Headlines
▌All three major U.S. stock indexes closed higher.
All three major U.S. stock indexes closed higher, with the Dow rising 0.47%, the Nasdaq rising 0.98%, and the S&P 500 index rising 0.78%. Popular tech stocks generally rose, with Apple up over 4%, reaching a weekly increase of 13%, marking its best weekly performance since July 2020. Google, Tesla rose over 2%, and Nvidia rose over 1%.
▌Harvard University holds $116 million in iShares Bitcoin ETF
Harvard Management Company, which manages Harvard University's $50 billion endowment fund, disclosed in its latest quarterly filing with the U.S. Securities and Exchange Commission (SEC) that it holds $116 million in BlackRock iShares Bitcoin ETF (IBIT) as of June 30, 2025.
Market
As of the time of writing, according to CoinGecko data:
BTC price is $116,350, 24-hour change -0.3%;
ETH price is $402,861, 24-hour change +3.6%;
BNB price is $796.38, 24-hour change +1.8%;
SOL price is $178.83, 24-hour change +4.0%;
DOGE price is $0.2312, 24-hour change +2.4%;
XRP price is $3.30, 24-hour change -0.2%.
TRX price is $0.3378, 24-hour change +0.1%.
Policy
▌Trump and Putin will meet next weekend, specific details have not yet been determined.
According to CNBC: Trump and Putin will meet next weekend, specific details have not yet been determined.
Blockchain applications
▌AI startup Periodic Labs raises $200 million in funding, led by a16z.
Periodic Labs, founded by former OpenAI research VP Liam Fedus and former DeepMind research scientist Ekin Dogus Cubuk, has completed a $200 million funding round, with a post-money valuation of $1 billion. The company focuses on utilizing AI technology for new material research and discovery. This round of funding was led by Andreessen Horowitz, and OpenAI is also expected to participate.
▌Swiss digital asset bank Sygnum launches institutional-grade SUI custody and trading services.
Swiss digital asset bank Sygnum announces collaboration with the Sui Foundation to officially provide institutional clients with SUI custody and spot and derivatives trading services. SUI staking functionality will be launched in the coming weeks, with loans collateralized by SUI introduced in the fourth quarter.
Cryptocurrency
▌Over 1.035 million ETH have been accumulated by various unknown whales through exchanges or institutional business platforms in the past month.
According to on-chain analyst Yu Jin, since July 10, over 1.035 million ETH ($4.167 billion) have been accumulated by various unknown whales/institutions through exchanges or institutional business platforms. The price of ETH also rose from $2,600 to $4,000 in this month, an increase of 45%. Most of the ETH accumulated by these addresses should belong to institutions or U.S. companies holding ETH reserves (excluding SBET, the SBET address is known), with an average price of about $3,546.
▌Data: Whales have purchased 8.1 million LINK worth over $150 million in the past two weeks.
According to on-chain analyst @ali_charts, in the past two weeks, whales have purchased over $150 million worth of 8.1 million LINK tokens.
▌The ETF Store president: Since the beginning of this year, ETFs and treasury companies have purchased $19 billion worth of ETH.
The ETF Store president Nate Geraci stated on platform X that this year, ETFs (Exchange-Traded Funds) and treasury companies have purchased $19 billion worth of Ethereum. ETFs bought $7 billion, and companies purchased $12 billion. "As banks, fintech companies, and corporations begin to accept stablecoins, many of which will settle on open-source blockchains like Ethereum, Bitcoin's dominance has started to decline significantly."
▌Analysts: Options market data shows that ETH has the potential to rise to $4,400.
Coindesk analyst Omkar Godbole stated that a hidden signal in the derivatives market suggests that Ethereum's (ETH) upward momentum may intensify, driving its price quickly up to $4,400. This key indicator is the net Gamma exposure of market makers in the Deribit Ethereum options market. Gamma is an important metric for options traders, measuring how the option Delta (i.e., its sensitivity to changes in the underlying asset price) changes with market volatility. When market makers are in a negative Gamma state, they are forced to buy the underlying asset when prices rise and sell when prices fall, which typically amplifies one-sided market volatility. Market makers provide liquidity to the order book and profit from the bid-ask spread while striving to maintain a price-neutral net exposure. According to data provider Amberdata, there has been a significant accumulation of negative Gamma in the $4,000 to $4,400 strike price range. As Ethereum breaks through $4,000, market makers may buy Ethereum to hedge, creating a self-reinforcing positive feedback loop that drives prices rapidly up to $4,400. This price level will shift Gamma dynamics to positive, forcing market makers to take reverse actions to curb price volatility.
Important economic dynamics
▌Some cryptocurrency concept stocks strengthened during the session.
Some cryptocurrency concept stocks strengthened during the session, Bitmine Immersion Technologies rose over 20%, Kindly MD rose nearly 15%, and Bit Origin rose nearly 13%.
▌Fed mouthpiece: Trump intends to nominate Miller to the Federal Reserve, challenging the tariff-inflation consensus.
"Fed mouthpiece" Nick Timiraos: President Trump plans to nominate economic advisor Stephen Miller to the Federal Reserve Board, which will add a clear voice questioning traditional views within the Federal Reserve, especially regarding how tariffs affect inflation and economic growth. Many Federal Reserve officials are concerned that tariffs will push up prices while weakening the economy, putting the central bank in a dilemma: to cut interest rates to support the economy or maintain rates to control inflation. Miller believes this concern is misplaced—the economy will benefit from tariffs, and prices will not be significantly affected, allowing the Federal Reserve to resume the interest rate cuts it paused earlier this year. The question is whether his view is persuasive enough to influence broader committee decisions—or, if concerns about a weak labor market prompt Federal Reserve officials to restart interest rate cuts, his perspective may not even come into play.
Golden Encyclopedia
▌What is a cryptocurrency ETP? What is its future?
Cryptocurrency ETPs provide investment in digital assets through traditional financial instruments. Exchange Traded Products (ETPs) use crypto assets as their underlying goods. Their goal is to provide trading investment for those who wish to access cryptocurrencies without directly purchasing digital assets. Many investors, especially institutional investors, prefer this method as it opens up cryptocurrency investment within traditional financial instruments. There is no need to venture into unregulated market areas or take responsibility for the security of crypto assets. There are several types of cryptocurrency ETPs available, including Exchange Traded Funds (ETFs), Exchange Traded Commodities (ETCs), and Exchange Traded Notes (ETNs). These cryptocurrency ETPs are widely traded, often accounting for a large portion of trading volume—both inflows and outflows. What is cryptocurrency ETP outflow? This occurs when funds flow out of these investment products, indicating a market eager to sell positions. The reasons for this can vary, including profit-taking, negative market sentiment, or risk adjustment. ETP outflows are driven by various factors, including economic conditions, industry concerns, regulation, and market cycles, which can be used to predict upcoming market trends. Cryptocurrency ETP outflows are a signal of a significant change in sentiment, which in turn can continue to exert downward price pressure on the cryptocurrency market. The sustained growth of new ETP varieties entering the market indicates that investor interest in the field remains strong. Especially considering the long-term growth trend of cryptocurrency AUM, the future outlook for cryptocurrency ETPs as powerful investment tools and market drivers is very bright. As the cryptocurrency market continues to evolve, the launch of new ETPs may drive further innovation and attract a broader range of investors. With increasing regulatory clarity and growing institutional interest, future products may expand to include other promising cryptocurrencies.
