Today's news highlights:
Informed sources: Circle has reached a USDC revenue-sharing agreement with Bybit.
YZi Labs will support investment firm 10X Capital in establishing a BNB financial company listed in the U.S.
Listed company Sharplink Gaming increased its holdings by 5,072 ETH in the early morning, with total holdings exceeding 210,000 ETH.
Sun Yuchen promises to purchase $100 million worth of TRUMP tokens.
10x Research: Bitcoin has a 60% probability of continuing to rise in the next two months, possibly reaching $133,000 in September.
Thumzup incorporates 6 tokens including ETH, XRP, DOGE into a Bitcoin-dominated corporate treasury.
Upbit will launch HYPER in the Korean won market and BABY in the BTC and USDT markets.
Market News: Ant Group will integrate Circle stablecoin into its global platform.
Regulatory/Macroeconomic
Bank of Korea Governor: The issuance of Korean won stablecoins by non-bank institutions could lead to market chaos.
According to Jin10 reports, Bank of Korea Governor Lee Chang-yong stated that the issuance of Korean won stablecoins by non-bank institutions could cause market chaos, and indiscriminately allowing stablecoins based on the Korean won might conflict with foreign exchange policies. Previously, Lee Chang-yong indicated that it is necessary to introduce Korean won-based stablecoins, but caution is needed.
Market News: Ant Group will integrate Circle stablecoin into its global platform.
PANews reported on July 10 that Ant Group plans to integrate Circle's stablecoin into its global platform. Ant International, as the global business division of Ant Group, plans to implement this integration after USDC obtains compliance in the United States, but the specific timing has not yet been determined.
Viewpoints
Trader Eugene: The Meme coin market may not decline due to the Pump.fun TGE and could even represent a buying opportunity.
Trader Eugene stated that the phenomenon of the Memes market declining due to the launch of the TGE on Pump.fun seems inconsistent with basic logic. He believes that investors are not buying tokens like 'fartcoin' for overall exposure to the Memes market but for their high volatility and unique naming. Eugene further pointed out that he cannot understand why a launch platform with income generation capability would trigger such drastic fluctuations in marginal funding for tokens like 'fartcoin.' He believes this may instead represent a buying opportunity in the Memes market.
CryptoQuant: U.S. buying pressure pushes Bitcoin to new highs, and bullish sentiment in the market may not yet be over.
CryptoQuant analyst burakkesmeci stated that the price of Bitcoin has reached an all-time high of $112,014, while the Coinbase premium spread has climbed to 42 points. This means that purchasing Bitcoin on Coinbase costs $42 more than on Binance, indicating strong demand from U.S. investors. Notably, this premium is not the highest of the week; last week, the spread reached 87.76 points, indicating even stronger buying pressure. Analysis
10x Research: Bitcoin has a 60% probability of continuing to rise in the next two months, possibly reaching $133,000 in September.
According to the Bitcoin trend model from 10x Research, Bitcoin has a 60% probability of continuing to rise in the next two months, possibly reaching $133,000 in September. Markus Thielen, head of the institution, stated that many crypto investors may underestimate Bitcoin's potential rise, especially after last month's options expiration led to a significant reduction in exposure. Traders are currently primarily buying call options, indicating they are unprepared for further increases. Thielen noted that the Bitcoin trend model turned bullish on June 29, and the recent breakout may continue until September. He expects Bitcoin to rise 20% from its current price of about $111,000 and enter a higher trading range. Factors driving the rise include the upcoming release of the U.S. Consumer Price Index (CPI) and a positive policy environment. Additionally, the U.S. spot Bitcoin ETF recorded an inflow of $215.7 million on Wednesday. Although historical data shows that the third quarter is usually the weakest for Bitcoin, Thielen believes the current market may be different. He emphasized that traders who are waiting on the sidelines may miss key market movements this quarter.
Project Updates
YZi Labs will support investment firm 10X Capital in establishing a BNB financial company listed in the U.S.
According to Cointelegraph, Binance co-founder Zhao Changpeng's family office YZi Labs will support investment firm 10X Capital in establishing an asset management company focused on BNB and plans to list on major exchanges in the U.S. The company is named 'The BNB Treasury Company,' with former Galaxy Digital co-founder David Namdar serving as CEO. The statement indicates that the planned 'The BNB Treasury Company' is expected to announce the completion of related financing in the 'coming weeks.'
The GMX hacker has exchanged all assets except for FRAX for ETH, possibly indicating a refusal of the white hat bounty scheme.
PANews reported on July 10 that according to on-chain analyst Yu Jin's monitoring, the GMX hacker has exchanged the stolen assets from the GMX V1 pool into ETH. The stolen assets include WBTC/WETH/UNI/FRAX/LINK/USDC/USDT, and currently, all assets except for FRAX have been sold and converted into 11,700 ETH ($32.33 million), which have been dispersed into 4 wallets for storage. The GMX hacker now holds 11,700 ETH and 10.495 million FRAX across 5 wallets, totaling a value of $42.8 million. This operation should also imply that the hacker has refused the GMX project's proposal to repay the assets in exchange for a 10% white hat bounty.
Donald Trump Jr. invests in the social media company Thumzup, which holds cryptocurrency reserves.
According to Jin10 reports, Donald Trump Jr. purchased stock in a loss-making social media company that is building a Bitcoin reserve, marking the latest investment by the Trump family in the strategy of 'cryptocurrency as a treasury asset.' Los Angeles-based Thumzup Media Company stated in a document on Wednesday that Trump Jr. holds 350,000 shares in the company, which are worth over $4 million based on yesterday's closing price of $12.36 per share. According to someone close to Trump Jr., he bought the company’s stock on the advice of his investment advisor and has no other relationship with the company.
Thumzup incorporates 6 tokens including ETH, XRP, DOGE into a Bitcoin-dominated corporate treasury.
According to The Block, Thumzup Media Corporation has expanded its cryptocurrency treasury strategy from Bitcoin to various mainstream digital assets, including Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC), and the stablecoin USDC issued by Circle. The company’s board approved this move as an extension of an early strategy that allowed up to 90% of liquid assets to be held as Bitcoin. As of July 8, Thumzup holds 19.106 Bitcoin, valued at approximately $2.1 million. Earlier news indicated that Donald Trump Jr. invests in the social media company Thumzup, which holds cryptocurrency reserves.
Informed sources: Circle has reached a USDC revenue-sharing agreement with Bybit.
According to CoinDesk citing informed sources, Circle has quietly reached a revenue-sharing agreement with the cryptocurrency exchange Bybit. Although the details of the agreement with Bybit have not been disclosed, Circle's agreements with exchanges like Coinbase and the recent deal with Binance are aimed at promoting USDC adoption by providing a portion of the interest from Circle's reserves, as well as a one-time payment in the Binance case. Circle's pre-IPO prospectus shows that Binance received a $60.25 million upfront fee from Circle and continues to receive monthly incentives based on the percentage of USDC balances at the exchange. An individual involved in cryptocurrency infrastructure development revealed that Circle has reached similar revenue-sharing agreements with several exchanges holding a large amount of USDC, stating, 'Any exchange holding a large amount of USDC can be thought of as having an agreement with Circle.'
Sun Yuchen promises to purchase $100 million worth of TRUMP tokens.
Sun Yuchen stated on the X platform that his team is committed to purchasing $100 million worth of TRUMP tokens, referring to it as 'the currency to make America great again (MAGA).'
Pump.fun: There are already over 70 core members and plans to continue expanding the team size, with the first acquisition announcement coming soon.
Pump.fun founder Alon revealed on the X platform the future focus areas: 1. Improve the quality, sustainability, and diversity of launched tokens: The future creator revenue-sharing mechanism will expand to CTO projects, and further adjustments will be made to the fee structure. 2. Increase investment in the 'social' field: Further investment and focus on the Pump.fun live broadcast feature. 3. Continue to invest in enhancing user experience. 4. Expand team size: Currently, the foundational team structure has been preliminarily established, with over 70 core members covering engineering, data, security, trust and compliance, legal, operations, and growth; the team will continue to expand through recruitment and strategic acquisitions, with the first acquisition announcement coming soon.
Telegram founder: Snoop Dogg's digital collectibles on Telegram have sold out, generating $12 million in sales.
Telegram founder Pavel Durov posted this morning on his TG channel: 'Today, the digital collectibles released by rapper Snoop Dogg on Telegram sold out in just 30 minutes, generating $12 million in sales. Nearly 1 million unique NFTs inspired by Snoop Dogg's iconic style were snatched up in a very short time. After 21 days, blockchain minting and the secondary market will officially launch, and it will surely be very lively.'
Upbit will launch HYPER in the Korean won market and BABY in the BTC and USDT markets.
According to an official announcement, the South Korean cryptocurrency exchange Upbit will launch HYPER in the Korean won market and BABY in the BTC and USDT markets.
Important Data
7 whales or institutions bought 127,971 ETH within 24 hours, valued at approximately $358 million.
According to Lookonchain monitoring, on July 10, Ethereum's price broke $2,800, currently reported at $2,795.32. In the past 24 hours, 7 whales or institutions have collectively bought 127,971 ETH, totaling about $358 million. Among them, the newly created wallet address 0x35fb withdrew 54,125 ETH (about $151 million) from Kraken within 16 hours; Abraxas Capital withdrew 40,986 ETH (about $114 million) from Binance and Kraken within 20 hours. Additionally, SharpLink Gaming, holding 205,634 ETH (about $575 million), bought back 5,072 ETH (about $13.51 million) through over-the-counter trading. Notably, the GMX hacker has converted all of its $32 million assets (excluding FRAX) into 11,700 ETH; address 0x8C08 purchased 9,188 ETH for $25 million USDT at a price of $2,721; address 0x3c9E withdrew 4,000 ETH (about $11.18 million) from Kraken within 18 hours and deposited it into Aave and Compound; address pfm.eth bought 2,900 ETH for $8 million USDT at a price of $2,759 twelve hours ago.
A new address has again withdrawn 6,998 ETH from Kraken, accumulating over 32,500 ETH in nearly 9 hours.
According to on-chain data analyst Yu Jin, a newly created address just withdrew 6,998 ETH from Kraken, approximately worth $1.935 million. In the past 9 hours, it has withdrawn a total of 32,566 ETH, valued at $90.16 million. Earlier today, it was reported that a new wallet withdrew ETH worth approximately $70.66 million from Kraken in the past 8 hours.
Whale AguilaTrades has increased its BTC long position, currently floating a profit of about $6 million.
According to Onchain Lens monitoring, the 'mysterious whale' AguilaTrades has increased its BTC long position (20x), currently holding 2,821.36 BTC, worth over $300 million, with a floating profit of about $6 million.
Abraxas Capital has again withdrawn $81 million worth of ETH from CEX in the past 12 hours.
According to Lookonchain monitoring, Abraxas Capital has again withdrawn 29,741 ETH (valued at $81 million) from Binance and Kraken in the past 12 hours.
A new wallet withdrew ETH worth approximately $70.66 million from Kraken in the past 8 hours.
According to Lookonchain monitoring, a newly created wallet withdrew 25,567 ETH (worth $70.66 million) from Kraken in the past 8 hours.
An address increased its holdings by another 7,171 ETH, accumulating a total of 54,125 ETH today.
According to on-chain analyst @ai_9684xtpa, a new address withdrew 32,565.59 ETH from Kraken at an average price of $2,740. Two minutes ago, it increased its holdings by another 7,171 ETH (worth $19.93 million). Currently, this address has accumulated a total of 54,125 ETH today (total value of $149 million), with an average cost of $2,757. It is currently uncertain whether this address belongs to an institution or Kraken's hot wallet.
A whale has cumulatively withdrawn 46,954 ETH from Kraken in the past 12 hours, valued at over $126 million.
According to Onchain Lens monitoring, an address withdrew 21,387 ETH (worth $59.24 million) from Kraken an hour ago. In the past 12 hours, this whale has withdrawn a total of 46,954 ETH from Kraken (total value of $126.5 million).
The total net inflow of Bitcoin spot ETFs yesterday was $218 million, continuing five days of net inflows.
According to SoSoValue data, yesterday (Eastern Time, July 9), the total net inflow of Bitcoin spot ETFs was $218 million. The Bitcoin spot ETF with the highest net inflow yesterday was Blackrock's ETF IBIT, with a net inflow of $126 million for the day, bringing IBIT's historical total net inflow to $53.003 billion. The second was Ark Invest and 21Shares' ETF ARKB, with a net inflow of $56.957 million for the day. As of press time, the total net asset value of Bitcoin spot ETFs was $139.389 billion, with an ETF net asset ratio (the market value compared to Bitcoin's total market value) reaching 6.33%, and the historical cumulative net inflow has reached $50.156 billion.
The total net inflow of Ethereum spot ETFs yesterday was $211 million, continuing four days of net inflows.
According to SoSoValue data, yesterday (Eastern Time, July 9), the total net inflow of Ethereum spot ETFs was $211 million. The Ethereum spot ETF with the highest net inflow yesterday was Blackrock's ETF ETHA, with a net inflow of $159 million for the day, bringing ETHA's historical total net inflow to $5.853 billion. The second was Fidelity's ETF FETH, with a net inflow of $29.52 million for the day.
Financing/Acquisition
The Monad Foundation will acquire stablecoin infrastructure developer Portal Labs.
According to The Block, the Monad Foundation, the development organization of Layer 1 blockchain Monad, announced that it will acquire stablecoin infrastructure developer Portal Labs. After the transaction is completed, Portal will operate as a subsidiary, and its co-founder and CEO Raj Parekh will join the Monad Foundation as the head of payment and stablecoin business. Portal Labs provides SDKs and API tools supporting over 100 blockchains to help developers quickly integrate stablecoin payment functionalities. This acquisition will combine Portal's multi-chain payment solutions with Monad's high-performance blockchain, with the Monad mainnet expected to launch in the second half of 2025.
Institutional Accumulation
Listed company Sharplink Gaming increased its holdings by 5,072 ETH in the early morning, with total holdings exceeding 210,000 ETH.
According to Onchain Lens monitoring, listed company Sharplink Gaming increased its holdings by 5,072 ETH (valued at $13.51 million) 9 hours ago, and its total ETH holdings have surpassed 210,700 ETH (valued at approximately $584.52 million).
Fintech company Tractial will raise 1 million euros to increase its Bitcoin holdings.
According to an official announcement, the Paris-based fintech company Tractial (formerly BD Multimedia) announced it will raise 1 million euros (approximately $1.17 million) to increase its Bitcoin holdings.
