Today's news tips:
Bitcoin's market capitalization falls below 60%
Financial Times: JPMorgan Chase explores lending against clients’ cryptocurrencies
Mercurity Fintech reaches $200 million SOL funding agreement with Solana Ventures
Kaito announces that its Web3 crowdfunding platform Capital Launchpad is now live
Over 90% of Ethereum addresses are profitable, the highest since December 2024
Regulatory/Macro
Financial Times: JPMorgan Chase explores lending against clients’ cryptocurrencies
According to Zhitong Finance, citing the Financial Times, unnamed sources revealed that JPMorgan Chase may start lending directly to clients' crypto assets next year. But some warned that these plans may change. The company declined to comment.
South Korea’s financial regulator plans to regulate token lending services on crypto exchanges
According to Edaily, South Korea's financial regulators plan to introduce regulatory standards equivalent to those in the stock market for token lending services provided by the country's crypto exchanges. Currently, Bithumb provides token lending services up to 400% of the collateral value, while Upbit provides Bitcoin lending services up to 80% of the collateral. Financial authorities believe that such services are essentially equivalent to short selling, and are considering introducing corresponding regulatory measures in the second phase of virtual asset legislation.
Bitcoin's market capitalization falls below 60%
Coingecko data shows that Bitcoin's market capitalization has fallen below 60%, currently at 58.5%. In addition, Ethereum's market capitalization currently accounts for 11.4%.
Regarding the progress of the White House's first encryption policy report, encryption reporter Eleanor Terrett said: "The report will be officially submitted tomorrow (July 22nd local time), but White House officials told me that it will be released to the public before the end of the month."
Project News
DelphinusLab has opened the ZKWASM token airdrop qualification query page
Delphinus Lab announced that its airdrop eligibility query tool is now online, and users can check whether they meet the airdrop conditions through the provided link. Earlier news, Binance Wallet exclusive TGE 31 will list Delphinus Lab (ZKWASM).
Binance: The threshold for participating in the ZKWASM TGE event is 225 Alpha points
According to the official announcement, users with Binance Alpha points greater than or equal to 225 can participate in the Delphinus Lab (ZKWASM) TGE event through the Alpha event page. Participating in the event will consume 15 points.
Kaito announces that its Web3 crowdfunding platform Capital Launchpad is now live
Kaito, an AI-driven Web3 data provider, announced on the X platform that Capital Launchpad is now live and users can go to Yaps to register; a FAQ page has been added and will be updated based on the feedback and questions received. The financing cycle on Capital Launchpad includes the pre-commitment stage, the commitment stage, the review stage, the preferred stage, and the FCFS stage. Currently, the platform only supports USDC on Base, and participants must undergo KYC/AML review, and users in some countries are excluded. Earlier news, Kaito will launch the Web3 crowdfunding platform Capital Launchpad this week. The platform will allow users to participate in token private placements and new project investments, and adopt an allocation mechanism based on indicators such as social reputation and on-chain holdings to replace the traditional first-come, first-served model.
Important data
According to user Ai Yi's monitoring, AguilaTrades has adjusted its position to BTC after losing money on ETH long orders. Currently, it has opened 40x leveraged BTC long orders, holding 840 BTC (about 100 million US dollars), and the opening price is $118,033.3.
USDC Treasury destroys 55 million USDC on the Ethereum chain
According to WhaleAlert, USDC Treasury destroyed 55 million USDC on the Ethereum chain.
SPACEX transfers $152 million worth of BTC for the first time in three years
According to Aggr News, citing ARKHAM data, SPACEX transferred BTC worth $152 million (i.e. 1,308 BTC) for the first time in three years. The current receiving address bc1q8...hartf is unknown. On-chain analyst Ai Yi added that after this transfer, SpaceX still holds 6,977 BTC on the chain, worth $815 million.
According to SoSoValue data, yesterday (July 21, Eastern Time), the Ethereum spot ETF had a total net inflow of $297 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Fidelity ETF FETH, with a net inflow of $127 million in a single day. Currently, FETH's total net inflow has reached $2.082 billion. The second largest was Blackrock ETF ETHA, with a net inflow of $102 million in a single day, and the current total net inflow of ETHA has reached $8.157 billion. The Ethereum spot ETF with the largest net outflow in a single day yesterday was 21Shares ETF CETH, with a net outflow of $374,100 in a single day, and the current total net inflow of CETH has reached $28.2611 million. As of press time, the total net asset value of the Ethereum spot ETF was $19.595 billion, the ETF net asset ratio (market value to the total market value of Ethereum) was 4.32%, and the historical cumulative net inflow has reached $7.785 billion.
According to SoSoValue data, yesterday (July 21, Eastern Time), the total net outflow of Bitcoin spot ETFs was $131 million. The Bitcoin spot ETF with the largest net outflow in a single day yesterday was Ark Invest and 21Shares' ETF ARKB, with a single-day net outflow of $77.4553 million. Currently, ARKB's total net inflow has reached $2.843 billion. The second is Grayscale's ETF GBTC, with a single-day net outflow of $36.7450 million. Currently, GBTC's total net outflow has reached $23.543 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $151.603 billion, the ETF net asset ratio (market value to the total market value of Bitcoin) is 6.52%, and the historical cumulative net inflow has reached $54.619 billion.
Over 90% of Ethereum addresses are profitable, the highest since December 2024
According to Sentora, more than 90% of Ethereum addresses are currently in profit, a percentage not seen since December 2024. Since relatively few addresses have purchased Ethereum above the current price, on-chain resistance appears weak. The first significant resistance level is slightly below the $4,000 mark, with about 2.39 million addresses holding ETH still in a loss.
Financing/Acquisition
Insider: Polymarket to acquire compliant exchange QCX for $112 million
According to Bloomberg, cryptocurrency prediction platform Polymarket will legally return to the U.S. market after reaching an acquisition agreement with QCX. Previously, Polymarket was required by U.S. federal regulators to operate offshore due to unregistration, but the U.S. Department of Justice and the Commodity Futures Trading Commission have recently terminated their investigations. The acquisition will enable Polymarket to obtain regulatory approval and officially open to U.S. users. It is reported that Polymarket will acquire derivatives exchange QCX for US$112 million, which was approved by the CFTC to operate on July 9.
Web3 game studio Delabs Games has raised a total of $17.2 million to date, including a recent $5.2 million round led by Hashed, TON Ventures, and Kilo Fund in a Series A round with additional support from strategic investors.
The new funding will drive the continued development of AI-enabled Web3 games through the AI game creation platform Verse8, and support the launch of Delabs Games' upcoming games. Delabs' latest game "Boxing Star X" has nearly 2 million users worldwide and recently climbed to 7th place in the DappRadar game rankings, surpassing games such as "Axie Infinity". The next major game "Ragnarok Libre" has exceeded 100,000 pre-registrations before its release.
Quack AI, an AI-driven governance protocol, announced the completion of a $3.6 million financing round, with support from Animoca Brands, 071labs, Skyland Ventures, Kenetic, Scaling Labs, Carv, Merlin Chain and other strategic investors. Quack AI is a decentralized governance protocol that uses autonomous AI agents to read, analyze and execute DAO proposals across multiple blockchains. Quack AI was originally built on DuckChain and now supports the governance of ecosystems such as BNB Chain, Arbitrum and Optimism.
Questflow, the orchestration layer for the on-chain AI multi-agent economy, announced the completion of a $6.5 million seed round of financing led by CyberFund. Other investors participating in this round include Delphi Labs, Systemic Ventures, Eden Block, White Star Capital, Web3.com, Animoca Brands, HashKey Capital, Wagmi Ventures, ElizaOS, Tezos Foundation and CatcherVC, as well as funding from Aptos, Coinbase Developer Platform and Virtuals Protocol.
Institutional Holdings
According to an official announcement, European listed company Capital B (formerly The Blockchain Group) announced an increase of approximately 10.3 million euros to implement its Bitcoin Finance Company strategy. Yesterday, Blockchain Group announced that it would change its name to Capital B and announced that it was setting up a subsidiary in Abu Dhabi.
Mexican Real Estate Company Grupo Murano Plans to Build $10 Billion Bitcoin Vault in Five Years
According to Bitcoin Magazine, Mexico-based Grupo Murano, a $1 billion real estate company, is spearheading a strategy to “integrate Bitcoin into operations”, aiming to optimize its financial position by shifting from a traditional asset-heavy model to a Bitcoin-centric financial management model. The company, which manages hotels under brands such as Hyatt and Mondrian, as well as residential and commercial properties in cities such as Cancun and Mexico City, plans to convert assets into Bitcoin through refinancing and sale-leaseback. This approach reduces debt and equity on the balance sheet while maintaining operational control. Grupo Murano is also educating stakeholders (employees, investors, and guests) on the benefits of Bitcoin. The company plans to deploy Bitcoin ATMs in its hotels and is about to partner with a major payment platform to enable seamless transactions, especially for American hotel guests in Cancun and Mexico City. Murano aims to build a $10 billion Bitcoin vault within five years. Murano also plans to accept Bitcoin payments in all of its hotels and will explore opportunities to host Bitcoin conferences at its hotels. The company’s focus remains on high-margin development projects, allocating 20-30% of its business to real estate and 70-80% to Bitcoin holdings.
According to Businesswire, Volcon, a US-listed electric vehicle company, announced that it has completed its previously announced private placement with total proceeds of more than $500 million and has now launched its Bitcoin financial strategy, planning to allocate more than 95% of the total proceeds of the private placement to purchase BTC. Participants in the private placement include investors such as FalconX, Pantera, Borderless and Relayer Capital. The net proceeds of the transaction have been credited to the company's custody account at Gemini, and additional Bitcoin purchases have been initiated. As of today, the company holds 280.14 BTC, including 235.83 BTC subscribed in cash in the private placement. The company plans to build a global Bitcoin fund management strategy to provide investors with the opportunity to invest in the company by issuing additional shares on multiple trading markets. In the coming weeks, Volcon plans to change its name to Empery Digital, Inc. and its stock code to EMPD. The Volcon Power Sports business plans to adopt the name Empery Mobility.
According to The Block, xTAO, a listed company focusing on the Bittensor ecosystem, announced that it has obtained final listing approval from the Canadian TSX Venture Exchange (TSXV). Its common stock will be listed on July 23 with the code XTAO.U. With this listing, xTAO has received investment from investors including Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and others.
xTAO, founded by Karia Samaroo, former CEO and chairman of Canadian crypto exchange WonderFi, aims to promote the development of the Bittensor ecosystem by developing data, computing and machine learning models.
According to The Block, Nasdaq-listed media and entertainment company GameSquare (stock code GAME) announced that it will increase its digital asset treasury management authorization from $100 million to $250 million. The company recently purchased 8,351 ETH (worth about $30 million) at an average price of $3,592, bringing its total Ethereum holdings to 10,170.74. As part of the new treasury plan, the board approved an NFT income strategy with an initial fund of $10 million and established a strategic partnership with Ryan Zurrer of Dialectic and Rhydon of Goff Capital. The company said it will focus on allocating high-quality Ethereum ecological assets, aiming to achieve a 6%-10% stablecoin return. GameSquare CEO Justin Kenna said the company became one of the first listed companies to incorporate NFT into a diversified digital asset strategy. Earlier this month, the company's stock price rose sharply after its board of directors approved a $100 million Ethereum treasury plan, and last week it completed a $70 million public offering to increase its holdings of ETH.
Strategy launches fourth preferred stock product Stretch, raising funds to increase Bitcoin holdings
According to The Block, Strategy (formerly MicroStrategy, stock code MSTR) announced on Monday the launch of its fourth preferred stock product "Stretch" (STRC). The perpetual preferred stock plans to issue 5 million shares with a par value of $100 per share and an initial annualized dividend rate of 9%, paid monthly. The company intends to use the funds raised for business operations and to increase its holdings of Bitcoin. Earlier in the day, Strategy announced that it had purchased an additional 6,220 bitcoins for $739.8 million, bringing its total holdings to over 607,700. The STRC stock launched this time adopts a floating dividend rate, forming a product matrix with the previously issued fixed-rate preferred stocks STRK (8%), STRF (10%) and STRD (10%). These projects are in addition to its "42/42" plan, which aims to raise a total of $84 billion for Bitcoin acquisitions through stock issuance and convertible notes by 2027.
Trump Media and Technology Group: Bitcoin reserve purchases total $2 billion
Trump Media Technology Group (DJT.O) announced that its total Bitcoin reserve purchases have reached $2 billion, and the group plans to continue to acquire Bitcoin and related assets and convert options into spot Bitcoin. Approximately $300 million of additional capital is allocated to option acquisition strategies for Bitcoin-related securities.
Strategy spent about $740 million to buy 6,220 bitcoins last week
Strategy (formerly MicroStrategy) purchased 6,220 bitcoins at an average price of $118,940 per bitcoin between July 14 and 20, with a total investment of approximately $739.8 million. As of July 20, 2025, the company holds a total of 607,770 BTC, with a total purchase cost of approximately $43.61 billion and an average cost of $71,756.
BTCS discloses that the company's ETH and cash market value reached US$242 million
According to GlobeNewswire, blockchain technology company BTCS Inc. (NASDAQ: BTCS) announced that as of now, the total market value of its 55,788 Ethereum (ETH), cash and other liquid assets is approximately US$242 million (based on an ETH price of US$3,600). In addition, BTCS has agreed to issue approximately US$10 million in convertible notes at a price of US$13 per share, a 198% premium to the closing price on July 18. The company has raised a total of US$189 million through its DeFi/TradFi Accretion Flywheel strategy this year, and plans to continue to expand its ETH holdings and enhance shareholder value through decentralized and traditional financial instruments.
Mercurity Fintech reaches $200 million SOL funding agreement with Solana Ventures
According to The Block, Nasdaq-listed Mercurity Fintech Holding has signed a $200 million equity credit agreement with Solana Ventures to advance its Solana funding strategy. Mercurity plans to accumulate a large number of Solana (SOL) tokens through the agreement, and earn income through staking, validating nodes and Solana DeFi protocols, while investing in Solana-based projects, including tokenized assets and real-world asset platforms. Wilfred Daye, the company's chief strategy officer, said that the Solana strategy is a new plan and does not replace the previous $800 million Bitcoin reserve plan. The two have different fund management and income characteristics.
According to the official website announcement, The Ether Machine, Inc., which focuses on Ethereum staking income, announced that it has officially started the listing process by reaching a final business merger agreement with blank check company Dynamix Corporation (NASDAQ: DYNX). After the merger is completed, the company will trade on the Nasdaq with the code "ETHM". Ether Machine co-founder Andrew Keys will serve as chairman. The Ether Machine is expected to hold more than 400,000 Ethereum (ETH) at launch, becoming the world's largest institutional-level public asset management platform for Ethereum. The merger has committed a total of more than US$1.5 billion in funds, including approximately US$645 million (169,984 ETH) subscribed by co-founder and chairman Andrew Keys, and more than US$800 million in funds from many top institutions and strategic investors such as Pantera, Kraken, Electric Capital, etc. However, the total financing scale of this transaction is expected to reach US$1.6 billion, including the above-mentioned committed funds and up to US$170 million in cash in the Dynamix trust account. The company will focus on strategies such as Ethereum staking, re-staking and decentralized finance, and is committed to providing investors with safe, transparent and compliant ETH income. The transaction is expected to close in the fourth quarter of 2025, subject to shareholder approval and other regulatory approvals.
DeFi Development Corp. (NASDAQ: DFDV) announced that it has increased its balance sheet to 999,999 SOL and equivalent assets. The company purchased 141,383 SOL at an average price of $133.53 per SOL between July 14 and 20, with a total value of approximately $19 million. The purchase included spot and discounted locked SOL, and the company also received approximately 867 SOL rewards through staking and on-chain activities. In addition, the company raised a net of approximately $19.2 million through equity credit line financing this month for future SOL purchases. As of July 20, almost all of the unlocked SOL has been staked to the company's own verification nodes, which continue to generate native income.
