Compiled by: Nona
Fear and Greed Index: 52 (Greed)
Bitcoin Price: $114,631
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $643.04 M
ETH Net Inflow: $154.32 M
Regulation/Macro
Former UK Chancellor: The UK is lagging behind in the cryptocurrency field
Former UK Chancellor George Osborne criticized the Labour government's approach to cryptocurrency, warning that the UK could miss a transformation similar to 'the great financial reform of the 1980s', thus falling behind the trend. 'In cryptocurrencies and stablecoins, as in many other areas, a harsh reality is that we are completely left behind. It's time to catch up.' George Osborne is currently a member of Coinbase's Global Advisory Council.
Eddie Yue: Hong Kong's growth momentum in the digital asset field will continue to be strong
Hong Kong Monetary Authority Chief Executive Eddie Yue stated in an interview that as of mid-July this year, 22 banks have been approved to sell digital asset-related products, 13 banks have been approved to sell tokenized securities, and another 5 banks have been approved to provide digital asset custody services. Yue specifically mentioned that in the first half of this year, the total trading volume of bank digital asset-related products and tokenized assets reached 26.1 billion Hong Kong dollars, a year-on-year increase of 233%, surpassing last year's total trading volume in the first half of the year. Yue emphasized that with several asset management companies preparing to launch tokenized products, and the SAR government actively promoting the issuance of tokenized bonds, Hong Kong's growth momentum in the digital asset field will continue to be strong, bringing new momentum to the development of wealth management in Hong Kong.
Trump raised $274 million in campaign funds ahead of the midterm elections, including contributions from the cryptocurrency sector and others.
Billionaires Elon Musk and Jeff Yass, along with donors from the cryptocurrency sector, helped President Trump raise $236 million for his political activities in the first half of 2025. The latest documents submitted to the Federal Election Commission show that this fundraising includes donations to three leading political action committees, a joint fundraising committee, and an allied super PAC. Trump currently holds $274 million in cash that can be used for Republican candidates in the midterm elections.
Project/Company Updates
CoinShares: Last week, digital asset investment products had a net outflow of $223 million, ending a 15-week streak of net inflows
Last week, digital asset investment products had a net outflow of $223 million, ending a 15-week streak of net inflows. Among them, Bitcoin investment products had a net outflow of $404 million, Ethereum investment products had a net inflow of $133 million (still achieving net inflow for the 15th consecutive week), while XRP, Solana, and SEI investment products saw inflows of $31.2 million, $8.8 million, and $5.8 million respectively. Aave and Sui investment products had inflows of $1.2 million and $800,000 respectively.
Hong Kong lawyer Wu Wenqian: Tether and Circle are not required to apply for licenses as they do not issue stablecoins in Hong Kong and USDT and USDC are not pegged to Hong Kong dollars.
Mulan Investment compliance partner Wu Wenqian analyzed the (Hong Kong Stablecoin Regulations), pointing out that the 'regulated stablecoin activities' in the regulations mainly include: issuing specified stablecoins in Hong Kong; issuing stablecoins offshore but pegged to Hong Kong dollars, as well as activities specifically designated by the Financial Management Commissioner. Tether and Circle are not required to apply for licenses as they do not issue stablecoins in Hong Kong and USDT and USDC are not pegged to Hong Kong dollars. Moreover, Wu Wenqian pointed out that OTC business may in the future be regulated by other licenses, unrelated to stablecoin regulations.
Capital B raises approximately €11.5 million to advance its Bitcoin reserve strategy
European listed company Capital B (formerly The Blockchain Group) announced that it has raised approximately €11.5 million through the issuance of convertible bonds, with the proceeds expected to acquire about 160 Bitcoins, potentially increasing the company's total holdings to 2,173. This is part of its ATM-style capital increase plan in collaboration with TOBAM.
H100 Group plans to raise approximately $2.2 million to increase its Bitcoin holdings
Swedish listed company H100 Group announced that its board has decided to issue up to 2,771,202 new shares to several qualified investors at a subscription price of 7.66 Swedish kronor per share, expecting to raise approximately 21.2 million Swedish kronor (about $2.2 million). The net proceeds will be used to seek investment opportunities under the company's Bitcoin reserve strategy.
Reports from Ripple and others: Traditional banks have invested over $100 billion in blockchain infrastructure since 2020
A study called 'Digital Asset Banking' conducted by Ripple, CB Insights, and the UK Blockchain Technology Center (UK CBT) shows that traditional banks have invested over $100 billion in blockchain since 2020. Despite regulatory uncertainties and market volatility, major banks continue to increase investments in custody, tokenization, and payment infrastructure. The report also found that 90% of surveyed financial leaders believe these technologies will have a significant or substantial impact on finance within the next three years. From 2020 to 2024, traditional financial institutions participated in 345 blockchain transactions globally. Payment-related infrastructure accounted for the largest share, followed by cryptocurrency custody, tokenization, and on-chain foreign exchange trading. About 25% of investments were concentrated on infrastructure providers supporting blockchain settlement and asset issuance.
FTX creditor Sunil: The SBF case is scheduled to be heard in the week of November 3 this year
FTX creditor Sunil released an update on the Sam Bankman-Fried (SBF) case stating that the case will be heard in the week of November 3 this year. The previous progress of the case is as follows: On November 3, 2023, SBF was convicted on seven counts; on March 28, 2024, SBF was sentenced to 25 years; on September 13, 2024, SBF appealed to the Second Circuit Court; on December 13, 2024, the government submitted a response; on January 31, 2025, SBF submitted a reply.
In-depth & Outlook
Hong Kong stablecoin bill released: Real-name requirement for holders sparks controversy, relatively conservative closure on DeFi
While the Hong Kong Monetary Authority claims to welcome innovation, it seems to favor banks and giants more; only invited institutions or platforms are qualified to apply for licenses. The entire system design appears to be aimed at allowing 'orthodox forces' to dominate the development of stablecoins, while individuals and small projects are either observing or exiting.
SEC launches 'Project Crypto': From suppression to deregulation, past conservative regulation has been completely negated
SEC to launch 'Project Crypto', promoting regulatory reform from 'enforcement first' to 'rules first', and from 'technological fear' to 'technological embrace'.
Opinion
The new pillar of dollar hegemony: How stablecoins are reshaping global payments and the treasury market
Although Bitcoin may ultimately prove to be a superior form of currency (able to withstand the depreciation of fiat currencies and the arbitrary decisions of central bankers), currently, the vast majority of global trade is still conducted in US dollars. The digital representation of the dollar—stablecoins—is increasingly replacing Bitcoin's original envisioned role as an electronic cash system.
What impact do the new regulations on aiding and abetting crimes have on the crypto space?
The complexity of social activities is certainly not something that can be covered by a single or several judicial interpretations or criminal policy documents. For example, the emergence of virtual currencies has made traditional money laundering methods (such as underground banks) increasingly ineffective. Due to the natural lag of judicial activities, it is difficult for laws and regulations to regulate virtual currency crimes in a timely manner.
