Today's Outlook
1. The US ADP employment numbers (10,000) for June will be announced today, previous value 3.7
2. The US EIA crude oil inventory (10,000 barrels) for the week ending June 27 will be announced today, previous value -583.6
3. Ethena (ENA) will unlock 40.63 million tokens today, accounting for 0.67% of the circulating supply
Today's News
● The US Treasury Secretary expects the Federal Reserve to cut interest rates by September at the latest
According to BlockBeats, US Treasury Secretary Becerra stated that it is 'a bit confusing' that tariffs have not pushed the Federal Reserve to lower interest rates. He believes the Federal Reserve may cut rates before autumn, at the latest by September.
● Tax incentives for cryptocurrencies failed to be included in the 'Beautiful Law' proposed by Trump
According to BlockBeats, on July 2, the 'Beautiful Law' proposed by US President Trump barely passed in the Senate, but failed to include tax amendment clauses benefiting cryptocurrency users.
Senators supporting cryptocurrencies and industry policy leaders attempted to include crypto tax incentives in the bill at the last minute, benefiting stakeholders such as stakers and miners.
However, due to lack of time, the amendment could not be included for consideration before the bill passed on Tuesday noon. Crypto policy advocates expressed regret over this outcome, calling it 'a missed opportunity for the industry'.
● The US SEC's Division of Corporation Finance released new guidelines for cryptocurrency ETP disclosure
According to ChainCatcher, the US Securities and Exchange Commission's Division of Corporation Finance published new guidelines on July 1, 2025, for the disclosure requirements of cryptocurrency exchange-traded products (ETPs), aiming to provide legal clarity.
The guidelines require cryptocurrency ETP issuers to disclose specific content in their offerings and registration documents. ETPs are defined as investment products listed on national securities exchanges, typically holding spot cryptocurrency assets or derivatives.
According to the guidelines, ETP issuers must register their offerings and securities categories under the Securities Act of 1933 and the Securities Exchange Act of 1934, and comply with federal securities law anti-fraud provisions.
● The US SEC approved Grayscale's Digital Large Cap Fund to convert to an ETF
According to Odaily Planet Daily, the US SEC has approved Grayscale's Digital Large Cap Fund to convert to an ETF. The digital assets involved in this fund include BTC, ETH, XRP, SOL, and ADA.
● Publicly traded companies purchased a total of 245,510 bitcoins in the first half of the year, more than double the amount purchased by ETFs during the same period
According to BlockBeats, publicly traded companies purchased a total of 245,510 bitcoins in the first half of 2025, more than double the amount purchased by ETFs (118,424 BTC) during the same period.
The number for this year so far represents a 375% increase compared to the 51,653 BTC purchased by enterprises in the first half of 2024. In contrast, ETF purchases decreased by 56%, with ETFs purchasing as much as 267,878 BTC at the beginning of 2024.
● Strategy achieved a 7.8% bitcoin yield in the second quarter, making a profit of approximately 4.4 billion USD
According to ShenChao TechFlow, Michael Saylor, founder of Strategy, stated that the company achieved a 7.8% bitcoin yield in the second quarter. The company realized a profit of 41,407 bitcoins, worth about 4.4 billion USD.
● The Governor of Arizona vetoed the Bitcoin Reserve Bill HB2324
According to ChainCatcher, Arizona Governor Katie Hobbs vetoed the 'Bitcoin Reserve' Bill HB2324. The bill aimed to establish a digital asset reserve to store digital assets seized from criminal assets.
Market Trends
1. BTC is experiencing a slight decline in the short term, with the market trending down, and a total liquidation of 259 million in the past 24 hours, mainly affecting long positions;
2. The Dow Jones rose more than 400 points, while the NASDAQ fell 0.8%, as traders withdrew from large tech stocks and moved into small-cap stocks; US bonds fell across the board; copper prices rose to a three-month high, and gold prices increased for the second consecutive time.
3. In the liquidation map for BTC/USDT, based on the current 105,564 USDT, if it drops by 2,000 points to around 103,564, the total liquidation amount of long positions exceeds 245 million USD. If it rises by 2,000 points to around 107,564, the total liquidation amount of short positions exceeds 420 million USD. The liquidation amount for shorts is significantly higher than for longs, suggesting a reasonable control of leverage to avoid triggering large-scale liquidations during market fluctuations.
4. In the past 24 hours, Bitcoin spot inflows amounted to 1.45 billion USD, outflows were 1.97 billion USD, resulting in a net outflow of 520 million USD.
5. In the past 24 hours, contract trading for ETH, BTC, SOL, XRP, DOGE, etc., has seen a net outflow leading, indicating possible trading opportunities.
