Today's news highlights:
Perhaps influenced by the Binance HODLer airdrop launch on Chainbase, C briefly rose by 63%.
The total market capitalization of cryptocurrencies has surpassed $4 trillion, with stablecoin market cap exceeding $266 billion.
Thumzup's board approved holding up to $250 million in cryptocurrency.
Ripple co-founder Chris Larsen transfers millions of XRP to Coinbase, worth approximately $26 million.
Backpack opens the channel for selling FTX claims.
The U.S. House of Representatives passed three cryptocurrency bills.
Public company BitMine Immersion disclosed that its Ethereum holdings have exceeded $1 billion.
U.S. electric vehicle company Volcon raises over $500 million to launch a Bitcoin financial strategy.
Regulation/Macro
The U.S. House of Representatives passed three cryptocurrency bills.
On Thursday local time, the U.S. House of Representatives passed three cryptocurrency-related legislations: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for review. The GENIUS Act is expected to be formally signed into law by Trump on Friday. It is reported that the voting results for the CLARITY Act were: 294 votes in favor, 134 votes against. 78 Democratic representatives voted in favor, and all 134 votes against came from Democratic representatives.
The U.S. SEC is considering granting exemptions for cryptocurrency innovations.
According to Bloomberg, SEC Chair Paul Atkins stated that the SEC is considering establishing regulatory exemptions for innovative projects to incentivize tokenization development. This initiative was proposed following the U.S. House of Representatives' passage of a landmark stablecoin bill. Atkins stated that the SEC is exploring allowing new trading methods and more targeted regulatory exemptions to promote the construction of the tokenized securities ecosystem. He also mentioned that stablecoin legislation is an important step for the U.S. to become a global cryptocurrency hub.
Backpack opens the channel for selling FTX claims.
According to Backpack Chinese, Backpack has officially opened the channel for selling FTX claims. This service is a non-profit, completely neutral channel aimed at helping global FTX claim holders connect with third-party buyers for claim sales. The process includes real-name authentication, claim verification, price confirmation, and settlement payments, and the platform does not charge any fees throughout the entire process. Backpack reminds users that claim sales are voluntary, and users should make cautious decisions based on their own circumstances. Previously, there were community reports that Backpack would open a claims channel for FTX users in China and Russia.
Views
Analysis: Technical indicators suggest that Bitcoin may enter a consolidation phase in the next 1 to 2 months.
Matrixport's latest report indicates that Bitcoin has recently been driven by positive U.S. policies, fiscal, and economic data, entering a new trading range, but is currently close to the upper boundary. Technical indicators suggest it may enter a consolidation phase in the next one to two months. Over the past 18 months, Bitcoin's price has gradually risen in increments of $16,000, with $122,000 currently seen as a reasonable target, but it quickly retreated after recently touching this level, indicating the market may be gathering strength for the next upward move. The report analyzes that Bitcoin's technical indicators have entered an overbought state, with the RSI index exceeding 70, and multiple reversal signals are retreating. If Bitcoin's price can pull back to the $106,000 to $108,000 range and stabilize, it may alleviate technical pressure, creating conditions for subsequent price increases. Meanwhile, market sentiment is warming, with the 'Greed and Fear Index' entering the 'Greed' zone, indicating limited room for further increases. On the macro side, U.S. core inflation data rose less than expected, and the Federal Reserve may signal adjustments in September policy at the end of July. Recent positive news regarding the U.S. debt ceiling increase and stablecoin legislation progress has also driven short-term fluctuations in Bitcoin.
Project updates
Ondo Finance introduces its treasury tokenization product USDY to the Sei network.
According to an official announcement from Sei, Ondo Finance will soon launch its flagship product, the USDY treasury tokenization product, on the Sei blockchain. USDY currently has a total locked value (TVL) exceeding $680 million, making it the second-largest treasury tokenization product by adoption in the market. This integration will provide Sei developers and users with institutional-grade U.S. Treasury assets, further promoting the financial infrastructure upgrade of the Sei ecosystem.
Trusta.AI (TA) will launch on Binance Alpha and Binance Futures on July 21
According to Binance's announcement, Trusta.AI (TA) will start trading on Binance Alpha at 07:00 (UTC) on July 21, 2025, and the TAUSDT perpetual contracts will go live at 07:30 (UTC) on the same day, with leverage up to 50 times. Binance is the first platform to launch Trusta.AI (TA). To celebrate the launch, eligible users can claim exclusive airdrops on the Binance Alpha activity page from 07:00 to 07:00 on July 22 (UTC) using Binance Alpha points. Trusta.AI is a protocol that redefines trust for the AI era.
Numerai plans to repurchase $1 million worth of NMR tokens.
According to The Block, the decentralized hedge fund Numerai announced that it will repurchase $1 million of its own token Numeraire (NMR) from the open market. This buyback will take place in phases, aimed at supporting long-term interests of participants and avoiding market volatility. Over the past year, assets managed by Numerai have grown from $173 million to over $440 million, with monthly trading volumes exceeding $1 billion, covering over 30 global markets. Currently, Numerai holds less than 3 million NMR tokens, and the buyback initiative is seen as a commitment to the ecosystem and economic balance.
Binance: Users with at least 165 Alpha points can claim 1,000 TAKER tokens in an airdrop.
Binance announces it will be the first platform to launch Taker Protocol (TAKER), with TAKER trading set to begin on July 18, 2025, at 10:00 (UTC). At that time, users with at least 165 Binance Alpha points can claim 1,000 TAKER tokens in an airdrop on the Alpha Events page, until the airdrop pool is exhausted or the event ends. Claiming the airdrop will consume 15 Alpha points, and users must complete their claim within 24 hours, otherwise it will be considered forfeited.
Binance HODLer airdrop launched on Chainbase (C)
Binance announces the launch of the 28th HODLer airdrop project - Chainbase (C). The airdrop activity was completed between July 6, 08:00 and July 10, 07:59. Users participating in Binance BNB earning products will receive the airdropped tokens allocation, and relevant information is expected to be made available within 5 hours. The new tokens will be distributed to users' spot wallets at least 1 hour before trading begins. Binance will open trading for token C at 22:00 on July 18, supporting USDT, USDC, BNB, FDUSD, and TRY trading pairs, and applying seed label rules. The deposit channel will open 1 hour after the listing. Additionally, users can currently trade C on the Binance Alpha market, but once spot trading opens, the Alpha market will no longer display this asset, and trading volume will not count toward Alpha points. The total supply of Chainbase tokens is 1 billion, of which 2% is used for HODLer airdrops, with the circulating supply at listing accounting for 16%. An additional 10 million tokens will be used for market activities three months after listing. Chainbase supports Binance Chain and BASE Chain, with no listing fees.
OKX will launch ASP (ASPECTA) spot trading on July 24.
OKX announces the upcoming launch of the ASP (ASPECTA) token and has released the relevant schedule. The ASP deposit channel opened at 4:00 PM on July 18. The collective auction will take place from 7:00 PM to 8:00 PM on July 24, with ASP/USDT spot trading officially opening at 8:00 PM on July 24. The withdrawal function will open at 8:00 PM on July 25.
Key data
A Bitcoin whale from the 'Satoshi Era' deposited the last 40,192 Bitcoins into Galaxy Digital, worth approximately $4.83 billion.
According to Onchain Lens, a Bitcoin whale from the 'Satoshi Era' has just deposited the last 40,192 Bitcoins (approximately $4.83 billion) into Galaxy Digital. Over the past 4 days, this Bitcoin OG has transferred a total of 80,201 Bitcoins (approximately $9.6 billion) to Galaxy Digital.
Ripple co-founder Chris Larsen transfers millions of XRP to Coinbase, worth approximately $26 million.
According to Decrypt, Ripple co-founder and Executive Chairman Chris Larsen again transferred $26 million worth of XRP to Coinbase early this morning. Blockchain data shows that these transfers were split into four transactions, each consisting of 2 million XRP. Moreover, more than $40 million worth of XRP was transferred to unknown addresses this Thursday. Market data shows that XRP broke $3.40 this morning, reaching a new historical high.
Thumzup's board approved holding up to $250 million in cryptocurrency.
According to PR Newswire, the board of Thumzup Media Corporation (NASDAQ: TZUP) has approved the company to hold up to $250 million in cryptocurrency assets, covering Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), and stablecoin USDC.
41,000 BTC options and 240,000 ETH options will expire today, with a total nominal value exceeding $5.8 billion.
According to options delivery data released by [email protected], today will see 41,000 BTC options expire, with a Put Call Ratio of 0.78, and a max pain point of $114,000, with a nominal value of $4.93 billion. At the same time, 240,000 ETH options will expire, with a Put Call Ratio of 1.0, and a max pain of $2,950, with a nominal value of $880 million. The total scale of options delivery this week is nearly $6 billion, accounting for over 10% of the current total open interest. Market sentiment has clearly turned optimistic, with ETH driving a recovery in altcoin markets, and BTC maintaining a historical high volatility, with FOMO sentiment in the options market heating up.
The Ethereum spot ETF had a net inflow of $602 million yesterday, setting a historical second highest.
According to SoSoValue data, the Ethereum spot ETF saw a total net inflow of $602 million on July 17, the second-highest record in history. BlackRock's ETHA had a single-day net inflow of $547 million, with a total historical net inflow of $7.66 billion; Grayscale's mini trust ETF ETH had a net inflow of $29.9 million, with a historical net inflow of $960 million. The total net asset value of the Ethereum spot ETF is currently $17.316 billion, accounting for 4.19% of the total ETH market cap, with cumulative net inflows of $7.086 billion.
The total market capitalization of cryptocurrencies has surpassed $4 trillion, with stablecoin market cap exceeding $266 billion.
According to Coingecko data, the total market capitalization of cryptocurrencies has surpassed $4 trillion, with Bitcoin's share dropping to 59.8% and Ethereum's share slightly rising to 10.9%. The total market capitalization of stablecoins has exceeded $266 billion, with the market cap of USD-pegged stablecoins at $261.8 billion.
Perhaps influenced by the Binance HODLer airdrop launch on Chainbase, C briefly rose by 63%.
According to Bitget data, possibly influenced by the Binance HODLer airdrop launch on Chainbase (C), C briefly rose by 63%, currently quoted at $0.226, peaking at $0.22671. Previously, it was reported that the Binance HODLer airdrop launched on Chainbase (C).
Financing
Tokenized money market fund platform Spiko completed a $22 million Series A funding round, led by Index Ventures.
According to The Block, tokenized money market fund platform Spiko announced the completion of a $22 million Series A funding round, led by Index Ventures, with participation from White Star Frst, Rerail, Bpifrance, Blockwall, and angel investors like Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, and Blackstone Group co-CIO Lionel Assant. Spiko focuses on providing tokenized money market fund services to European enterprises, allowing users to earn daily returns by investing in low-risk assets such as Eurozone and U.S. Treasury bonds. The platform uses blockchain technologies like Ethereum and Arbitrum and has processed over $900 million in liquidity. The company aims to collaborate with institutions like Memo Bank, targeting over $1 billion in assets under management by 2025.
The decentralized messaging protocol XMTP completed a $20 million Series B funding round, led by a16z crypto and others.
According to The Block, the XMTP development company Ephemera has completed a $20 million Series B funding round, co-led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures, and Distributed Global. After this round of financing, Ephemera's equity valuation is $300 million, while the broader network covering the token issuance of the XMTP protocol is valued at $750 million. The XMTP protocol has now been integrated into Coinbase's newly launched Base application, upgrading from an optional feature to core infrastructure. The protocol provides end-to-end encrypted communication services, enabling secure interactions between wallet addresses, with the testnet launched in February this year. Ephemera plans to expand its team to promote the mainnet launch and ecosystem development. USV partner Fred Wilson will join its board.
Blockchain-based travel platform Blockskye completes $15.8 million Series C funding round, led by Blockchange.
According to The Block, blockchain-based travel platform Blockskye announced it has completed a $15.8 million Series C financing round, led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, Litquidity Ventures, Longbrook Ventures, and TFJ Capital. This funding will be used to expand into the European, Latin American, and Asian markets and develop real-time payment products based on stablecoins. Blockskye connects suppliers like airlines directly through blockchain technology, helping corporate clients like PwC reduce travel costs. The company claims its platform can reduce travel expenses by 14.5% and achieve an 84% savings on agency fees. Currently, the team has over 40 members and plans to add 30 new positions in technology, sales, and other areas.
Substack completes $100 million new financing, valuation reaches $1.1 billion.
According to Bloomberg, the independent writer platform Substack recently completed a $100 million financing round, reaching a latest valuation of $1.1 billion. This financing round was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede, among others. Substack was founded in 2017 and currently has over 5 million paid subscribers, expanding into podcasts and video content. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms like TikTok.
Compound Finance founder Robert Leshner acquired LQR House's controlling interest for approximately $2.03 million, planning to drive the company's strategic transformation.
Compound Finance founder Robert Leshner recently announced that he acquired approximately 56.9% of LQR House Inc. for about $2.03 million in personal funds, becoming the majority shareholder. Leshner stated plans to replace board members, drive the company to explore new strategies, and even consider introducing a treasury strategy involving crypto assets.
Institutional accumulation
Public company BitMine Immersion disclosed that its Ethereum holdings have exceeded $1 billion.
According to a press release, BitMine Immersion (NYSE AMERICAN: BMNR) announced today that its holdings of Ethereum and Ethereum equivalents have exceeded $1 billion. To advance its light-asset treasury strategy, the company completed its first round of private financing of $250 million on July 8. According to Bloomberg data, as of July 17 at 3:45 AM Eastern Time, the company held a total of 300,657 Ethereum, with each priced at $3,461.89.
Public company Semler Scientific increases its holdings by 210 BTC, raising total holdings to 4,846 BTC.
According to the official announcement, the U.S. listed company Semler Scientific invested $25 million to increase its holdings by 210 BTC, now holding a total of 4,846 BTC.
Public company Enlightify Inc. plans to purchase up to $20 million in CYBER tokens within 12 months.
Cyber official stated on platform X: "The Cyber Foundation welcomes Enlightify Inc. (NYSE: ENFY) as the first publicly traded company committed to investing treasury funds in CYBER tokens. Enlightify Inc. will purchase up to $20 million in CYBER tokens within 12 months."
U.S. electric vehicle company Volcon raises over $500 million to launch a Bitcoin financial strategy.
According to investing reports, U.S. electric vehicle company Volcon announced that it would adopt a Bitcoin financial strategy, having reached agreements with certain institutions and qualified investors to privately purchase and sell 50,142,851 shares of common stock at a price of $10 per share, expecting total proceeds to exceed $500 million, after deducting placement agent fees and other issuance costs (private placement). Empery acts as the lead underwriter, with participation from well-known crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors. This issuance is expected to be completed around July 21, 2025, but must meet customary closing conditions. The company plans to immediately use at least 95% of the total proceeds to acquire Bitcoin, which will serve as the company's primary financial reserve asset.
Public company GameSquare plans to raise $70 million through a private placement to continue purchasing ETH.
Nasdaq-listed company Game Square Holdings announced plans to issue 46,666,667 shares of common stock to raise $70 million. The company plans to use these funds to enhance its ETH holdings. GameSquare CEO Justin Kenna revealed that this issuance includes a 15% over-allotment option, which would bring total fundraising to approximately $80.5 million if fully exercised. The related transaction is expected to be completed around July 18, 2025, but must meet customary closing conditions.
BSTR plans to go public in the U.S. through a SPAC merger with a holding of 30,021 BTC at the time of launch.
According to Businesswire, BSTR Holdings Inc. (BSTR) announced that it has reached a final business combination agreement with Cantor Equity Partners I, Inc. (Nasdaq: CEPO), a special purpose acquisition company initiated by affiliates of financial services and real estate services holding company Cantor Fitzgerald. Upon completion of the transaction, the combined company is expected to trade under the ticker symbol 'BSTR.' BSTR stated that at the time of its launch, its balance sheet will hold 30,021 Bitcoins, making it the fourth-largest publicly listed Bitcoin reserve, and it can access up to $1.5 billion in post-PIPE financing from private equity investments, which is the largest PIPE financing announced to date in a Bitcoin reserve SPAC merger transaction. This SPAC will also contribute approximately $200 million in additional funds depending on redemption conditions.
Public company Bit Origin secured $500 million in equity and debt financing to initiate a DOGE treasury reserve.
According to Globenewire, Nasdaq-listed company Bit Origin (NASDAQ: BTOG) announced agreements with multiple qualified investors to initiate a DOGE treasury reserve, with total financing of up to $500 million, including $400 million in equity financing and $100 million in convertible bond financing. The company plans to hold DOGE as a core asset for the long term and achieve long-term value enhancement through 'increasing the amount of DOGE held per share.' The company also plans to explore new businesses around DOGE, including payment applications, miner services, and ecosystem development. Currently, the company has completed its first $15 million convertible bond financing, which will be used for the initial DOGE purchases.
SharpLink Gaming announces the issuance of $5 billion in stock and advances its Ethereum reserve strategy.
According to the U.S. Securities and Exchange Commission (SEC) website documents, SharpLink Gaming, Inc. announced on July 17 its intention to issue up to $5 billion in common stock through a sales agreement with A.G.P./Alliance Global Partners. The proceeds from this issuance will mainly be used to acquire Ethereum (ETH) as the company's primary reserve asset, as well as for daily operations, market expansion, and core affiliate marketing activities. SharpLink Gaming is headquartered in Minneapolis, focusing on online performance marketing and actively expanding into the crypto gaming market. The company's common stock is listed on the Nasdaq Capital Market under the ticker 'SBET.'
