GM July 9, 2025

1. Market Trends

BTC follows the fluctuations of US stocks, with the main focus of the market on compliance.

US stocks are fluctuating, and Trump has extended the tariff suspension period to August 1.

2. Market Highlights:

1. The public blockchain ETH is rising, and the ETH/BTC exchange rate continues to strengthen. This is mainly benefited by the relaxation of regulations on stablecoins, DeFi, and RWA.

2. The platform token HSK is rising. Hong Kong has opened stablecoin licenses, and cryptocurrency businesses are experiencing explosive growth. HashKey is one of the only two compliant exchanges in Hong Kong, with over 80% market share. The employee payday at the beginning of each month is a major source of selling pressure.

3. The on-chain US stock MCDX surged 10 times after a spike, and Gate exchange lacks liquidity. Bybit is also listing on-chain US stocks with XStock.

4. The stablecoin USDF has depegged and dropped sharply; it is a stablecoin issued by DWF, claiming that 89% of its underlying assets are stablecoins and BTC.

5. The Trump family's DeFi project WLFI received a $250 million investment from BN Lab, likely from BN.