Today's news highlights
1. Musk announces the establishment of the 'American Party' on social media.
2. Analysis: Musk's establishment of the 'American Party' may take years to resolve legal and economic challenges.
3. Next week's macro outlook: Countdown to Trump's tariff 'final review'.
4. Toncoin collaborates with the UAE to provide 10-year golden visas to TON stakers.
5. Ethereum Community Foundation: Committed to pushing ETH to $10,000, with follow-up work details to be released soon.
6. In the past decade, the U.S. Secret Service has recovered $400 million worth of digital assets.
7. Singapore concludes a $2.2 billion money laundering case, imposing fines of about $21.5 million on nine institutions including UBS and Citigroup.
8. The NFT trading volume in the past week increased by 10.44% to $136.5 million, with Polygon network trading volume rising over 50%
Regulation & Macro
Next week's macro outlook: Countdown to Trump's tariff 'final review'
In the past week, the market focus has mainly been on the U.S., with various indices setting historic highs almost daily, showing extreme enthusiasm. Notably, asset management firms' bullish sentiment towards U.S. stocks is rising, and market sentiment may be overly exuberant. This could lead to overly concentrated positions, and once negative news occurs, such as the July 9 deadline for tariffs set by Trump, market volatility may intensify. Looking ahead to next week, traders will closely monitor the Federal Reserve's monetary policy meeting minutes, the latest statements from FOMC voters, and the latest developments in Trump's tariff negotiations. Here are the key points the market will focus on in the new week:
Tuesday 23:00, U.S. June New York Fed 1-year inflation expectations;
Wednesday 09:30, China's June CPI year-on-year;
Thursday 02:00, the Federal Reserve releases monetary policy meeting minutes;
Thursday 20:30, the number of initial jobless claims for the week ending July 5;
Thursday 21:00, 2025 FOMC voter and St. Louis Fed President Bullard will speak on the U.S. economy and monetary policy.
Friday 02:30, FOMC voter and San Francisco Fed President Daly will speak on the U.S. economic outlook.
After the release of a much better-than-expected non-farm payroll report this week, U.S. data will enter a quiet period next week. According to LSEG data, the market now believes there is only a 4% chance of a Fed rate cut in July and that it will not be fully priced in until October. Investors are focused on the NFIB Small Business Optimism Index to be published next Tuesday and the initial jobless claims data to be released next Thursday to find the latest clues about the labor market.
Musk announces the establishment of the 'American Party' on social media.
According to Xinhua News Agency, American billionaire Elon Musk posted a message on social media on the 5th: "Today, the establishment of the 'American Party' gives you freedom." Musk made the statement in response to a post he made on the 4th. "The support to opposition ratio is 2:1, indicating that you want a new political party, and you will have a new party." Musk wrote that the U.S. is "bankrupt due to waste and corruption." On Independence Day, Musk initiated an online poll asking netizens whether a 'American Party' should be established to 'liberate' the American people from the two-party system of alternating Democrats and Republicans. By the time he posted again on the 5th, over 1.249 million netizens had participated in the voting, with supporters accounting for 65.4% and opponents 34.6%.
Under U.S. law, the establishment of a party eligible to participate in elections requires a complex certification process, which must first hold a party caucus or convention to elect temporary officials and designate the party name. It is unclear whether Musk's 'American Party' has initiated the relevant procedures. Musk supports current President Trump and the Republican Party in the 2024 U.S. election, but has recently had serious ideological differences with Trump and has repeatedly claimed to establish a new party to challenge the political landscape of alternating control between the two parties.
Singapore concludes a $2.2 billion money laundering case, imposing fines of about $21.5 million on nine institutions including UBS and Citigroup
Singapore imposed fines of 27.5 million Singapore dollars (approximately 21.5 million U.S. dollars) on nine financial companies, including UBS and Citigroup, after launching an investigation into the country's largest money laundering scandal. The scandal involves various assets ranging from luxury real estate to cryptocurrencies.
The Monetary Authority of Singapore (MAS) announced that Credit Suisse's subsidiary in Singapore (now a subsidiary of UBS) faces a fine of up to 5.8 million Singapore dollars for failures in anti-money laundering (AML) controls. Citigroup's Singapore operations were also fined for compliance violations.
Law enforcement agencies have conducted a two-year investigation into a case involving amounts as high as 3 billion Singapore dollars (approximately 2.2 billion U.S. dollars), which has now concluded. Ten individuals known as the 'Fujian Gang' were convicted, and two former bankers were charged last year for their involvement. Authorities seized cash, property, luxury goods, and cryptocurrencies related to this case. The companies involved are taking remedial measures, and regulators plan to closely monitor progress.
Project Updates
Sonic: The first season $S airdrop claim will be randomly open from July 15 to 22.
Sonic announced on the X platform that the first season $S airdrop claim will be randomly open from July 15 to 22.
Toncoin collaborates with the UAE to provide 10-year golden visas to TON stakers.
According to an official announcement, Toncoin collaborates with the UAE to start offering 10-year golden visas to TON stakers. The staked $100,000 TON can be unlocked after 3 years, with an expected annual yield of 3-4% within 3 years. Additionally, a one-time fee of $35,000 is required.
Zama founder: No ZAMA token has been launched yet; the ZAMA token on Pancake is a scam.
Zama founder Rand tweeted that there is currently no ZAMA token. The one on Pancake is a scam, with its FDV reaching $60 million, and many people are likely to lose their investments, so investors must be cautious.
Ethereum Community Foundation: Committed to pushing ETH to $10,000, with follow-up work details to be released soon.
The Ethereum Community Foundation stated on the X platform that it has received positive feedback from the community since its launch, and will therefore release a series of follow-up work details in the coming weeks, including: complete funding details, first batch of work initiatives, core team and contribution information, as well as disclosure on how to apply or contribute. The Ethereum Community Foundation added that the organization is not a think tank, but a 'fighting fund' committed to pushing ETH to $10,000.
Opinion
Hong Kong's Financial Secretary: Reserve assets for stablecoins can only be placed in high-quality, highly liquid assets
According to a news release from the Hong Kong Special Administrative Region, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated at the Hong Kong Digital Finance Awards 2025 ceremony that the licensing system for stablecoin issuers will help promote the development of substantial application scenarios and address pain points faced by the real economy. Proper requirements have been set in areas such as reserve asset management, stabilization mechanisms, redemption processes, and prudent risk management, such as reserves must never fall below the value that can be redeemed at any time. At the same time, reserve assets can only be placed in high-quality, highly liquid assets. Market participants are welcome to submit suggestions on how the government can lead, experiment, and utilize licensed stablecoins.
1confirmation founder: fully supports ETH, the establishment of ETH treasuries by corporations could be a good thing.
Nick Tomaino, founder of 1confirmation, stated on the X platform that he will fully support ETH, as the crypto industry cannot continue to develop without Ethereum. The values of trustworthy neutrality, open source, and permissionless innovation must be spread. The crypto industry is now focusing on VC chains and corporate crypto treasuries. Although this trend is not closely linked to Ethereum's values, it doesn't mean it's bad. The establishment of ETH treasuries by corporations could be a good thing. As crypto pioneer Hal Finney said 33 years ago, "Computers should be tools to liberate and protect humanity, not to control it."
Analysis: Musk's establishment of the 'American Party' may take years to resolve legal and economic challenges.
According to CCTV News, can the American Party really challenge the U.S. two-party system? Analysts believe that creating a third party capable of challenging the U.S. 'two-party system' is not easy and may take years to resolve legal and economic difficulties.
Experienced election lawyers say that U.S. states have different criteria for determining the eligibility of new parties wishing to run. For example, in California, if a new party wants to appear on the ballot in that state, it must enroll and maintain at least 0.33% of the voters in that state as party members or collect signatures from 1.1 million voters. To gain national recognition, new parties must also gain approval from the Federal Election Commission, which will almost certainly face strong opposition from the Democratic and Republican parties. Besides time and legal issues, fundraising for the campaign is also a major challenge. Former Federal Election Commission Chair Lee Goodman stated that Musk may need thousands of donors to fund his party.
In fact, in addition to the two major parties, the U.S. also has parties including the Green Party and the Libertarian Party, but the latter two parties cannot shake the position of the two major parties.
Important Data
The U.S. Secret Service has recovered $400 million worth of digital assets over the past decade.
According to The Block, citing Bloomberg, after a large-scale investigation involving the FBI and the U.S. Attorney's Office, the U.S. Secret Service's Global Investigative Operation Center (GIOC) seized $225 million worth of cryptocurrency last month. Over the past decade, the GIOC team has recovered $400 million worth of digital assets from criminals. Most of the recovered funds (totaling about $400 million) are 'stored in a cold wallet.' In addition to seizing these cryptocurrencies, the GIOC also held a week-long free training course in over 60 countries/regions to educate local law enforcement officials on how to identify and prevent cryptocurrency-based fraud and crime.
The 1inch team investment fund bought 9.652 million 1INCH five hours ago, totaling 19.85 million 1INCH purchased since February.
According to on-chain analyst Yu Jin's monitoring, the 1inch team investment fund spent 1.757 million USDC to purchase 9.652 million 1INCH five hours ago, priced at $0.18. Since February, the team has cumulatively spent 4.001 million USDC to purchase 19.85 million 1INCH at an average price of $0.2.
The team spent 5.5 million USDC to buy 22.45 million 1INCH at an average price of $0.245 from July to September last year, and then sold 15.698 million of them at an average price of $0.533 at the end of last year, making a profit of $4.52 million.
The NFT trading volume in the past week increased by 10.44% to $136.5 million, with Polygon network trading volume rising over 50%.
CryptoSlam data shows that the NFT market trading volume increased by 10.44% in the past week, reaching $136.5 million. Market participation metrics remain stable, with the number of NFT buyers unchanged at 1,061,348 (maintaining a growth rate of 50.56%), and the number of NFT sellers increased by 8.09% to 38,494. However, the number of NFT transactions decreased by 19.72% to 1,357,295.
Immutable network trading volume reached $43.9 million, up 30.27% from the previous week. Polygon network trading volume reached $25 million, an increase of 51.53%. Ethereum network trading volume was $22.5 million, down 8.63%.
This week's high-value transactions include:
CryptoPunks #1831 sold for 150 ETH ($389,846)
CryptoPunks #9778 sold for 150 ETH ($377,958)
CryptoPunks #4868 sold for 76.5 ETH ($201,933)
CryptoPunks #5586 sold for 70.07 ETH ($185,292)
CryptoPunks #7516 sold for 60 ETH ($158,378)
Since June 10, a whale that has accumulated 4026.47 ETH withdrew 3000 ETH from Binance half an hour ago.
According to monitoring by @ai_9684xtpa, a whale that accumulated 4026.47 ETH since June 10 withdrew 3000 ETH from Binance half an hour ago, worth $7.55 million. Its total accumulated ETH has reached 7001 ETH, around $17.946 million, with an average withdrawal price of $2563.45, incurring a floating loss of $346,000.
