Today's news tips:
Insider: Circle and Bybit reach USDC revenue sharing agreement
Justin Sun pledges to buy $100 million worth of TRUMP tokens
Thumzup adds ETH, XRP, DOGE and 6 more tokens to Bitcoin-dominated corporate treasuries
Upbit will list HYPER in the Korean Won market and BABY in the BTC and USDT markets
Market News: Ant Group will connect Circle stablecoin to global platform
Regulatory/Macro
According to Jinshi, the Governor of the Bank of Korea, Lee Chang-yong, said that the issuance of won-based stablecoins by non-bank institutions may cause market chaos, and the indiscriminate permission of won-based stablecoins may conflict with foreign exchange policies. Earlier, Lee Chang-yong said that it is necessary to introduce won-based stablecoins, but with caution.
Market News: Ant Group will connect Circle stablecoin to global platform
PANews reported on July 10 that according to market sources, Ant Group plans to integrate Circle's stablecoin into its global platform. Ant International, as the global business unit of Ant Group, plans to implement this integration after USDC obtains US compliance, but the specific time has not yet been determined.
Viewpoint
Trader Eugene: Memecoin market may not fall due to Pump.fun TGE, it may even be a buying opportunity
Trader Eugene said that the phenomenon of the decline in the Memes market due to the launch of the TGE by the Pump.fun platform does not seem to conform to basic logic. He believes that investors buy tokens such as "fartcoin" not to gain overall exposure to the Memes market, but because of its high volatility and unique naming. Eugene further pointed out that he could not understand why a launch platform with revenue-generating capabilities would cause sharp fluctuations in marginal capital flows for tokens such as "fartcoin". He believes that this may be a buying opportunity in the Memes market.
CryptoQuant: US buying boosts Bitcoin to new highs, bullish market sentiment may not be over yet
CryptoQuant analyst burakkesmeci said that the price of Bitcoin has reached an all-time high of $112,014, while the Coinbase premium gap has climbed to 42 points. This means that the price of buying Bitcoin on Coinbase is $42 higher than Binance, showing strong demand from US investors. It is worth noting that this premium is not the highest value this week. Last week, the gap reached 87.76 points, indicating stronger buying pressure. Analysis
According to 10x Research's Bitcoin trend model, there is a 60% probability that Bitcoin will continue to rise in the next two months, possibly reaching $133,000 in September. Markus Thielen, head of the agency, said that many crypto investors may underestimate Bitcoin's potential gains, especially after the expiration of options last month led to a large reduction in exposure. Traders are currently mainly buying call options, indicating that they are not prepared for further increases. Thielen pointed out that the Bitcoin trend model has turned bullish since June 29, and the recent breakthrough may continue until September. He expects Bitcoin to rise 20% from its current price of about $111,000 and enter a higher trading range. Factors driving the rise include the upcoming release of the U.S. Consumer Price Index (CPI) and a positive policy environment. In addition, the U.S. spot Bitcoin ETF recorded $215.7 million in inflows on Wednesday. Although historical data shows that the third quarter is usually the weakest quarter for Bitcoin, Thielen believes that the current market may be different. He emphasized that traders who wait on the sidelines may miss key market trends this quarter.
Project News
According to Cointelegraph, YZi Labs, the family office of Binance co-founder Zhao Changpeng, will support investment institution 10X Capital to establish an asset management company focused on BNB and plans to list it on major US exchanges. The company is called "The BNB Treasury Company" and is headed by former Galaxy Digital co-founder David Namdar as CEO. The statement said that the planned "The BNB Treasury Company" is expected to announce the completion of relevant financing "in the coming weeks."
PANews reported on July 10 that according to on-chain analyst Ember’s monitoring, the GMX hacker has exchanged the assets stolen from the GMX V1 pool for ETH. The assets stolen by the hacker include WBTC/WETH/UNI/FRAX/LINK/USDC/USDT. At present, all assets except FRAX have been sold for 11,700 ETH (US$32.33 million) and dispersed to 4 wallets for storage. The GMX hacker now holds 11,700 ETH and 10.495 million FRAX through 5 wallets. The total value is US$42.8 million. This operation should also mean that the hacker rejected the GMX project’s proposal to repay the assets and get a 10% white hat bounty.
Donald Trump Jr. Invests in Thumzup, a Social Media Company That Holds Crypto Reserves
Donald Trump Jr. has bought shares of a loss-making social media company that is building up its Bitcoin reserves, the latest investment in the Trump family's "cryptocurrency as a treasury asset" strategy, according to a report from Jinshi. Los Angeles-based Thumzup Media said in a filing on Wednesday that Trump Jr. holds 350,000 shares of the company, which is worth more than $4 million based on yesterday's closing price of $12.36 per share. According to a person close to Trump Jr., Trump Jr. bought the company's shares on the advice of his investment advisor and has no other relationship with the company.
Thumzup adds ETH, XRP, DOGE and 6 more tokens to Bitcoin-dominated corporate treasuries
According to The Block, Thumzup Media Corporation has expanded its cryptocurrency treasury strategy from Bitcoin to a variety of mainstream digital assets, including Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC) and stablecoin USDC issued by Circle. The company's board of directors approved this move as an extension of its earlier strategy, which allowed up to 90% of liquid assets to be held in Bitcoin. As of July 8, Thumzup held 19.106 Bitcoins, worth approximately $2.1 million. Earlier news, Donald Trump Jr. invested in Thumzup, a social media company that holds cryptocurrency reserves.
Insider: Circle and Bybit reach USDC revenue sharing agreement
According to CoinDesk, citing people familiar with the matter, Circle has quietly reached a revenue-sharing agreement with crypto exchange Bybit. While the details of the agreement with Bybit have not been made public, Circle's deals with exchanges such as Coinbase, and more recently with Binance, are all aimed at driving the adoption of USDC by providing these platforms with a portion of Circle's reserve interest, as well as a one-time payment in the case of Binance. Circle's pre-IPO prospectus shows that Binance received an upfront fee of $60.25 million from Circle and continues to receive monthly incentives based on a percentage of the exchange's USDC balance. A person involved in the construction of cryptocurrency infrastructure revealed that Circle has reached such revenue-sharing agreements with several exchanges that hold large amounts of USDC, and said that "it can be assumed that any exchange that holds a large amount of USDC has an agreement with Circle."
Justin Sun pledges to buy $100 million worth of TRUMP tokens
Sun Yuchen said on the X platform that his team pledged to buy $100 million worth of TRUMP tokens, calling it the "Make America Great Again (MAGA) currency."
Alon, the founder of Pump.fun, published an article on the X platform to disclose the future focus: 1. Improve the quality, sustainability and diversity of the tokens that have been launched: In the future, the creator revenue sharing mechanism will be extended to the CTO project, and the fee structure will also be further adjusted. 2. Double down on the "social" field: further invest and focus on the Pump.fun live broadcast function. 3. Continue to invest in creating user experience. 4. Expand the team size: At present, the basic framework of the team has been initially built, with more than 70 core members covering engineering, data, security, trust and compliance, legal affairs, operations and growth. The team will continue to actively expand through recruitment and strategic acquisitions, and the first acquisition will be officially announced soon.
Telegram founder Pavel Durov posted on his TG channel this morning: "Today, the digital collectibles released by rapper Snoop Dogg on Telegram went on sale and sold out in just 30 minutes, with sales reaching $12 million. Nearly 1 million unique NFTs inspired by Snoop Dogg's iconic style were snapped up in a very short time. In 21 days, the blockchain minting and secondary market will be officially launched, and it will surely be very lively at that time."
Upbit will list HYPER in the Korean Won market and BABY in the BTC and USDT markets
According to the official announcement, South Korean crypto exchange Upbit will list HYPER in the Korean won market and BABY in the BTC and USDT markets.
Important data
7 whales or institutions bought 127,971 ETH in 24 hours, worth about $358 million
According to Lookonchain monitoring, on July 10, the price of Ethereum broke through $2,800 and is now at $2,795.32. In the past 24 hours, 7 whales or institutions have bought a total of 127,971 ETH, with a total value of approximately $358 million. Among them, the newly created wallet address 0x35fb withdrew 54,125 ETH (approximately $151 million) from Kraken within 16 hours; Abraxas Capital withdrew 40,986 ETH (approximately $114 million) from Binance and Kraken within 20 hours. In addition, SharpLink Gaming, which holds 205,634 ETH (approximately $575 million), bought another 5,072 ETH (approximately $13.51 million) through over-the-counter transactions. It is worth noting that the GMX hacker has exchanged all of his $32 million assets (except FRAX) into 11,700 ETH; address 0x8C08 purchased 9,188 ETH at $2,721 using $25 million in USDT 13 hours ago; address 0x3c9E withdrew 4,000 ETH (about $11.18 million) from Kraken within 18 hours and deposited it into Aave and Compound; address pfm.eth purchased 2,900 ETH at $2,759 using $8 million in USDT 12 hours ago.
According to the monitoring of on-chain data analyst Ember, a newly created address has just withdrawn 6,998 ETH from Kraken again, equivalent to $19.35 million. In the past 9 hours, a total of 32,566 ETH were withdrawn, worth $90.16 million. Earlier today, it was reported that a new wallet withdrew ETH worth about $70.66 million from Kraken in nearly 8 hours.
According to Onchain Lens monitoring, the "mysterious whale" AguilaTrades has increased its BTC (20x) long position and currently holds 2,821.36 BTC, worth over $300 million, with a floating profit of approximately $6 million.
Abraxas Capital withdraws $81 million worth of ETH from CEX again in the past 12 hours
According to Lookonchain monitoring, Abraxas Capital withdrew another 29,741 ETH (worth $81 million) from Binance and Kraken in the past 12 hours.
A new wallet withdrew approximately $70.66 million worth of ETH from Kraken in nearly 8 hours
According to Lookonchain monitoring, a newly created wallet withdrew 25,567 ETH (worth $70.66 million) from Kraken in the past 8 hours.
According to the monitoring of on-chain analyst @ai_9684xtpa, a new address withdrew 32,565.59 ETH from Kraken at an average price of $2,740, and increased its holdings by 7,171 ETH (worth $19.93 million) 2 minutes ago. Currently, the address has accumulated 54,125 ETH (total value of $149 million) today, with an average cost of $2,757. It is currently impossible to confirm whether the address belongs to an institution or a Kraken hot wallet.
A whale has withdrawn 46,954 ETH from Kraken in the past 12 hours, worth more than $126 million
According to Onchain Lens, one hour ago, a whale withdrew 21,387 ETH (worth $59.24 million) from Kraken again. In the past 12 hours, the whale has withdrawn a total of 46,954 ETH (worth $126.5 million) from Kraken.
According to SoSoValue data, yesterday (July 9, Eastern Time), the total net inflow of Bitcoin spot ETFs was $218 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Blackrock's ETF IBIT, with a single-day net inflow of $126 million. Currently, IBIT's total net inflow has reached $53.003 billion. The second is Ark Invest and 21Shares' ETF ARKB, with a single-day net inflow of $56.9577 million. Currently, ARKB's total net inflow has reached $2.748 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $139.389 billion, and the ETF net asset ratio (market value to Bitcoin's total market value) is 6.33%, and the historical cumulative net inflow has reached $50.156 billion.
According to SoSoValue data, yesterday (July 9, Eastern Time), the total net inflow of Ethereum spot ETFs was $211 million. The Ethereum spot ETF with the largest net inflow yesterday was Blackrock ETF ETHA, with a single-day net inflow of $159 million. Currently, ETHA has a total net inflow of $5.853 billion. The second largest was Fidelity ETF FETH, with a single-day net inflow of $29.5293 million.
Financing/Acquisition
Monad Foundation to Acquire Stablecoin Infrastructure Developer Portal Labs
According to The Block, the Monad Foundation, the developer of the Layer1 blockchain Monad, announced that it will acquire Portal Labs, a stablecoin infrastructure developer. After the transaction is completed, Portal will operate as a subsidiary, and its co-founder and CEO Raj Parekh will join the Monad Foundation as the head of payment and stablecoin business. Portal Labs provides SDK and API tools that support more than 100 blockchains to help developers quickly integrate stablecoin payment functions. The acquisition will combine Portal's multi-chain payment solution with Monad's high-performance blockchain, and the Monad mainnet is expected to be launched in the second half of 2025.
Institutional holdings
According to Onchain Lens monitoring, the listed company Sharplink Gaming increased its holdings by 5,072 ETH (worth US$13.51 million) 9 hours ago. Its total ETH holdings currently exceed 210,700 (worth approximately US$584.52 million).
Fintech firm Tractial to raise €1 million to increase Bitcoin holdings
According to an official announcement, Tractial (formerly BD Multimedia), a fintech company headquartered in Paris, France, announced that it will raise 1 million euros (approximately 1.17 million US dollars) to increase its holdings of Bitcoin.
