CoinVoice has learned that according to 4E observations, the cryptocurrency market has recently welcomed multiple milestone developments, with stablecoins, IPOs, on-chain data, and regulatory expectations all heating up, as institutional participation and policy evolution are jointly driving profound changes in the crypto industry.
According to an official announcement from Tether, the market capitalization of USDT has surpassed $160 billion, setting a new historical high. CEO Paolo Ardoino stated that this is a 'key node in the global financial liquidity restructuring.' Meanwhile, the total open interest of contracts on the Ethereum blockchain also surpassed $52 billion on July 20, breaking historical records, with on-chain activity continuing to rise.
The crypto industry is also witnessing a new wave of IPO fever. The exchange and media giant Bullish has submitted its prospectus to the U.S. SEC, intending to list on the New York Stock Exchange. Bullish was co-founded by Block.one and veteran Silicon Valley investor Peter Thiel, with a shareholder lineup that includes founder funds, Thiel Capital, Alan Howard, Nomura Securities, and others. This move is seen as an important signal of the U.S. capital market further opening up to the crypto industry.
On the institutional front, Bitwise data shows that as of Q2 2025, 125 publicly traded companies collectively hold 847,000 BTC, valued at $91 billion. This quarter alone saw 46 new companies entering the market, with an average holding price of $107,754, reflecting that the demand for Bitcoin allocations is penetrating into mainstream financial assets.
On the policy front, the U.S. House of Representatives has fully passed the (CLARITY Act), (GENIUS Act), and (Anti-CBDC Surveillance National Act), with the GENIUS Act set to be signed into law by Trump. The White House will also release its first crypto policy report on July 22, and U.S. Treasury Secretary Janet Yellen stated that 'the dollar is about to go on-chain,' which will strengthen the dollar's continuation as a global reserve currency.
Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde will deliver important policy speeches this week, and the market is closely watching for responses to recent inflation, tariffs, and digital currency policies. Meanwhile, the altcoin season index has risen to 52, indicating further capital diversion, with Bitcoin social media discussion accounting for over 43%. Analysts suggest paying attention to short-term pullback risks.
4E Reminder to investors: The market is intertwined with long and short information, and one should be wary of the short-term mispricing caused by emotional fluctuations, while rationally grasping mid- to long-term structural opportunities. [Original link]
