Friends in the crypto circle! It’s already half of 2025, but the second half obviously does not intend to start 'buddha style'.

The pace of the crypto circle is becoming increasingly intense; not only are the boundaries between traditional finance and the crypto world rapidly blurring, but there is also a shift in regulatory flags, sovereign capital entering the fray, and giants getting involved. Do you think a sluggish market means nothing is happening? Wrong, the shadow war between hot money and power has already begun. 🐂🐻

In this issue (Crypto Express), we will take a look at the three major pulses of the market: regulatory reform storm, movements of major platforms, and the changing fortunes of popular assets. This is a combination of macro and micro, a grand review ahead of the market switch between bull and bear. Don't want to fall behind? You can't miss this intelligence.

Regulatory upheaval: Project Crypto fires the first shot in the U.S. crypto system reform

On July 31, SEC Chairman Paul Atkins announced the launch of the historic 'Project Crypto' plan, officially signaling to the global crypto asset market: America aims to be the big brother of on-chain finance.

The project will cover:

  • Clear classification and registration pathways for crypto assets (a coexistence mechanism for securities and non-securities)

  • Support for tokenized assets, exchange/custody rules have been fully upgraded.

  • Introducing the admission mechanism for the 'Super-App' platform

  • Exploring the compliance path for DeFi

  • There may even be innovative exemption mechanisms and targeted sandbox support 🧪

What does this mean? It’s not just lip service to supporting crypto but rewriting the rules to allow legal and compliant crypto projects to stay and develop in the U.S. instead of flowing to Singapore or Dubai.

More critically, this is backed by policies from the Trump administration. Trump signed an executive order last week establishing a 'reciprocal tariff' system, explicitly imposing new tax rates of 10%-41% on several trade countries and regions. A tough stance externally and incentives internally, crypto assets are becoming part of the new economic narrative.

📌 This series of actions is essentially equivalent to: 'Want to do business with me globally? First, accept crypto dollar settlements!'

Wall Street's attitude has turned 180°: from questioning Ponzi schemes to deep on-chain cooperation?

What happened to the promised 'Ponzi scheme'? JPMorgan's slap in the face came quicker than you thought 💥.

On July 30, JPMorgan officially announced a deep partnership with Coinbase starting in 2026, launching 'direct bank account connection to crypto wallet' services. Users can transfer directly from bank accounts to Coinbase wallets and even use JPMorgan credit card points to recharge crypto assets, completely bridging TradFi and DeFi.

Coinbase CEO stated: 'This will lower the barriers for traditional users to participate in Web3; we are explaining the next generation of the internet in the familiar language of finance.'

Behind this is a comprehensive reconstruction of Wall Street. JPMorgan recently announced it would use spot BTC and ETH ETFs as collateral for loans, and now even 'injecting blood' into crypto wallets through bank interfaces, the gap between traditional finance and the on-chain world is being bridged.

Zaheer Ebtikar, a crypto investor at Split Capital, is more straightforward:

"Is there really a boundary between crypto and traditional finance? It simply doesn't exist anymore."

Let's start with the data; the Federal Reserve's 'favorite indicator' PCE has arrived!

The U.S. June core PCE price index year-on-year recorded 2.8%, higher than expectations (2.7%) and previous value (2.7%), slightly 'sticky';

Initial jobless claims stood at 218,000, slightly below expectations (224,000), indicating that the labor market remains resilient;

U.S. Treasury Secretary Basent stated that multiple candidates will be interviewed to fill vacancies on the Federal Reserve Board, and remarked that 'there's no reason not to lower interest rates,' with a subtly dovish stance.

🔍 Interpretation: Overall data leans neutral to hawkish, but the labor market remains stable, with limited room for interest rate hikes. PCE is slightly high, which may cause the Federal Reserve to wait a bit longer, but the probability of rate cuts still exists before the end of the year.

What does this mean? In the short term, the Federal Reserve may still remain 'on hold' or delay the timing of interest rate cuts, creating some pressure on risk assets and directly affecting the common adjustment of mainstream coins in the past 24 hours.

Visa doubles down on Web3: supporting Avalanche, Stellar, and introducing EURC!

Payment giant Visa has also been active, directly targeting the heart of the stablecoin market:

  • New support: Two chains, Stellar and Avalanche;

  • Partnering with Paxos to support: Global Dollar (USDG) and PayPal USD (PYUSD);

  • Integrating Circle's euro stablecoin EURC.

🎯 Keywords: Multi-chain, Stablecoin, International Settlement.

Visa's actions indicate that stablecoins are no longer just toys for a small circle but are one of the infrastructures being reshaped in the global payment system.

Tether's financial report shines, Mill City bets on SUI

The king of stablecoins, Tether, has released its report, continuing to dominate the global crypto asset leaderboards:

  • Q2 net profit of $4.9 billion;

  • Holdings of U.S. Treasury bonds exceed $127 billion;

  • The circulation of USD₮ exceeds 157 billion.

At the same time, another traditional financial giant, Mill City Ventures, is quietly accumulating:

📈 Conclusion: Old money is also quietly going 'all in' on the next generation of infrastructure.

1. SOL ETF advances: seven asset management giants simultaneously petition the SEC

Grayscale, Fidelity, Bitwise, VanEck, Franklin Templeton, and seven other institutions have jointly submitted an updated S-1 registration statement to the SEC, proposing the establishment of a SOL ETF.

Among them, Grayscale even plans to pay fund fees with SOL tokens, demonstrating confidence in this ecosystem.

Combined with the previous regulatory shift of 'Project Crypto', the probability of approval for these ETFs is increasing. If the SOL ETF is approved, its on-chain assets and related Dapps (like Jupiter, Marinade, MarginFi) are also expected to welcome new capital inflows.

2. 24-hour crypto circle hotspots: funds flow reveals bull-bear sentiment

Top 10 CEX trading volumes and 24-hour fluctuations:

  • BTC -2.47%

  • ETH -3.88%

  • XRP -4.60%

  • SOL -5.34%

  • BNB -1.24%

  • DOGE -6.40%

  • ERA -7.57%

  • SUI -6.55%

  • ENA -4.88%

  • PENGU -5.69%

24 H rise list (data source: OKX):

  • MENGO +9.53%

  • MEMEFI +8.72%

  • MEME +8.05%

  • SC +4.33%

  • ICE +3.11%

  • DUCK +2.82%

  • TON +2.02%

  • POLYDOGE +1.47%

  • IP +1.11%

  • NOT +1.10%

24 H hot search coins

Notably, BNKR (BankrCoin), as the native token on the Coinbase Base blockchain, has surged nearly 98% in the past 7 days, with a near 80% surge in 24 hours. Its driving force—the AI trading assistant Bankr—is becoming the new narrative focus of the Base chain.

3. Sonic updates the airdrop threshold

Sonic announces that the airdrop threshold for the first quarter will be reduced from the original 200 S to 5 S, with each address eligible to receive 70 S airdrop per Shard.

📣 Good news for small investors: Airdrops are no longer out of reach, act quickly!

4. Market Dynamics

🧮 Institutional holdings and financial disclosures: overview of fund flows

Here are some institutional actions:

📌 Strategy (MSTR parent company)

Net profit for the second quarter reached $10 billion (compared to less than $2 billion in the same period last year)

Holds 628,791 Bitcoins, worth over $46 billion

The cost per BTC is $73,277

Expected annual BTC return of 30%, will increase more Bitcoin through the newly issued $4.2 billion STRC stocks.

📌 Coinbase

Q2 revenue of $1.5 billion, slightly below expectations

Increased holdings of 2,509 BTC

Suffered a loss of $307 million due to data leakage.

📌 Empery Digital

Recently increased holdings by 303 BTC, total holdings reached 3,803 BTC

📌 Mill City Ventures

Completed a $450 million private placement

Purchased over 76.3 million SUI at an average price of $3.6389

Plans to continue investing 98% of private placement funds into SUI to strengthen token reserves

Institutions are not just focused on BTC; SUI and SOL have become 'on-chain blue chips' in their eyes.

Traditional enterprises are undergoing a major transformation: the acceleration of digital bonds and Web3 strategies.

Guotai Junan International

  • Successfully issued the first digital native bond by a Chinese broker, totaling $300 million, issued on HSBC's 'Orion' platform

  • This bond features automatic execution, smart contracts, and on-chain settlement, exemplifying the trend of RWA assets.

Bashida Holdings (SINOLINK)

  • Plans to rename to Z Fin Limited

  • Strategic focus on Web3, stablecoins, RWA tokenization, and fintech.

  • Has built a 'fintech + crypto asset' infrastructure layout through investment in ZhongAn Insurance and ZhongAn Technology (ZA Global).

Project news and community discussions

  • Pump.fun registered the subdomain fee.pump.fun, possibly launching a fee dashboard and trading volume incentive program.

  • The Ethereum Foundation has announced its 'Lean Ethereum' ten-year vision, targeting 100% uptime + millions of TPS per second, to fully address the quantum era.

  • Pudgy Penguins announces submission of PENGU ETF application, which may cover both NFT and token dual assets; the CEO stated that the team has participated in U.S. crypto legislation.

  • Sonic has lowered the airdrop threshold from 200 S to 5 S, covering a wider range of users.

Dynamics of the Asian market: South Korea's regulatory pace is accelerating.

Korean financial regulators plan to release guidelines for 'Cryptocurrency Lending Services' next month, having formed a working group with DAXA and five major exchanges. The new regulations will cover core details such as leverage, user education, and asset scope, and are expected to be included in the second phase of virtual asset legislation.

The process of crypto governance in Asia is accelerating, echoing developments in the U.S.

Summary: Warmer regulations, institutional bets, and technological advancements may have laid the groundwork for the next bull market?

Reflecting on the past week, we have seen a friendly trend in regulation (SEC launches Project Crypto), large-scale institutional purchases (MSTR, Empery, Mill City), full access by traditional giants (JPMorgan × Coinbase), and continuous optimization of infrastructure (Ethereum, Visa, Guotai Junan).

The market may still be volatile, but the foundation is stable.

The next step in the crypto world is not just a coin price but a comprehensive upgrade of the ecosystem: from wallets to accounts, from trading to governance, from speculation to institution.

Are you ready? Whether as an investor, builder, or observer – you are standing at a turning point in history.

📍 Focus on the market, embrace the future, the next step may be tomorrow morning.

The crypto space changes rapidly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting principal, is key to steady progress and wealth accumulation.✍️

Remember to DYOR, manage risks well, and may everyone set sail in the crypto world! 🌊

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