Today's News Highlights
Kazakhstan plans to establish a national cryptocurrency reserve
Robinhood plans to launch its own blockchain and launch 'stock tokens' in the EU
Circle applies for US bank license to custody USDC reserves
Rex-Osprey CEO says its Solana Staking ETF is expected to launch on July 2
Kraken has offered 60 tokenized US stocks to non-US users
XRP Ledger has launched an EVM sidechain on the mainnet
Strategy spent approximately US$531.9 million to increase its holdings of 4,980 Bitcoins last week
Trump family related cryptocurrency project American Bitcoin raised $220 million for Bitcoin mining
Macro & Regulation
Kazakhstan plans to establish a national cryptocurrency reserve
According to The Block, Timur Suleimenov, Governor of the Central Bank of Kazakhstan, said that the country plans to establish a national cryptocurrency reserve, and the funds will come from digital assets seized in cases and tokens mined by state-owned mines. The reserve will be managed by a subsidiary of the central bank, and will adopt a sovereign wealth fund operation model, including a single manager structure and a transparent audit mechanism. Kazakhstan currently accounts for 13% of the global Bitcoin hashrate. After the power shortage in 2022, it has implemented a miner licensing system and seized illegal mining machines worth nearly $200 million. This move makes it another national entity to deploy cryptocurrency asset reserves after many states and companies in the United States. The specific implementation framework is still being formulated, and the reserve scale and launch time have not yet been announced.
The United States (End Corruption in the Crypto Arena) Act failed to pass
US Senator Jeff Merkley said on the X platform that his proposed (End Corruption in the Crypto Arena) amendment failed to pass due to Republican opposition. The bill aimed to prohibit elected officials from promoting cryptocurrencies for undue gain. The bill was defeated with 46 votes in favor and 54 votes against. Merkley complained, 'No elected official should be able to sell influence and enrich themselves through cryptocurrency schemes.'
Securities Commission Malaysia Plans Comprehensive Overhaul of Cryptocurrency Trading Rules
According to Crowdfundinsider, the Securities Commission Malaysia (SC) has proposed a series of regulatory improvements to strengthen the digital asset exchange (DAX) framework. A consultation paper released on Monday shows that it plans to allow certain digital assets that meet the minimum qualification requirements to be listed on the DAX platform without prior SC approval, in order to shorten the listing time, expand supply, and enhance the responsibility of exchange operators. The regulatory agency also plans to strengthen the governance and operational control of DAX operators, mandatorily segregate customer assets, and ensure that operational practices match risks. In addition, DAX operators need to meet higher financial thresholds to enhance operational and financial resilience, strengthen platform integrity, and enhance market confidence. The SC has invited a wide range of stakeholders, such as digital asset issuers, to provide feedback on the document. The public consultation period is from June 30 to August 11, 2025.
Fed's Bostic: Expect one rate cut this year and three next year
Fed's Bostic said, I still expect one rate cut this year and three next year.
US Treasury Secretary: Stablecoin legislation may be completed in mid-July
According to Jinshi, US Treasury Secretary Bessen said that stablecoin legislation may be completed in mid-July, which will be a source of demand for US Treasury bonds.
Supreme Court rejects request to protect Coinbase user data from IRS scrutiny
According to market news, the Supreme Court rejected the request to protect Coinbase user data from IRS scrutiny.
The US SEC confirmed receipt of an amendment to convert the Grayscale Digital Large Cap Fund into an ETF
According to market news, the U.S. Securities and Exchange Commission (SEC) confirmed receipt of an amendment to convert the Grayscale Digital Large Cap Fund into an ETF (the fund covers BTC, ETH, XRP, SOL, ADA).
The US SEC postpones decision on Bitwise Ethereum ETF staking proposal
The U.S. Securities and Exchange Commission (SEC) has postponed a decision on Bitwise's Ethereum ETF staking proposal and announced a new round of review, while soliciting public comments. Previously, Bitwise proposed adding a staking feature to its Ethereum ETF, allowing investors to participate in network security and earn rewards by locking up Ethereum. Bitwise believes this could enhance investor returns without changing the ETF structure. However, the SEC expressed concerns about the investment risks and potential conflicts of interest that staking may bring, and believes that any modification needs to ensure investor protection and fair trading. The SEC issued a statement on June 30, stating that it needs to further evaluate the impact of staking on investors and set up a public comment period. Currently, Bitwise's Ethereum ETF will remain as it is, holding only spot Ethereum. This decision may affect the staking function of similar ETFs in the future. If approved, other fund management companies may also try to add staking functions. In addition, Rex-Osprey CEO Gregory King said that its Solana staking ETF is expected to be launched on July 2.
Project dynamics
Fragmetric Season 1 Airdrop and Staking is Now Live
Solana re-staking protocol Fragmetric announced that Season 1 airdrop collection and $FRAG staking are now live. Eligible airdrop recipients can claim their FRAG tokens within one month. In addition, the amount and time of staking will affect the acquisition of FVT, which can be used as voting rights in governance. Previously, Solana re-staking protocol Fragmetric launched FRAG tokens, and the first round of airdrops accounted for 10% of the total amount.
Guoxiong Capital plans to invest 200 million yuan to deploy Web3.0 and cryptocurrency assets
Guoxiong Capital Co., Ltd. announced today that it will fully enter the Web3.0 and cryptocurrency asset fields. Yao Shangkun, chairman of the company, said that he is optimistic about the long-term strategic value of Bitcoin and crypto assets, and believes that this field is in line with the global financial development trend and has huge growth potential. The company has been approved a special budget of 200 million yuan, and plans to develop related businesses and invest in crypto assets in the next three years.
Leading Pharmaceutical Biological Technology plans to acquire all of Conflux's equity to expand the blockchain field, and Conflux's two founding members are its executive directors
Hong Kong-listed Leading Pharmaceutical Biological Technology Co., Ltd. (00399) announced that it has signed a memorandum of understanding and plans to acquire all the equity of the target company, provided that the target company completes the acquisition of Conflux blockchain-related assets. The price of this acquisition will be paid through cash, company shares or convertible bonds, and the specific amount will be determined in the formal agreement. The memorandum of understanding is valid for 12 months, during which the seller shall not negotiate or trade the equity of the target company with other parties. Leading Pharmaceutical hopes to expand its business to the field of blockchain technology through this acquisition, realize business diversification and find new profit growth points. However, the transaction can only be implemented after a formal agreement is signed, and relevant announcements will be released in due course according to the listing rules. Shareholders and investors should act cautiously. It is reported that the Hong Kong stock market is closed for one day today due to the anniversary of the establishment of the Hong Kong Special Administrative Region. According to relevant documents, Long Fan and Wu Ming, two founding members of Conflux, both serve as executive directors of Leading Pharmaceutical Biological Technology.
Osmosis plans to optimize the OSMO token economic model: increase Bitcoin reserves, achieve OSMO net deflation by the end of the year, etc.
Osmosis Foundation announced its OSMO economic model adjustment plan for the next six months, aiming to achieve a more sustainable and value-driven ecosystem. The main updates include: Increasing the OSMO burn ratio, optimizing the community pool asset allocation, and increasing Bitcoin reserves; Fixing module vulnerabilities, optimizing transaction fee allocation, and increasing protocol revenue; Gradually reducing the inflation rate, reducing staking rewards by 50% from July, and shifting to real income to support network security; Improving the calculation of developer token allocation to improve market transparency; Gradually canceling liquidity incentives and using community pool targeted spending or protocol-owned liquidity support instead. The roadmap aims to achieve OSMO net deflation by the end of 2025, increase staking yields to over 3%, while maintaining stable liquidity and staking levels. The first batch of proposals will be launched in July, and community feedback will determine the subsequent adjustment range and direction.
Germany's largest banking group Sparkassen to offer cryptocurrency trading services, including BTC and ETH
Germany's largest banking group, Sparkassen, plans to provide cryptocurrency trading services for retail investors, including Bitcoin and Ethereum. The service is expected to launch in the summer of 2026. This decision comes three years after its board of directors rejected related services due to volatility and risk issues. It is reported that Dekabank, a wholly-owned subsidiary of Sparkassen, will be responsible for managing its cryptocurrency services. Previously, Sparkassen executives had criticized cryptocurrencies, calling them 'highly speculative'.
Trusta.AI announces $TA token economics, 3% for airdrops
Trusta.AI officially released the $TA token economic model, with a total supply of 1 billion $TA. Among them, 25% is allocated to community incentives, 20% is allocated to foundation reserves, 18% is allocated to the team, 13% is used for marketing and partnerships, 9% is used for seed investment, 4% is used for strategic investment, and 3% is allocated to advisors, liquidity and airdrops respectively, and 2% is used for public offering. Previously, Trusta Labs was rebranded as Trusta.AI and launched an AI agent identity framework, etc.
Polyhedra launches Phoenix Revival plan, launches privacy stablecoin project mainnet in September
Polyhedra announced the official launch of the Phoenix Revival plan to thank users who supported its ecosystem during the liquidity attack on June 15. This plan is aimed at users who staked ZKJ on the Ethereum or BSC chain at 21:00 on June 15, providing two exclusive benefits: future product rewards and whitelist qualifications for ecological project airdrops. The reward ratio will be calculated based on the user's staking share (SP) at the snapshot time. Polyhedra's future products include ZKML technology, privacy stablecoins, privacy decentralized exchange Dark Pool, and ZK native Layer 1 blockchain EXPchain. Among them: The zk reasoning demonstration of ZKML has been completed, supporting 8B parameter models, and Proof of Humanity based on zkML will be launched in Q3 2025, and larger-scale models and multi-GPU reasoning will be supported. The test network of the privacy stablecoin project is planned to be launched in July, and the main network is expected to be launched in September. Dark Pool will be launched on the test network in Q4 2025, and the main network will be launched in Q1 2026. The EXPchain test network has been launched, and ZK verification and zkML integration will be fully supported in Q4 2025. Previously, Polyhedra will launch a repurchase to stabilize ZKJ, and the CEO will speak out to deal with financial attacks.
The official Trump merchandise store now supports payment with $TRUMP coins
The official Trump merchandise store now supports payment with $TRUMP coins, including websites such as GetTrumpFragrances.com, GetTrumpSneakers.com, and GetTrumpWatches.com.
The Sui Foundation announced the winners of the Sui Overflow 2025 hackathon
Sui Foundation announced the winners of the Sui Overflow 2025 Hackathon, covering DeFi, entertainment culture, payment wallets and other fields. A total of 599 projects were submitted, and 36 winning projects were finally selected in nine tracks, as well as 10 university group winning projects. Magma Finance in the DeFi track won the championship with AI-optimized revenue strategy; in the entertainment culture track, GiveRep won the first place by encouraging positive contributions through blockchain and AI; in the payment wallet track, PIVY won the championship with privacy payment tools. In addition, SuiSQL won the first place in the infrastructure and tools track. This hackathon also included a university special award. Student teams such as SuiFL and Sui Battle AR demonstrated innovative applications of blockchain in education, games and other fields. There were a total of 195,000 votes in the community voting session, and 28 voters won the community award for accurately predicting the winning projects in the track.
Katana mainnet officially launched, and launched a 1 billion KAT token incentive plan
Polygon and GSR incubated Katana mainnet has been officially launched, with pre-deposits exceeding $240 million. A two-year 1 billion KAT token liquidity mining incentive program has also been launched, allowing users to participate in yield farming and other DeFi activities through the Katana application. Currently, users can bridge core assets (such as USDC, USDT, AUSD, and ETH) through the Katana beta application, and perform deposit, yield, and asset management on the platform. Native bridging functions for assets such as WBTC and WETH will be launched in the coming days. Katana's core economic mechanisms include VaultBridge, Chain-owned Liquidity (CoL), and AUSD, aiming to provide deep liquidity and sustainable yields. Early depositors have started earning yields through Yearn V3 vaults, while enjoying KAT token rewards and additional incentives from Morpho and Sushi. According to the plan, KAT tokens will be unlocked on or before February 20, 2026, at which time holders can become vKAT holders by staking KAT and participate in the governance and revenue distribution of the liquidity pool. Previously, it was reported that the Katana chain incubated by Polygon and GSR officially launched, and Katana will airdrop about 15% of KAT tokens to users.
Circle applies for US bank license to custody USDC reserves
According to Reuters, stablecoin issuer Circle has applied for a U.S. national bank charter, which would allow it to act as custodian of USDC reserves and hold crypto assets for institutional clients. However, the license would not allow Circle to accept cash deposits or issue loans like a traditional bank. Circle plans to name the entity regulated by the U.S. Office of the Comptroller of the Currency (OCC) First National Digital Currency Bank, N.A. Analysts believe Circle's USDC could become the largest regulated stablecoin under the (GENIUS Act), giving it a 'regulatory first mover advantage'. Currently, USDC has a market value of $61.5 billion.
Coinbase International to list Sahara AI and Maple Finance perpetual contracts
According to the official announcement, Coinbase International announced on the X platform that it will add support for Sahara AI and Maple Finance perpetual contracts on Coinbase International Exchange and Coinbase Advanced. The SAHARA-PERP and SYRUP-PERP markets will open on or after 17:30 Beijing time on July 3.
Binance Alpha adds NodeOps (NODE)
According to official page information, Binance Alpha added NodeOps (NODE).
Robinhood plans to launch its own blockchain and launch 'stock tokens' in the EU
According to Fortune magazine, online brokerage Robinhood is actively expanding its cryptocurrency business. On Monday, the company announced that it would allow EU customers to trade US stocks and ETFs on the blockchain, launching 'Robinhood stock tokens'. These tokens are presented in the form of cryptocurrencies for popular company stocks. Trading is commission-free, and holders can receive dividends within the app. Customers can trade stock tokens representing over 200 companies, 24 hours a day, 5 days a week without interruption. These stocks were initially issued on Arbitrum and will subsequently be migrated to the company's own Layer2 chain (tentatively named Robinhood Chain). Although the launch time of the new blockchain is not clear, the new chain will support 24/7 trading. In addition, Robinhood also allows European users to trade cryptocurrency perpetual futures and supports US customers to stake cryptocurrencies (initially supporting Ethereum and SOL).
Later news, Robinhood intends to expand the types of tokenized US stocks supported to 'thousands' by the end of the year; Robinhood EU gives Open AI and Space X stock tokens to EU users.
XRP Ledger has launched an EVM sidechain on the mainnet
According to The Block, Ripple-related XRP Ledger has launched an EVM sidechain on the mainnet, supporting developers to build, migrate, and deploy cross-chain Ethereum-compatible applications in its ecosystem. The XRPL EVM sidechain runs in parallel, integrating XRP Ledger's low-cost transactions with Ethereum smart contract functionality, providing optimized infrastructure for developing new decentralized applications (such as lending, tokenization, and payments). The sidechain is jointly developed by Ripple, Peersyst, and Axelar, using the Evmos software stack. Although the XRP ledger previously had limited smart contract capabilities and did not support EVM, Flare Network has provided this functionality through the EVM-compatible layer. The sidechain is connected to the XRPL mainnet through Axelar, transferring encapsulated XRP as the native GAS token, and has attracted DeFi projects such as Band Protocol, and will subsequently integrate the cross-chain protocol Wormhole.
CZ: Asked for Bitcoin ad on Las Vegas Sphere in 2023
Commenting on the "Giant Bitcoin logo displayed on the Las Vegas Sphere," Zhao Changpeng said that he had requested Binance to sponsor a Bitcoin ad (without any Binance logos or mentions) on the Sphere in 2023 and paid some deposit, but it failed due to "other interference." He is pleased to see the ad implemented now. In addition, Zhao Changpeng emphasized that he does not know who is sponsoring the ad now.
Strategy has been added to the Russell 200 Top Value Index
According to Bitcoin News, Strategy (formerly MicroStrategy) has been added to the Russell 200 Top Value Index.
Kraken has offered 60 tokenized US stocks to non-US users
Kraken announced on the X platform that Wall Street has officially entered the on-chain era, and xStocks are now live on the Kraken platform. 60 US stocks have been tokenized and can be traded 24 hours a day, 5 days a week. More stocks are coming soon. Note: This service is not open to people in the United States or US persons and is geographically restricted. Previously, Kraken will offer more than 50 tokenized stocks and ETFs, covering Apple, Tesla, and Nvidia stocks.
Paxos launches stablecoin USDG for EU users following MiCA framework
According to The Block, Paxos launched its stablecoin USDG for all EU users on Tuesday. It is a dollar-pegged stablecoin supported by a consortium including Robinhood, Kraken, Galaxy Digital, and Anchorage Digital. USDG is issued by Paxos' European entity, Paxos Issuance Europe OY, and is regulated by the Finnish Financial Supervisory Authority, following the EU's (Markets in Crypto-Assets Regulation) framework. Paxos keeps part of its cash reserves in European banks and promises 1:1 redemption to comply with MiCA's asset reserve and audit requirements. Despite the tightening of EU crypto regulations, market demand for dollar stablecoins is increasing. Walter Hessert, Head of Strategy at Paxos, stated that this stablecoin issued by Paxos can be traded on platforms such as Kraken, Gate, CoinsPaid, and Zodia Custody, and is circulating on the Ethereum, Ink, and Solana blockchains, providing a compliant dollar stablecoin for 450 million EU residents.
Upbit partners with South Korean search giant Naver to carry out a won-based stablecoin payment project
According to KBS, South Korean crypto exchange Upbit has partnered with local search engine giant Naver to jointly develop a won-based stablecoin payment system. Upbit's operator, Dunamu, will cooperate with Naver's payment platform, Npay, on this project. A Dunamu spokesperson said that the project is expected to be led by Npay, while Dunamu will play an auxiliary role. The two companies intend to finalize the specific details and scope of cooperation after the regulatory framework takes shape.
Australian crypto exchange Swyftx will acquire digital asset brokerage firm Caleb & Brown for approximately $65.8 million
According to Decrypt, Australian crypto exchange Swyftx will acquire boutique digital asset brokerage Caleb & Brown, in what is being hailed as the largest crypto acquisition deal in the ANZ region to date. The deal, which was disclosed to staff last week, is expected to significantly expand Swyftx's US presence, as Caleb & Brown has already built a client base of high-net-worth crypto investors in the US. According to anonymous sources, the acquisition is valued at over AUD 100 million (approximately USD 65.8 million). Three months ago, Swyftx also agreed to acquire New Zealand's largest crypto exchange, Easy Crypto, after which its geographic coverage will be the widest and its team members will be close to 300. Founded in 2016, Caleb & Brown has over USD 1.2 billion in digital assets under custody, and Swyftx intends to expand Caleb & Brown's team of relationship managers and position the combined group as an alternative for wealthy investors seeking customized, around-the-clock support.
Binance Alpha launched BUGSCOIN, holding 210 Alpha points in the first phase to claim 7,360 BGSC airdrops
Binance Alpha has now launched BUGSCOIN (BGSC), and eligible users can use Binance Alpha points to claim 7,360 BGSC token airdrops on the event page. The event is limited to 24 hours. The airdrop is distributed in two stages: the first 18 hours require holding at least 210 Alpha points, and the last 6 hours require holding at least 170 Alpha points. The airdrop pool is first-come, first-served.
Institutional increase
London-listed Anemoi increased its Bitcoin investment ratio from 30% to approximately 40%
London-listed Anemoi International has increased its investment in Bitcoin from 30% to approximately 40% of its cash reserves. The investment was made through an ETF (code BTGD), which provides dual exposure to Bitcoin and gold, and uses leverage to achieve 200% nominal exposure, with $1 of Bitcoin and $1 of gold exposure for every $1 invested. The company's board of directors stated that this financial strategy is 'fully complementary' to its core business. In addition, Anemoi mentioned that the current US federal deficit of approximately 123% of GDP is one of the reasons for its investment decision. Previously, Anemoi invested 30% of its cash reserves in Bitcoin as a new financial strategy.
Japanese game company CyberStep plans to invest 1 billion yen to enter the cryptocurrency investment field, using BTC and ETH as corporate asset reserves
CyberStep, the operator of Japan's well-known online crane game Toreba, announced that it will launch a new business of crypto asset strategic reserves and operations from July 1, with a planned maximum investment of 1 billion yen. The new business is led by its newly established strategic department, Cryptech Capital, which aims to build a new revenue base and accelerate its expansion into the Web3 field. The company plans to establish a "self-circulating token economy" by converting tokens generated by its Web3 services into mainstream crypto assets such as Bitcoin and Ethereum as corporate asset reserves. As a specific example, its blockchain game Eggle allows users to obtain Eggle Energy Token ($ENG) in the process of cultivating NFT characters, and the token will be included in the strategic investment scope of the new business. Cryptech Capital will also invest in BTC, ETH and other potential tokens, aiming to achieve dual income through asset appreciation and liquidity provision. The initial budget is 200 million yen, and it is expected to gradually expand to 1 billion yen by May 2026.
Nasdaq-listed LGHL announced that it has cumulatively purchased $5 million worth of HYPE, SOL and SUI
According to PRNewswire, after completing the first purchase of HYPE tokens, Nasdaq-listed Lion Group Holding Ltd. (LGHL) announced that it will continue to increase its holdings, and has now cumulatively purchased approximately $5 million worth of HYPE, SOL, and SUI for its cryptocurrency Layer-1 asset reserves. In addition, the company disclosed that it is currently evaluating more participation in these ecosystems, including validator operations, governance participation, and ecosystem partnerships.
BitMine Announces $250 Million Private Placement and Launches Ethereum Financial Strategy
According to PR Newswire, Bitcoin mining company BitMine announced (NYSE AMERICAN: BMNR) announced the pricing and signing of a private placement agreement to purchase and sell 55,555,556 shares of common stock (or common stock equivalents in lieu thereof) at a price of $4.50 per share, with expected gross proceeds of approximately $250 million, before deducting placement agent fees and other issuance expenses, to implement its Ethereum financial strategy. The transaction was led by MOZAYYX, with participation from investors such as Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The offering is expected to close on or about July 3, 2025, subject to customary closing conditions. The Company plans to use the net proceeds from the offering to purchase Ethereum and deploy ETH into the Company's treasury operations. ETH will be held as the Company's primary treasury reserve asset.
Strategy spent approximately US$531.9 million to increase its holdings of 4,980 Bitcoins last week
According to official news, Strategy (formerly MicroStrategy) purchased 4,980 Bitcoins at a price of approximately US$106,801 per coin between June 23 and June 29, spending approximately US$531.9 million; as of the beginning of 2025, its Bitcoin investment return rate has reached 19.7%. As of June 29, 2025, the company holds 597,325 Bitcoins, which were purchased at a price of approximately US$70,982 per coin, with a total cost of approximately US$4.24 billion.
Opinion
Analysis: Bitcoin has an average increase of 9.1% in July, and may challenge the $116,000 mark in the coming weeks
According to Matrixport analysis, Bitcoin has recorded gains in 7 out of the past 10 Julys, with an average gain of 9.1%. Even in years with declines, the decline was only single digits, while in years with gains, there were two strong rebounds with double digits. With the arrival of July, bullish sentiment in the market is gradually rising, and historical trends may be repeated. Analysts believe that Bitcoin may challenge the $116,000 mark in the coming weeks.
Bitfinex Alpha: BTC usually performs weakly in Q3, with an average return of 6%
According to the Bitfinex Alpha report, Bitcoin is currently consolidating in the $100,000 to $110,000 range, after rising nearly 50% from the April low of $74,600. Recent price fluctuations have narrowed, reflecting cooling on-chain and derivatives market activity, reduced spot trading volume, weakened buying pressure, and a decrease of over 7% in open interest, indicating that the market is transitioning from a strong uptrend to a volatile phase. The realized price of short-term holders is approximately $98,700, which has repeatedly attracted buying as a key support point recently. Looking ahead, historical data shows that Bitcoin usually performs weakly in the third quarter, with an average return of 6%. Price volatility is expected to further decrease, and the trend may continue to fluctuate within a range. On the macroeconomic front, US consumer spending is slowing down while inflation remains high. Personal income and spending both declined in May, and core inflation rose to 2.7%. The possibility of the Federal Reserve cutting interest rates in the short term has decreased, and the policy focus remains on balancing price stability with the risk of economic growth.
Goldman Sachs expects the Federal Reserve to start cutting interest rates in September and cut them three times in a row
Goldman Sachs' economic research team's latest forecast is that the Federal Reserve may start cutting interest rates as early as September this year, and cut interest rates by 25 basis points at the meetings in September, October, and December, lowering the terminal interest rate expectation from 3.5%-3.75% to 3%-3.25%. Goldman Sachs believes that the inflationary impact of tariffs is weaker than expected, the labor market is weak, and data fluctuations may contribute to this result. Goldman Sachs analysts pointed out that if this week's employment data performs poorly, the probability of a rate cut will be further increased, but they expect no action to be taken at the July meeting. In contrast, Morgan Stanley analysts believe that the possibility of the Federal Reserve cutting interest rates in the near future is low, especially at the July meeting. Morgan Stanley expects the upcoming employment report to remain robust, although the increase will slow down, but not enough to prompt the Federal Reserve to accelerate action. In addition, Chicago Fed President Goolsby said that the current US unemployment rate and inflation level are far below the stagflation level of the 1970s, and tariffs or supply shocks are unlikely to trigger a similar crisis in the short term. Atlanta Fed President Bostic believes that the full impact of Trump's tariffs has not yet been revealed, and expects the Federal Reserve to only cut interest rates once this year.
Mining news
Trump family related cryptocurrency project American Bitcoin raised $220 million for Bitcoin mining
According to Bloomberg, American Bitcoin, a cryptocurrency project related to the Trump family, raised $220 million by issuing new shares to purchase Bitcoin and digital asset mining equipment. Some equity was traded in Bitcoin instead of US dollars, worth approximately $10 million. American Bitcoin is supported by Eric Trump, and its main shareholder, Hut 8 Corp, plans to list the company through a merger with Gryphon Digital Mining Inc. The project is one of many efforts to introduce Bitcoin to the public trading market. Hut 8 had previously handed over mining equipment to American Bitcoin in exchange for 80% equity, and plans to further expand to Dubai. In addition, the Trump family has been actively involved in multiple cryptocurrency-related projects aimed at promoting the United States as the 'crypto capital'.
Important data
USD1's 24-hour trading volume exceeded USDC for the first time, reaching a record high of $3.37 billion
Trump family crypto project WLFI posted on the X platform that for the first time ever, the 24-hour trading volume of stablecoin USD1 surpassed USDC (another stablecoin), reaching a record high of $3.37 billion, becoming the second most used stablecoin in the world after USDT.
Bitcoin mining difficulty was reduced by 7.48% to 116.96 T yesterday
Cloverpool data shows that Bitcoin mining difficulty welcomed a mining difficulty adjustment at block height 903,168 (2025-06-29 13:23:16), with the difficulty reduced by 7.48% to 116.96 T. According to Bitcoin News analysis, this is the largest drop since China banned mining in 2021. This decline is related to the shutdown of US miners in extreme heat, as well as unconfirmed power outage reports that affected Iranian miners, who contributed 4% of the global hashrate.
Bitcoin spot ETFs had a total net inflow of $102 million yesterday, continuing the net inflow for 15 days
Paradigm Capital and early investors in ARB transferred 16.75 million ARB to CEX, worth approximately $5.85 million
A whale redeemed and transferred over 68,000 ETH to CEX in 3 weeks, worth approximately $165 million
Move Foundation reserve wallet received 45 million $MOVE from Binance, currently holding 168 million
The Royal Government of Bhutan deposited 137 BTC to Binance 20 minutes ago, worth $14.77 million
A certain whale is suspected of having unstaked and withdrawn 95,920 ETH, worth $237 million, through two wallets
