Introduction:
1. The House vote failure resulted in the inability of three cryptocurrency bills, including stablecoin regulations, to enter the formal deliberation stage.
1. June CPI year-on-year and month-on-month in line with expectations, core CPI year-on-year and month-on-month both below expectations.
2. Chuanzi stated that Basant is a candidate to succeed the Federal Reserve Chair, but expressed satisfaction with Basant's performance as Treasury Secretary.
3. The US Department of Justice has concluded its investigation into PolyMarket.
4. Large outflow from the stablecoin market, with an outflow of 614 million on July 16, USDT inflow of 357 million, and USDC outflow of 941 million.
5. Laode Capital has gradually removed leverage from ETH (sold ETH to repay loans).
6. Amount of ETH held by various institutions https://www.strategicethreserve.xyz/
1. Macro Market
(1) Traditional Market
1. US Stocks: Nasdaq up 0.18%, S&P down 0.40%, Dow down 0.98%, Nvidia up 4.04%.
2. US Treasury, US Dollar: 10-year Treasury rose 1.22% to 4.48%, 30-year Treasury yield broke 5%, US Dollar index rose 0.55% to 98.6.
3. Gold: Reported 3330 amidst fluctuations.
4. June CPI year-on-year and month-on-month in line with expectations, core CPI year-on-year and month-on-month both below expectations.
(2) Policy Trends
1. Federal Reserve Related
(1) [Continuously weakening Powell's influence] US Treasury Secretary Basant stated that the formal process for selecting Powell's successor has begun, and the selection will proceed at Trump’s pace.
(2) Chuanzi stated that Basant is a candidate to succeed the Federal Reserve Chair, but expressed satisfaction with Basant's performance as Treasury Secretary.
(3) Regulatory Dynamics
1. The US Department of Justice has concluded its investigation into PolyMarket.
2. House Republicans failed to pass a procedural motion, leading to the inability of three cryptocurrency bills, including stablecoin regulations and the defense spending bill, to enter the formal deliberation stage. The failure of this vote resulted in the inability of the three cryptocurrency bills, including stablecoin regulations, to enter the formal deliberation stage. Voting results: 196 votes in favor vs. 222 votes against, the main content of the included crypto bills being:
· GENIUS Act (Stablecoin Regulations)
· CLARITY Act (Digital Asset Market Structure Regulation)
· Anti-CBDC Surveillance State Act (Preventing Excessive Surveillance of Central Bank Digital Currencies)
2. Market Review
1. Market Data:
2. Stablecoin data, with an outflow of 614 million on July 16, USDT inflow of 357 million, and USDC outflow of 941 million.
3. ETF data: On the 14th, BTC ETF inflow of 297 million, ETH ETF inflow of 259 million.
4. Institutional Dynamics
(1) Amount of ETH held by various institutions https://www.strategicethreserve.xyz/
(2) [From this perspective, ConsenSys's strength is very strong, on June 2, 2025, SharpLink completed a $425 million private placement (PIPE), led by ConsenSys Software Inc., and ConsenSys founder Joseph Lubin subsequently joined the SharpLink board and served as chairman. I'm a bit looking forward to his Linea.] SharpLink Gaming again purchased 5,188 ETH, worth about $15.86 million. Since starting this strategy in early June, it has cumulatively purchased 300,000 ETH, with an average purchase price of about $2,701, currently unrealized profits have reached $130.9 million.
(3) Jack Yi, founder of LD Capital, responded on social media to the 'Trend Research deposited 17,289 ETH, worth nearly $53 million, into CEX' incident by stating, 'In a bull market, borrow leverage to maintain spot and wait for new opportunities.' Previously, the ETH accumulated by LD Capital's Trend Research carried 2x leverage: borrowing about $270 million from Aave to purchase ETH. Their comprehensive cost for ETH was about $2250, and now that the ETH price has risen to $3127, their 182,000 ETH unrealized profit has reached $160 million.
3. Industry Hotspots
1. Pumpfun has transferred an additional $16 million worth of $SOL to the $PUMP buyback address and has started to repurchase $PUMP, pump FDV exceeds $6.5 billion.
2. Current market share of the SOL launch platform, pump surpasses letsbonk again.
3. Gate has changed its X account profile picture to a 'Fat Penguin' theme concept image.
Previously, projects like OpenSea, Coinbase, OKX, etc., changed their official X account profile pictures to a 'Fat Penguin' theme concept image, some projects have reverted to their previous profile pictures.
4. Ancient Bitcoin whale transferred 16,800 BTC to Galaxy Digital's OTC trading platform.
This giant whale also holds 71,000 bitcoins, worth $8.3 billion.
4. Alpha
1. Backpack will open the bond market,承接 debts owed by Chinese and Russian users that FTX did not recognize.
2. Plasma IDO
Sale time: July 17, 2025, starting at 9 AM (ET), ending on July 28, 2025, at 9 AM (ET).
Total amount and valuation: accounting for 10% of the total issuance (sold at FDV of $500 million).
Participation Conditions:
Must first qualify in earlier deposit activities and complete KYC/KYB review executed through Sonar by Echo.
US users must simultaneously meet the 'accredited investor' status.
Unlocking Rules
Non-US users: XPL will be fully unlocked at the launch of the mainnet Beta.
US users: The purchased XPL must be locked until July 28, 2026, unlocking six months after the lock.
3. Notes on Backpack trading.
