Today's news highlights:
1. BlackRock's IBIT has become the fastest ETF to surpass $80 billion, currently ranking as the 21st largest ETF in the world.
2. Two congressmen launched "Anti-Cryptocurrency Corruption Week", calling on Democrats to block the GENIUS and other bills.
3. Binance Alpha will launch Chainbase (C) on July 14.
4. Tether will stop supporting USDT on networks such as Kusama, EOS, and Algorand starting September 1.
5. Head of the Linea project: The announcement to be released later this month will be related to TGE.
6. SOON releases a recovery plan, proposing to burn 3% of the total supply of tokens.
7. Bitcoin spot ETF saw a net inflow of $1.03 billion yesterday, continuing a seven-day net inflow.
SharpLink Gaming purchased 10,000 ETH from the Ethereum Foundation through OTC.
Regulation/Macro
Tian Sheng Capital plans to apply for a Hong Kong stablecoin license.
According to the Hong Kong Commercial Daily, Tian Sheng Capital plans to apply for a Hong Kong stablecoin license by establishing a digital asset trading and settlement company and plans to use its stablecoin as the digital currency for its art trading and settlement, facilitating art and cultural relic transactions in Hong Kong from various countries. Tian Sheng Capital hopes to use the Hong Kong stablecoin platform as a compliant digital payment solution, focusing on cross-border trade settlement services.
Coinbase sues Oregon Governor and other government officials, demanding disclosure of public records related to sudden changes in cryptocurrency regulatory policy.
Coinbase Chief Legal Officer paulgrewal.eth stated that Coinbase has filed a lawsuit in Marion County Circuit Court in Oregon, demanding that Governor Tina Kotek and other government officials disclose public records related to the sudden change in cryptocurrency asset regulatory policy. Coinbase pointed out that the Oregon state government abruptly changed its long-standing policy stance in April 2025, classifying digital assets as regulated securities and suing Coinbase without public participation. Coinbase emphasized that this policy change affects hundreds of thousands of digital asset holders and traders in Oregon, but the entire process lacked public discussion or rule-making procedures.
The lawsuit in Oregon occurred just two months after the federal government withdrew its SEC lawsuit against Coinbase, and currently, no other states have followed up with similar lawsuits. Coinbase believes that the out-of-state law firm hired by the state government could take 20%-30% of the potential compensation, harming the interests of local residents.
Two congressmen launched "Anti-Cryptocurrency Corruption Week", calling on Democrats to block GENIUS and other bills.
According to former Fox Business reporter Eleanor Terrett, in response to the Republican Party's "Cryptocurrency Week", Congresswoman Maxine Waters and Rep. Stephen F. Lynch launched the "Anti-Cryptocurrency Corruption Week" initiative, calling on Democrats to block the (GENIUS Act), (CLARITY Act), and (Anti-CBDC Act), warning that these bills pave the way for the so-called "cryptocurrency corruption".
Grayscale submitted a lawyer's letter protesting the SEC's "suspension" order regarding the ETF conversion of GDLC.
Bloomberg analyst James Seyffart tweeted that Grayscale and its lawyers submitted a letter responding to the SEC's "suspension" order regarding the ETF conversion of GDLC, arguing that the SEC has no authority to do so.
Opinion
Head of the Linea project: The announcement to be released later this month will be related to TGE.
Declan Fox, head of the Linea project, tweeted that he is ready to implement the LINEA plan announced in Bangkok, with a detailed announcement to be released later this month. When community members inquired if it was related to TGE, Declan Fox replied, "Yes".
Project updates
Binance: Users holding at least 150 Binance Alpha points can claim the airdrop of 88,000 G tokens.
According to an official announcement from Binance, trading for Giants Protocol (G) will begin on July 11 at 21:00 (UTC+8). After trading opens, users holding at least 150 Binance Alpha points can claim an airdrop of 88,000 G tokens on a first-come, first-served basis until the airdrop pool is fully distributed or the airdrop event ends. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, or it will be considered abandoned.
SOON releases a recovery plan, proposing to burn 3% of the total supply of tokens.
The SOON Foundation tweeted that in response to recent price manipulation events, it is releasing a new governance proposal covering a series of measures aimed at restoring market confidence and alleviating supply pressure. Details are as follows:
1. Token burn plan - 3% of total supply. It will permanently remove a total of 30 million SOON tokens (3% of total supply). Approximately 7.7 million unclaimed airdrop $SOON (about 0.77%) will be burned in the coming days. The remaining 22.3 million SOON will be repurchased from centralized exchanges and burned in the coming days. This plan aims to directly reduce the existing supply and maintain price stability amid recent market volatility.
2. To maintain transparency and open communication, an AMA event will be held on Twitter next Wednesday, where founder Joanna and marketing director Henry will attend. The event will detail the complete recovery plan and address various questions from the community.
3. On-chain SOON buyback product (in development). Meanwhile, the team is building a new on-chain product that will allow the SOON Foundation to regularly buy back tokens directly from holders—this is a mechanism to further strengthen support and gradually reduce circulating supply.
4. Launching $SOON governance. The team is preparing to launch the $SOON governance system, which includes everything from fund allocation to protocol upgrades and ecosystem grants.
Binance Alpha will launch Chainbase (C) on July 14.
According to an official announcement, Binance Alpha will launch Chainbase (C) on July 14. Eligible users can claim an airdrop of tokens on the Alpha event page after trading opens using Binance Alpha points.
The GMX hacker's "retained" 1,700 ETH has begun to be "laundered" through a mixer.
According to @ai_9684xtpa's monitoring, the GMX hacker's "retained" 1,700 $ETH has begun to be "laundered" through a mixer. In the past 3 hours, the hacker returned about $40 million worth of $FRAX and $ETH, but kept nearly $5 million in profits due to the price increase as a white hat bounty; half an hour ago, 100 ETH was already transferred to Tornado, and the remaining is just a matter of time.
Binance: The Giants Protocol (G) token airdrop event has been postponed, with specific timing to be determined.
According to Binance's official announcement, the Giants Protocol (G) token airdrop event will be postponed, with specific timing to be determined.
BlackRock's IBIT has become the fastest ETF to break through $80 billion in history, currently ranking as the 21st largest ETF in the world.
Bloomberg ETF analyst Eric Balchunas tweeted that BlackRock's IBIT has surpassed the $80 billion mark, becoming the fastest ETF to break through $80 billion in history, taking 374 days, about five times faster than the previous record held by VOO (1,814 days). Additionally, the market capitalization of IBIT has also reached $83 billion, currently ranking as the 21st largest ETF in the world.
Tether will stop supporting USDT on networks such as Kusama, EOS, and Algorand starting September 1.
Tether plans to stop supporting USDT on five major traditional blockchains: Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand starting September 1, 2025, and will freeze the remaining tokens. Tether stated that this move is part of a broader effort to optimize infrastructure, align with community usage trends, and refocus resources on high-utility and actively developed blockchains.
The EigenLayer-based re-staking protocol Inception has announced its termination.
The EigenLayer-based re-staking protocol Inception has announced its termination. Over the past two years, Inception successfully launched over 15 LRTs, expanded across ecosystems and blockchains, integrated with over 60 DeFi protocols, and underwent more than 8 security audits. However, the protocol did not find a suitable product-market fit. Additionally, the lack of liquidity rewards in shared security made it difficult for the protocol's development path to continue.
Coinbase has changed the profile picture of its X account to Pengu NFT.
The GMX project team sold 10,000 ETH for 29.597 million USDT about 7 hours ago.
According to on-chain analyst Yu Jin's monitoring, the GMX hacker yesterday also transferred assets to the GMX project team, including 10.495 million FRAX and 10,000 ETH (30 million USD). Seven hours ago, the GMX project team sold 10,000 ETH for 29.597 million USDT at a selling price of $2,959. Converting to stablecoins is expected to prepare for returning assets to users.
Binance Alpha is now live with peaq (PEAQ).
According to an official announcement, Binance Alpha is now live with peaq (PEAQ). Eligible users can claim an airdrop of 643 PEAQ tokens after the launch. The airdrop will be distributed in two phases:
Phase one (first 18 hours): Users holding at least 234 Alpha points can claim.
Phase two (next 6 hours): Users holding at least 180 Alpha points can participate, on a first-come, first-served basis, until the airdrop pool is exhausted or the event ends.
Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, or it will be considered as giving up the airdrop.
Important data
The 1inch team reportedly purchased 11.81 million 1INCH in the past 16 hours, valued at $3.3 million.
According to @ai_9684xtpa's monitoring, in the past 16 hours, the 1inch team reportedly purchased 11.81 million 1INCH again, valued at $3.3 million, with a proposed price of $0.28. Currently, that address holds 83.97 million 1INCH, worth a total of $23.72 million.
Bitcoin spot ETF saw a net inflow of $1.03 billion yesterday, continuing a seven-day net inflow.
Ethereum spot ETF saw a net inflow of $205 million yesterday, continuing a six-day net inflow.
Arthur Hayes reportedly purchased $1.505 million worth of ENA through multiple channels in the past day.
According to on-chain analyst Yu Jin's monitoring, BitMEX co-founder Arthur Hayes seems to have purchased a total of $1.505 million worth of ENA through multiple channels in the past day.
755,000 USDC transferred to Binance, reclaimed 2.1 million ENA;
248,000 USDC transferred to Wintermute, reclaimed 700,000 ENA;
502,000 USDC transferred to Galaxy Digital, reclaimed 1.4 million ENA.
Funding/Acquisition
Insiders: The stablecoin infrastructure startup Zerohash is set to raise $100 million, with a valuation of nearly $1 billion.
According to Fortune, two insiders revealed that the cryptocurrency and stablecoin infrastructure startup Zerohash plans to raise about $100 million, with a valuation of nearly $1 billion. Online broker Interactive Brokers will lead this round of financing. This round of funding comes after Zerohash's Series D financing in 2022, when the company raised $105 million from investors such as Bain Capital, Nyca, and Point72 Ventures. According to PitchBook data, the Series D financing valued the company at $340 million.
Institutional accumulation
Publicly traded company MicroCloud Hologram has purchased $200 million worth of Bitcoin and cryptocurrency-related securities derivatives.
According to an official announcement, Nasdaq-listed company MicroCloud Hologram has announced it has purchased up to $200 million in Bitcoin and cryptocurrency-related securities derivatives. The company holds $394 million in cash reserves, which will be used to invest in Bitcoin (BTC), blockchain technology, quantum computing, and AI-enhanced reality (AI-AR).
Publicly traded company Upexi announced a simultaneous private placement of $200 million in common stock and convertible notes to purchase SOL.
Nasdaq-listed Upexi announced that it has signed a securities purchase agreement with certain qualified investors, qualified purchasers, and company CEO Allan Marshall to purchase and sell 12,457,186 shares of common stock (or equivalent common stock) at a price of $4.00 per share (with management's participation at $4.94 per share), with total proceeds of approximately $50 million ("Equity Offering").
In conjunction with the equity offering, additional securities purchase agreements have been signed with certain institutional investors and qualified purchasers to purchase convertible notes, completing subscriptions in SOL form as locked and spot assets, with a total original principal amount of approximately $150 million ("Note Offering"). The convertible notes are secured by SOL provided by respective holders. The interest rate on the convertible notes is 2.0%, paid quarterly, with a fixed conversion price of $4.25 per share, maturing in 24 months. Big Brain Holdings is the leading investor.
The issuance of these notes is expected to be completed around July 16, 2025, subject to customary closing conditions. The SOL (Solana) on which this note issuance is based will become part of the company's Solana asset portfolio after the transaction is completed. It is expected that after the bond issuance ends, approximately 1.65 million SOL will be held, more than doubling the previously disclosed balance of 735,692 SOL. The net proceeds from the stock issuance will be used in the coming weeks to acquire more SOL.
SharpLink Gaming purchased 10,000 ETH from the Ethereum Foundation through OTC.
The Ethereum Foundation tweeted that earlier this week, it finalized the sale terms for 10,000 ETH through OTC, at an average price of $2,572.37. The OTC counterparty is the publicly traded company SharpLink Gaming.
SharpLink Gaming has purchased an additional 21,487 ETH in the past 6 hours, and its total holdings are currently up by $79.88 million.
According to on-chain analyst Yu Jin's monitoring, after directly acquiring 10,000 ETH from the Ethereum Foundation, SharpLink Gaming has purchased an additional 21,487 ETH (valued at $64.26 million) through Galaxy Digital and Coinbase Prime in the past 6 hours. Since starting to accumulate ETH in early June in a micro-strategy operation mode, SharpLink Gaming has cumulatively acquired 253,000 ETH. The average purchase price is approximately $2,647, currently up by $79.88 million.
