Three waves of policy, capital, and technology are sweeping through the crypto circle, and a key game that will determine the future of the crypto market is unfolding.
At 11 a.m. Beijing time today, Bitcoin's price soared like a rocket, first breaking the $120,000 mark, reaching a high of $120,250, setting a new historical high. Although it subsequently slightly retreated to around $119,781, the increase within 24 hours still reached 1.75%.
With Bitcoin leading the way, the cryptocurrency market is in the green across the board. Ethereum broke the $3,000 mark, rising 2.04% in a single day; SUI performed even better, skyrocketing 12.4%.
Behind this carnival lies bloodshed. In the past 24 hours, the number of global liquidations reached 98,800, with a total liquidation amount of $278 million, of which short liquidations accounted for nearly 70%, totaling $190 million.
01 Policy legislative storm, the 'life and death week' of the crypto market
This week will be a key moment determining the future direction of cryptocurrencies. The U.S. Congress will vote on several pieces of legislation regarding crypto assets, including the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act.
These bills establish a regulatory framework for digital assets, particularly providing clear rules for stablecoin issuance. The market expects that the favorable policies will attract more traditional financial institutions to enter the space.
The policy shift of the Trump administration has injected a strong tonic into the market. In March this year, Trump signed an executive order establishing a 'National Strategic Cryptocurrency Reserve,' officially incorporating digital assets into national strategy.
At the same time, Hong Kong's (stablecoin regulations) passed the third reading and will take effect on August 1. This move has attracted giants like Ant Group to compete for licenses, opening new channels for the Asian crypto market.
The improvement of the regulatory framework is changing the attributes of crypto assets. A Standard Chartered report indicates that institutional capital is accelerating its shift from gold to Bitcoin. In the first half of 2025, listed companies purchased 245,000 Bitcoins, a scale 2.3 times that of the gold ETF inflow during the same period.
02 Institutions gulping down, listed companies and ETFs' crazy buying spree
The biggest driver behind this round of Bitcoin surge is undoubtedly the institutions. Data shows that retail investors have hardly participated in this wave, with global search volume increasing by only 8%, and market sentiment has not yet reached a frenzy level.
Listed companies' Bitcoin holdings hit a record high. As of the end of June, 125 listed companies globally held a total of 847,000 Bitcoins, accounting for 4.03% of the total Bitcoin supply. In the second quarter alone, an additional 159,000 Bitcoins were purchased, with 46 new companies joining the ranks of holders.
MicroStrategy, as a 'Bitcoin whale', has accumulated 597,325 Bitcoins, with an average cost of about $70,982, realizing a floating profit of over $27 billion.
Bitcoin spot ETFs have become a cash-absorbing tool. BlackRock's IBIT saw its asset management scale soar to $76 billion within just 200 trading days, growing much faster than the largest gold ETF's growth over 15 years.
Even more astonishing, the U.S. Bitcoin spot ETF has absorbed over $1 billion for two consecutive days, setting a new record since its approval in January 2024. The influx of capital is unstoppable.
Trump's family business has also made a high-profile entry. Its media technology group has submitted an application to the SEC to launch a 'Truth Social Crypto Blue Chip ETF' covering mainstream assets like Bitcoin and Ethereum.
03 Liquidation storm, a brutal cleansing under leverage frenzy
During Bitcoin's record-breaking rise, liquidations became an enduring shadow. In the past week, three large-scale liquidation events cumulatively liquidated over $2 billion, resulting in heavy losses for hundreds of thousands of investors.
From July 10 to 11, when Bitcoin broke through the new high of $117,666, the amount of Bitcoin short liquidations on global centralized exchanges soared to $318 million, a 62% increase compared to the previous day. High-leverage short sellers were forced to repurchase Bitcoin to close positions, forming a 'price increase - short liquidation - price increase again' death spiral.
Yesterday, during the process of Bitcoin breaking through $120,000, the largest single liquidation occurred in Bybit's BTC perpetual contract, amounting to $2.86 million. These shocking numbers expose the fatal flaws of centralized exchanges.
A senior trader revealed: 'In Binance's BTCUSDT contract, when the price falls below a key support level, the system delays for more than 2 minutes without completing a transaction, leading to a surge in liquidation losses.'
04 Decentralized breakthrough, the逆势 rise of XBIT
When traditional exchanges are trapped in a liquidity crisis, the decentralized exchange XBIT's liquidation rate is only 1/8 of the industry average, becoming a safe haven amidst market turmoil.
XBIT's technical architecture demonstrates strong resilience in extreme market conditions. When mainstream exchanges experienced a 12% price spike, XBIT's BTC price fluctuations remained controlled within 3%.
Its innovative 'dynamic margin rate' mechanism is indispensable. This system adjusts margin requirements in real-time based on market volatility, automatically reducing the leverage limit from 100 times to 25 times when the VIX index exceeds 45.
In terms of liquidation efficiency, XBIT also crushes its centralized competitors. Tests show that in simulated extreme market conditions, XBIT's liquidation delay remains below 0.3 seconds, far superior to the centralized exchanges' average of 1.7 seconds.
After the liquidation event occurred, XBIT's trading volume surged by 37%, with 68% of new users migrating from original centralized exchanges. This capital massacre unexpectedly became an excellent advertisement for decentralized exchanges.
05 Cross-chain revolution and the new era of meme coins
In the tech sector, MAP Protocol's strategic transformation has triggered an industry earthquake. The protocol announced its focus on building a full-chain infrastructure for Bitcoin, stablecoins, and tokenized assets, targeting the institutional-level Bitcoin allocation trend and the stablecoin market exceeding $200 billion.
Currently, the global market value of stablecoins has reached $262.9 billion, with USDT dominating with a scale of $157.6 billion. MAP Protocol uses lightweight client technology and MPC threshold signature schemes to achieve seamless asset swaps between the Bitcoin mainnet and public chains like Ethereum and BNB Chain.
In this technological revolution, the XBIT decentralized exchange platform has become an important driver. Its constructed 'dual-engine model' deeply integrates the Moonshot on-chain protocol with community ecology, forming a strategic complement with MAP Protocol's full-chain infrastructure.
The meme coin sector is also facing a value reassessment. The TRUMP token received a $100 million investment commitment from Sun Yuchen, with its price steadily rising to $8.89. The entire meme coin sector led the cryptocurrency market with a single-day increase of 6.81%, with SPX6900 up 12.25%, and MemeCore achieving an astonishing increase of 58.65%.
Political figures are participating deeply in blockchain token economics for the first time. Trump's Truth Social platform has launched a utility token program, allowing user engagement to be converted into actual value through a 'Patriot Package' subscription service.
As multiple cryptocurrency bills in the U.S. approach voting this week, the market is building energy for the next round of trends. Standard Chartered predicts that Bitcoin may exceed $135,000 in the third quarter, while Bitwise CIO Matt Hougan boldly predicts that Bitcoin will reach $200,000 by the end of the year.
New rules in the crypto world are being established, and platforms that embrace technological innovation and safeguard user asset security will define the future landscape of digital assets.
