Today's news highlights:
Tesla's Q2 financial report shows its Bitcoin holdings have risen in value to 1.2 billion dollars.
FTX's next round of compensation will be executed on September 30, releasing 1.9 billion dollars in disputed claim reserves.
Pump.fun co-founder: No airdrops will take place in the near future; we will share a schedule and details as soon as possible.
GoPlus launches a 500 million GPS token security fund.
Lido's market share in ETH staking has dropped to 25%, a new three-year low.
Ethereum spot ETFs saw a total net inflow of 332 million dollars yesterday, continuing 14 days of net inflows.
Bitcoin spot ETFs saw a total net outflow of 85.9628 million dollars yesterday, continuing 3 days of net outflows.
Statistics: Recently, 7 new wallets have accumulated a total of 466,253 ETH, worth 1.7 billion yuan.
Regulation/Macroeconomics
The White House's first cryptocurrency policy report will be released on July 30.
Bo Hines, executive director of the President's Advisory Council on Digital Assets, stated on the X platform that the President's Digital Assets Working Group has completed a 180-day report (the first cryptocurrency policy report), which will be publicly released on July 30.
The Bank of Ghana plans to launch a regulatory framework for cryptocurrencies to promote the development of digital assets.
The Bank of Ghana plans to introduce a licensing system for crypto platforms to regulate digital assets and capture associated revenues. Central Bank Governor Johnson Asiama revealed that the regulatory framework is expected to be submitted to parliament for review in September this year. The new legislation aims to leverage cryptocurrencies to promote cross-border trade, attract strategic investment, and collect financial data to drive the development of the country’s digital asset sector. Previously, it was reported that the Governor of the Bank of Ghana stated: Ghana is finalizing its regulatory framework for cryptocurrency trading.
The 90-day correlation coefficient between Bitcoin volatility index and S&P 500 VIX has reached a historical high.
According to CoinDesk, data shows that the 30-day implied volatility index for Bitcoin (BVIV/DVOL) has reached a historical high of 0.88 in its 90-day correlation with the S&P 500 volatility index (VIX), indicating a significant increase in the correlation between the cryptocurrency market and U.S. stock volatility. Currently, this correlation coefficient remains high at 0.75. Analysts point out that this phenomenon reflects Wall Street institutions leading this round of cryptocurrency market cycles. Markus Thielen, founder of 10x Research, stated that institutional investors are compressing volatility by selling large amounts of call options, causing Bitcoin prices to become increasingly influenced by traditional market risk preferences. Since the beginning of this year, the BVIV index has dropped from 67% to 42%, while Bitcoin prices have risen by 26%, breaking the historical pattern of both moving in the same direction.
Tron Inc. announces that it will ring the Nasdaq opening bell on July 24.
According to Globenewswire, Tron Inc. (NASDAQ: TRON) announced that it will hold a ringing ceremony at Nasdaq MarketSite in Times Square, New York, at 9:30 AM ET on July 24, hosted by TRON founder and global advisor Justin Sun. This marks the company's official transformation into a technology enterprise focusing on blockchain and digital asset innovation. The company stated that this bell ringing is not only an important milestone in Tron Inc.'s development but also highlights its long-term vision of driving shareholder value growth through innovation and strategic leadership. The company, formerly known as SRM Entertainment, is now the publicly listed company holding the most TRX tokens.
The appellate court ruled that NFTs are eligible for trademark protection, and the Yuga Labs case will be sent back for retrial.
According to The Block, the U.S. Ninth Circuit Court of Appeals made an important ruling in the case of Yuga Labs suing artist Ryder Ripps, stating that NFTs belong to 'goods' under the Lanham Act and are eligible for trademark protection. The court upheld Yuga Labs' trademark claim over the Bored Ape Yacht Club NFTs but overturned the previous ruling imposing an 8 million dollar fine on Ripps, requiring the lower court to re-examine whether RR/BAYC caused consumer confusion. The case began in June 2022, when Yuga Labs accused Ripps of devaluing its brand by issuing the RR/BAYC series of NFTs. The court dismissed Ripps' defense regarding 'expressive art' and First Amendment protection but found that further evidence was needed to prove the likelihood of consumer confusion.
FTX's next round of compensation will be executed on September 30, releasing 1.9 billion dollars in disputed claim reserves.
According to PR Newswire, FTX announced that the next round of compensation registration date is set for August 15, with execution expected to start on September 30. This round of compensation is aimed at approved class 5 customer claims, class 6 general unsecured claims, and newly approved convenience claims since the last compensation. The court also approved reducing the disputed claim reserve from 6.5 billion dollars to 4.3 billion dollars, releasing 1.9 billion dollars for this round of compensation. Compensation will be executed through BitGo, Kraken, and Payoneer. Creditors must complete KYC verification, submit tax forms, and select designated compensation channels before August 15. For transferred claims, procedures must be completed before the registration date and through a 21-day objection period. Once funds reach the service provider's account, they will be managed by the creditors themselves.
Trump: Will impose simple tariffs of 15% to 50% on most countries.
According to Jin10, on the 23rd local time, U.S. President Trump stated that he would impose simple tariffs of 15% to 50% on most other countries. Trump also mentioned that the U.S. is in serious negotiations with the European Union, and if they agree to open up to U.S. businesses, the U.S. will allow them to pay lower tariffs.
Opinions
KeyCorp CEO: If clients have a demand for cryptocurrency, we will respond to that demand by providing corresponding services.
According to Cointelegraph, the CEO of KeyCorp Bank, with assets of 185 billion dollars, stated, 'As long as our clients have a demand for cryptocurrency and wish to hold it as a store of value in their wallets, we will respond to that demand (by providing corresponding services).'
CryptoQuant: Investors are shifting funds from Bitcoin to Ethereum and altcoins.
CryptoQuant stated on the X platform: 'For the first time in over a year: Ethereum spot trading volume surpassed Bitcoin. Last week, Ethereum spot trading volume reached 25.7 billion dollars, while Bitcoin spot trading volume was 24.4 billion dollars, marking the first time since June 2024 that the ETH/BTC spot trading volume ratio has broken 1. Investors are shifting funds toward Ethereum and various altcoins.'
Pump.fun co-founder: No airdrops will take place in the near future; we will share a schedule and details as soon as possible.
Pump.fun co-founder Alon stated in a live broadcast: 'We are eager to reward the community that has supported our platform for the past year and a half. Our goal is to ensure that this airdrop activity proceeds smoothly and has practical significance. This will provide us with an excellent opportunity to strengthen our ecosystem, increase trading volume, and maintain activity over a longer period. This is crucial for re-engaging interest and stimulating attention. Although the PUMP airdrop will not happen immediately, we will share a timeline and details as soon as possible.'
Tether CEO: The company is planning to operate in the U.S., focusing on the institutional market.
According to Bloomberg, after the passage of landmark cryptocurrency legislation in the U.S., Tether Holdings SA plans to resume operations in the U.S., focusing on the institutional market. The company's CEO, Paolo Ardoino, stated that Tether's domestic strategy will provide efficient stablecoins for payments, interbank settlements, and trading. Ardoino mentioned that Tether is not interested in becoming a publicly traded company, and as it plans to expand into the U.S., it will continue to focus on emerging markets that may offer advantages over competitors.
Project Updates
Binance Alpha Phase 1 points over 225 can claim 125 ASP token airdrop.
Binance announced it will be the first trading platform to list the Aspecta (ASP) token, with trading starting on July 24, 2025, at 6:00 PM Beijing time. Eligible users can claim 125 ASP tokens airdrop within 24 hours after trading opens using Binance Alpha points. The airdrop will be conducted in two phases: the first phase requires holding at least 225 Alpha points for the first 18 hours; the second phase requires holding at least 200 Alpha points for the last 6 hours.
GoPlus launches a 500 million GPS token security fund.
GoPlus announced the establishment of a 500 million GPS token security fund, aiming to transform Web3 security from a cost into shared value through rewarding users, developers, and project parties for their security contributions. The fund is divided into a 400 million GPS token basic reward pool and a 100 million token bounty pool, with users able to earn rewards by staking tokens and contributors submitting security reports can receive up to 10,000 GPS tokens as rewards. The fund supports innovative developments in decentralized security models and ensures long-term stable returns through dynamic replenishment of the reward pool and transparent data.
Solana is preparing to increase the block limit to 100 million CUs through SIMD-0286.
According to Cointelegraph, Solana is preparing to achieve another significant capacity increase through SIMD-0286, proposing to raise the block limit from 6,000 CUs to 100 million CUs, a substantial increase of 66%. Earlier today, it was reported that Solana implemented SIMD-0256 yesterday, increasing the block limit by 20%.
Important Data
Lido's market share in ETH staking has dropped to 25%, a new three-year low.
According to Tom Wan citing Dune data, Lido's share in the Ethereum staking market has dropped to 25%, the lowest since March 2022.
A private investor missed the best selling opportunity due to mistakenly depositing PUMP into Binance, expected loss of 6 million dollars.
According to Lookonchain monitoring, a PUMP private investor 'PUMP Top Fund 2' mistakenly deposited 2 billion PUMP into Binance 8 days ago, when the price of PUMP was 0.0064 dollars. Since Binance has not launched PUMP spot trading, this 2 billion PUMP (currently valued at 6.93 million dollars) was likely returned to him 23 hours ago. After receiving this 2 billion PUMP, he immediately transferred it to Bybit. This operational error caused him to miss the best selling opportunity, and if he chose to sell now, it could result in a loss of about 6 million dollars.
A certain whale has sold multiple Base ecosystem tokens in the past 48 hours, accumulating a loss of 5 million dollars.
According to Onchain Lens monitoring, in the past 48 hours, a certain whale has sold multiple Base ecosystem tokens, accumulating a loss of 5 million dollars: Sold 1.08 million VIRTUAL for 1.87 million USDC, with a loss of 1.73 million dollars (original purchase price 3.59 million dollars); Sold 5.75 million AIXBT for 951,000 USDC, with a loss of 1.70 million dollars (original purchase price 2.655 million dollars); Sold 4.47 million GAME for 188,000 USDC, with a loss of 1.19 million dollars (original purchase price 1.375 million dollars); Sold 38,443.75 VVV for 123,000 USDC, with a loss of 379,000 dollars (original purchase price 502,000 dollars). Note: These tokens were all purchased between December 2024 and January 2025.
Ethereum spot ETFs saw a total net inflow of 332 million dollars yesterday, continuing 14 days of net inflows.
According to SoSoValue data, yesterday (Eastern Time, July 23), the total net inflow of Ethereum spot ETFs was 332 million dollars. The Ethereum spot ETF with the highest single-day net inflow yesterday was Blackrock ETF ETHA, with a single-day net inflow of 325 million dollars, bringing ETHA's historical total net inflow to 8.908 billion dollars. The next was VanEck ETF ETHV, with a single-day net inflow of 3.9548 million dollars, and its historical total net inflow has reached 170 million dollars. As of the time of this report, the total net asset value of Ethereum spot ETFs is 19.683 billion dollars, with an ETF net asset ratio (market value compared to total Ethereum market value) of 4.57%, and the historical cumulative net inflow has reached 8.651 billion dollars.
Bitcoin spot ETFs saw a total net outflow of 85.9628 million dollars yesterday, continuing 3 days of net outflows.
According to SoSoValue data, yesterday (Eastern Time, July 23) saw a total net outflow of 85.9628 million dollars from Bitcoin spot ETFs. The Bitcoin spot ETF with the highest net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of 143 million dollars, bringing IBIT's historical total net inflow to 57.116 billion dollars. The next was Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of 10.4887 million dollars, and its historical total net inflow has reached 1.655 billion dollars. The Bitcoin spot ETF with the highest net outflow yesterday was Fidelity ETF FBTC, with a single-day net outflow of 227 million dollars, and FBTC's historical total net inflow has reached 12.32 billion dollars. As of the time of this report, the total net asset value of Bitcoin spot ETFs is 153.25 billion dollars, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.53%, and the historical cumulative net inflow has reached 54.465 billion dollars.
Statistics: Recently, 7 new wallets have accumulated a total of 466,253 ETH, worth 1.7 billion yuan.
According to Lookonchain monitoring, today multiple new wallets have again accumulated a total of 40,591 ETH (worth 148 million yuan). Recently, 7 new wallets have accumulated a total of 466,253 ETH (worth 1.7 billion yuan). Specific details: Address 0x8eEa received 138,345 ETH (worth 505 million yuan) from FalconX in the past 5 days; Address 0x9684 received 122,691 ETH (worth 448 million yuan) from FalconX in the past 13 days; Address 0x35fb withdrew 103,274 ETH (worth 377 million yuan) from Kraken in the past 15 days; Address 0x3dF3 received 43,787 ETH (worth 160 million yuan) from GalaxyDigital in the past 5 days; Address 0xD479 withdrew 32,902 ETH (worth 120 million yuan) from Kraken in the past 5 days; Address 0xf877 withdrew 12,913 ETH (worth 47 million yuan) from Kraken in the past 10 days; Address 0x6A95 withdrew 12,341 ETH (worth 45 million yuan) from Kraken in the past 9 days.
Financing/Mergers and Acquisitions
Gaia Labs completes 20 million dollars in financing and will launch the first AI-native smartphone.
Decentralized AI infrastructure developer Gaia Labs announced it has completed a total of 20 million dollars in seed and Series A funding. This round of funding was led by ByteTrade/SIG Capital (Susquehanna) and Mirana/Mantle Eco Fund, with participation from several institutions including EVM Capital, Taisu Ventures, and NGC Ventures. Gaia Labs currently supports over 700,000 active nodes, with cumulative inference times exceeding 17 trillion, covering thousands of App-Chain domains and blockchain ecosystems. The new funding will be used to launch a decentralized AI smartphone, expand node capacity, improve development toolkits, and advance Web3 integration. Gaia Labs plans to release a limited edition AI-native smartphone within the year, the Gaia AI Phone, based on Galaxy S25 Edge hardware, capable of running decentralized AI inference locally without relying on cloud or data extraction, allowing users full control over their agents.
Institutional Holdings
Japanese AI company Quantum plans to invest up to 3000 Bitcoins (over 50 billion yen) within 12 months.
Japanese listed company Quantum Solutions announced it will invest up to 3,000 Bitcoins (approximately 53.85 billion yen) in the coming 12 months, officially entering the cryptocurrency field. The company stated that this move aims to respond to the global expansion of the crypto market and the popularity of Bitcoin as 'digital gold,' while diversifying assets, reducing currency risk, and hedging against inflation. Quantum plans to initially invest around 1.48 billion yen and will gradually implement using borrowed funds. If the goals are achieved, the company will become one of the Japanese listed companies with a high Bitcoin holding.
Satsuma (formerly Tao Alpha) raises over 100 million pounds to promote AI and Bitcoin layout.
Public company Satsuma (formerly Tao Alpha) announces the completion of over 100 million pounds in convertible bond fundraising and the start of a third round of financing, with the minimum subscription threshold reduced to 100,000 dollars, expected to end on July 28. The funds will be used to expand business and promote Bitcoin and decentralized AI infrastructure development. CEO Henry Elder has officially joined the board as an executive director.
The new Solana treasury company Accelerate plans to raise 1.5 billion dollars, with Joe McCann serving as CEO.
According to Unchained, Joe McCann, founder of the crypto hedge fund Asymmetric, will serve as the CEO of the newly established Solana treasury company Accelerate. The company plans to go public through a SPAC merger, aiming to raise 1.5 billion dollars, of which 800 million comes from PIPE financing and 358.8 million from a SPAC shell company. If the fundraising is successful, Accelerate is expected to become the largest SOL treasury company with 7.32 million SOL (currently worth about 1.36 billion dollars). Informed investors revealed that Accelerate's fundraising plan has been in preparation for several months, and the deal is expected to be completed by the end of 2025.
Tesla's Q2 financial report shows its Bitcoin holdings have risen in value to 1.2 billion dollars.
According to CoinDesk, Tesla's (TSLA) financial report shows that with the 30% rise in Bitcoin prices in the second quarter of this year, its Bitcoin holdings are now valued at approximately 1.2 billion dollars, benefiting from changes in U.S. accounting standards regarding the treatment of digital assets, which is favorable for Tesla. According to BitcoinTreasuries.Net data, Tesla currently holds 11,509 Bitcoins, making it the tenth largest publicly listed company holding Bitcoin on its balance sheet. Previously, corporate holders had to report cryptocurrency assets at the minimum value for the holding period, which did not reflect the market recovery; even if Bitcoin rebounded, the gains were not reflected on the balance sheet. However, the new guidelines approved by the Financial Accounting Standards Board allow companies to report fair value of cryptocurrency holdings quarterly starting in Q1 2025, allowing Tesla to recognize gains each quarter and providing shareholders with a clearer understanding of asset performance.
