Institutional whales, national games, and regulatory breakthroughs are reshaping the new order of the crypto world.
The Bitcoin price has once again set a historical new high, easily breaking the $123,000 mark under the continuous influx of institutional funds. The global crypto ETF scale has surpassed $1.1 trillion, with BlackRock's Bitcoin ETF net inflow reaching $4.9 billion in a single month, as traditional financial giants are devouring Bitcoin circulation chips at an astonishing rate.
The U.S. House of Representatives passed the cryptocurrency bill with a narrow margin of 217 votes to 212, setting a record for the longest electronic voting session since the system was introduced, lasting over 8 hours. The advancement of the bill is closely tied to President Trump's personal intervention.
01 The Three Driving Forces Behind the Market's New Highs
The Bitcoin price breaking through the historical high of $123,000 is not an isolated event, as it is driven by the resonance of three forces: institutional capital, regulatory breakthroughs, and geopolitical hedging.
The global crypto ETF scale has surpassed $1.1 trillion, with BlackRock's single Bitcoin ETF managing assets reaching $84 billion. This institutional-level product is absorbing funds from the traditional world at an unprecedented rate.
The trend of companies allocating Bitcoin on their balance sheets is also astonishing. Strategy has accumulated 601,550 Bitcoins, accounting for 2.5% of the total Bitcoin supply, with an average cost of around $68,000, yielding a profit of over 200%.
What’s more surprising is that Vanguard, once a vocal critic of Bitcoin, has quietly become a major shareholder of Strategy, holding 20 million shares, accounting for 8% of the circulating stock.
National-level participation adds more drama. The Governor of the Central Bank of Kazakhstan publicly stated that the country plans to allocate its gold and foreign exchange reserves and national fund assets to crypto assets, studying investment experiences from Norway, the U.S., and Middle Eastern funds.
The Royal Government of Bhutan has recently accelerated its sale of Bitcoin, selling $59.47 million worth of Bitcoin in the past four days, while still holding approximately $1.4 billion worth of Bitcoin.
02 Regulatory Showdown Week: The 'Constitutional Moment' of the Crypto World
This week is referred to by the market as 'Crypto Week,' as the U.S. House of Representatives faced a historic vote:
(Digital Asset Market Clarity Act) Voting on Wednesday: Aims to clarify the regulatory boundaries between the SEC and CFTC and establish digital asset classification standards.
(U.S. Stablecoin Innovation Guidance Act) Voting on Thursday: If passed, it will become the first major cryptocurrency law in the U.S.
Proposed legislation to prohibit the Federal Reserve from issuing CBDCsSimultaneous review: Showing the route dispute of dollar digitization
Regulatory breakthroughs have triggered a chain reaction. Grayscale's multi-asset ETF approval breaks the SEC's previous limits, which only approved Bitcoin and Ethereum ETFs, paving the way for independent ETF applications for altcoins like ADA, SOL, and XRP.
Traditional financial institutions are accelerating their layout in crypto banking services. Circle, Ripple, and BitGo have applied for national trust bank licenses, with Circle even applying to establish the 'First National Digital Currency Bank.' These actions demonstrate that crypto infrastructure is deeply integrating into the traditional financial system.
03 Altcoin Differentiation: Compliance Dividends and Unlocking Crises
The altcoin market shows a dual pattern of ice and fire.
Grayscale's multi-asset ETF approval is a milestone event. The fund's holdings cover BTC, ETH, XRP, SOL, and ADA, breaking the SEC's previous restrictions. Analysts point out that if subsequent independent ETFs are approved, the market recognition and liquidity of altcoins will significantly increase.
However, the token unlocking wave in July hides dangers:
On July 18, Trump Coin ($TRUMP) released $465 million in tokens (accounting for 25% of total supply).
On July 12, Aptos (APT) unlocked $56 million.
On July 20, ZRO unlocked $51 million
Immutable (IMX), Arbitrum (ARB), etc., collectively released over $100 million.
Historical data shows that large unlocks are often accompanied by short-term price corrections, especially smaller market cap tokens with poor liquidity face severe tests.
Solana performs brilliantly, with the total scale of its real asset tokenization (RWA) exceeding $418.1 million, of which Ondo's USDY stablecoin accounts for nearly 42% of the market share at $175.3 million. Solana has become the preferred platform for RWA protocols due to its high throughput and low transaction fees, with significant support forming around $153.
04 Meme Coins Frenzy: A Cultural Phenomenon with Risks Coexisting
Dogecoin's current price is close to $0.191, showing strong resilience against declines. On-chain data indicates that retail interest is continuously rising. Shiba Inu is priced at approximately $0.00001296, with technical indicators also showing support.
Emerging project XYZVerse ($XYZ) integrates meme culture with sports hotspots, with presale prices surging from $0.0001 to $0.1, attracting significant market attention. However, the high volatility of such assets also brings enormous risks.
Binance's decision to delist five tokens including ALPHA, BSW, KMD, LEVER, and LTO has raised market concerns. Historical cases show that some delisted tokens can drop in price by over 50%. Holders need to act before September 3 to avoid forced conversion losses.
05 Major Highlight: The world's first RMB tokenized fund is born
On July 17, Huaxia Fund (Hong Kong) announced the establishment of two tokenized money market funds: Huaxia USD Digital Currency Fund and Huaxia RMB Digital Currency Fund - the world's first RMB tokenized fund.
Unlike traditional fund share registration models, tokenized funds exist in the form of blockchain digital tokens, which can be verified in real-time on-chain. Their subscription and redemption can also be conducted on compliant virtual asset trading platforms in addition to traditional banks and brokerage channels.
On the same day, the China Academy of Industrial Internet held a seminar on 'Stablecoins and Industrial Digital Assets,' systematically analyzing the development context of stablecoins from three dimensions: theoretical sorting, technical analysis, and practical paths, and proposed the idea of building a bridge between international digital currency and digital RMB using Hong Kong's regulatory framework.
These actions indicate that the Asian market is actively laying out a path for the compliance innovation of digital assets.
Summary of today's battlefield highlights:
Regulatory Games: The U.S. House of Representatives passed procedural voting, marking the final vote on the (Clarity Act) and (GENIUS Act) during 'Crypto Week.'
Institutional Trends: BlackRock's Bitcoin ETF manages $84 billion in assets, while Vanguard positions itself in Bitcoin through Strategy.
National Participation: Kazakhstan plans to allocate crypto assets, Bhutan accelerates Bitcoin sales.
Product Innovation: Huaxia Hong Kong launches the world's first RMB tokenized fund.
Technical Support: If Bitcoin retraces to around $110,000, it may be a healthy consolidation, while Solana forms strong support near $153.
The crypto market is undergoing a metamorphosis from marginal speculation to financial infrastructure. As Huaxia Fund brings RMB to the blockchain, and the U.S. Congress battles for crypto legislation for eight hours, when national funds start discussing Bitcoin allocation, we stand at a turning point in the history of digital finance.
The only certainty is: The speed of this transformation far exceeds everyone's imagination.
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[This article does not constitute investment advice]
