. Due to the complex regulatory environment, U.S. traders have been unable to participate. But this situation is about to change.
White House’s first cryptocurrency report to be released before the end of the month
On July 22, crypto journalist Eleanor Terrett posted an update saying, "White House officials told me that the White House cryptocurrency report will be released to the public before the end of this month." The report is expected to include regulatory and legislative recommendations, but the specific content is not yet clear. The report is the result of months of collaboration between the leaders of the working group, David Sacks and Bo Hines, and senior officials from the Treasury Department, the Department of Commerce, the Securities and Exchange Commission, the Commodity Futures Trading Commission and other departments, aimed at implementing the executive order signed by President Trump in January on strengthening the United States' leadership in the field of cryptocurrency. The original tasks of the working group included the development of a federal digital asset framework covering stablecoins (Congress has already initiated the relevant procedures) and the exploration of whether to establish a national digital asset reserve (Trump established it in March).
A list of institutional Ethereum large holdings changes in the past 30 days: Bitmine holds 566,800 ETH and returns to the top
On July 25, according to data from Strategythreserve, the treasury companies and institutions with large changes in Ethereum holdings in the past 30 days are as follows: Bitmine Immersion Tech (BMNR) ranks first, currently holding 566,800 ETH, worth about US$2.11 billion, and its holdings have increased by 247.41% in the past 30 days; SharpLink Gaming (SBET) ranks second, currently holding 360,800 ETH, worth about US$1.35 billion, and its holdings have increased by 91.43% in the past 30 days; The Ethereum Foundation ranks third, holding 237,500 ETH, worth about US$886 million, and its holdings have decreased by 8.09% in the past 30 days;
Tether discloses part of its investment portfolio: it has invested in more than 120 companies, focusing on Bitcoin, payments and other fields
On July 23, Tether CEO Paolo Ardoino said that Tether announced some of its investment/venture capital portfolio. Overall, Tether has invested in more than 120 companies and may grow significantly in the coming months and years. Invested companies include Juventus, Bitdeer, Crystal Intelligence, Rumble, Shiga Digital, etc. These investments all come from Tether's own profits (US$13.7 billion in 2024) and do not involve the reserve assets of USDT (and other stablecoins), which belong to the scope of Tether's investment department. Focus on key areas such as payment infrastructure, renewable energy, Bitcoin, agriculture, artificial intelligence and tokenization.
Trump visits Fed headquarters this week and asks Powell to cut interest rates in person
On July 25, US President Trump was interviewed by the media together with Federal Reserve Chairman Powell during his visit to the Federal Reserve headquarters. In response to how to retract his criticism of Powell, Trump said that he hoped Powell would cut interest rates and would pay attention to the committee's interest rate decision. Trump also said that generally speaking, I would fire a project manager who exceeds the budget. When Trump quoted the budget data for the renovation of the Federal Reserve headquarters, Powell kept shaking his head, and Trump also sarcastically said that the renovation of the building was a difficult task. When Trump said to Powell, "I hope he lowers interest rates," he patted Powell on the back hard, and then Powell smiled awkwardly. Related reading: "Trump "closely" urged the Federal Reserve to cut interest rates, Powell: I have read it but will not reply"
PolyMarket acquires QCX, a small derivatives trading platform, to obtain legal qualifications to return to the US market. The market speculates that it may be preparing for the issuance of coins
On July 21, Bloomberg reported, citing people familiar with the matter, that cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange called QCX, a move that will enable Polymarket to legally return to the U.S. market. The acquisition will officially reopen to U.S. users. Earlier this month, the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) just concluded their investigation into Polymarket. People familiar with the matter said that Polymarket will acquire QCX for $112 million. QCX applied for a license from the CFTC in 2022 and was not allowed to operate until July 9 of this year. A Polymarket spokesperson confirmed the acquisition. Related reading: "Spending $100 million to buy a ticket, the prediction giant "returns to the United States after the robbery" , "Clearing obstacles for coin issuance? Polymarket spent $112 million to acquire QCEX and obtained a compliance license"
The acquisition was also speculated by the market that it had plans to issue coins. On July 23, sources said Polymarket was deciding whether to launch its own custom stablecoin or accept a revenue-sharing agreement with Circle based on the amount of USDC held on the platform. The source said Polymarket's motivation for creating its own stablecoin was simply to have a reserve of earnings. A representative from Polymarket said no decision had been made on the stablecoin issue. Related reading: "Expected losses, high betting threshold: Is the Polymarket airdrop worth it?"
StablecoinX will invest $260 million to launch ENA treasury strategy and plans to list on Nasdaq with the code "USDE"
On July 21, according to official news, StablecoinX, a stablecoin issuer, announced the completion of $360 million in financing to acquire ENA tokens, and plans to list Class A common stock on the Nasdaq Global Market under the stock code "USDE". Among them, the Ethena Foundation will contribute $60 million worth of ENA tokens. To launch the acquisition plan, StablecoinX will use the net cash of $260 million obtained from financing (after deducting related expenses) to purchase locked ENA tokens from Ethena Foundation subsidiaries. Starting today, Ethena Foundation subsidiaries (through third-party market makers) will use all $260 million in cash obtained from token sales in the next few weeks to strategically acquire ENA tokens on public trading platforms, which will align the interests of the foundation with those of StableCoinX shareholders. Affected by this news, ENA rose by more than 20% in a short period of time that day.
Market News: Crypto Company BitGo Submits IPO Application in the US
On July 21, according to market news, BitGo Holdings, a long-established cryptocurrency custody platform, has secretly submitted a draft registration statement to the U.S. Securities and Exchange Commission, planning an initial public offering (IPO) of Class A shares. Following the listing of stablecoin issuer Circle on the New York Stock Exchange in June, this may become another large-scale U.S. cryptocurrency listing. Related reading: "The listing boom has officially arrived, and the long-established asset management BitGo secretly submitted an IPO"
About $2.64 billion of ETH is queuing to exit the Ethereum PoS network, and the demand for new staking has begun to decline
On July 27, according to data from validatorqueue, a validator queue tracking website, the current Ethereum PoS network exit queue increased to 694,000, with a recent peak of 744,000, while on July 16 the number was only 1,920, and on July 15 there was no need to queue up to exit. At the current price, the ETH that is exiting the PoS network is about $2.64 billion, and the withdrawal delay has been extended to 12 days and 1 hour. At the same time, the staking demand for new validators to activate has reached a turning point after a recent phase of increase. On July 17, there were 435,000 ETH waiting in line to enter the network, and today the admission queue has dropped to 220,000, worth about $836 million, and the admission queue currently takes 3 days and 20 hours. Andy Cronk, co-founder of staking service provider Figment, previously said: "When prices rise, people will unstake and sell to lock in profits. Both retail investors and institutions have been observed to follow this pattern in multiple cycles." Related reading: "ETH unstaking queue hits a new high: Institutional long-short showdown, how do retail investors respond?" , "520,000 ETH unstaking in progress, can the market hold up?"
Analysis: pump.fun may launch a trading volume incentive plan, with the incentive token being PUMP; Pump.fun co-founder says airdrops will not happen immediately
On July 24, Alon, co-founder of Pump.fun, said in a live broadcast, "We are eager to reward the community that has supported our platform over the past year and a half, and our goal is to ensure that this airdrop event goes smoothly and makes it meaningful. This will provide us with an excellent opportunity to strengthen our ecosystem, increase trading volume, and maintain activity over a longer period of time. This is critical to re-attracting attention and stimulating interest. Although the PUMP airdrop will not happen immediately, we will share the schedule and details as soon as possible." Related reading: "A live broadcast that made pump.fun completely break through"
On July 27, the crypto research organization Dumpster DAO disclosed that "pump.fun may be preparing to launch a trading volume incentive plan for 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 administrator function that can set incentive parameters including how many PUMP tokens are distributed daily. In addition, 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 be reused or extended. The IDL (Interface Description Language) of the Pump bonding curve program was also updated a few hours ago, indicating that trading volume based on the bonding curve may also be included in the incentive reward.
The total number of reward tokens for this incentive plan is currently unknown. In an updated SDK test version, it is set to distribute 1 billion PUMPs per day. But this is just a test file. At this rate, 3% of the total supply will be distributed in a month, which seems too high, and the actual distribution ratio may be adjusted. These changes have not yet been officially launched. But given that Pump's trading volume has declined significantly compared to competitors such as BONK.fun, the team seems to be trying to regain market share through incentive plans. "
BlockBeats Note: This news has not been officially confirmed by pump.fun. It is only discovered by the community through SDK updates. More information needs to wait for official disclosure.
FTX's next round of compensation distribution is expected to begin around September 30
On July 24, according to PR Newswire, FTX announced that for holders of five categories of customer equity claims and six categories of general unsecured claims (as defined in the plan) that have been approved, as well as convenient claims that have been approved but not yet distributed since the previous record date, the expected registration date for the next distribution is August 15, 2025, and the next distribution is expected to start around September 30, 2025. The next distribution will be carried out by FTX's distribution service providers BitGo, Kraken and Payoneer. FTX also announced that it has obtained authorization from the bankruptcy court to reduce the disputed claims reserve by $1.9 billion, from $6.5 billion to $4.3 billion, and the released cash will be distributed to holders of allowed claims in the next distribution.
Christie’s subsidiary launches cryptocurrency real estate trading unit
On July 25, the New York Times reported that Christie's International Real Estate, one of the largest luxury real estate brokerages in the United States, is setting up a special department so that buyers can use digital currency to purchase real estate. This will become the first mainstream real estate brokerage to set up a special team to handle pure crypto payment transactions. The team is composed of lawyers, analysts and cryptocurrency experts, and is responsible for transactions in which both buyers and sellers use only digital currencies and are completely independent of banks. Aaron Kirman, CEO of Christie's Los Angeles subsidiary, said he is currently in talks with several large banks to promote the acceptance of cryptocurrencies as a payment method for real estate transactions that require financing. He predicts that within five years, cryptocurrency transactions will account for more than one-third of total residential real estate transactions in the United States. Related reading: "Christie's opens a crypto home purchase channel, and the assets of the rich enter "stealth mode""
Takashi Murakami will launch the collectible trading card NFT series 108 Flowers Revised on the Base chain
On July 24, the well-known fashion artist Takashi Murakami posted on social media that his collection-level trading card NFT series "108 Flowers Revised" inspired by physical artworks will be officially launched at the Onchain Summer event. The series is now on the chain, and users can mint directly through the Base app. Minting will officially start at 9 am on August 1st, Japan time. Related reading: "Takashi Murakami's new NFT work will be launched on Base, and the previous work is unfinished and wants to be harvested again? "
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, which will be held at the Nasdaq MarketSite in Times Square, New York, was hosted by Justin Sun, founder of the TRON blockchain and global advisor to Tron Inc., marking an important step for the Company towards the next generation of technology and digital innovation.
Crypto Beast, a crypto influencer, was exposed for manipulating the ALT crash and cashing out more than $11 million
On July 22, crypto detective ZachXBT published a post saying that crypto KOL "Crypto Beast" was suspected of planning and manipulating the ALT token's market value from $190 million to $3 million. On July 14, a large number of internal wallets sold more than $11 million of $ALT in a short period of time, causing the price of the coin to plummet from $0.19 to $0.003. According to on-chain analysis, Crypto Beast had previously actively promoted ALT on X and Telegram, and shared its public wallet address in the post (now deleted). Through transaction time comparison and tracking, it was found that the address was directly related to multiple side wallets transferred through Celestia, and the flow of funds involved multiple instant trading platforms such as KuCoin and Binance. A total of more than 45 wallets were bound to Crypto Beast, and these wallets collectively sold tokens on July 14. In addition, he has used similar methods in multiple projects and is suspected of being involved in the "packaging and carpet-running" of multiple tokens, such as ALPHA, RICH, YE, etc.
Hong Kong Customs uncovered a HK$1.15 billion money laundering case involving virtual asset transactions and cash smuggling
On July 22, according to the Sing Tao Daily, Hong Kong Customs uncovered a case of suspected money laundering through smuggling cash and virtual assets, involving an amount of about HK$1.15 billion, and arrested a local man and a non-local man. Customs earlier targeted a 37-year-old local man and a 50-year-old non-local man based on intelligence, and launched a financial investigation, finding that the two were suspected of smuggling cash out of the country, and frequently and quickly conducting large-scale stablecoin and legal currency transactions, with unknown sources of funds, and suspected of money laundering. During the operation, Customs seized a number of mobile phones, tablets, bank cards and other suspected items involved in the case. The case is still under investigation, and the two men are currently on bail pending investigation, and more arrests are not ruled out.
A Hubei court in China sentenced a criminal who used backdoor code to steal virtual currency for fraud, involving about 77.76 million yuan
On July 25, it was reported that in March 2025, the Yunmeng County Court of Hubei Province made a first-instance judgment on a major virtual currency fraud case. He and four others were sentenced to fixed-term imprisonment ranging from three to thirteen years for fraud and fined between 20,000 yuan and 300,000 yuan. Recently, the second-instance court rejected the appeal and upheld the original verdict. It is reported that He and others developed and launched a so-called "decentralized" virtual currency trading platform in 2020, and issued a supporting token "D coin". Between October and November 2020, He and others repeatedly manipulated the price of D coin to soar, and then forcibly replaced user assets with high-priced D coins, and then transferred virtual currency to personal accounts, and then plummeted the price of the currency afterwards, causing the user's assets to shrink severely and unable to withdraw cash. After investigation, the platform caused a total of 103 investors to be victimized, and the amount involved was equivalent to more than 77.76 million yuan in RMB.
This week's big rounds: 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 and officially launch the Kati 1 project.
On the 23rd, it was reported that Poseidon, a full-stack AI data layer startup, completed a $15 million seed round of financing, led by a16z Crypto. According to reports, Poseidon's goal is to solve the problem of scarcity of high-quality training data with clear intellectual property rights in AI development.
On the 23rd, DSRV, a South Korean blockchain infrastructure service provider, announced the completion of its first round of B round financing of approximately 16 billion won (approximately 11.6 million US dollars). This round of financing was participated by mainstream Korean investment institutions such as Intervest and NH-SK Securities. The second round of financing is expected to start at the end of next month, when more financial institutions will join.
On the 23rd, the decentralized AI reasoning platform Gaia announced the completion of a $20 million seed round and Series A financing, led by ByteTrade, SIG, Mirana, and Mantle, with participation from Outlier Ventures, NGC, Taisu Ventures, Consensys Mesh, and others.
On the 24th, it was reported that the European investment app Lightyear completed a $23 million financing, led by NordicNinja, and participated by Estonian technology entrepreneurs such as Markus Villig, co-founder of the taxi unicorn Bolt. The startup hopes to become the "European version of Robinhood" and enter the commission-free trading market.
This week's hot articles
"If BlackRock's ETH collateralized ETF passes, what impact will it have on Ethereum?"
BlackRock plans to introduce a staking function to its Ethereum ETF, which has attracted great attention from the market to the transformation of ETH investment logic. Staking ETFs will transform ETH from a purely speculative asset into a financial instrument with income attributes, driving new demand from institutions and retail investors. To solve the liquidity problem of pledged assets, liquid staking protocol(such as Lido's stETH) and centralized platforms (such as Coinbase's cbETH) have become key solutions, and related tracks and tokens have therefore been sought after by funds. With the advancement of supervision and the maturity of infrastructure, ETH staking income is expected to become the core fulcrum for the integration of traditional finance and encryption.
《A live broadcast that made pump.fun completely break out》
In the early morning of July 19, pump.fun co-founder Alon was interviewed on Twitch, which caused a public relations disaster and caused $PUMP to plummet by nearly 20% that day. Although he reiterated his promise of airdrops and claimed that he would inject liquidity into the ecosystem, his delay in giving a timetable and his repeated attitude of "cannot disclose" caused strong dissatisfaction in the community, and his performance in leading orders was ridiculed as "discount failure". At the same time, competitor Bonk quickly announced that the platform revenue would support the top meme coins, which contrasted with pump.fun's slow action. The interview failed to calm emotions, but further shook market confidence, making pump.fun, which has huge funds, look neither transparent nor sincere.
Bullish, which emerged from EOS, is officially heading to the New York Stock Exchange
Bullish, a crypto trading platform, has officially submitted an IPO document to the SEC, intending to be listed on the New York Stock Exchange with the code "BLSH", marking another compliance-focused crypto company entering the U.S. stock market after Coinbase and Circle. Bullish was initiated by Block.one, the parent company of EOS. It set a record of $4.2 billion in ICO in 2017, and later turned to the traditional financial market, gaining support from heavyweight investors such as Peter Thiel. It is worth noting that the rise of Bullish was accompanied by a complete break with the EOS community. Block.one was accused of abandoning its ecological commitments and diverting resources to new projects, which aroused strong dissatisfaction in the community. Now with 160,000 BTC in hand and a valuation of tens of billions of dollars, Bullish is trying to reshape its position as a "Wall Street regular army in the crypto", showing the typical path of crypto projects from technical narratives to capital cultivation.
The Perp DEX track represented by Hyperliquid will see explosive growth in 2025. The token HYPE will drive the wealth effect, and the high growth potential of on-chain derivatives trading will attract a large number of projects. The five dark horse projects that have not yet issued tokens, edgeX, Lighter, Aster, Ethereal and Paradex, each have their own characteristics, covering high-performance matching, zero handling fees, Binance ecosystem binding, USDe support and option integration. With the support of technology and capital, they have become the focus of attention in this round of wool and investment boom.
"Peter Thiel quietly controls BitMine, PayPal's godfather bets on Ethereum"
Peter Thiel quietly became the largest shareholder of BitMine, marking the full launch of his shift from Bitcoin to Ethereum: not only did he build an ETH treasury through BitMine, he also made extensive investments in key infrastructure such as stablecoins (Paxos, Ubyx), derivatives (Avantis), and Layer2 (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 own crypto empire with a protocol-first strategy, viewing Ethereum as the cornerstone of a new financial order and rekindling PayPal's unfinished dream of a currency revolution.
Currently, about 88% of SOL has entered circulation, of which 71% is in active staking, which is much higher than ETH's 30%. Although data sources disagree on the lock-up ratio, almost all tokens have been unlocked, and FTX alone still holds about 600,000 SOLs that are not in circulation. According to Arkham data, the top ten holders hold more than 20% of the supply in total, and the Solana Foundation has entrusted 35.6 million SOLs for decentralized verification. Although only 14.3% of the staked SOL currently comes from liquid staked tokens, the increase in this ratio may unlock huge potential for Solana's DeFi ecosystem. Overall, 0.33% of wallets control more than half of the supply, and 97.4% of wallets hold less than 1,000 SOLs, showing a pattern of coexistence of concentration and widespread participation by retail investors.
Most experts expect Ethereum to reach about $4,308 by the end of 2025, and rise to $10,882 and $22,374 in 2030 and 2035, respectively, with strong long-term bullish sentiment. Despite the large price fluctuation range in 2025 ($1,940 to $4,746), 57% of experts believe that now is the time to buy, and 43% believe that ETH is undervalued. Ethereum is regarded as the most promising crypto infrastructure due to its position in DeFi, tokenization of real-world assets, and institutional adoption, and ETF promotion and large enterprise applications are strengthening its growth logic.
《ZORA 5x in 10 days, value discovery of content tokens》
Zora is upgrading from a content creation platform to a high-frequency consumer application with creator economy as the core and integrated on-chain token mechanism. Although the token price has fallen, its creator currency mechanism, protocol revenue model and user activity continue to improve. Through the TikTok-style interface and deep integration with Base, a quantifiable on-chain attention monetization closed loop has been built. Zora Labs is regarded as the R&D engine for protocol growth. If it can open up the native advertising system in the future and introduce brand funds into the token system, it is expected to build a long-term moat and become a key infrastructure in the field of crypto consumption.
Ethereum ETF has experienced a downturn since its launch last year. Now, the capital inflow has hit a record high and the asset management scale has doubled. Institutions have increased their ETH through two channels: ETF and reserve assets. In particular, companies such as SharpLink and BitMine have held more than 700,000 ETH. With BlackRock promoting pledged ETFs, US regulators may release the pledge function within the year, injecting strong expectations into Ethereum. ETH is leaping from an "application network" to a digital infrastructure asset that institutions are competing to configure.
Hayes compared the investment market to the rhythm of dance and music, emphasizing that understanding the expansion of fiat credit is the key to rising asset prices, especially for fixed supply assets such as Bitcoin. He believes that the United States is gradually moving towards a "fascist" economy centered on state intervention and war, stimulating industrial expansion through government guarantees and bank credit, and ultimately creating asset bubbles to maintain economic and social stability. The crypto market, especially Ethereum, will become a new policy tool and the core of the asset bubble under the promotion of the Trump administration, from credit injection, stablecoin custody, to treasury bond acceptance, to form a closed-loop financial ecology. Its investment strategy clearly bets on Ethereum and its ecology, believing that this is the best dance step under the current credit rhythm.
Diamond Hands Finale: Four Major Altcoin Investment Opportunities I’m Optimistic About
This article shares the four most promising Beta assets in the current cycle: AAVE has long-term holding value in the RWA wave because of its certainty and security combined with traditional finance; Pendle is the absolute leader in the income asset split track, and is expected to rise again with RWA in the future; Hyperliquid is at its peak as soon as it issues its token, and it is still worth lurking because of its strong liquidity and ecological scalability; although Bittensor has been questioned for "self-feeding", it has the potential of an ETH-like platform in the Crypto+AI narrative, and the halving node deserves special attention. The overall style has shifted from Alpha to Beta, recording the long-term beliefs and realistic considerations of the current market.
"LTC enters the Wall Street stage: MEI Pharma's "Litecoin Treasury" rose by more than 80%"
US biotech company MEI Pharma announced that it would include Litecoin (LTC) in its treasury, becoming the first listed company to allocate LTC, and appointed Litecoin founder Charlie Lee as a member of the board of directors, triggering a surge in stock prices. This strategic transformation has received a commitment of more than US$100 million in funds and has been supported by GSR and the Litecoin Foundation, marking the official entry of LTC into the institutional asset allocation vision. With the increasing probability of ETFs and the replication of the micro-strategy model, Litecoin's financial status and market value are ushering in a reassessment, and the institutionalization process of Altcoin is accelerating.
As a digital asset pegged to the US dollar and deployed on the blockchain, stablecoins are evolving from a core tool for crypto transactions to a potential disruptor of the global payment system. Their low cost, high transparency, and programmability give them clear advantages in scenarios such as cross-border payments, domestic payments in the United States, and AI agent payments. Although the current monthly transaction volume of stablecoins has exceeded 100 million, their share in the traditional payment market is still small. The passage of the GENIUS Act provides a clear regulatory framework for stablecoins in the United States, enhances financial stability and compliance, and also brings long-term benefits to blockchain ecosystems such as Ethereum. In the future, stablecoins are expected to compete with traditional financial technology, tokenized deposits, and central bank digital currencies, and become an important force in promoting innovation in digital payments.
The first federal stablecoin bill in the United States, the GENIUS Act, was successfully passed in the political game, bringing a clear legal path and compliance framework to the crypto industry. Dante Disparte, chief strategy officer of Circle, believes that the bill not only legalizes the crypto industry, but also puts stablecoins at the core of global financial competition, which helps consolidate the position of the US dollar. The bill introduces an international reciprocity mechanism, empowers the US Treasury to promote its own regulatory model globally, and sets strict requirements for stablecoin issuers to promote market transparency and security. Circle is competing with banking giants in compliance by applying for a national trust bank license, hoping to build a global financial infrastructure based on blockchain.
"a16z: Stablecoin landing is only the first step, the CLARITY Act is the key"
The CLARITY Act passed the House of Representatives with a high vote, and is expected to establish a clear and operational regulatory framework for the US crypto market. It defines the regulatory boundaries of digital commodities and decentralized systems through a "control-based" maturity model, gradually transfers regulatory power from the SEC to the CFTC, and formulates corresponding regulations for exchanges, project parties, and DeFi. This bill not only improves 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 in the compliance system and maintaining the United States' leading position in the global blockchain infrastructure competition.
In the past three months, the crypto market has rebounded significantly, and the prices of tokens of many mainstream public chains have soared, but the performance of on-chain data is uneven: Ethereum's price doubled under the impetus of ETF and institutional buying, TVL increased but the amount of ETH decreased; Solana's activity and capital flow both decreased, and the ecological heat was concentrated on Pump.fun; BSC's daily activity and trading volume increased significantly, but there was a net outflow of funds; Base's activity surged but funds flowed back to Ethereum; Arbitrum's data was stable but the price rebounded significantly; Sui and Hyperliquid's prices and on-chain indicators both increased, and their performance was outstanding; Aptos lagged behind. Overall, this round of rise is more like capital first, and ecological construction still needs to be verified.
"IOSG: Are SBET stocks innovative narratives or Ethereum leverage?"
Strategic reserves of Bitcoin and Ethereum have become a popular strategy for listed companies. Especially under the demonstration effect of MicroStrategy, Metaplanet, Twenty One, SharpLink, etc. quickly build positions through complex financing methods such as convertible bonds, SPAC, PIPE, and combine tax arbitrage, pledge income and strategic cooperation to form competitive barriers. However, the industry is highly homogeneous, and most projects lack sustained advantages for a long time. The valuation bubble is obvious and faces the risk of rapid correction when the market goes down. Ethereum reserves are particularly active. Companies such as SharpLink, BTCS and BitMine are strengthening their income models through pledges, DeFi lending, etc., while attracting top VCs and founders to join the game to empower enterprises.
The Final Movement of the Cryptoeconomic Trio: Interest Rates
The Fed's interest rate policy has become a key variable in the crypto market. Raising or lowering interest rates not only affects the liquidity of the US dollar, but also profoundly affects the trend of digital assets such as Bitcoin. Interest rate changes are further fed back to the global financial market by affecting US Treasury yields, the US dollar index, gold and crude oil prices, and the RMB exchange rate. Interest rate cuts usually release liquidity, increase risk appetite, and push up the price of crypto assets, but this impact is also affected by multiple factors such as economic fundamentals, market sentiment, and policy expectations, and is not linear or one-way. In the current highly interconnected market, understanding the interest rate cycle and the logic of capital behavior is the only way to grasp the rhythm and seek profit and avoid risk in the midst of fluctuations.
The United States recently passed three key bills to completely reshape the regulatory landscape of the crypto industry. The GENIUS Act has been signed into law by Trump, setting unified compliance standards for the issuance of stablecoins, promoting banks and technology giants to actively pilot, and significantly improving market confidence and capital inflows. The CLARITY Act clarifies the regulatory boundaries of the SEC and CFTC, provides a clear legal path for decentralized projects, and encourages projects to evolve toward mature blockchain standards. The Anti-CBDC Act, which is included in the National Defense Authorization Act, prevents the central bank's digital currency from being launched without congressional approval, defends financial privacy, and strengthens policy support for decentralized systems. The three bills work together to mark the United States' official embrace of the dominance of the crypto industry, and stablecoins, open finance, and on-chain payments will accelerate development under its regulatory framework.
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