Today's news highlights:
1. Macroeconomic outlook for next week: CPI judgment day is approaching, and Bitcoin may continue to set new historical highs.
2. Xu Zhengyu: In the first phase, a small number of stablecoin licenses will be issued, and financial asset tokenization is expected to extend to ETFs.
3. The PUMP token public sale has completed 100% of its sales progress.
4. Analysis: The $100 million discrepancy in the public sale of pump.fun may be due to the failure of the systems of three exchanges to synchronize successfully.
5. Approximately 10,000 wallets successfully purchased in the PUMP pre-sale, with a participation rate of about 42.3%.
6. Pudgy Penguins NFT sales exceeded $2 million in the past 24 hours.
8. The Czech National Bank has included Coinbase in its portfolio and increased its holdings in Palantir.
8. Bitcoin mining difficulty has been adjusted up by 7.96% to 126.27 T.
Regulatory/Macro
Macroeconomic outlook for next week: CPI judgment day is approaching, and Bitcoin may continue to set new historical highs.
Although the tariff deadline of July 9 has passed, market participants still face many uncertainties. U.S. President Trump has begun to send letters informing about tariff rates, and most countries are still engaged in tense negotiations with the U.S., with the August 1 tariff implementation date approaching. Cryptocurrency is another winner this week, with some analysis agencies noting that as institutional investors continue to pour in, Bitcoin continues to set new historical highs. Looking ahead to next week, the U.S. will release the latest CPI data and the retail sales data, known as the 'terrifying data,' which will affect when the Federal Reserve will cut interest rates. Additionally, investors need to be on guard about how Trump will 'stir things up.' Here are the key points the market will focus on in the new week:
Tuesday at 14:45, 2025 FOMC voting member and Boston Fed President Collins will speak;
Tuesday at 21:15, Federal Reserve Governor Bowman will deliver welcoming remarks at a Federal Reserve-hosted meeting;
Wednesday at 00:45, Federal Reserve Governor Barr will speak at a Federal Reserve-hosted meeting;
Wednesday at 02:45, 2025 FOMC voting member and Boston Fed President Collins will speak;
Wednesday at 07:45, Dallas Fed President Logan will speak on the U.S. economy;
Wednesday at 21:15, Cleveland Fed President Harker will speak;
Thursday at 02:00, the Federal Reserve publishes its Beige Book on economic conditions;
Thursday at 20:30, U.S. June retail sales month-on-month, initial jobless claims for the week ending July 12, July Philadelphia Fed manufacturing index, June import price index month-on-month;
Thursday at 05:30, FOMC permanent voting member and New York Fed President Williams will speak on the U.S. economy and monetary policy;
Friday at 22:00, U.S. July year-on-year inflation rate preliminary value.
The risks of the U.S. CPI seem to be skewed downward, and a slowdown in inflation may lead some market participants to reopen bets on the possibility of interest rate cuts in July, which could in turn end the recent recovery of the dollar. The market currently predicts that this data will rise, with the annual rate expected to increase from 2.4% in May to 2.7%, and the monthly rate to rise from 0.1% to 0.3%. If this expectation is accurate, it would undoubtedly be a significant blow to the Federal Reserve's interest rate cut plans.
The Czech National Bank has included Coinbase in its portfolio and increased its holdings in Palantir.
The Czech National Bank adjusted its U.S. investment portfolio in the second quarter, increasing its holdings in Palantir Technologies and establishing a new position in the cryptocurrency exchange Coinbase Global. Documents show that the bank has increased its stake in Coinbase by 51,732 shares, worth over $18 million. The Czech National Bank also increased its holdings in Palantir by 49,135 shares in the second quarter of this year, bringing its total holdings to 519,950 shares as of the end of June.
Data analysis company Palantir's stock price soared by 80% in the first half of 2025, exceeding the 5.5% increase of the S&P 500 index. The company benefited from strong earnings reports and growing investor interest in artificial intelligence. Coinbase's stock price increased by 41% in the first half of 2025 and rose another 10% in the following weeks. According to Google Finance data, the exchange's stock price has also increased by approximately 60% in the past month.
Viewpoint
Glassnode: The accumulation rate of wallets holding less than 100 Bitcoins has reached about 19,300 BTC/month, exceeding the mining output rate.
According to a post by Glassnode on X, wallets typically holding less than 100 BTC are referred to as 'Bitcoin shrimp, crabs, and fish.' These types of Bitcoin wallets are currently accelerating their accumulation of Bitcoin, with an accumulation rate of about 19,300 BTC/month, while miners' output rate is only about 13,400 BTC/month, indicating that the continuous net absorption of BTC by small holders in the market is causing measurable supply tightness.
Blockware Intelligence: It is expected that at least 36 new publicly traded companies will include Bitcoin in their balance sheets in the next six months.
Blockware Intelligence predicts that in the next six months, at least 36 new publicly traded companies will include Bitcoin in their balance sheets, representing a growth of 25% compared to the current 141 publicly traded companies holding Bitcoin. Analysts point out that the companies currently increasing their Bitcoin holdings are mainly emerging companies or those facing operational challenges.
Xu Zhengyu: In the first phase, a small number of stablecoin licenses will be issued, and financial asset tokenization is expected to extend to ETFs.
Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in an interview that only a small number of stablecoin licenses will be issued in the first phase. Regarding the issuance of a Renminbi stablecoin, he said that there are no restrictions on the pegged currency in the law, but if it involves other regional currencies, discussions with relevant institutions may be needed. The government also published a policy declaration on digital asset development 2.0, which suggests promoting the 'tokenization' of financial assets. Xu Zhengyu mentioned that Hong Kong has experience in issuing tokenized green bonds and hopes to extend this to exchange-traded funds (ETFs), and believes that commodity trading such as metals can also be studied for token payments.
Project Updates
James Wynn has canceled his X account.
James Wynn (@JamesWynnReal) has canceled his X account, and the X platform now shows 'This account does not exist.'
The PUMP token public sale has completed 100% of its sales progress.
According to official page information, the PUMP token public sale has completed 100% of its sales progress, with the total fundraising amount reaching $500 million.
PUMP public sale on-chain data analysis: USDC accounts for 97%, while USDT only accounts for about 3%.
According to on-chain analyst Ai Ayi (@ai_9684xtpa), PUMP on-chain public sale data shows:
Filled $500 million limit in 12 minutes
185 addresses filled 1M
121 addresses reached 50K and above
USDC accounts for 97%, while USDT only accounts for about 3%
Analysis: The $100 million discrepancy in the public sale of pump.fun may be due to the failure of the systems of three exchanges to synchronize successfully.
According to on-chain analyst Ai Ayi (@ai_9684xtpa), the pump.fun official website only shows a sold amount of $500 million, which was originally set at $600 million. The remaining $100 million discrepancy is speculated to be due to the public sale systems of Bitget / Bybit / MEXC not syncing successfully, causing the front-end page on the official website to always display a progress of 0. The team can only press this $100 million limit for reallocation.
Bybit: The PUMP token sale was oversubscribed due to API delays, and users who did not receive allocations will receive full refunds.
Bybit tweeted that the PUMP token sale has ended, and the allocation results are under review. Due to unexpected API delays, the sale was oversubscribed, leading to some users successfully receiving allocations while others did not. For users who submitted subscriptions but whose funds are still frozen, the platform is currently verifying the final allocation results. Users who did not receive allocations due to the API delays will have their funds fully refunded.
Bitcoin mining difficulty has been adjusted up by 7.96% to 126.27 T as of yesterday.
According to CloverPool data, Bitcoin mining difficulty adjusted at block height 905,184, up 7.96% to 126.27 T.
Important Data
Pudgy Penguins NFT sales exceeded $2 million in the past 24 hours.
According to the latest data from CryptoSlam, influenced by several cryptocurrency projects like Coinbase and OpenSea changing their social media avatars to the 'Fat Penguin' Pudgy Penguins NFT theme, Pudgy Penguins NFT sales surged to over $2 million in the past 24 hours, reaching approximately $2,225,059, with 67 transactions and a floor price increase of about 26%, reaching 11.8 ETH.
Approximately 10,000 wallets successfully purchased in the PUMP pre-sale, with a participation rate of about 42.3%.
According to @Adam_Tehc's data panel, a total of 23,959 wallets completed KYC in the PUMP token pre-sale, with 10,145 wallets successfully purchasing, resulting in a participation rate of 42.3%; the average purchase amount was $44,209, with 5,758 wallets participating with amounts less than $1,000, and 202 addresses reached the single-wallet limit of $1 million. The ratio of website pre-sale to CEX pre-sale was 89.7% and 10.3%, respectively.
NFT trading volume increased by 20.67% in the past 7 days, reaching $122.6 million, with both buyers and sellers dropping by over 80%
CryptoSlam data shows that NFT market trading volume increased by 20.67% in the past week, reaching $122.6 million. Market participation has significantly shrunk, with the number of NFT buyers plummeting by 89.08% to 88,157, and the number of NFT sellers plummeting by 82.62% to 56,817. The number of NFT transactions remained relatively stable, increasing by 1.63% to 1,357,999 transactions.
The Ethereum network regained dominance with a trading volume of $50 million, soaring 133.36% from the previous week. The Bitcoin network trading volume was $15.5 million, a growth of 50.12%. The Polygon network trading volume was $14.6 million, a decrease of 41.86%. The Mythos Chain network trading volume was $14 million, down 2.43%.
This week's high-value transactions include:
Autoglyphs #195 sold for 95 ETH ($283,623).
Otherdeed Expanded #7 sold for 100 WETH ($278,128).
Autoglyphs #194 sold for 215,000 USDC ($215,000).
Autoglyphs #139 sold for 75 WETH ($189,994).
BOOGLE sold for 1,150.02 SOL (approximately $174,304).
Institutional holdings increase
Norwegian industrial investment company Aker ASA seeks capital balance allocation through Bitcoin, currently holding 754 Bitcoins.
According to Cointelegraph, Norwegian industrial investment company Aker ASA announced that it seeks capital balance allocation through BTC, currently holding 754 Bitcoins, valued at approximately $82 million, accounting for 1.7% of the company's market value. The company stated that Bitcoin can support its diversification and value creation strategy in industrial assets as a hedge against inflation/currency fluctuations, and it will pursue sustainable investments in the future.
Publicly traded company Davis Commodities is evaluating the establishment of a Solana strategic reserve, considering allocating 5-10% of its funds to SOL.
Singapore-based Nasdaq-listed company Davis Commodities (stock code: DTCK) today disclosed its intention to evaluate the establishment of a Solana (SOL) strategic reserve as part of its broader digital innovation and funding diversification roadmap. DTCK is currently assessing the feasibility of the following initiatives:
Diversified funding allocation: considering allocating 5-10% of funds to Solana, but it must go through internal risk assessment and compliance review.
Tokenized commodity integration: exploring the use of SOL as a utility asset for pilot projects involving tokenized ESG-certified agricultural trade and carbon credit-linked settlements.
Infrastructure partnerships: initial discussions with blockchain infrastructure providers to assess the interoperability of stablecoins and on-chain settlement capabilities.
Davis Commodities launched its digital asset treasury strategy in June this year and announced a $30 million strategic growth plan, with 40% allocated to Bitcoin reserves to incorporate it as a strategic financial asset into its balance sheet.
Publicly traded company Nuvve issues $4.8 million in common stock to establish a HYPE reserve.
Nasdaq-listed clean energy electric vehicle charging technology company Nuvve announced the issuance of 5,029,403 common shares (or equivalent common stock) at a public offering price of $0.95 per share, raising approximately $4.8 million. Part of the net proceeds from this issuance will be used to advance the expansion of its corporate financial strategy, incorporating HYPE (Hyperliquid native token) into it. All common stock for sale in this issuance will be sold by the company itself. The issuance is expected to be completed around July 14, 2025, pending customary closing conditions.
