Today's news tips:
1. BlackRock's IBIT became the fastest ETF in history to exceed $80 billion and is currently ranked the 21st largest ETF in the world
2. Two congressmen launched "Anti-Crypto Corruption Week" and called on Democrats to block bills such as GENIUS
3. Binance Alpha will be listed on Chainbase on July 14 (C)
4. Tether will stop supporting USDT for five major networks including Kusama, EOS, and Algorand from September 1
5. Linea Project Leader: The announcement later this month will be related to TGE
6. SOON releases recovery plan to destroy 3% of total supply of tokens
7. Bitcoin spot ETF had a net inflow of US$1.03 billion yesterday, continuing its net inflow for 7 consecutive days
8. SharpLink Gaming, a listed company, purchased 10,000 ETH from the Ethereum Foundation through OTC
Regulatory/Macro
Tiansheng Capital plans to apply for Hong Kong stablecoin license
According to Hong Kong Commercial Daily, Tiansheng Capital plans to apply for a Hong Kong stablecoin license by establishing a digital asset trading and foreign exchange settlement company, and plans to use its stablecoin as a digital currency for art transactions and foreign exchange settlement to promote art and cultural relics transactions in Hong Kong. It is reported that Tiansheng Capital hopes to use the Hong Kong stablecoin platform as a compliant digital payment solution and focus on cross-border trade settlement services.
Coinbase Chief Legal Officer paulgrewal.eth posted that Coinbase has filed a lawsuit in the Marion County Circuit Court in Oregon, demanding that Governor Tina Kotek and other government officials disclose public records related to the sudden change in crypto asset regulatory policy. Coinbase pointed out that the Oregon government suddenly changed its long-term policy position in April 2025, classifying digital assets as regulated securities and suing Coinbase without public participation. Coinbase emphasized that the policy change affects hundreds of thousands of digital asset holders and traders in Oregon, but the whole process lacks public discussion or rule-making procedures.
Oregon's lawsuit came just two months after the federal government dropped its SEC lawsuit against Coinbase, and no other states have followed up with similar lawsuits. Coinbase believes that the out-of-state law firms hired by the state government can get a 20%-30% share of potential compensation, which harms the interests of local residents.
According to former Fox Business reporter Eleanor Terrett, in response to the Republican "Crypto Week", Representatives Maxine Waters and Rep. Stephen F. Lynch launched the "Anti-Crypto Corruption Week" initiative, calling on Democrats to block the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act, warning that these bills pave the way for so-called "cryptocurrency corruption."
Grayscale submits a letter of attorney to protest the SEC’s “stay” order on GDLC’s ETF conversion
Bloomberg analyst James Seyffart tweeted that Grayscale and its lawyers submitted a letter in response to the U.S. SEC's "stay" order on GDLC's ETF conversion, arguing that the SEC had no authority to do so.
Viewpoint
Linea Project Leader: Announcement later this month will be related to TGE
Declan Fox, the head of the Linea project, tweeted that he is ready to deliver on the LINEA plan released in Bangkok and will make a detailed announcement later this month. When a community member asked if it was related to TGE, Declan Fox replied "Yes".
Project News
Binance: Users who hold at least 150 Binance Alpha Points can receive 88,000 G tokens airdrop
According to Binance's official announcement, Giants Protocol (G) trading will start at 21:00 (UTC+8) on July 11. After trading starts, users holding at least 150 Binance Alpha points can claim 88,000 G tokens on a first-come, first-served basis until the airdrop pool is fully distributed or the airdrop 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 claim.
SOON releases recovery plan to destroy 3% of total supply of tokens
The SOON Foundation tweeted that in response to recent price manipulation incidents, it is releasing a new governance proposal covering a series of measures aimed at restoring market confidence and easing supply pressure. Details are as follows:
1. Token Destruction Plan - 3% of the total supply. It will permanently remove a total of 30 million SOON tokens (3% of the total supply). About 7.7 million unclaimed $SOON (about 0.77%) will be destroyed in the next few days. The remaining 22.3 million SOON will be repurchased from centralized exchanges and destroyed in the next few days. This plan is designed to directly reduce the existing supply and maintain price stability amid recent market volatility.
2. In order to maintain transparency and open communication, an AMA event will be held on Twitter next Wednesday, with founder Joanna and marketing director Henry in attendance. The event will detail the full recovery plan and answer various questions from the community.
3. On-chain SOON buyback product (under development). At the same time, the team is building a new on-chain product that will enable the SOON Foundation to regularly buy back tokens directly from holders - a mechanism to further strengthen support and gradually reduce the circulating supply.
4. Launch $SOON governance. The team is preparing to launch the $SOON governance system, including funding allocation, protocol upgrades, and ecosystem grants.
Binance Alpha will be listed on Chainbase on July 14 (C)
According to the official announcement, Binance Alpha will be launched on Chainbase (C) on July 14. Eligible users can claim the airdrop on the Alpha event page through Binance Alpha points after trading is launched.
The 1,700 ETH that the GMX hacker "kept" began to be "cleaned" through the mixer
According to @ai_9684xtpa, the 1,700 $ETH that the GMX hacker "kept" began to be "cleaned" through the mixer. In the past 3 hours, the hacker returned about $40 million in $FRAX and $ETH, but retained nearly $5 million in profits due to the rise in the price of the currency as a white hat bonus; 100 ETH of it had been transferred to Tornado half an hour ago, and the rest is estimated to be just a matter of time.
Binance: Giants Protocol (G) token airdrop event postponed, specific time to be determined
According to Binance’s official announcement, the Giants Protocol (G) token airdrop event will be postponed and the specific time is to be determined.
Eric Balchunas, ETF analyst at Bloomberg, tweeted that BlackRock's IBIT broke through the $80 billion mark, becoming the fastest ETF in history to break through $80 billion, taking 374 days, about five times faster than the previous record held by VOO (1,814 days). In addition, IBIT's market value has also reached $83 billion, currently ranking as the 21st largest ETF in the world.
Tether plans to stop supporting USDT for five traditional blockchains, Omni Layer, Bitcoin Cash SLP, Kusama, EOS and Algorand, and freeze the remaining tokens starting September 1, 2025. Tether said the move is part of its broader efforts to optimize infrastructure, follow community usage trends and refocus resources on high-utility and actively developed blockchains.
Inception, the EigenLayer-based re-staking protocol, announced the termination of operations
Inception, a restaking protocol built on EigenLayer, announced the termination of operations. In the past two years, Inception has successfully launched more than 15 LRTs, expanded across ecosystems and blockchains, integrated with more than 60 DeFi protocols, and passed more than 8 security audits. However, the protocol has not found the right product market positioning. In addition, the lack of liquidity rewards in the shared security field makes the development path of the protocol unsustainable.
Coinbase changes the profile picture of its X account to Pengu NFT
The GMX project sold 10,000 ETH for 29.597 million USDT about 7 hours ago
According to on-chain analyst Yu Jin’s monitoring, the assets that the GMX hacker returned to the GMX project yesterday included: 10.495 million FRAX and 10,000 ETH (30 million US dollars). 7 hours ago, the GMX project sold 10,000 ETH for 29.597 million USDT at a selling price of 2,959 US dollars. The exchange for stablecoins is expected to be a preparation for returning assets to users.
Binance Alpha Now Listing peaq (PEAQ)
According to the official announcement, Binance Alpha is now online with peaq (PEAQ). Eligible users can use Binance Alpha points to claim 643 PEAQ tokens airdrop after the launch. The airdrop will be distributed in two phases:
- Phase 1 (first 18 hours): Users with at least 234 Alpha Points can claim.
- Phase 2 (last 6 hours): Users with at least 180 Alpha points can participate 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 they will be deemed to have given up the airdrop.
Important data
According to @ai_9684xtpa monitoring, in the past 16 hours, the 1inch team is suspected to have purchased 11.81 million 1INCH again, worth $3.3 million, and offered a price of $0.28. Currently, the address holds 83.97 million 1INCH, with a total value of $23.72 million.
According to on-chain analyst Ember, BitMEX co-founder Arthur Hayes should have purchased a total of $1.505 million worth of ENA through multiple channels in the past day:
- 755,000 USDC were transferred to Binance, and 2.1 million ENA were withdrawn;
- 248,000 USDC was transferred to Wintermute, and 700,000 ENA was withdrawn;
- 502,000 USDC were transferred to Galaxy Digital, and 1.4 million ENA were withdrawn.
Financing/Acquisition
According to Fortune, cryptocurrency and stablecoin infrastructure startup Zerohash will raise about $100 million at a valuation of nearly $1 billion, according to two people familiar with the matter. Interactive Brokers, a listed online brokerage, will lead this round of financing. This financing is another round of financing after Zerohash's Series D financing in 2022, when the company raised $105 million from investors such as Bain Capital, Nyca and Point72 Ventures. According to PitchBook data, the Series D financing valued the company at $340 million.
Institutional holdings
According to an official announcement, Nasdaq-listed company MicroCloud Hologram announced that it has purchased up to $200 million in Bitcoin and cryptocurrency-related securities derivatives. The company holds $394 million in cash reserves, which will be used to invest in Bitcoin (BTC), blockchain technology, quantum computing, and artificial intelligence augmented reality (AI-AR).
NASDAQ-listed Upexi announces that it has entered into a securities purchase agreement with certain accredited investors, qualified purchasers and institutional investors and Allan Marshall, the Company’s Chief Executive Officer, to purchase and sell 12,457,186 shares of its common stock (or common stock equivalents in lieu thereof) at a price of $4.00 per share (with management participation at a price of $4.94 per share) for gross proceeds of approximately $50.0 million (the “Equity Offering”).
Concurrently with the Equity Offering, additional securities purchase agreements have been entered into with certain institutional investors and qualified purchasers to purchase Convertible Notes, in the form of locked and spot SOLs, for a total original principal amount of approximately $150 million (the "Note Offering"). The Convertible Notes are collateralized by SOLs provided by their respective holders. The Convertible Notes bear interest at 2.0%, payable quarterly, with a fixed conversion price of $4.25 per share and a term of 24 months. Big Brain Holdings is the lead investor.
The note issuance is expected to be completed on or about July 16, 2025, subject to customary closing conditions. The SOL (Solana) underlying the note issuance will become part of the company's Solana asset pool upon completion of the transaction. It is expected that approximately 1.65 million SOL will be held after the bond issuance, more than double the previously disclosed balance of 735,692 SOL. The net proceeds from the stock issuance will be used to acquire more SOL in the coming weeks.
Publicly listed company SharpLink Gaming purchases 10,000 ETH from the Ethereum Foundation via OTC
The Ethereum Foundation tweeted that earlier this week, the Ethereum Foundation finalized the terms of the sale of 10,000 ETH through OTC at an average price of $2,572.37. The OTC counterparty was the publicly traded company SharpLink Gaming.
According to on-chain analyst Ember, after acquiring 10,000 ETH directly from the Ethereum Foundation, SharpLink Gaming purchased another 21,487 ETH (US$64.26 million) through Galaxy Digital and Coinbase Prime in the past 6 hours. Since SharpLink Gaming began to reserve ETH in the MicroStrategy operating mode in early June, it has purchased a total of 253,000 ETH. The average purchase price is about US$2,647, and the current floating profit is US$79.88 million.
