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Regulatory/Macro

FTX Hearing: Creditors in restricted jurisdictions may choose to transfer their claims to non-restricted jurisdictions for claims

FTX Historian, an account that tracks FTX's bankruptcy and compensation, summarizes the key points of last night's hearing: Previously, if a creditor was in a "restricted jurisdiction" (such as China or Russia), his funds would be immediately confiscated according to the initial proposal of FTX's asset recovery party. Now the situation has changed, and creditors may be able to transfer their claims to non-restricted countries. The initial motion was "If the creditor is in a restricted jurisdiction, his claims or compensation will be immediately confiscated", and the updated motion is expected to limit or delete this clause. Creditors can move to non-restricted areas (such as from China to Singapore or the UAE) and receive a distribution of funds, and the jurisdiction can be changed before the distribution. Affected creditors (such as those who have completed KYC in China but live in other countries) may be able to recover their funds through this, but they need to update information and seize the opportunity. In addition, the hearing reduced the risk of debt buyers, and they are likely to increase their bids.

South Korean regulators order to stop the country's ETFs from expanding their holdings of crypto stocks such as Coinbase

According to the Korea Herald, the Financial Supervisory Service of South Korea recently issued verbal guidance to domestic asset management companies, asking them not to expand the proportion of holdings of crypto companies such as Coinbase and Strategy in ETFs. The regulator reiterated that the "Emergency Countermeasures Related to Virtual Currency" issued in 2017 is still valid. The administrative guidance clearly prohibits formal financial institutions from holding, purchasing virtual assets, obtaining related collateral and making equity investments. Data shows that many products in South Korea's listed ETFs currently hold more than 10% of virtual asset-related targets. Among them, the "ACE US Stock Best-selling ETF" operated by Korea Investment Trust holds 14.59% of Coinbase. The Financial Supervisory Service's guidance is aimed at controlling the risk exposure of traditional financial products to virtual assets.

Source: Polymarket is considering issuing its own stablecoin

According to CoinDesk, people familiar with the matter said that Polymarket, a crypto prediction market platform, is considering whether to launch its own customized stablecoin or accept a revenue-sharing agreement with Circle based on the platform's USDC holdings. It created its own stablecoin to control the reserve assets that support the platform's large amount of USDC and can generate income. A Polymarket representative said that the issue of stablecoins has not yet been decided. Sources said that from a regulatory perspective, it is easier for Polymarket to issue its own stablecoins. The person said that Polymarket locks in a large amount of stablecoin value and hopes to gain benefits from it. Its ecosystem is closed, and it only needs to exchange USDC or USDT for customized stablecoins. There is no need to worry about deposit and withdrawal channels. It is simple to build and easy to ensure security and control. A Circle spokesperson did not respond to comment.

Square will launch native Bitcoin payments for some merchants starting today

Jack Dorsey announced on the X platform that his payment company Square will launch native Bitcoin payment services for its first few merchants starting today. Previously, at the Bitcoin 2025 conference held in Las Vegas in May 2025, they tried to use the Lightning Network for fast and low-cost transactions.

21Shares Submits S-1 Documents Related to ONDO ETF to the US SEC

According to The Blcok, 21Shares has filed an application to launch an ETF that tracks ONDO, the native token of RWA platform Ondo Finance. According to a report from the U.S. Securities and Exchange Commission (SEC), the company filed an S-1 registration statement on Tuesday. Founded in 2021 by former Goldman Sachs employees Nathan Allman and Pinku Suran, Ondo Finance focuses on the tokenization of real-world assets such as U.S. Treasuries and money market funds. The platform is associated with the World Liberty Financial DeFi project associated with President Trump, which has purchased approximately $500,000 worth of ONDO tokens for its multi-asset reserves.

Viewpoint

Analysis: Retail leverage soared before FOMC, key positives may emerge in late summer

Matrixport said in today's chart that in the past two weeks, Bitcoin open interest has increased significantly by $6 billion, and the annualized funding rate has soared to 19%, indicating that there are a large number of aggressive leveraged long positions in the market. At the same time, South Korea's retail trading activity has increased significantly, and cryptocurrency trading volume has jumped from $1 billion to $6 billion, reflecting the dominant role of retail funds in this round of market. However, as prices enter a sideways phase, these highly leveraged long positions may face the risk of passive liquidation, especially after the FOMC meeting next week, the market will enter a relatively light August trading period. Although there may be volatility pressure in the short term, several key positives are building momentum for after the summer, and the overall upward trend of the crypto market is not over yet.

Changpeng Zhao: The alt season index is rising, and the FOMO season is coming

Zhao Changpeng posted on the X platform at noon that although he was uncertain about the accuracy of the Alt Season Index on CoinMarketCap, it was indeed rising and “FOMO season is coming.”

Arthur Hayes: Bitcoin is expected to reach $250,000 and Ethereum will reach $10,000 by the end of this year

According to Cointelegraph, Arthur Hayes predicted that by the end of this year, the price of Bitcoin will reach $250,000 and the price of Ethereum will reach $10,000. He also said that Trump's "wartime economic policy" will stimulate credit growth, funds will flow into the cryptocurrency field, and stablecoin issuers will purchase U.S. Treasury bonds to provide financial support for the government's fiscal deficit.

Yu Weiwen: Avoid excessive speculation in stablecoins. At best, only a few stablecoin licenses will be issued in the initial stage.

According to Jinshi.com, Hong Kong Monetary Authority Chief Executive Eddie Yue talked about stablecoins again. With the recent hot speculation of the stablecoin concept, the market has become overly excited. Some listed companies, regardless of whether their main business is related to stablecoins or digital assets, have "turned stones into gold" as long as they declare their intention to develop stablecoin business. The stock price will rise immediately, the stock trading volume will increase significantly, and the company's reputation will also be greatly improved. In fact, we have made it clear earlier that at most only a few stablecoin licenses will be approved in the initial stage. In other words, there are many disappointed people. Even if the license is obtained, based on our consideration of steady development and the resource investment required in the initial stage, there will be a certain degree of uncertainty in the contribution to the company's short-term profits. We hope that investors will remain calm and think independently when digesting the "good" news in the market.

Project News

On the eve of Pump.fun airdrop, 2 billion PUMPs were suspected to be transferred from Binance hot wallet back to the project address

According to ai_9684xtpa monitoring, 2 billion PUMP tokens are suspected to be transferred from Binance hot wallet back to the project's associated address. Previously, these tokens were recharged into Binance and transferred to the address "9SnqX...seSGz". Half an hour ago, these tokens were transferred from this address back to the project's associated address in batches. Earlier, sources said that Pump.fun will issue PUMP airdrops on July 24.

PENGU surpasses BONK to become the meme coin with the highest market value on the Solana chain, and its market value ranking rises to 54th

According to the latest data from coingecko, Pudgy Penguins (PENGU) has surpassed Bonk (BONK) and ranked 54th in cryptocurrency market value, becoming the Memecoin with the highest market value in the Solana ecosystem.

Binance Futures to Launch PENGUUSDC, CVXUSDT, and SLPUSDT U-margined Perpetual Contracts

According to the official announcement, Binance Futures will launch perpetual contracts at the following times: 15:30 on July 23, 2025 (GMT+8): PENGUUSDC perpetual contract, with a maximum leverage of 75 times; 19:30 on July 23, 2025 (GMT+8): CVXUSDT perpetual contract, with a maximum leverage of 75 times; 19:45 on July 23, 2025 (GMT+8): SLPUSDT perpetual contract, with a maximum leverage of 75 times.

Eigen Labs: The redistribution mechanism is now live on the mainnet

According to the official blog, Eigen Labs announced that the redistribution mechanism has been launched on the mainnet. The redistribution mechanism is the next generation iteration of the EigenLayer slashing function. Redistribution unlocks new use cases for AVS, providing AVS and its customers with more options for liquidity management and risk tolerance. Under the redistribution mechanism, the slashed funds can now be redistributed according to their specific use cases instead of being destroyed.

PayPal to launch global platform PayPal World to connect payment systems and digital wallets

According to official news, PayPal announced that it will launch the global platform PayPal World. Some of the world's largest payment systems and digital wallets, including Mercado Pago, NCPI International Payments Limited (UPI) and Tencent's cross-border payment platform Tenpay Global, are working with PayPal and Venmo to connect millions of users and businesses around the world. Consumers will be able to make international purchases and quickly make global remittances through their existing wallets. Businesses can also accept payments from new customers around the world without expensive integration fees. More wallets will be added in the coming months. PayPal World is expected to go live this fall, and all partners can interoperate with PayPal and Venmo.

Binance Alpha to List Lnfi Network (LN)

According to the official announcement, Binance Alpha will be the first platform to launch Lnfi Network (LN) on July 25. Eligible users can go to the Alpha event page to use Binance Alpha points to claim the airdrop after Alpha trading is open. Specific details will be announced separately.

WisdomTree renames its stablecoin WUSD to USDW and plans to launch it on other blockchains in the future

According to Cointelegraph, WisdomTree announced that it will rename its stablecoin WUSD to USDW, and plans to launch it on other blockchains in the future. Currently, the stablecoin is only available on the Stellar platform.

LetsBonk Grows Market Share to 64% on Solana Meme Token Launch Platform

According to The Block, the market share of Solana-based Meme token launch platform LetsBonk has increased from 5% a month ago to 64% at present, while the market share of competitor Pump.fun has dropped sharply from 90% to 24% during the same period. In the past week, the LetsBonk platform has issued about 150,000 tokens, an increase of about 14% from the 132,000 tokens issued in the previous week. Its single-day issuance on July 18 set a new record of 26,600 tokens. In addition, LetsBonk's trading volume last Friday was about 179 million US dollars, while Pump.fun was only 52 million US dollars. Just a month ago, LetsBonk's average daily trading volume was less than 10 million US dollars, while Pump.fun's average daily trading volume was almost 15 times that of LetsBonk. The increase in trading volume has led to an increase in fee income. Last week alone, LetsBonk generated more than 8 million US dollars in fee income. During the same period, Pump.fun's fee income was only about half of that.

Important data

The amount of ETH to be withdrawn reached 620,000, and the net redemption amount was about 271,000

According to Ai Yi’s monitoring, the number of Ethereum to be withdrawn from pledge has reached 620,000, and the net redemption volume is about 271,000. On-chain data shows that in the past week, two HTX-related wallets have redeemed a total of 110,000 ETH, worth more than $400 million. In addition, some institutions including Abraxas Capital Mgmt have also carried out large-scale redemption operations, with a single redemption volume of more than 10,000.

Ethereum spot ETFs had a total net inflow of $534 million yesterday, the third highest in history

According to SoSoValue data, yesterday (July 22, Eastern Time), the total net inflow of Ethereum spot ETFs was US$534 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF ETHA, with a single-day net inflow of US$426 million. Currently, ETHA has a total net inflow of US$8.583 billion. The second is Grayscale Ethereum Mini Trust ETF ETH, with a single-day net inflow of US$72.6405 million. Currently, ETH has a total net inflow of US$1.153 billion. As of press time, the total net asset value of Ethereum spot ETFs is US$19.849 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) is 4.44%, and the historical cumulative net inflow has reached US$8.319 billion.

Bitcoin spot ETFs had a total net outflow of $67.9322 million yesterday, with only Grayscale ETF GBTC achieving net inflow

According to SoSoValue data, yesterday (July 22, Eastern Time), the total net outflow of Bitcoin spot ETFs was $67.9322 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Grayscale ETF GBTC, with a net inflow of $7.51 million in a single day. Currently, the total net outflow of GBTC has reached $23.535 billion. The Bitcoin spot ETF with the largest net outflow in a single day yesterday was Bitwise ETF BITB, with a net outflow of $42.2664 million in a single day. Currently, the total net inflow of BITB has reached $2.277 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $154.773 billion, the ETF net asset ratio (market value to the total market value of Bitcoin) is 6.5%, and the historical cumulative net inflow has reached $54.551 billion.

A new wallet received another 33,644 ETH from FalconX, equivalent to about $126 million

According to Onchain Lens, a newly created wallet received another 33,644 ETH (worth $126 million) from FalconX. The wallet currently holds a total of 105,977 ETH (worth $396 million).

Since July 12, a total of 1.81 billion PENGU has been transferred from the PENGU token deployment address to CEX

According to on-chain analyst Yu Jin, 226.6 million PENGU (worth $9.05 million) continued to be transferred from the PENGU token deployment address to multiple CEXs in the past day. Since July 12, a total of 1.81 billion PENGU (worth $54.61 million) has been transferred from the PENGU token deployment address to CEXs.

Trend Research allocates ENS again after a year, withdraws $5.5 million worth of ENS from Binance

According to on-chain analyst @ai_9684xtpa, Trend Research, which is affiliated with LD Capital, has allocated ENS again after a year. 10 hours ago, it withdrew 203,105 ENS (worth $5.5 million) from Binance. It made a swing trade of 80,000 ENS a year ago, and according to the deposit and withdrawal prices, it left the market with a loss of $122,000.

BNB breaks through $800, hitting a new all-time high

Market data shows that BNB has broken through $800 and is now trading at $803.43, with a 24-hour increase of 4.93%, setting a record high.

The size of the Ethereum validator exit queue is currently about 519,000 ETH, a new high since January 2024

According to CoinDesk, the size of the Ethereum validator exit queue is about 519,000 ETH (worth about $1.9 billion), a record high since January 2024, and the current exit waiting time is more than 9 days. Analysis shows that this is mainly related to the profit-taking of stakers after the price of ETH rose 160% from the low point in April. Data shows that despite the exit wave, the demand for Ethereum staking remains strong-there are currently 357,000 ETH (worth $1.3 billion) waiting to enter the staking queue, and the waiting time is more than 6 days. This phenomenon is partly due to the continued increase in holdings by Ethereum treasury companies such as SharpLink Gaming, and the increase in institutional participation after the SEC clarified at the end of May that staking does not violate securities laws. Since late May, the number of active validators has increased by 54,000, reaching a historical peak of 1.1 million. Industry insiders pointed out that the surge in exit queues may also include the share of institutional investors who have unstaked to participate in the fundraising of ETH treasury companies.

Financing/Acquisition

a16z leads $15 million seed round for Poseidon to advance decentralized data layer for AI

According to The Block, the well-known venture capital firm Andreessen Horowitz (a16z) led a $15 million seed round of financing for the AI decentralized data layer project Poseidon. Poseidon is built on the Story Protocol and aims to unlock high-quality training data for the "next generation of physical AI." It is reported that Poseidon was incubated by the Story team and is committed to solving the problem of obtaining high-quality, available and legally authorized training data in the field of AI. Chris Dixon, founder of a16z Crypto, said that Poseidon's decentralized data layer will establish a new economic foundation for the Internet, incentivizing creators and suppliers to provide diverse data inputs for the next generation of intelligent systems. The project will provide AI developers with IP-secure, legal and compliant access to training data through the Story protocol's programmable intellectual property layer and immutable registry.

Archax acquires German digital asset firm DDA to expand European crypto ETP layout

According to CoinDesk, British digital asset exchange Archax will acquire German regulated crypto asset management company Deutsche Digital Assets (DDA) to strengthen its business layout in major European financial markets such as the UK, Germany and France. DDA currently manages approximately $70 million in assets and focuses on distributing crypto exchange-traded products (ETPs) through European banks and asset management institutions. The acquisition will bring Archax new licenses such as portfolio management and investment consulting under the supervision of Germany's BaFin, enabling it to better serve EU institutional clients.

South Korean blockchain infrastructure provider DSRV completes first round of financing of approximately US$11.6 million

According to Edaily, DSRV, a South Korean blockchain infrastructure provider, has completed its first round of B financing of approximately 16 billion won (approximately 11.6 million US dollars). This round of investment was participated by major Korean investment institutions such as Intervest and NH-SK Securities, and a second round of financing with the participation of multiple financial institutions is expected to be carried out at the end of next month. According to reports, DSRV provides infrastructure for more than 70 blockchain networks around the world and manages more than 4 trillion won in digital assets. Last year, DSRV's annual sales reached approximately 10.7 billion won, and its net profit for the period was 3 billion won. The company plans to increase sales in new business areas such as stablecoins and custody, and officially promote global market expansion in regions including the United States, Japan, and Africa.

Dan Tapiero's two funds will merge to form a new brand 50T and launch a new $500 million crypto fund

According to The Block, 10T Holdings (10T) and 1RoundTable Partners (1RT), two crypto growth equity funds founded by veteran macro investor Dan Tapiero, have completed a brand merger, established a new brand 50T and launched a new fund of US$500 million. The newly established 50T Fund V is a 10-year closed-end fund that focuses on growth equity investments in blockchain, cryptocurrency and Web3 infrastructure. The first fundraising is scheduled to be completed in the fourth quarter of this year. Under the merged brand, 50T currently manages US$2 billion in assets and retains a board seat in its portfolio. The company said its "calculated" centralized management strategy emphasizes structured downside protection and active governance.

Institutional Holdings

Nano Labs Increases BNB Strategic Reserve to $90 Million, Plans to Upgrade Reserve Strategy

According to Globe Newswire, Nano Labs Ltd (NASDAQ: NA), a provider of Web 3.0 infrastructure and product solutions, announced that the company has significantly increased its BNB holdings to 120,000, with a current total value of approximately US$90 million. Recently, Nano Labs purchased an additional 45,684.9862 BNBs through over-the-counter transactions, with an average purchase price of approximately US$764 per coin. The company's current average BNB purchase cost is US$707. Nano Labs stated that in the future, it will further strengthen its BNB strategic reserves through various means such as continuing to increase its holdings of BNB, acquiring controlling stakes in entities with BNB as its core reserve assets, and investing in companies that focus on holding BNB.

Sharplink Gaming increased its holdings by 79,949 ETH last week, investing approximately $258 million

According to GlobeNewswire, SharpLink Gaming (NASDAQ: SBET) purchased 79,949 Ethereum at an average price of $3,238 per ether between July 14 and July 20, with a total amount of $258 million. As of July 20, 2025, its Ethereum (ETH) holdings increased to 360,807, an increase of 29% from the previous week, setting a record for the largest single-week increase in history. Since the launch of the digital treasury strategy on June 2, 2025, the company has received 567 ETH rewards through staking.

DDC Enterprise plans to increase its Bitcoin holdings to 10,000 by the end of this year

According to Businesswire, Norma Chu, founder, chairman and CEO of DDC Enterprise, a NYSE-listed company, published a shareholder letter, in which she pointed out that it received a $528 million transformation capital commitment earlier this month. So far, investors such as Anson Funds, Animoca Brands and Kenetic Capital have provided about $53 million in initial financing funds. It has submitted a general F-3 shelved registration statement to the U.S. Securities and Exchange Commission. The shelved registration will allow it to raise up to $500 million in rights offerings to support its Bitcoin expansion strategy. In addition, the company also announced a new Bitcoin increase plan: it plans to increase its Bitcoin holdings to 10,000 by the end of 2025, and become one of the top three listed companies using a Bitcoin reserve strategy within three years.

ARK Invest Acquires $182 Million of BMNR Common Stock to Help BitMine Advance Its Ethereum Treasury Strategy

According to PR Newswire, BitMine announced on Tuesday that ARK Invest has acquired 4,773,444 shares of BitMine common stock BMNR, with a total value of US$182 million. BitMine plans to use all net proceeds (approximately US$177 million) to purchase Ethereum.

Pudgy Penguins launches browser-based free game Pudgy World

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