Today's news tips:
1. The U.S. Senate voted to pass a procedural motion to advance the "Big and Beautiful" bill
2. Binance Alpha launches Rekt (REKT), users with at least 170 Binance Alpha points can participate in the airdrop
3. Next week's macro outlook: Non-farm payrolls are coming, and Trump continues to "play" with the entire market
4.Vitalik: Zero-knowledge proof of identity still has risks
5. Coinbase is selected as one of Time Magazine's "Top 100 Most Influential Companies in the World" in 2025
6. a16z transferred another 100,000 COMP to Coinbase Prime 8 hours ago, and transferred out a total of 400,000 COMP in the last 21 hours
7. Report: The RWA market size increased by 85% year-on-year to US$24 billion, becoming the second fastest growing field after stablecoins
8. Report: 75 cryptocurrency thefts in the first half of the year resulted in a total of $2.1 billion stolen, exceeding the first half record set in 2022
Regulatory/Macro
At the beginning of this week, the dollar rose due to news of US intervention in the Israeli-Iranian conflict, but with the signing of the ceasefire agreement, market sentiment improved, and the dollar gave up all its gains and fell below 97, hitting a new low since March 2022. Looking ahead to next week, traders will pay close attention to the US PMI data and the non-farm payrolls report, which will be released early on Thursday due to the holiday. The following are the key points that the market will focus on in the new week:
Monday 21:45, US Chicago PMI for June;
At 22:00 on Monday, Atlanta Fed President Bostic will give a speech on the outlook for the U.S. economy;
At 01:00 on Tuesday, Chicago Fed President Goolsbee will deliver a speech;
At 21:30 on Tuesday, Federal Reserve Chairman Powell will participate in a group meeting;
At 22:00 on Tuesday, the U.S. ISM manufacturing PMI for June, JOLTs job vacancies for May, and the monthly rate of construction spending for May;
At 20:30 on Thursday, the number of initial jobless claims in the United States for the week ending June 21, the unemployment rate in June, the seasonally adjusted non-farm payrolls in June, and the trade account in May;
At 21:45 on Thursday, the final value of the US S&P Global Services PMI for June will be released;
At 23:00 on Thursday, Atlanta Fed President Bostic will deliver a speech on US monetary policy.
For the June nonfarm payrolls report, the market expects the unemployment rate to remain unchanged at 4.2% and the number of employed people to fall to 129,000 from the previous increase of 139,000. Other labor market data, such as the JOLTs job openings data for May will be released next Tuesday, while the ADP private employment report for June will be released next Wednesday. If the ISM data next week also paints a similar picture, investors may scale back their rate cut bets, especially if the nonfarm payrolls continue to show a healthy labor market. As the market gradually adjusts to the idea that the Fed may be patient before resuming the process of rate cuts, the dollar may rebound.
U.S. Senate votes to pass procedural motion to advance "big and beautiful" bill
According to Cailian Press, on June 28 local time, the U.S. Senate passed a procedural motion by a vote of 51 to 49, which aims to advance the massive tax and spending bill that U.S. President Trump called "big and beautiful". After the U.S. Senate passed the procedural vote, the possibility of the bill passing in the next few days has increased. It is reported that after the procedural motion is passed, the massive tax and spending bill will go through reading, debate, amendment voting and final vote, which is expected to take several days, with the goal of sending it to the U.S. President for signature before July 4.
In the early morning of May 22, local time, the Republican-controlled House of Representatives of the United States Congress passed a large-scale tax and spending bill with a one-vote advantage, with 215 votes in favor and 214 votes against, and submitted it to the Senate for deliberation. The bill contains multiple clauses and more than 1,000 pages, focusing mainly on tax cuts and spending cuts. The bill will extend the corporate and individual tax cuts passed by Trump in 2017 during his first presidency, provide new tax breaks for tips, car loans, etc., increase defense spending, and provide more funds to combat illegal immigration.
The US non-farm payrolls report for June will be released in advance next week
According to Jinshi, due to the US Independence Day holiday, the US June non-farm payrolls report was released ahead of schedule at 20:30 on July 3 (Thursday). On that day, US stocks and CME stock index futures trading closed ahead of schedule. On July 4, the US stock market was closed for one day, and CME's precious metals, US oil, foreign exchange, and stock index futures contracts trading ended ahead of schedule at 01:00 on July 5, Beijing time.
Viewpoint
Vitalik: Zero-knowledge proof of identity still has risks
Ethereum co-founder Vitalik Buterin published an article titled "Does digital identity still have risks even after ZK wrapping?", in which he pointed out that ZK-wrapping solves many important problems, but zero-knowledge proof of identity still has risks. These risks do not seem to be related to biometrics. Most of the risks (privacy leakage, susceptibility to coercion, errors) come from trying to maintain the attribute of "one person, one identity".
The other extreme is to use "proof of wealth" for anti-sybil attacks, but this is not enough in too many use cases, so something "like ID" is needed. The theoretical ideal is somewhere in between, which is difficult to achieve in practice, but the right "multiple identities" are close to the goal and are therefore the best practical solution. Multiple identities can be explicit (for example, based on social graphs) or implicit (multiple types of zero-knowledge proofs, and no single type has a market share close to 100%).
Musk: AI and robotics will lead to economic surplus and massive growth within 10 years
According to Jinshi, Musk said: I do think that artificial intelligence and robotics will lead to economic surplus and massive growth within 10 years.
10x Research: Despite Strong Uptrend in Coinbase Stock Price, Its Valuation Is Too High
10x Research released a report saying that its regression model shows that despite the strong upward trend of Coinbase's stock price, its valuation is overvalued. Recently, Coinbase's stock price has continued to rise with the help of multiple positive factors: Coinbase (stock price above 7-day moving average -> bullish, also above 30-day moving average -> bullish, 1-week change +47.8%) was driven by Bernstein's target price increase to $510, citing its stablecoin business and institutional services; the Senate passed the GENIUS Act, which increased the transparency of stablecoin regulation, pushing its stock price up 5.5% to $374.97; the launch of US-regulated Bitcoin and Ethereum perpetual futures on July 21 further stimulated investor enthusiasm; Circle's successful IPO and Coinbase's revenue sharing with USDC consolidated its market position and supported price increases.
Yishi, the founder of OneKey, once again criticized Resupply for its improper handling of the vulnerability incident. He said: "So far, I have not seen any action by Resupply to call the police or track down the hacker. They are even too lazy to call on the hacker to return the stolen money, but instead point the finger at the victimized users. My first reaction to being rugged was to directly reach out to take money from the user's pocket, extend the unlocking period, and prevent withdrawals. In the community, they insulted users, kicked people, banned people, and used racial discrimination... Playing DeFi for so many years really opened my eyes. You are amazing." Yu Xian, the founder of SlowMist, also replied that the only on-chain call from the attacker's address was "beggar", and the project party was the first known in history to not call or express a bounty.
Previously, Resupply was hacked, resulting in about 10 million US dollars in reUSD bad debts. OneKey founder Wang Yishi criticized Resupply for improper handling of the vulnerability incident.
Arkham: BlackRock's Bitcoin ETF has made more profit than any other ETF under its umbrella
Arkham posted on the X platform that BlackRock currently earns more profit from its Bitcoin exchange-traded fund than any other ETF under its umbrella. Analysis shows that IBIT's profitability even exceeds that of BlackRock SPX500 ETF IVV, which has 10 times the asset size of IBIT but does not make much profit.
Project News
Binance Alpha announced that it has launched Rekt (REKT). Eligible Binance users can use Binance Alpha Points to claim 140,230,000 REKT tokens airdrop on the Alpha event page within 24 hours after trading begins. Binance Alpha airdrops will be on a first-come, first-served basis: users with at least 170 Binance Alpha Points can participate in the airdrop on a first-come, first-served basis until the airdrop pool is full or the event ends.
Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm the claim on the Alpha event page within 24 hours, otherwise it will be deemed as giving up the airdrop.
Coinbase is selected as one of Time Magazine's "100 Most Influential Companies in the World" in 2025
Time magazine in the United States released the list of the "Top 100 Most Influential Companies in the World" in 2025, and Coinbase was successfully selected. Time magazine wrote:
Since last fall, revenue at Coinbase, the largest cryptocurrency exchange in the United States, has soared to more than $2 billion. Traders and investors have flocked to the platform, thanks to the surge in cryptocurrency enthusiasm following President Trump’s victory. During that election, Coinbase led a massive lobbying campaign to help make cryptocurrency a ballot issue. Now, the company became the first cryptocurrency stock to be included in the S&P 500 in May and has become a key driver of cryptocurrency industry policy efforts in Washington, D.C. If industry-friendly bills pass, Coinbase will become an even bigger hub for cryptocurrency activity in the United States. However, Coinbase is not without its problems: Prominent blockchain investigators have accused Coinbase of failing to address security vulnerabilities that have caused users to lose hundreds of millions of dollars each year to scams. The U.S. Securities and Exchange Commission (SEC) is reportedly investigating whether the company overstated its user numbers in past disclosures. Despite this, Coinbase has sought to expand and acquired Dubai-based cryptocurrency derivatives exchange Deribit for $2.9 billion in May.
Iranian Crypto Exchange Nobitex to Start Displaying User Wallet Balances in Phases
Iranian crypto exchange Nobitex tweeted that it will begin to restore the display of user wallet balances in stages. The process is being carried out gradually, starting with verified users, initially for spot wallets, and then to other types of wallets. In addition, the identity verification process that began two days ago is a prerequisite for accessing the wallet. If you are temporarily unable to view your wallet balance, please wait for the account verification to be completed. As stated in the previous announcement, the process is expected to be completed by mid-week. However, depending on technical conditions and the need for further security checks, the timetable may change or be delayed.
Earlier news revealed that the Iranian exchange Nobitex lost a total of approximately $81.7 million on the Tron, EVM and BTC chains.
Important data
According to monitoring by on-chain analyst Yu Jin, BitMEX co-founder Arthur Hayes deposited 2.468 million ETHFI (worth approximately US$2.21 million) into Binance in the past five hours, making a profit of US$1.02 million. His tactic of "milking first and selling later" has been used repeatedly and has been effective.
According to on-chain analyst Yu Jin, the a16z address transferred another 100,000 COMP (about $4.58 million) to Coinbase Prime 8 hours ago. In the past 21 hours, the a16z address has transferred a total of 400,000 COMP (18.33 million US dollars), which is 4% of the total COMP. After transferring these 400,000 COMP, its on-chain address currently still holds 400,000 COMP.
CryptoSlam data shows that the NFT market has shown signs of recovery in the past week, with transaction volume rising 8.17% to $125.1 million. Market participation indicators remain stable, with the number of NFT buyers remaining unchanged at 1,061,348 (maintaining a growth rate of 50.56%), and the number of NFT sellers increasing by 8.09% to 38,494. The number of NFT transactions increased by 1.82% to 1,717,339.
The transaction volume of the Immutable network was $33.3 million, up 15.34% from the previous week; the transaction volume of the Ethereum network reached $25.6 million, up 31.77%. The transaction volume of the Polygon network was $16.5 million, down 29.42%. The transaction volume of the Mythos Chain network was $14 million, down 1.29%. The number of buyers of most blockchains increased, with Polygon leading with a growth rate of 35.63%, followed by Bitcoin (23.22%) and Mythos Chain (19.32%).
This week's top deals include:
- CryptoPunks #1831 sold for 150 ETH ($389,846)
- CryptoPunks #9778 sold for 150 ETH ($377,958)
- CryptoPunks #4868 sold for 76.5 ETH ($201,933)
- CryptoPunks #5586 sold for 70.07 ETH ($185,292)
- CryptoPunks #7516 sold for 60 ETH ($158,378)
The latest TRM Crypto Crime Report shows a surge in cryptocurrency thefts in the first half of 2025, with at least 75 attacks resulting in more than $2.1 billion stolen, almost matching the total for 2024 and surpassing the previous record for the first half of 2022. However, the report shows that the $1.5 billion Bybit hack in February accounted for nearly 70% of the total losses. In addition to the huge losses in February, January, April, May and June were the only four months with losses exceeding $100 million. Only March saw losses below $100 million.
“In the first half of 2025, crimes committed by groups associated with North Korea accounted for $1.6 billion of total stolen funds, or about 70% of all stolen funds,” the report concluded. Meanwhile, the TRM team found that infrastructure attacks such as private key and mnemonic theft or front-end intrusions accounted for more than 80% of stolen funds in the first half of 2025. On the other hand, protocol vulnerabilities accounted for another 12%, highlighting the continued existence of vulnerabilities in DeFi smart contracts.
According to the Redstone report , the scale of risk asset tokenization (RWA) surges from $5 billion in 2022 to more than $24 billion in June 2025 (an increase of 380%), becoming the second fastest growing area in the cryptocurrency field after stablecoins. Industry forecasts indicate that by 2030-2034, 10% to 30% of global assets may be tokenized.
Asset tokenization has transitioned from experimental pilots to scaled institutional adoption in 2024-2025. The tokenized real-world asset market reaches $15.2 billion (excluding stablecoins) by December 2024 and continues to grow, exceeding $24 billion by June 2025, an increase of 85% year-over-year. Private credit has become the largest RWA tokenization sector at $14 billion by June 2025, demonstrating institutional demand for blockchain-native credit markets.
According to a new report released by Hana Financial Research Institute, "2050 Generation Virtual Asset Investment Trends", more than a quarter (27%) of Koreans aged 20-50 now own digital assets, and cryptocurrency investments account for 14% of their total financial portfolio. The research shows that people of different ages have different interests in cryptocurrencies. People in their 40s have the highest participation at 31%, followed by people in their 30s at 28% and people in their 50s at 25%. 78% of respondents in their 50s said they use cryptocurrency as a way to accumulate funds, while 53% said they are preparing for retirement through cryptocurrency investments. Today, more respondents cite growth potential, investment diversification and structured savings plans as the main motivations for investing.
At the same time, 70% of respondents expressed interest in expanding cryptocurrency investments in the future. 42% of respondents said they would be willing to increase their investments if traditional financial institutions played a greater role in the cryptocurrency market, and 35% believed that stronger legal protection was a key factor in increasing confidence.
Investment patterns are also becoming more mature. The proportion of investors who buy regularly has increased from 10% to 34%, the proportion of medium-term transactions has increased from 26% to 47%, and the proportion of short-term transactions has decreased slightly. The way investors obtain information is also changing. The report shows that investors' reliance on word of mouth has decreased, while the use of official exchanges and analysis platforms has increased.
Bitcoin remains the top choice, with 60% of investors holding it. However, as experience grows, many are diversifying their investments into altcoins or stablecoins. One prominent pain point is the restrictions on cryptocurrency exchanges being associated with multiple bank accounts. 70% of investors said they would choose their primary bank if this regulation was relaxed.
