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Regulatory/Macro

U.S. House of Representatives passes three cryptocurrency bills

On Thursday, the U.S. House of Representatives passed three cryptocurrency-related legislations, namely the CLARITY Act, the GENIUS Act and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for deliberation. The GENIUS Act is expected to be signed into law by Trump on Friday. It is reported that the voting results of the CLARITY Act were: 294 votes in favor and 134 votes against. 78 Democratic members voted in favor, and 134 votes against were all from Democratic members.

US SEC considers exemptions for cryptocurrency innovation

According to Bloomberg, Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), said the SEC is considering establishing regulatory exemptions for innovative projects to incentivize tokenization. This move was made after the U.S. House of Representatives passed a landmark stablecoin bill. Atkins said the SEC is exploring new trading methods and more targeted regulatory exemptions to promote the construction of a tokenized securities ecosystem. He also said that stablecoin legislation is an important step for the United States to become a global cryptocurrency center.

Backpack opens FTX bond sale channel

According to Backpack Chinese, Backpack has now officially opened the FTX debt sales channel. This service is a non-profit, completely neutral channel, designed to help global FTX debt holders connect with third-party buyers to sell debt. The process includes real-name authentication, debt verification, quotation confirmation and settlement payment, and the platform does not charge any fees for the entire process. Backpack reminds that debt sales are voluntary and users should make careful decisions based on their own circumstances. Previously, the community broke the news: Backpack will open a debt claim channel for FTX users in China and Russia.

Viewpoint

Analysis: Technical indicators show that Bitcoin may enter a consolidation phase in the next 1 to 2 months

Matrixport's latest report points out that Bitcoin has recently been driven by favorable US policies, fiscal and economic data, and its price has entered a new trading range, but it is currently close to the upward boundary. Technical indicators show that it may enter a consolidation phase in the next one to two months. In the past 18 months, the price of Bitcoin has gradually risen in steps of $16,000. Currently, $122,000 is a reasonable target, but it has recently reached it and quickly fell back. The market may be accumulating strength for the next round of increases. The report analyzes that Bitcoin's technical indicators show that it has entered an overbought state, the RSI index exceeds 70, and multiple reversal signals are falling. If the price of Bitcoin can fall back to the $106,000 to $108,000 range and stand firm, it may ease technical pressure and create conditions for subsequent increases. At the same time, market sentiment is hot, and the "Greed and Fear Index" has entered the "Greed" range, and the room for growth has narrowed. In terms of macroeconomics, the increase in US core inflation data is lower than expected, and the Federal Reserve may release signals at the end of July to pave the way for policy adjustments in September. Recent positive news such as the increase in the US debt ceiling and the progress of the stablecoin bill have also driven short-term fluctuations in Bitcoin.

Project News

Ondo Finance introduces its Treasury tokenized product USDY to the Sei Network

According to Sei's official announcement, Ondo Finance will soon launch its flagship product, USDY Treasury tokenized product assets, on the Sei blockchain. USDY currently has a total locked value (TVL) of more than $680 million, making it the second most adopted Treasury tokenized product in the market. This integration will provide Sei developers and users with institutional-grade U.S. Treasury assets, further promoting the financial infrastructure upgrade of the Sei ecosystem.

Trusta.AI (TA) will be available on Binance Alpha and Binance Futures on July 21

According to Binance's announcement, Trusta.AI (TA) will be available for trading on Binance Alpha at 07:00 (UTC) on July 21, 2025, and TAUSDT perpetual contracts will be launched at 07:30 (UTC) on the same day, with a maximum leverage of 50 times. Binance is the first platform to launch Trusta.AI (TA). To celebrate the launch, eligible users can claim exclusive airdrops on the Binance Alpha event page through Binance Alpha points from 07:00 on July 21 to 07:00 on July 22 (UTC). Trusta.AI is an identity and on-chain reputation protocol that redefines trust in the AI era.

Numerai plans to buy back $1 million in NMR tokens

According to The Block, decentralized hedge fund Numerai announced that it will repurchase $1 million worth of its own token Numeraire (NMR) from the open market. The repurchase will be carried out in stages to support the long-term interests of participants and avoid market volatility. In the past year, the assets managed by Numerai have grown from $173 million to over $440 million, with a monthly trading volume of over $1 billion on the platform, covering more than 30 markets around the world. Currently, Numerai has less than 3 million NMR tokens in its treasury, and the repurchase initiative is seen as a commitment to the ecosystem and economic balance.

Binance: Users with at least 165 Alpha Points can receive 1,000 TAKER tokens airdrop

Binance announced that it will become the first platform to list Taker Protocol (TAKER), and TAKER trading will be opened at 10:00 (UTC) on July 18, 2025. At that time, users with at least 165 Binance Alpha points can claim 1,000 TAKER tokens on the Alpha Events page on a first-come, first-served basis until the airdrop pool is distributed or the event ends. Claiming the airdrop will consume 15 Alpha points, and users must complete the claim within 24 hours, otherwise it will be deemed as a waiver.

Binance HODLer Airdrop Launches on Chainbase (C)

Binance announced the launch of the 28th HODLer airdrop project - Chainbase (C). The airdrop activity was completed from 08:00 on July 6 to 07:59 on July 10. Users who participated in the Binance BNB earning product will receive airdrop tokens. The relevant information is expected to be launched within 5 hours, and the new tokens will be distributed to users' spot wallets at least 1 hour before trading begins. Binance will open C token trading at 22:00 on July 18, supporting USDT, USDC, BNB, FDUSD and TRY trading pairs, and seed tag rules will apply. The recharge channel will be open 1 hour after listing. In addition, users can currently trade C on the Binance Alpha market, but after spot trading is opened, the Alpha market will no longer display the asset, and trading volume will not be counted in Alpha points. The total supply of Chainbase tokens is 1 billion, of which 2% is used for HODLer airdrops and the listed circulation supply accounts for 16%. An additional 10 million tokens will be used for market activities 3 months after listing. Chainbase supports Binance Chain and BASE Chain, and there are no listing fees.

OKX will launch ASP (ASPECTA) spot trading on July 24

OKX announced that it will soon launch the ASP (ASPECTA) token and announced the relevant schedule. The ASP deposit channel was opened at 4:00 pm on July 18. The call auction will be held from 19:00 to 20:00 on July 24, and the ASP/USDT spot trading will officially open at 20:00 on July 24. The withdrawal function will be open at 20:00 on July 25.

Important data

A Bitcoin whale from the "Satoshi era" deposited the last 40,192 Bitcoins into Galaxy Digital, worth about $4.83 billion

According to Onchain Lens, a Bitcoin whale from the "Satoshi era" has just deposited the last 40,192 Bitcoins (about $4.83 billion) into Galaxy Digital. In the past four days, the Bitcoin OG has transferred a total of 80,201 Bitcoins (about $9.6 billion) to Galaxy Digital.

Ripple co-founder Chris Larsen transfers millions of XRP to Coinbase, worth about $26 million

According to Decrypt, Chris Larsen, co-founder and executive chairman of Ripple, transferred another $26 million worth of XRP to Coinbase early this morning. Blockchain data shows that these transfers were divided into four transactions, each for 2 million XRP. In addition, more than $40 million worth of XRP was transferred to an unknown address on Thursday. Market data shows that XRP currently broke through $3.40 this morning, setting a new record high.

Thumzup board approves holding up to $250 million in crypto

According to PR Newswire, the board of directors of Thumzup Media Corporation (NASDAQ: TZUP) has approved the company to hold up to $250 million in cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC) and stablecoin USDC.

41,000 BTC options and 240,000 ETH options will expire today, with a total notional value of over $5.8 billion

According to the option delivery data released by Adam@Greeks.live, 41,000 BTC options will expire today, with a Put Call Ratio of 0.78, a maximum pain point of $114,000, and a nominal value of $4.93 billion. At the same time, 240,000 ETH options expired, with a Put Call Ratio of 1.0, a maximum pain point of $2,950, and a nominal value of $880 million. The total size of option delivery this week is nearly $6 billion, accounting for more than 10% of the current total positions. Market sentiment has clearly turned optimistic, ETH has led to a rebound in the altcoin market, BTC has remained at a historical high, and Fomo sentiment in the options market has heated up.

Ethereum spot ETF had a net inflow of $602 million yesterday, the second highest in history

According to SoSoValue data, the Ethereum spot ETF had a total net inflow of $602 million on July 17, Eastern Time, the second highest record in history. BlackRock ETHA had a net inflow of $547 million on a single day, with a total net inflow of $7.66 billion in history; Grayscale Mini Trust ETF ETH had a net inflow of $29.9022 million, with a net inflow of $960 million in history. Currently, the total net asset value of the Ethereum spot ETF is $17.316 billion, accounting for 4.19% of the total market value of ETH, and the cumulative net inflow has reached $7.086 billion.

The total market value of cryptocurrencies exceeds $4 trillion, and the market value of stablecoins exceeds $266 billion

According to Coingecko data, the total market value of cryptocurrencies on the entire network has exceeded 4 trillion US dollars, of which Bitcoin's share has dropped to 59.8%, and Ethereum's share has slightly increased to 10.9%. The total market value of stablecoins has exceeded 266 billion US dollars, of which the market value of US dollar stablecoins is 261.8 billion US dollars.

Perhaps affected by the Binance HODLer airdrop on Chainbase, C rose 63% in a short period of time

According to Bitget data, perhaps due to the Binance HODLer airdrop on Chainbase (C), C rose 63% in a short period of time and is now quoted at $0.226, with a maximum price of $0.22671. Earlier news, Binance HODLer airdrop on Chainbase (C).

Financing

Tokenized money market fund platform Spiko completes $22 million Series A financing, led by Index Ventures

According to The Block, Spiko, a tokenized money market fund platform, announced the completion of a $22 million Series A financing round, led by Index Ventures, with participation from institutions such as White Star Frst, Rerail, Bpifrance and Blockwall, as well as angel investors such as Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, and Blackstone Group co-chief investment officer Lionel Assant. Spiko focuses on providing tokenized money market fund services to European companies, and users can obtain daily returns by investing in low-risk assets such as eurozone and U.S. Treasury bonds. The platform uses blockchain technologies such as Ethereum and Arbitrum, and has currently processed more than $900 million in liquidity. The company plans to cooperate with institutions such as Memo Bank, aiming to exceed $1 billion in asset management by 2025.

Decentralized messaging protocol XMTP completes $20 million Series B financing, led by a16z crypto and others

According to The Block, Ephemera, the developer of the decentralized messaging protocol XMTP, has completed a $20 million Series B financing round, led by Union Square Ventures, a16z crypto and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures and Distributed Global. After this round of financing, Ephemera's equity valuation is $300 million, and the broader network valuation of the XMTP protocol, which will issue tokens, is $750 million. The XMTP protocol has now been integrated into Coinbase's newly launched Base application, upgrading from an optional feature to core infrastructure. The protocol provides end-to-end encrypted communication services and supports secure interactions between wallet addresses. The test network was launched in February this year. Ephemera said it will expand the team size to promote the launch of the protocol mainnet and the construction of the ecosystem. USV partner Fred Wilson will join its board of directors.

Blockchain-based travel platform Blockskye completes $15.8 million Series C financing, led by Blockchange

According to The Block, Blockskye, a blockchain-based travel platform, announced the completion of a $15.8 million Series C financing, led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, Litquidity Ventures, Longbrook Ventures, and TFJ Capital. This round of financing will be used to expand the European, Latin American and Asian markets and develop real-time payment products based on stablecoins. Blockskye directly connects with airlines and other suppliers through blockchain technology to help corporate clients such as PwC reduce travel costs. The company claims that its platform can reduce travel expenses by 14.5% and achieve 84% savings in agency fees. The current team size is more than 40 people, and plans to add 30 new technical and sales positions.

Substack raises $100 million in new funding, with a valuation of $1.1 billion

According to Bloomberg, the independent writer platform Substack recently completed a $100 million financing, with the latest valuation reaching $1.1 billion. This round of financing was led by BOND and Chernin Group, and participated by Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede. Substack was founded in 2017 and currently has more than 5 million paid subscribers, and has expanded to content formats such as podcasts and videos. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms such as TikTok to join.

Compound Finance founder Robert Leshner acquires controlling stake in LQR House for approximately $2.03 million, plans to promote strategic transformation of the company

Robert Leshner, founder of Compound Finance, recently announced that he had acquired approximately 56.9% of LQR House Inc.'s shares with approximately $2.03 million of personal funds, becoming the controlling shareholder. Leshner said that he plans to replace board members, push the company to explore new strategies, and even consider introducing a crypto asset treasury strategy.

Institutional holdings

Publicly listed BitMine Immersion reveals that its Ethereum holdings are worth more than $1 billion

According to PR Newswire, BitMine Immersion (NYSE AMERICAN: BMNR) announced today that the value of its Ethereum and Ethereum equivalents has exceeded $1 billion. In order to advance its asset-light treasury strategy, the company completed its first round of private financing of $250 million on July 8. According to Bloomberg data, as of 3:45 a.m. Eastern Time on July 17, the company held a total of 300,657 Ethereum1, with a price of $3,461.89 per coin.

Semler Scientific, a listed company, increased its holdings by 210 BTC, bringing its total holdings to 4,846 BTC

According to the official announcement, Semler Scientific, a US-listed company, spent US$25 million to increase its holdings of 210 BTC and currently holds a total of 4,846 BTC.

Publicly listed Enlightify Inc. plans to purchase up to $20 million of CYBER tokens within 12 months

Cyber officials said on the X platform: "The Cyber Foundation welcomes Enlightify Inc. (NYSE: ENFY) as the first public company to commit treasury funds to invest in CYBER tokens. Enlightify Inc. will purchase up to $20 million in CYBER tokens within 12 months."

US electric car company Volcon raises over $500 million to launch Bitcoin financial strategy

According to investing, Volcon, an American electric car company, announced that it will adopt a Bitcoin financial strategy. It has reached a securities purchase agreement with certain institutions and qualified investors to purchase and sell 50,142,851 common shares in a private placement at a price of $10 per share, with an estimated total proceeds of more than $500 million, excluding placement agent fees and other issuance expenses (private placement). Empery served as the lead investor, and participants in this issuance included well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital and Relayer Capital, as well as traditional financial investors. The issuance is expected to be completed on or about July 21, 2025, subject to customary closing conditions. The company plans to immediately use at least 95% of the total proceeds to acquire Bitcoin, which will serve as the company's main financial reserve asset.

Listed company GameSquare plans to raise $70 million through rights issue to continue purchasing ETH

Nasdaq-listed Game Square Holdings announced that it plans to issue 46,666,667 shares of common stock to raise $70 million. The company plans to use the funds to increase its ETH holdings. GameSquare CEO Justin Kenna revealed that the issuance includes a 15% over-allotment. If all are exercised, the total funds raised will reach approximately $80.5 million. The relevant transaction is expected to be completed around July 18, 2025, subject to customary closing conditions.

BSTR plans to be listed in the U.S. through a SPAC merger with 30,021 BTC when it is launched

According to Businesswire, BSTR, Holdings Inc. (BSTR) announced that it has reached a final business merger agreement with Cantor Equity Partners I, Inc. (Nasdaq: CEPO). Cantor Equity Partners I, Inc. is a special purpose acquisition company initiated by an affiliate of Cantor Fitzgerald, a financial services and real estate services holding company. After the transaction is completed, the merged company is expected to trade under the stock code "BSTR". BSTR said that when BSTR starts, it will hold 30,021 bitcoins on its balance sheet, which will become the fourth largest listed bitcoin reserve and can obtain up to $1.5 billion in private equity investment post-listing PIPE financing, which is the largest PIPE financing announced in a merger transaction with the Bitcoin Reserve SPAC to date, and the SPAC will contribute approximately $200 million in additional funds depending on redemptions.

Publicly listed Bit Origin secures $500 million in equity and debt funding to launch DOGE treasury reserve

According to Globenewswire, Nasdaq-listed Bit Origin (NASDAQ: BTOG) announced that it has reached an agreement with several qualified investors to start the DOGE treasury reserve, with a total financing of up to US$500 million, including US$400 million in equity financing and US$100 million in convertible bond financing. The company plans to hold DOGE as a core asset for a long time and achieve long-term value enhancement through "increase in the amount of coins held per share". The company also plans to explore new businesses such as payment applications, miner services, and ecological construction around DOGE. At present, the company has completed the first convertible bond financing of US$15 million, which will be used for the first batch of DOGE purchases.

SharpLink Gaming announces $5 billion in additional stock issuance and advances Ethereum reserve strategy

According to the documents on the website of the U.S. Securities and Exchange Commission (SEC), SharpLink Gaming, Inc. announced on July 17 that it plans to issue additional common stock totaling up to US$5 billion through a sales agreement with AGP/Alliance Global Partners. The funds raised from this additional issuance will be mainly used to acquire Ethereum (ETH) as the company's main reserve asset, and will also be used for daily operations, market development and core alliance marketing business. SharpLink Gaming is headquartered in Minneapolis, focusing on online performance marketing and actively deploying the crypto game market. The company's common stock is listed on the Nasdaq Capital Market with the stock code "SBET".

Compound DAO安全顾问：Compound官网已被黑客攻击，协议本身未受影响资金均安全

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