Headlines
▌U.S. Treasury Secretary Besant: Expects trade issues to be resolved by the end of October.
In an interview with Nikkei News, U.S. Treasury Secretary Besant stated that President Trump's tariff policy aims to bring manufacturing back to the U.S. When evaluating the effects of his economic policies since Trump took office, Besant stated, "Trump's economic policy is like a 'three-legged stool' — taxes, trade, and deregulation. On taxes, we completed the (Tax Cuts and Jobs Act) at a record pace, which took effect on July 4. On trade, I believe we can essentially complete the relevant work by the end of October. As for deregulation, that is an ongoing work, with a clear mandate: for every new regulation adopted, ten old regulations must be repealed." Besant noted that the shift to tariff policy was primarily due to rebalancing. "Over time, tariffs should be like a melting ice cube. If production comes back to the U.S., then our imports will decrease," he said. (Zhitong Finance)
▌The circulation of stablecoins has surpassed $270 billion, setting a new record.
Golden Finance reports that according to data collected from defillama.com and artemisanalytics.com, the total value of the stablecoin market has surpassed $270 billion. Both sources indicate that the Bitcoin system is larger, highly active, and geographically diverse. The total scale of $270.303 billion marks a period of continued expansion for Bitcoin, while liquidity is concentrated among 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:
BTC price is $118,979, 24-hour change +2.1%;
ETH price is $4,240.80, 24-hour change -0.4%;
BNB price is $803.44, 24-hour change +0.6%;
SOL price is $182.56, 24-hour change +1.4%;
DOGE price is $0.2333, 24-hour change -3.0%;
XRP price is $3.17, 24-hour change -1.6%.
TRX price is $0.3381, 24-hour change +0.7%.
Policy
▌U.S. Treasury Secretary Besant: Hopes to maintain the dollar's status as the reserve currency through policy.
U.S. Treasury Secretary Besant stated that the independence of monetary policy is crucial to the economy and hopes to maintain the dollar's status as the reserve currency through policy. At the same time, the next Fed chair should gain market trust, and it is hoped that the Fed chair possesses "forward-thinking" capabilities. (Zhitong Finance)
▌Patrick Witt is expected to succeed Bo Hines as chair of the White House cryptocurrency committee.
Bo Hines is expected to be succeeded by Patrick Witt as chair of the White House cryptocurrency committee after stepping down. Hines will continue to work part-time on artificial intelligence-related tasks.
▌Unicoin CEO: U.S. 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 crypto, U.S. financial institutions like Citibank and JPMorgan are still closing crypto business accounts without reason. This year, Unicoin and its subsidiaries have had their 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 substantial changes await the introduction of specific regulatory details, and currently, banks still maintain a risk-averse attitude toward crypto businesses.
Blockchain Applications
▌The LayerZero Foundation has proposed acquiring Stargate.
According to official news, the LayerZero Foundation has proposed acquiring Stargate (STG) to bring the bridge home.
▌Point72's AI hedge fund assets have now exceeded $2 billion.
Sources say that Point72's AI hedge fund Turion has now surpassed $2 billion in assets. (The Wall Street Journal)
Cryptocurrency
▌U.S. spot Bitcoin ETF saw a net inflow of $253.2 million last week.
According to TraderT monitoring, the U.S. spot Bitcoin ETF saw a net inflow of $253.2 million last week.
▌Ethereum co-founder: Treasury companies may drive ETH's market cap to surpass BTC within a year.
Ethereum co-founder and Consensys CEO Joe Lubin stated that treasury companies may drive ETH's market cap to surpass BTC within a year.
▌Last week, U.S. Ethereum spot ETF saw a cumulative net inflow of $326.6 million.
Golden Finance reports that according to Farside monitoring data, last week, U.S. Ethereum spot ETF saw a cumulative net inflow of $326.6 million.
▌Michael Saylor releases Bitcoin Tracker information, possibly hinting at Strategy's renewed Bitcoin accumulation.
Strategy founder Michael Saylor once again released information related to Bitcoin Tracker and stated that if you keep buying Bitcoin, you will keep making money. According to previous patterns, Strategy always discloses its Bitcoin accumulation information the day after related news is released.
▌Whale AguilaTrades shorts 10,000 ETH, valued at $42 million.
According to on-chain analyst Yu Jin @EmberCN, the whale AguilaTrades has started to short ETH, opening a short position with 25x leverage. He is currently executing short sales with TWAP (Time Weighted Average Price) orders, indicating he will complete a short sale of 10,000 ETH (valued at $42 million) in 3 hours.
▌Polymarket predicts the probability of ETH reaching a new all-time high this year has risen to 74%.
According to information from the official page, Polymarket predicts the probability of "Ethereum reaching a new all-time high this year" has risen to 74%.
▌Goldman strategist: Bullish on gold, silver, and Bitcoin as "stores of value" amid market volatility.
Goldman hedge fund head Tony Pasquariello stated, "Going long on store of value assets (gold, silver, Bitcoin)." This part is a hedging strategy within his "going long and hedging" strategy for the second half of 2025. Including gold, silver, and Bitcoin (BTC) reflects a strategy aimed at addressing uncertainties, including a "volatile, unstable" summer trading environment and deteriorating market depth.
▌James Wynn: Losing control due to over-leverage and user attention is a lesson.
Crypto trader James Wynn stated: "There are no mistakes, only lessons. Anything in life that I see as a mistake or failure, I always learn from it. The biggest recent lesson was turning $3 million into $100 million and then letting the whole world see it. Another lesson. Over-leveraged, overwhelmed by all the attention, ultimately lost control. Lessons are worth more than money; wealth is infinite and easily obtained."
▌Huajian Medical has officially launched its Ethereum treasury strategy.
According to aastocks, Huajian Medical (stock code 01931) announced that it has officially launched a "global enhanced Ethereum treasury strategy with downside protection mechanisms." Based on strategic layout needs, Ethereum will be used as a core reserve asset, aiming to become the leading listed company in Hong Kong's market and even globally in terms of Ethereum reserve scale. The group will adopt a "dollar-cost averaging" strategy to continuously increase its holdings of Ethereum using its own funds, stable annual distributable profits, existing inefficient inventory asset replacement, and continuous financing through ATM (At-The-Market) among multiple funding sources.
Important economic dynamics
▌Expectations for Fed rate cuts rise, arbitrage traders increase bets on emerging markets.
Spread trading is making a comeback among emerging market investors, as the market bets that the Fed will begin rate cuts next month, weakening the dollar and boosting interest in high-yield currencies. Asset management firms from Neuberger Berman to Aberdeen Group are ramping up investments in currencies such as Brazil, South Africa, and Egypt. They believe that a weaker dollar and reduced volatility create a conducive environment for this strategy. In this strategy, traders borrow lower-yielding currencies to buy higher-yielding ones. Earlier this year, such trades recorded double-digit returns but were temporarily halted in July due to the dollar's rebound. Recently, weak U.S. employment data reinforced market expectations that policymakers would have to cut rates next month to avoid recession, driving up arbitrage trading again. From DoubleLine to UBS, many institutions have recently joined the bearish dollar camp, stating that "the dollar bearish narrative has resurfaced." Neuberger Berman's co-head of emerging market debt, Urquieta, 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 engage in carry trades in South Africa, Turkey, Brazil, Colombia, Indonesia, and South Korea.
Golden Encyclopedia
▌How did MicroStrategy's BTC lead its stock price to soar over 1,000 times?
Corporate treasury is the financial nerve center of a corporation, responsible for ensuring liquidity, managing risk, and optimizing returns. Traditionally conservative, they rely on fiat currencies, bonds, and other stable investments. However, MicroStrategy has adopted Bitcoin as its primary reserve, breaking this mold. The goal of fund managers is to achieve 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 manage risks during periods of market volatility and pressure conditions. This is why MicroStrategy's inclusion of Bitcoin in its treasury is significant, challenging traditional norms and adopting a high-risk, high-return strategy. Thus, this bold strategy not only transformed its balance sheet but also 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, possesses excellent value retention capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and a 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 manage 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 firm, pushing its stock price up over 1,000 times and redefining its market image.
