On a macro level, Trump has made it clear that he will not consider appointing the current Treasury Secretary, Becerra, as the Federal Reserve Chair. He noted that while he personally appreciates Scott Becerra, Becerra prefers to remain in the Treasury Department, and therefore he has been excluded from the candidate list to replace Powell. Currently, Trump is evaluating four potential candidates, including his economic advisor Kevin Hassett and former Federal Reserve Governor Kevin Walsh, while the identities of the other two candidates have not yet been disclosed.
There is also continuous news in the cryptocurrency field. According to Bitcoin Magazine, the Vice President's Office of Indonesia has invited Bitcoin community members to discuss the feasibility of including Bitcoin in the national reserve assets. If this initiative is realized, it could have a significant impact on the mainstreaming process of cryptocurrencies.
In terms of market performance, Nasdaq-listed Galaxy Digital released its second-quarter financial report for the period ending June 30, 2025. The data shows that the company achieved a net income of $30.7 million during this period, with a total equity value of $2.6 billion and cash and stablecoin holdings of approximately $1.2 billion. During this period, it completed over 80,000 Bitcoin sales transactions on behalf of clients, with a gross profit of $71.4 million from digital asset business adjustments, an increase of 10% compared to the previous quarter. In addition, the company increased its Bitcoin holdings by 4,272 BTC during the second quarter, bringing its total Bitcoin holdings to 17,102 BTC as of June 30.
Meanwhile, cryptocurrency exchange Coinbase has announced that customers in Canada can now buy and sell cryptocurrencies through PayPal, providing local users with a more convenient trading option.
According to an official announcement from SharpLink, the company currently holds 521,939 Ethereum. Between July 28 and August 3, the company increased its holdings by 83,561 Ethereum at an average price of $3,634, with a total investment amount of $264.5 million. Its Ethereum concentration index rose from 3.40 last week to 3.66, with a cumulative increase of 83% since the implementation of related strategies on June 2. Currently, SharpLink has staked all of its Ethereum holdings and has received 929 Ethereum in staking rewards.
On-chain data shows that the turnover rate of the cryptocurrency market has risen in the past 24 hours, with a slight increase in players' panic sentiment. The main turnover behavior is concentrated among players who have recently incurred losses, while early entrants tend to maintain a wait-and-see attitude. Notably, the U.S. SEC has recently cleared the last hurdle for Ethereum spot ETF staking, which has had a positive impact on market sentiment.
URPD data shows that the $103,500-$108,500 range has accumulated 1.497 million Bitcoins, becoming the first strong support level; the $93,500-$98,500 range has accumulated 1.622 million Bitcoins, serving as the second strong support level.
Overall, Bitcoin experienced a second pullback last night, failing to break below the previous low at the $112,600 position. If this support level can be effectively maintained, it indicates that the rebound trend is likely to continue. Since a large number of Bitcoin chips are concentrated in the $117,000 to $118,000 range, it will take some time for consolidation and repair in the short term. Bitcoin is expected to fluctuate within the $112,000 to $117,000 range, and after consolidation is completed, it is likely to make an attempt to approach $124,000 in the later market.