Headlines
▌US Treasury Secretary Besant: Trade issues are expected to be resolved by the end of October.
US Treasury Secretary Besant stated in an interview with Nikkei News that President Trump's tariff policy aims to bring manufacturing back to the US. When evaluating the effects of Trump's economic policies since taking office, Besant said, 'Trump's economic policy resembles a three-legged stool—taxes, trade, and deregulation. In terms of taxes, we have completed the (Big and Beautiful Act) at a record pace, which took effect on July 4. In terms of trade, I believe we can basically complete the relevant work by the end of October. As for deregulation, this is an ongoing effort, and it has been made clear that for every new regulation introduced, ten old regulations must be eliminated.' Besant noted that the shift in trade policy to tariff policy was mainly due to rebalancing. 'Over time, tariffs should be like a melting ice block. If production returns to the US, then our imports will decrease,' he said. (Zhitong Finance)
▌The circulation of stablecoins has exceeded $270 billion, setting a new high.
According to Golden Finance's report, based on data collected from defillama.com and artemisanalytics.com, the total value of the stablecoin market has exceeded $270 billion. Both data indicate that the Bitcoin system is larger, more active, and geographically diverse. The total scale of $270.3 billion marks a period of continued expansion for Bitcoin, with liquidity concentrated in a few issuing institutions and blockchains. This asset class serves as a bridge between trading venues, wallets, and traditional finance (including centralized exchanges and on-chain protocols).
Market
As of the time of writing, according to CoinGecko data:
The price of BTC is $118,979, with a 24-hour change of +2.1%;
The price of ETH is $4,240.80, with a 24-hour change of -0.4%;
The price of BNB is $803.44, with a 24-hour change of +0.6%;
The price of SOL is $182.56, with a 24-hour change of +1.4%;
The price of DOGE is $0.2333, with a 24-hour change of -3.0%;
The price of XRP is $3.17, with a 24-hour change of -1.6%.
The price of TRX is $0.3381, with a 24-hour change of +0.7%.
Policy
▌US Treasury Secretary Besant: Hopes to maintain the dollar's status as a reserve currency through policy.
US Treasury Secretary Besant stated that the independence of monetary policy is crucial for the economy and hopes to maintain the dollar's status as a reserve currency through policy. At the same time, the next Federal Reserve chair should gain market trust and have 'forward-thinking'. (Zhitong Finance)
▌Patrick Witt is expected to take over as chairman of the White House Cryptocurrency Committee.
After Bo Hines stepped down as chairman of the White House Cryptocurrency Committee, Patrick Witt is expected to take over. Hines will continue to work part-time in artificial intelligence-related jobs.
▌Unicoin CEO: US banks are still closing crypto business accounts without reason.
According to Cointelegraph, Unicoin CEO Alex Konanykhin revealed that despite the Trump administration's supportive stance on cryptocurrency, US financial institutions like Citibank and JPMorgan are still closing crypto business accounts without reason. Since the beginning of this year, Unicoin and its subsidiaries have had services terminated by four banks, including Wells Fargo, Florida National Bank, and TD Bank. The Trump administration plans to sign an executive order requiring federal banking regulators to review such actions. Industry experts point out that substantive change will await specific regulatory details, and banks remain risk-averse towards crypto business.
Blockchain Applications
▌The LayerZero Foundation has proposed to acquire Stargate.
According to official news, the LayerZero Foundation has proposed to acquire Stargate (STG), bringing the bridge home.
▌Point72's AI hedge fund assets have now exceeded $2 billion.
Insiders indicate that the assets of Point72's AI hedge fund Turion have now exceeded $2 billion. (The Wall Street Journal)
Cryptocurrency
▌The net inflow for the US spot Bitcoin ETF last week was $253.2 million.
According to TraderT's monitoring, the net inflow for the US spot Bitcoin ETF last week was $253.2 million.
▌Ethereum co-founder: The treasury company may drive ETH's market value to surpass BTC within a year.
Ethereum co-founder and Consensys CEO Joe Lubin stated that the treasury company may drive ETH's market value to surpass BTC within a year.
▌Last week, the cumulative net inflow of the US Ethereum spot ETF was $326.6 million.
According to Golden Finance's report, based on monitoring data from Farside, the cumulative net inflow of the US Ethereum spot ETF last week was $326.6 million.
▌Michael Saylor releases Bitcoin Tracker information, possibly indicating that Strategy will increase its BTC holdings again.
Strategy founder Michael Saylor has again released information related to the Bitcoin Tracker and stated that if you keep buying Bitcoin, you will keep making money. According to previous patterns, Strategy always discloses information about increasing Bitcoin holdings the day after related news is released.
▌Whale AguilaTrades opened a short position of 10,000 ETH, worth $42 million.
According to on-chain analyst Ember @EmberCN, whale AguilaTrades has started shorting ETH, opening a short position on ETH with 25x leverage, and is currently executing the short with a TWAP (time-weighted average price) order, indicating that he will complete a short of 10,000 ETH ($42 million) in 3 hours.
▌The probability of ETH hitting a new all-time high this year on Polymarket has risen to 74%.
According to official page information, the probability of predicting 'Ethereum hitting a new all-time high this year' on Polymarket has risen to 74%.
▌Goldman Sachs strategist: Bullish on gold, silver, and Bitcoin as 'store of value' during market volatility.
Goldman Sachs hedge fund head Tony Pasquariello stated, 'Going long on store of value assets (gold, silver, Bitcoin).' This is part of his hedging strategy in the second half of 2025, which includes going long and hedging. Incorporating gold, silver, and Bitcoin (BTC) reflects a strategy aimed at coping with uncertainty, including a 'tumultuous and unstable' summer trading environment and deteriorating market depth.
▌James Wynn: Losing control due to over-leveraging and user attention is a lesson.
Crypto trader James Wynn stated: 'There is no such thing as a mistake, only lessons. In life, anything I perceive as a mistake or failure, I always learn from it. The biggest lesson recently was turning $3 million into $100 million and then letting the whole world see it. Another lesson. Over-leveraging, getting dizzy from all the attention, ultimately losing control. Lessons are worth more than money; wealth is infinite and easily attainable.'
▌Huajian Medical officially launches the Ethereum treasury strategy.
According to aastocks, Huajian Medical (stock code 01931) announced that it has officially launched the 'Global Enhanced Ethereum Treasury with Downside Protection Mechanism' strategy. Based on strategic layout needs, Ethereum will be the core reserve asset, aiming to become the leading listed company in Hong Kong and even globally in terms of Ethereum reserve scale. The group will continuously increase its holding of Ethereum through a 'fixed investment' strategy, using self-owned funds, stable annual distributable profits, existing inefficient inventory asset replacement, and ongoing financing through ATM (At-The-Market) as multi-dimensional funding sources.
Important Economic Dynamics
▌Expectations for the Federal Reserve to cut interest rates are rising, and arbitrage traders are increasing their bets on emerging markets.
Spread trading is making a comeback among emerging market investors as the market bets that the Federal Reserve will begin to cut interest rates next month, weakening the dollar and boosting interest in high-yield currencies. Asset management firms such as Neuberger Berman and Aberdeen Group are increasing their positions in the currencies of countries like Brazil, South Africa, and Egypt. They believe that a weaker dollar and reduced volatility create a favorable environment for this strategy. In this strategy, traders borrow lower-yielding currencies to buy higher-yielding currencies. Earlier this year, these types of trades recorded double-digit returns, but paused in July due to the dollar's rebound. Recently, poor US employment data has strengthened market expectations that decision-makers will have to cut rates next month to avoid a recession, driving up arbitrage trading again. From DoubleLine to UBS, many institutions have recently joined the bearish dollar camp, stating that 'the narrative of a bearish dollar has resurfaced.' Neuberger Berman's co-head of emerging market debt, Urquidi, stated: 'The likelihood of a significant rebound in the dollar is very limited, while the overall performance of global economic growth remains robust.' He prefers to conduct carry trades in South Africa, Turkey, Brazil, Colombia, Indonesia, and South Korea.
Golden Encyclopedia
▌How did MicroStrategy soar over 1000 times in stock price with BTC?
The corporate treasury is the financial nerve center of a company, tasked with ensuring liquidity, managing risk, and optimizing returns. Traditionally conservative, they rely on fiat currencies, bonds, and other stable investments. However, MicroStrategy's adoption of Bitcoin as its primary treasury reserve has broken this mold. Fund managers aim to strike a delicate balance between risk and return. Their primary objective is to protect the company's assets from market downturns or liquidity crises while ensuring optimal returns on the remaining funds they manage. They should also conduct risk management during periods of market volatility and stress. This is the focus of MicroStrategy's incorporation of Bitcoin into its treasury, challenging traditional norms with a high-risk, high-return strategy. Thus, this bold strategy has not only transformed its balance sheet but also altered its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption.
MicroStrategy co-founder and executive chairman Michael Saylor views Bitcoin as a remedy for fiat inflation. He believes that the purchasing power of the dollar is rapidly diminishing, while Bitcoin, due to its limited supply, has excellent value retention capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and cryptocurrency investment tool. MicroStrategy utilizes financing strategies such as stock issuance, debt financing, free cash flow, and Bitcoin-backed loans to drive its Bitcoin purchases. Its strategy needs to comply with mainstream financial service norms while ensuring it can handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, leveraging convertible notes and dollar-cost averaging, has transformed it from a struggling software company into a Bitcoin proxy company, driving its stock price up over 1,000 times and redefining its market image.
