Compiled by: Nona
Fear and Greed Index: 50 (Greed)
Bitcoin Price: $108,332
BTC/ETH Spot ETF Capital Flows (7.7)
BTC Net Inflow: $216.5 M
ETH Net Inflow: $62.10 M
Regulatory/Macro
Informed sources: The U.S. SEC urges issuers to revise and refile the Solana spot ETF application by the end of July.
The U.S. Securities and Exchange Commission (SEC) is urging issuers to revise and refile the application for a Solana spot ETF by the end of July. An informed source stated that technically, the SEC must approve or deny such funds by October 10, but the agency seems to want to expedite this process and approve one or more funds before the deadline. Previously, the REX-Osprey SOL and Staking ETFs had received automatic approval and began trading last week under different regulatory rules.
Informed sources: More than 40 companies are preparing to apply for Hong Kong stablecoin licenses, with dozens more interested in applying.
The Hong Kong (Stablecoin Regulation) will take effect on August 1 this year, when the Hong Kong Monetary Authority will begin accepting license applications. Alex Zuo, Senior Vice President and Head of Payment Business at Cobo, told reporters: 'The stablecoin licenses in Hong Kong are still relatively scarce. On the surface, over 40 companies have submitted applications, and there are feedback from law firms indicating that dozens more are interested in applying. The competition is intense, with opponents primarily being the largest financial institutions and internet companies in China. Many small and medium-sized institutions may not even qualify to submit applications. However, it is expected that the licenses may ultimately only be in single digits.'
Project/Company Updates
Hong Kong cryptocurrency concept stocks strengthened again in the late session, with Guotai Junan International rising over 25%.
Hong Kong cryptocurrency concept stocks strengthened again in the late session, with Guotai Junan International (01788.HK) rising over 25%, New Fire Technology Holdings (01600.HK) rising over 14%, and stocks such as OSL Group (00863.HK), OKLink (01499.HK), and Huaxing Capital Holdings (01911.HK) also rising.
The Blockchain Group raised approximately €3 million to advance its Bitcoin reserve strategy.
European listed company The Blockchain Group announced it raised approximately €3 million (about $3.52 million) at an average price of about €4.056 per share to advance its Bitcoin reserve strategy.
Strategy plans to issue STRD shares to raise $4.2 billion, with net proceeds to be used for Bitcoin acquisitions and more.
Strategy announced that it has signed a sales agreement. Under this agreement, Strategy will issue and sell its 10.00% Series A perpetual Stride preferred stock at a par value of $0.001 per share, with a total issuance price reaching $4.2 billion. The strategy is expected to sell STRD shares in a regulated manner under an ATM plan over a long period, considering the trading price and volume of STRD shares at the time of sale. Strategy intends to use the net proceeds from this plan for general corporate purposes, including acquiring Bitcoin and as operating capital, and may also use the net proceeds to pay dividends to holders of its 10.00% Series A perpetual Strife preferred stock (par value $0.001 per share) and 8.00% Series A perpetual Strike preferred stock (par value $0.001 per share).
Bit Digital: Converted its Bitcoin holdings to Ethereum and raised an additional approximately $172 million for increased holdings.
Bitcoin mining company Bit Digital tweeted that it has converted its Bitcoin holdings to Ethereum and raised an additional approximately $172 million to purchase Ethereum. As of now, it has accumulated 100,603 Ethereum and plans to actively increase its holdings.
TON Foundation: The UAE Gold Visa program has not yet reached a formal agreement with any government entity.
The TON Foundation clarified that the UAE Gold Visa program originates from independent cooperation between TON and a licensed partner focused on blockchain infrastructure and tokenized assets. This exploratory work has not reached any formal agreement with UAE government entities, and this cooperation is still in the early development stage, aiming to explore how a blockchain-based compliance framework can ultimately support real-world residency pathways. Any services must comply with all applicable laws and regulations, and merely applying does not guarantee the issuance of a visa, which remains at the discretion of the relevant UAE government authorities.
An address marked as belonging to the U.S. government deposited 86.564 Ethereum into Coinbase Prime in the early morning.
An address marked as belonging to the U.S. government deposited 86.564 Ethereum into Coinbase Prime in the early morning, valued at approximately $220,000. Before this transaction, the address conducted a $10 test transaction. Arkham stated that this Ethereum was originally seized from Chase Senecal in October 2022.
In-depth & Forward-looking
Hong Kong warns of 'overheating' risk in stablecoins.
Globally, as expectations grow for stablecoins to be used more widely, how to properly manage the various inherent and spillover risks that arise alongside this process is gradually becoming the focus of international regulation.
Journalist on-site investigation: Stablecoin payment in Yiwu is far from widespread, rumors exaggerate the actual usage scale.
What is the real situation of stablecoin usage in Yiwu? To find out, a reporter from the 21st Century Business Herald conducted an on-site investigation in Yiwu regarding the usage of stablecoins.
Views
Hong Hao: Hong Kong stablecoins may be more stable than those in the U.S., with a trillion-dollar market poised to take off.
Renowned economist Hong Hao recently shared his latest views on the topic 'Stablecoins: Just a passing trend or a true game changer?' in an online dialogue.
A comprehensive article on stablecoins: The 'safe haven' of the crypto world and a bridge to future finance.
Are stablecoins the true killer app of Web3? How do they operate? Let's explore this in this article.
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