Headlines

▌Justin Sun withdrew 60,000 ETH from Binance, worth approximately $226 million.

On July 27, Whale Alert monitored that Justin Sun's wallet address withdrew 60,000 ETH from Binance, worth approximately $226 million.

▌The Ethereum 10th Anniversary live stream will take place on July 30, and the minting of torch memorial NFTs will be opened.

The Ethereum Foundation announced that the 10th Anniversary live stream will be held on July 30 at 14:30 UTC, with global celebrations open to everyone, and a free minting of Ethereum torch memorial NFTs will be available within 24 hours after the event. Previously reported, Ethereum launched 'The Torch' NFT to pay tribute to those who shaped its development and values in the first decade of Ethereum, and it will aid in building Ethereum's future. In the 10 days leading up to Ethereum's 10th anniversary, this Torch NFT will symbolically be passed between wallets. On July 30, The Torch NFT will be destroyed to commemorate the 10th anniversary of Ethereum. On that day, everyone can mint a commemorative NFT.

Market Data

As of publication, according to CoinGecko data:

BTC price is $118,225, with a 24-hour change of +0.6%;

ETH price is $3,776.52, with a 24-hour change of +1.1%;

BNB price is $795.60, with a 24-hour change of +1.5%;

SOL price is $187.30, with a 24-hour change of +0.5%;

DOGE price is $0.2394, with a 24-hour change of +1.1%;

XRP price is $3.20, with a 24-hour change of +1.6%.

TRX price is $0.3141, with a 24-hour change of +1.4%.

Policy

▌Survey: U.S. investors still see cryptocurrency as a 'high-risk' asset.

A Gallup survey found that only 14% of U.S. adults own cryptocurrency, 60% of respondents expressed no interest in purchasing cryptocurrency, and only 4% plan to buy in the near future. The survey also revealed significant demographic differences: young males and high-income individuals are more likely to own cryptocurrencies, while women, older individuals, and low-income households have lower participation rates in this area. Despite the continuous rise in cryptocurrency ownership, most Americans still view it as a high-risk investment, with 64% of U.S. investors believing that cryptocurrency is 'extremely risky.'

▌The U.S. Senate Banking Committee has introduced a discussion draft for the (CLARITY Act), proposing the concept of ancillary assets.

The U.S. Senate Banking Committee has introduced a discussion draft for the (CLARITY Act) (Market Structure Act), proposing the concept of 'ancillary assets' to clarify the specific meaning of digital assets and seeking to clarify how the U.S. Securities and Exchange Commission (SEC) should regulate digital assets, inviting public comments on the draft before early August. Last week, the House voted to pass the (CLARITY Act), which is still pending Senate approval and submission for Trump's signature. The White House crypto director stated last week that Trump will continue to support the passage of the (CLARITY Act), fulfilling his campaign promises regarding the crypto sector. This week, the Senate Banking Committee clarified its direction: focus on the SEC's role in regulating the crypto market. Rashan Colbert, the U.S. Policy Director of the Crypto Council for Innovation, stated that the Senate's legislative approach may differ from the House's process in passing the (CLARITY Act), but he expects the Agriculture Committee and Banking Committee to eventually coordinate on market structure legislation. Whichever bill passes, the Democrats' opinions are crucial, as the Senate requires 60 votes to pass legislation.

▌Multiple regions have issued risk alerts to guard against scams disguised as 'stablecoins.'

Since July, multiple regional financial regulatory departments and industry self-regulatory organizations have issued risk warning announcements, indicating that as the concept of stablecoins gains traction, some illegal activities disguised as stablecoins have emerged, posing potential risks that warrant close attention. Financial regulatory departments and industry self-regulatory organizations remind consumers to verify the legal qualifications of relevant institutions and products through official channels from national financial regulatory departments before making investment decisions, choose licensed and regulated financial institutions; fully understand the high complexity and volatility of digital currencies and related innovative concepts such as 'stablecoins,' and establish correct monetary concepts and rational investment ideas; consciously resist and stay away from any form of virtual currency speculation, illegal token issuance, and unapproved 'digital asset' investment projects to effectively protect personal property safety. (Economic Daily)

Blockchain Applications

▌The art tokenization platform Courtyard completed a $30 million Series A financing.

The New York-based art tokenization platform Courtyard announced a $30 million Series A financing, led by Forerunner Ventures, with participation from ParaFi Capital, Y Combinator, NEA, Prelude, Burst Capital, and others. Courtyard is reportedly one of the projects incubated by Y Combinator, allowing investors to hold partial ownership of artworks by purchasing NFTs. The platform supports secondary market trading of artworks, enhancing the liquidity of the artworks.

Cryptocurrency

▌An independent miner successfully mined a Bitcoin block and received 3.154 BTC, worth approximately $372,000.

According to Cointelegraph, an independent miner successfully mined Bitcoin block 907283, receiving a reward of 3.154 BTC, worth approximately $372,000.

▌About 310,000 ETH has been withdrawn from trading platforms in the past 72 hours.

Crypto analyst @ali_charts released a chart analysis stating that in the past 72 hours, 310,000 ETH worth $1.15 billion has been withdrawn from trading platforms.

▌Uniswap's front-end trading fees have exceeded $56 million.

According to DefiLlama data, as of July 26, Uniswap's front-end trading fees (revenue) reached $56.27 million.

▌The authorized issuance of USDT on the Solana chain has increased to $2.39 billion.

Tether's official transparency page shows that the authorized issuance of USDT on the Solana chain has increased to approximately $2.39 billion ($2,389,930,515.94); it is currently the third-largest blockchain for USDT issuance, following Tron and Ethereum.

Important Economic Dynamics

▌Analyst: The era of parabolic bull markets and devastating bear markets is over.

According to Bitcoin analyst Mitchell Askew from Blockware, Bitcoin will no longer experience "parabolic" surges or "devastating" bear markets, as the launch of Bitcoin spot ETFs has permanently reduced volatility and changed market dynamics. "The BTC/USD before and after the ETF launch is almost like two completely different assets," Askew wrote on Friday. The chart he shared shows that Bitcoin price fluctuations have significantly decreased since the launch of the U.S. Bitcoin ETF in January 2024. The analyst stated, "The era of parabolic bull markets and devastating bear markets is over. In the next decade, Bitcoin will steadily move towards one million dollars with 'upward-consolidation' cyclical fluctuations. This journey will be incredibly boring, washing out all the 'tourists.'"

▌The Financial Times: EU and U.S. officials are engaged in intensive consultations ahead of a key meeting between Trump and von der Leyen.

The Financial Times: EU and U.S. officials are engaged in intensive consultations ahead of a key meeting between Trump and von der Leyen.

▌Pakistan's State Minister for Blockchain Affairs: Demographics will drive Bitcoin adoption in Pakistan for 'leapfrog development.'

According to Bilal Bin Saqib, the State Minister for Crypto and Blockchain Affairs in Pakistan, the country's demographic structure makes it a major catalyst for Bitcoin adoption, expected to allow the country to 'leapfrog' developed nations. Bin Saqib stated in an interview, 'Global policy has shifted, not only in Pakistan but around the world.' The Pakistani government will begin regulating cryptocurrencies in November 2024. The country has 40 million crypto wallets, making it one of the top five countries in terms of cryptocurrency adoption rate, which the minister attributes to Pakistan's young population.

Golden Encyclopedia

▌What role do gold, oil, and BTC play in U.S. reserves?

The U.S. government has long relied on gold and oil as reserve assets, but with the increasing adoption of Bitcoin among institutions, its potential role as a strategic reserve has significantly increased. While gold has historically been the backbone of the monetary system, and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges traditional financial paradigms. The U.S. holds substantial gold and oil reserves, but its Bitcoin holdings are relatively small, primarily acquired through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play strategic roles in the global economy, with gold serving as a hedge and oil influencing geopolitical stability. Over time, all these assets have strategic and macroeconomic significance. Their narratives related to broader capital markets may be just what is needed to attract investor interest. With the growth of institutional adoption, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy measures indicate that establishing a strategic Bitcoin reserve could position it alongside traditional assets like gold and oil in the future.