Introduction:
1. The altcoin season has begun. The altcoin season index is currently at 56, a new high since December of last year. The market cap of BTC has dropped to 60.57%, and stablecoins have increased by 3.09 billion in the past 7 days, bringing the current total of stablecoins to 228.67 billion. The open interest for Ethereum perpetual contracts surged from 18 billion USD to 28 billion USD within a week.
2. The newly appointed chairman of the SEC, Paul Atkins, stated in an interview with CNBC that ETH is not a security.
3. Reports from the UK indicate plans to sell approximately 7.1 billion USD worth of Bitcoin to fill the budget deficit, raising concerns in the market.
4. The inflow of Ethereum ETFs last week set a new historical record, reaching 2.182 billion USD, more than double that of the previous week.
5. MFH announced today that it has reached a 200 million USD equity credit agreement with Solana Ventures Ltd. to initiate a digital asset treasury strategy based on the Solana blockchain.
6. Polymarket re-enters the U.S. market through acquisitions.
1. Macroeconomic market.
(1) Traditional market.
1. U.S. stock market: Nasdaq up 0.38%, S&P up 0.14%, continuing to set new historical highs, Dow down 0.04%.
2. U.S. Treasuries, USD: 10-year Treasury bonds fell below the 200-day moving average, down 0.90% to 4.37%, DXY fell 0.62% to 97.90%.
3. Gold: up 1.41%, to 3394.77.
(2) Policy trends.
1. Federal Reserve.
(1) U.S. House Representative Anna Paulina Luna has filed criminal charges with the Department of Justice, alleging that Federal Reserve Chairman Powell committed perjury twice. In her letter, Luna wrote: "On June 25, 2025, Powell testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve's Eccles Building. In his statements, he made several significant false statements." In addition to fines, perjury can carry a maximum sentence of 5 years in prison.
(2) White House Press Secretary Levitt stated: Trump has no plans to fire Powell. Powell needs to lower interest rates. "We are not worried about the deficit issue caused by the tax cut bill."
2. News related to the SEC.
The newly appointed chairman of the SEC, Paul Atkins, stated in an interview with CNBC that ETH is not a security. It is "encouraging" to see listed companies adopting Bitcoin and cryptocurrency as financial reserve assets.
(3) Regulatory dynamics.
1. Reports from the UK indicate plans to sell approximately 7.1 billion USD worth of Bitcoin to fill the budget deficit, raising concerns in the market. The UK currently holds over 60,000 BTC, making it the third-largest official holder in the world. If this sale materializes, it may trigger a situation similar to last year's German sell-off that led to a sharp drop in prices.
(4) Web2 dynamics.
In the Nyingchi City of Tibet Autonomous Region, a world-shocking super project—the Yarlung Tsangpo River downstream hydropower project—has officially started. This mega project, with a total investment of 1.2 trillion yuan, is not only a milestone in the history of hydropower development in China but will also have a profound impact on the economy of Tibet, national energy security, and the global clean energy landscape. It plans to build 5 cascading power stations with a total installed capacity of 60 million kilowatts, equivalent to three Three Gorges projects in scale. Once completed, the annual power generation is expected to reach 300 billion kilowatt-hours.
2. Market review.
1. Market data: BTC market cap percentage, down 0.47% to 60.57.
The CMC altcoin season index reached 56 (it hit 87 on December 4, 2024).
2. Stablecoins increased by 3.09 billion in the past 7 days, bringing the current total of stablecoins to 228.67 billion.
3. ETF data.
The inflow of Ethereum ETFs last week set a new historical record, reaching 2.182 billion USD, more than double that of the previous week.
Without BlackRock data, on the 21st, BTC ETF saw an outflow of 131.4 million, while ETH saw an inflow of 194 million.
4. Institutional dynamics.
(1) The sol microstrategies.
[1] SOL version microstrategy US-listed company DeFi Development Corp announced today that it has again increased its holdings by 141,383 SOL, bringing the total holding to 999,999 SOL, approximately 192 million USD.
[2] SOL treasury company Upexi announced that it has purchased 100,000 SOL for 17.7 million USD, bringing the total holdings to 1.818 million SOL, worth 331 million USD. The total cost was 273 million USD, including an unrealized gain of 58 million USD.
[3] Digital fintech group Mercurity Fintech Holding Inc. (NASDAQ: MFH) announced today that it has reached a 200 million USD equity credit agreement with Solana Ventures Ltd. to initiate a digital asset treasury strategy based on the Solana blockchain.
(2) ETH microstrategies continue to go public.
[1]
(3) The ena microstrategy is coming.
@stablecoin_x completed 360 million USD financing and plans to go public on Nasdaq, with the stock code USDE. Of this, 60 million USD will be directly issued by the Ethena Foundation as $ENA, while the remaining 260 million USD will be entirely used to repurchase ENA in the open market, with the goal of completing the buyback in 6 weeks, expecting a daily purchase of 5 million USD, which accounts for 8% of the current circulation.
(4) Trump Media & Technology Group; DJT announced today that, as part of the previously announced Bitcoin treasury strategy, the company has accumulated approximately 2 billion USD worth of Bitcoin and Bitcoin-related securities. This holding currently accounts for about two-thirds of the company's 3 billion USD in liquid assets. Additionally, the company has allocated approximately 300 million USD for options acquisition strategies related to Bitcoin securities. Trump Media stated that it would continue to increase its holdings of Bitcoin and related assets based on market conditions and convert options into spot Bitcoin. These assets will be used for revenue generation and potential acquisitions of other crypto assets. [Currently, this money could potentially buy WLFI, Trump.]
3. Industry hotspots.
1. Starting from July 21, 2025, U.S. users will be able to trade CFTC-regulated perpetual futures on the Coinbase Financial Market (CFM), which will bring the largest globally traded derivative type to the platform.
2. Polymarket re-enters the U.S. market through acquisitions.
3.
4. Alpha.
1. Binance wallet has launched a new feature where users can stake ETH to share rewards (we expect that if 20,000 people stake, each person will receive 10 USD).
2. The winning rate of the OKX event is still quite high.
3. [Definitely worth interacting with immediately.]
Linea, Consensys, and Nile have launched the decentralized trading platform Etherex, aimed at achieving true user alignment and full-chain infrastructure.
Etherex is an upgraded version of the Nile Exchange, built on Ramses v3 technology, and adopts an x33 token economic model. Its design goals include 100% native incentive (REX) allocation to liquidity providers (LPs); 100% of transaction fees belong to xREX voting users.
The native token REX will be distributed as liquidity rewards to LP users. Users can convert REX into xREX to vote on incentives for their preferred liquidity pools.
4. Kraken CEO starts calling BTC meme, likely referring to runes.
