Today's Headlines:
The SEC launched "Project Crypto," which includes support for tokenization.
Ethereum spot ETFs saw net inflows for 20 consecutive days, with $16.99 million inflows yesterday.
Macro/Policy
Figma founder Dylan Field holds over 2.3 million AGLD tokens, valued at $1.76 million.
Hong Kong's Stablecoin Bill Officially Takes Effect Today
According to CCTV News, Hong Kong's Stablecoin Bill has officially taken effect. This bill establishes a licensing system for fiat stablecoin issuers in Hong Kong, improving the regulatory framework for virtual asset activities in the city to maintain financial stability and promote financial innovation.
US Stock Market Close: All Three Major Indices Fall, While New Stock Figma Soars 256%
US stocks closed Thursday, with the Dow Jones Industrial Average initially closing down 0.74%, the S&P 500 down 0.37%, and the Nasdaq Composite slightly lower. Microsoft (MSFT.O) rose 3.9%, but its market capitalization failed to stabilize at $4 trillion at the close. Meta (META.O) rose 11%, and design software giant Figma surged 256% on its first day of trading. The Nasdaq China Golden Dragon Index closed up 0.66%, with NIO (NIO.N) up 8% and Alibaba (BABA.N) up 2.7%. SEC launches "Project Crypto," covering tokenization support and other initiatives. According to Reuters, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins unveiled a series of regulatory reforms aimed at accommodating cryptocurrency and blockchain transactions at the American Priorities Policy Institute on Thursday (US time). Atkins stated that he has directed the Commission to develop criteria for determining whether crypto tokens are securities and to provide innovative exemptions and clear regulatory guidance for market participants. The newly established "Project Crypto" will promote the modernization of securities regulations and expedite the implementation of the White House's recommendations for federal support for digital asset trading. The SEC may need to consider revising the National Market System Rules to accommodate the trading of tokenized securities. This move is considered a significant boon to the US crypto industry and will accelerate the integration of crypto assets with traditional finance. Coinbase to Launch Tokenized Stocks and Prediction Markets in the US According to CNBC, Coinbase announced that it will launch new services in the US in the coming months, including tokenized stocks, prediction markets, derivatives, and early-stage token sales, expanding its core trading applications beyond cryptocurrencies. Coinbase Vice President Max Branzburg stated that the company is committed to building a "one-stop on-chain exchange" that enables on-chain trading of all assets and promotes a faster and more open global economy. The new services will also be gradually expanded to international markets, with the specific progress dependent on regulatory approvals in various regions.
Viewpoint
Matrixport's latest investment research report indicates that the core catalyst for a new round of Bitcoin appreciation is emerging. Despite a flurry of positive news related to Ethereum, including increased ETF flows, increased corporate investment, and the potential approval of a staking mechanism by the SEC, the funding rate has only risen to 15%, failing to fully reflect market enthusiasm. The report believes that August and September are typically weaker months for Bitcoin throughout the year. With the conclusion of the FOMC meeting and waning policy catalysts, and considering the next FOMC meeting is not until September 17th, and the lack of new policy catalysts in the short term, market sentiment may turn cautious, and the market may enter a period of consolidation. Matrixport also points out that US fiscal uncertainty remains a core driver of hard asset prices. Trump's recent $5 trillion debt ceiling expansion plan has significantly impacted the market, with the US Treasury debt surged by over 10% since the policy was implemented. Bitcoin is at the forefront of this macroeconomic shift, and capital flows remain a key indicator of its upside potential. White House: Will impose 39% tariffs on Swiss goods and raise Canadian tariffs from 25% to 35% According to Jinshi, the White House announced: Swiss goods will be subject to a 39% tariff. Pakistan will face a 19% tariff. Malaysian goods will be subject to a 19% tariff; Vietnam will face a 20% tariff; Bangladesh will face a 20% tariff; and Israel will face a 15% tariff. Furthermore, US President Trump signed an executive order raising Canada's tariff from 25% to 35%. The higher tariffs will take effect on August 1, 2025 (local time).
Project News
According to the official announcement, Binance Alpha has listed Toshi (TOSHI). Users with at least 200 Binance Alpha Points can claim an airdrop of 69,349 TOSHI tokens. This airdrop is on a first-come, first-served basis. The score threshold will automatically decrease by 15 points every hour until the event ends. Please note that claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will forfeit the airdrop.
Binance Alpha will list MOMOFUN (MM) on August 3rd
Binance Alpha announced that it will list MOMOFUN (MM) on August 3rd. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading begins.
MIA is now available on Binance Alpha. Earn 500 MIA tokens with at least 200 Binance Alpha Points.
Binance announced that ai.ac (MIA) is now available on the Alpha platform. Users with at least 200 Binance Alpha Points can participate in the airdrop and receive 500 MIA tokens on a first-come, first-served basis. If the reward is not fully distributed, the point threshold will automatically decrease by 15 points every hour. Binance Wallet announced that it will launch its Alpha airdrop today at 5:00 PM (UTC+8). Users holding at least 200 Binance Alpha Points will receive tokens on a first-come, first-served basis until the airdrop pool is fully allocated or the event expires. The specific tokens for the airdrop have not yet been announced. Riot Platforms achieved a net profit of $220 million in the second quarter, with Bitcoin mining costs nearly doubling year-on-year. According to The Block, Nasdaq-listed Bitcoin mining company Riot Platforms achieved a net profit of $220 million in the second quarter of 2025, reversing a nearly $300 million loss in the first quarter. The company's cumulative net loss for the year was $76.9 million, primarily due to a 93% year-on-year increase in the cost of mining Bitcoin per coin, reaching a record high. During the quarter, Riot produced 1,426 bitcoins and held a total of 19,273, ranking fourth among publicly listed companies globally. The company is increasing its investment in high-performance computing and AI, having already spent $28 million on land acquisitions this year and planning to invest an additional $49 million by the end of the year. Following the release of the financial report, Riot's stock price fell approximately 5% in after-hours trading. Coinbase's Q2 total revenue fell 26% quarter-over-quarter, and its US stock price fell 10.46% in pre-market trading. According to data on the relevant website, Coinbase's US stock price fell 10.46% in pre-market trading, currently trading at $338.7. Coinbase disclosed that its total revenue for Q2 2025 was $1.5 billion, with a net profit of $1.4 billion. During the reporting period, the company's total revenue fell 26% quarter-over-quarter, trading revenue fell 39%, and crypto spot trading volume fell over 30%. Quarterly trading volume was $237 billion, up from $226 billion in the same period of 2024.
Strategy Achieved $14 Billion in Q2 Operating Revenue and $10 Billion in Net Profit
According to Strategy's announcement, in the second quarter of 2025, the company achieved operating revenue of $14 billion, net profit of $10 billion, and earnings per share of $32.60. The company released full-year 2025 guidance, projecting operating revenue of $34 billion, net profit of $24 billion, and earnings per share of $80. At the same time, the company raised its Bitcoin-related target for 2025 to a 30% BTC yield and $20 billion in BTC-to-USD returns.
According to BWEnews, Pump.fun recently registered the subdomain fee.pump.fun, possibly hinting at the imminent launch of a transaction fee dashboard or a volume-based incentive program.
Important Data
According to Coingecko data, six of the top 300 cryptocurrencies by market capitalization saw monthly gains exceeding 100% over the past 30 days. The specific gains are as follows: Zora (ZORA) rose 746.5% to $0.0698; Rekt (REKT) rose 208.3% to $0.0000008631; Conflux (CFX) rose 183.9% to $0.2114; Pudgy Penguins (PENGU) It has increased by 134.4% and is now priced at $0.03333; Ethena (ENA) has increased by 125.5% and is now priced at $0.5862; Story (IP) has increased by 102.7% and is now priced at $5.88; WEMIX (WEMIX) has increased by 94.6% and is now priced at $0.773; Convex Finance (CVX) has increased by 85.1% and is now priced at $4.14; Qubic (QUBIC) has increased by 82.1% and is now priced at $0.000002518; Bonk (BONK) has increased by 79.6% and is now priced at $0.00002554. Huang Licheng's long positions in ETH, HYPE, and PUMP are worth approximately $148 million, resulting in a floating loss of over $11.9 million. According to ai_9684xtpa, Huang Licheng's Machi Big Brother's long positions in ETH, HYPE, and PUMP are worth approximately $148 million. Due to the decline in ETH prices, his total floating loss has expanded to $11.9 million. PUMP's floating loss was the largest, reaching $6.82 million.
According to Glassnode monitoring, the 30-day average USDT transfer volume across major blockchains has steadily increased since the volatility in early 2022, currently reaching $5.29 billion, indicating a gradual recovery in stablecoin market activity. As of July 30, 2025, the USDT transfer volume share of each blockchain was as follows: Tron $23 billion, BNB Chain $14.9 billion, Ethereum $13.3 billion, TRON $94.7 million, Optimism $60.4 million, Solana $78.04 million, and Arbitrum $63.83 million. From January to May of this year, Tron led USDT transfer volume with over 55%, while Ethereum accounted for over 27%. However, since May, BNB Chain has surpassed Ethereum, currently accounting for over 30%. Bitcoin spot ETFs saw a net outflow of $115 million yesterday, turning negative for the first time in five days. According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $115 million on July 31st, Eastern Time, marking the first negative outflow in the past five days. BlackRock's IBIT saw a net inflow of $18.6236 million, Franklin's EZBC saw a net inflow of $6.7816 million, and ARKB saw a net outflow of $89.9225 million. As of now, the total net asset value of Bitcoin spot ETFs is $152.006 billion, with cumulative net inflows reaching $54.992 billion. Ethereum spot ETFs have seen net inflows for 20 consecutive days, with $16.99 million flowing in yesterday. According to SoSoValue data, on July 31st, US Eastern Time, Ethereum spot ETFs saw a total net inflow of $16.9996 million, marking the 20th consecutive day of net inflows. BlackRock's ETHA saw an inflow of $18.1768 million, Fidelity's FETH saw an inflow of $5.6184 million, and Grayscale's ETHE saw a net outflow of $6.7957 million. As of now, the total net asset value of ETFs is $21.518 billion, with cumulative net inflows of $9.641 billion.
Funding/Acquisition
AI project Billions announced the completion of $30 million in funding, dedicated to building the first universal network connecting humans and AI. The funding round was backed by leading crypto and AI infrastructure firms including Polychain, Coinbase Ventures, Polygon, LibertyCity Ventures, and BITKRAFT Ventures. Billions advocates for addressing the internet's trust issues through verifiable identity, enabling users to prove their authenticity without exposing their private data and creating a safer environment for human-AI interaction. The company believes verifiable identity is key to unlocking the internet's potential.
Cryptotech Startup TACEO Completes $5.5 Million Seed Round, with Participation from a16z CSX
Austrian cryptotech startup TACEO has secured $5.5 million in seed funding, led by Archetype VC, with participation from a16z CSX, Cyber.Fund, a_capital, and Polymorphic Capital. The new funds will be used to enhance infrastructure performance and developer tool development, with a focus on expanding privacy-compliant applications in finance, AI, and stablecoins. The company's core technology, "Private Shared State," enables multi-party collaborative computation on encrypted data and has successfully supported biometric authentication for 14 million users of Sam Altman's World ID project. This technology integrates multi-party computation (MPC) and coSNARKs zero-knowledge proofs to verify computational accuracy without exposing the original data.
Institutional Holdings
According to BusinessWire, Mill City Ventures III, Ltd. (NASDAQ: MCVT) announced the successful completion of a $450 million private equity financing and the official launch of its pioneering Sui blockchain treasury management strategy. The financing was led by London-based digital asset hedge fund Karatage Opportunities, with equal participation from the Sui Foundation and other institutions. Karatage co-founders Marius Barnett and Stephen Mackintosh serve as Chairman of the Board and Chief Investment Officer, respectively. Mill City currently holds 76,271,187 SUI tokens at an average purchase price of $3.6389 per token, making it the only publicly listed SUI treasury officially backed by the Sui Foundation. Galaxy Report: Corporate Crypto Asset Holdings Exceed $100 Billion According to a report released Thursday by Galaxy Research, corporate cryptocurrency finance firms, including Strategy, Metaplanet, and SharpLink, have accumulated a combined $100 billion worth of digital assets, according to Cointelegraph. The report indicates that Bitcoin Finance holds the lion's share, holding over 791,662 bitcoins on its books, valued at approximately $93 billion and representing 3.98% of the circulating supply. Ethereum Finance holds 1.3 million ether, valued at over $4 billion and representing 1.09% of the ether supply. However, as previously reported by The Block, the cumulative value of ETH treasury reserves has exceeded $10 billion for 64 entities, including publicly traded companies, crypto exchanges, DeFi protocols, nonprofit organizations, and the federal government.
According to an official announcement, US-listed Empery Digital (formerly Volcon) announced it has increased its holdings by 303 bitcoins, bringing its total holdings to 3,803.
Data: The cumulative value of ETH treasury reserves held by 64 entities has exceeded $10 billion.
According to The Block, the total value of Ethereum reserve assets has exceeded $10 billion, reflecting the growing trend of companies incorporating Ethereum into their balance sheets. SER data shows that as of Thursday, the total value of strategic Ethereum reserves reached $10.58 billion, encompassing 64 entities holding over 100 ETH. These reserves represent 2.26% of the total Ethereum supply. This $10 billion includes reserves held by publicly traded companies, crypto exchanges, DeFi protocols, non-profit organizations, and the federal government. The largest Ethereum holder is Bitmine Immersion Tech, which has shifted its focus from Bitcoin mining to accumulating Ethereum. It holds 625,000 ETH (worth $2.42 billion), and its chairman, Tom Lee, has previously stated his goal to acquire and stake 5% of the total Ethereum supply. Close behind is Joseph Lubin's SharpLink Gaming, which holds 438,200 ETH. The third-placed The Ether Machine announced on Wednesday that it had purchased 15,000 ETH, bringing its reserves to 334,800 ETH. The Ethereum reserves held by these three companies now surpass those of the long-dominant Ethereum Foundation, which currently holds 234,600 ETH.
