Today's news highlights:
1. The Federal Reserve has revoked special regulatory requirements for banking cryptocurrency activities.
2. DCG sues subsidiary Genesis, claiming over $105 million.
3. SEC Chairman stated that it can directly formulate blockchain rules without congressional approval.
4. Gemini IPO details: Plans to list on Nasdaq under the code GEMI, with a net loss of $282.5 million in the first half of the year.
5. MiL.k (MLK) is now listed on Binance Alpha, with an airdrop threshold of 200 points.
6. Tiger Global bought 125,000 shares of Circle in Q2.
7. BitMine has again increased its holdings of $600 million in ETH in the past 10 hours, currently holding about $5.77 billion in ETH.
8. A certain address has accumulated about $25 million in unrealized profits by going long on ETH with only $125,000 since April.
Macroeconomics
The Federal Reserve has revoked special regulatory requirements for banking cryptocurrency activities.
According to the Federal Reserve's official website, the Federal Reserve has decided to terminate its special regulatory program for emerging activities such as banking cryptocurrencies and financial technology, and related oversight will revert to standard regulatory processes. The Federal Reserve has revoked the regulatory letter that established this special oversight in 2023 and stated that it will incorporate the relevant risk management experience accumulated previously into the standard regulatory framework.
Grayscale seeks SEC approval for its Dogecoin ETF, code-named 'GDOG'.
According to The Block, Grayscale is advancing its proposal to list and trade a Dogecoin ETF, which will trade under the ticker symbol 'GDOG'. Grayscale stated in the registration statement that it will rename the Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF. If approved by the U.S. Securities and Exchange Commission, the fund will be listed for trading on the New York Stock Exchange Arca, which has previously submitted a listing application for the Grayscale Dogecoin Trust.
The three major U.S. stock indexes closed mixed, with Circle (CRCL) rising 7.2%.
According to Caixin News, the three major U.S. stock indexes closed mixed, with all recording two consecutive weekly increases. The Nasdaq fell 0.4%, with a cumulative increase of 0.81% this week; the S&P 500 index fell 0.29%, with a cumulative increase of 0.94% this week; the Dow rose 0.08%, with a cumulative increase of 1.74% this week. Among them, the Dow and the S&P 500 index both briefly reached historical intraday highs. Bullish (BLSH) fell 6.82%; Coinbase (COIN) fell 2.26%; Circle (CRCL) rose 7.20%.
Views
Federal Reserve's Goolsbee: The latest PPI and CPI inflation data are concerning.
Federal Reserve's Goolsbee: The latest PPI and CPI inflation data are concerning. He stated not to overreact to one month of PPI, CPI, and import price data, but the data is worth monitoring.
SEC Chairman stated that it can directly formulate blockchain rules without congressional approval.
According to Cointelegraph, SEC Chairman Atkins stated that the SEC has the authority to take action on blockchain-related rules without waiting for congressional legislation.
Santiment: The bullish trend for Ethereum is slightly higher than that of Bitcoin.
Santiment tweeted that the peak of greed for BTC perfectly coincides with historical highs and local peaks. Meanwhile, although ETH has performed significantly better than Bitcoin over the past three months, its bullish sentiment is far less than that of Bitcoin. As price movements often contradict retail expectations, the current outlook shows that Ethereum's bullish trend is slightly higher than Bitcoin due to insufficient market interest in buying Ethereum on dips compared to Bitcoin.
Project Dynamics
DCG sues subsidiary Genesis, claiming over $105 million.
Digital Currency Group (DCG) has sued its subsidiary Genesis Global Capital in the U.S. Bankruptcy Court for the Southern District of New York, seeking over $105 million plus interest from Genesis. The lawsuit states that DCG provided Genesis with $1.1 billion in promissory notes to address the asset shortfall caused by Genesis' default due to Three Arrows Capital (3AC) in 2022. Subsequently, Genesis obtained substantial profits through TAC Collateral, surpassing the initial amount of the promissory notes. Previously, Genesis had completed a bankruptcy restructuring and began distributing about $4 billion in assets to creditors, and had sued DCG and its executives for $2.1 billion in damages.
Binance will launch the 34th TGE project RICE (RiceAI) on August 18.
Binance Wallet will host the 34th RICE (RiceAI) project TGE through PancakeSwap on August 18, with subscription time from 8:00 to 10:00 (UTC). Users are required to participate using Binance Alpha Points. Additionally, the official will provide an extra 40,000,000 RICE for subsequent activities, with specific details to be announced.
Binance will launch USELESSUSDT perpetual contracts.
Binance's contract platform will launch USELESSUSDT U-based perpetual contracts on August 15 at 20:15 (UTC+8), supporting up to 50x leverage. The contract's underlying asset is Useless Coin (USELESS), based on the Solana chain, with settlement asset in USDT, minimum price fluctuation of 0.0001, and funding rates of ±2.00%, settled every four hours.
Binance Alpha will launch Reservoir (DAM), supporting spot and futures trading.
Binance Alpha will become the first platform to launch Reservoir (DAM), with spot trading opening on August 18 at 11:00 (UTC) and futures trading opening the same day at 12:30 (UTC). Eligible users can use Binance Alpha Points to claim the airdrop through the Alpha Events page, with more details to be announced later.
Qubic released the report on the 51% attack experiment: during this period, six blocks were reorganized, and 60 blocks were isolated.
The Qubic mining pool achieved over 51% hash rate dominance on the Monero network in its latest experiment, resulting in six blocks being reorganized and 60 blocks being isolated. Preliminary reports show that Qubic mined approximately 80% of Monero blocks within two hours, totaling 750 XMR and 7 million XTM. The remaining unsold Tari and newly mined XTM, totaling 1.72 billion QUBIC, have been completely burned, valued at about $55,000. Miners and hash rate contributors received 6.22 billion QUBIC rewards, approximately $200,000. The peak network hash rate reached 2.71 GH/s, accounting for 52% of the global Monero hash rate. This experiment is still ongoing, and independent experts are evaluating the specific impacts of the 51% hash rate dominance.
Gemini IPO details: Plans to list on Nasdaq under the code GEMI, with a net loss of $282.5 million in the first half of the year.
Cryptocurrency exchange Gemini discloses IPO details. Previously, a draft registration statement was submitted confidentially in early June. The document shows that Gemini has applied to list on the Nasdaq Stock Exchange under the ticker symbol GEMI. The IPO price has not been disclosed. Gemini's financial data is weaker than previously known; the company reported a net loss of $282.5 million in the first half of 2025, compared to a loss of only $41.4 million in the same period last year. The document shows that adjusted EBITDA fell from a profit of $32 million to a loss of $113.5 million during the same period. In 2024, the company reported revenue of $142.2 million, with a net loss of $158.5 million.
The document also shows that Gemini will transfer most users to the 'Moonbase' entity located in Florida, while Gemini Trust will remain in New York. According to BitLicense regulations, New York has historically been more stringent in regulating cryptocurrency companies; Gemini provides staking services to users in all states outside its headquarters in New York. The document also disclosed a credit agreement reached between Gemini and Ripple in July 2025, valued at up to $75 million, to be paid in Ripple's RLUSD stablecoin.
If Gemini successfully IPOs, it will become the third listed cryptocurrency exchange in the U.S., following Coinbase and Bullish, which listed on the New York Stock Exchange this week.
Jupiter: Up to $580 million of SOL will be staked from the JLP fund pool.
Jupiter tweeted that it will stake up to $580 million of SOL from the JLP fund pool through a native staking mechanism, which will enhance the yield of JLP and significantly increase the staking weight of Jupiter validation nodes.
MiL.k (MLK) is now listed on Binance Alpha, with an airdrop threshold of 200 points.
According to the official announcement, MiL.k (MLK) has now been listed on Binance Alpha. Users with at least 200 Binance Alpha Points can claim an airdrop of 245 MLK tokens on a first-come, first-served basis. If the rewards are not fully distributed, the points threshold will automatically decrease by 15 points per hour. Claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm the claim on the Alpha Events page within 24 hours, or it will be considered abandoned.
Important Data
Bitcoin spot ETF saw a net outflow of $14.1295 million yesterday, with only BlackRock's IBIT achieving a net inflow.
Ethereum spot ETF saw a net outflow of $59.3371 million yesterday, with only BlackRock's ETHA achieving a net inflow.
Ethereum TVL surpasses $95 billion, setting a new high since 2022.
According to DefiLlama, the total value locked (TVL) on the Ethereum (ETH) chain today has surpassed $95 billion for the first time since January 2022, approaching the highest level since 2021. The TVL on Ethereum peaked at approximately $108.7 billion in November 2021.
SharpLink reported a net loss of over $100 million in Q2, with ETH holdings reaching 728,800.
SharpLink Gaming announced its Q2 2025 financial report, stating that the company has ETH as its main reserve asset, currently holding 728,804 ETH, nearly all of which are staked, having accumulated 1,326 rewards. The net loss in the second quarter reached $103.4 million, primarily due to an $87.8 million non-cash impairment from the decline in LsETH asset prices and a $16.4 million non-cash equity incentive related to the Consensys strategic agreement. Revenue during the same period was $7 million, with a gross profit of $2 million. SharpLink has reached a strategic cooperation with Consensys to further advance its ETH asset management strategy.
WLFI multi-signature address transferred 3.58 billion WLFI to Bitgo three hours ago.
According to @ai_9684xtpa's monitoring, the WLFI multi-signature address transferred 3.58 billion WLFI to Bitgo three hours ago, marking the largest single transaction in nearly seven months. BitGo acts as the custodian for USD1 reserves and provides primary brokerage services for liquidity and institutional trading, but this seems to be the first transfer of WLFI assets to Bitgo. Previously, ALT5 Sigma announced a $1.5 billion private placement to initiate the WLFI treasury strategy, acquiring 7.5% of the total token supply (approximately 7.5 billion tokens) for $0.2.
World Liberty Finance related wallet purchased approximately $18.6 million worth of ETH and WBTC.
According to Onchain Lens monitoring, a wallet associated with World Liberty Finance has spent $18.6 million USDC on the following purchases:
Purchased 1,911 ETH at a price of $4,500, with a total value of $8.6 million;
Purchased 84.5 WBTC at a price of $118,343, with a total value of $10 million.
The wallet still holds $5 million USDC and may continue to purchase.
A certain address has accumulated about $25 million in unrealized profits by going long on ETH with only $125,000 since April.
According to on-chain analyst Yu Jin's monitoring, a certain address started to go long on ETH with only $125,000 in April, which has now turned into $25 million.
The address started to go long on ETH at this year's lowest point: in April, it transferred $125,000 USDC from two addresses through ChangeNOW and Kucoin into Hyperliquid to start going long on ETH. The first long position was entered at an ETH price of $1,490, at the year's lowest point.
Rolling profits into a snowball: since starting to go long on ETH, it has risen continuously, and by consistently rolling profits, the position has grown from a few hundred ETH to now 66,000 ETH, worth $300 million. The most recent increase was at 9 a.m. yesterday.
Unrealized profits: starting from $125,000, now unrealized profits are $24.78 million. When ETH peaked at $4,788 the day before yesterday, unrealized profits even reached $43 million.
Current position of two addresses:
10x long 44,916 ETH, position value of $200 million, opening price of $4,067, liquidation price of $4,200, unrealized profit of $17 million.
10x long 21,832 ETH, position value of $100 million, opening price of $4,093, liquidation price of $4,198, unrealized profit of $7.8 million.
A certain institution has purchased approximately $412 million worth of ETH through three new wallets in the past four days.
According to Lookonchain monitoring, besides Bitmine, another mysterious institution has been purchasing ETH. In the past four days, this mysterious institution created three new wallets and withdrew 92,899 ETH (worth $412 million) from Kraken.
Financing/Acquisition
Galaxy announces completion of $1.4 billion project financing, accelerating the expansion of the Helios AI data center.
Galaxy Digital announced it has completed $1.4 billion in project financing to support the expansion of its Helios data center campus in Texas. The financing will be used for the renovation and expansion of AI and high-performance computing (HPC) infrastructure in the first phase, with Galaxy providing $350 million in equity, and the remaining covered by debt financing. CoreWeave has signed a second-phase lease agreement, committing to use all of Helios' 800MW approved power capacity, with expected average annual revenue exceeding $1 billion over the next 15 years. Galaxy plans to make Helios one of the world's largest AI data centers.
Insiders: OpenAI successfully raised over $8 billion, with strong subscription demand.
According to Jin10 News, a person familiar with trading revealed that OpenAI has successfully raised $8.3 billion in a new round of funding within a total financing plan of $40 billion. This financing comes at a time when the company is accelerating its business development. The person disclosed that OpenAI's annual recurring revenue has risen from $10 billion in June to $13 billion, and is expected to exceed $20 billion by the end of this year. Additionally, the number of paid enterprise users for ChatGPT has rapidly increased from 3 million a few months ago to 5 million. This round of fundraising has been completed early, with strong subscription demand, oversubscribed by five times.
Institutional Holdings
Huajian Medical plans to purchase cryptocurrencies, primarily ETH, for no more than 3 billion Hong Kong dollars within the next 36 months.
Hong Kong-listed company IVD Medical Holding Limited plans to seek shareholder approval at a special meeting to authorize the board to purchase cryptocurrencies, primarily Ethereum (ETH), for no more than HKD 3 billion within the next 36 months. The company states that this move aims to solidify its ETH reserve and accelerate the construction of the ivd.xyz exchange ecosystem. The related cryptocurrencies will be purchased through regulated platforms such as HashKey Exchange, with funding sourced from the company's idle cash and potential fundraising. The announcement emphasizes that the single premium will not exceed 10%, and a dedicated risk control team has been established.
BitMine has again increased its holdings of $600 million in ETH in the past 10 hours, currently holding about $5.77 billion in ETH.
According to on-chain analyst Yu Jin's monitoring, BitMine (BMNR) has continued to accumulate 135,135 ETH, valued at $600 million, through three institutional platforms, including FalconX, Galaxy Digital, and BitGo, in the past 10 hours. BitMine's total ETH reserve has reached 1.297 million, valued at $5.77 billion.
Tiger Global bought 125,000 shares of Circle in Q2.
According to Zhitong Finance, the Tiger Global Fund (TIGER GLOBAL) has submitted its second-quarter holdings report (13F) to the U.S. Securities and Exchange Commission (SEC) as of June 30, 2025. Statistics show that Tiger Global added seven new stocks to its portfolio in the second quarter and increased its holdings in 19 stocks. At the same time, it reduced its holdings in six stocks and liquidated two stocks. Among them, it newly purchased 125,000 shares of stablecoin issuer Circle (CRCL.US). Circle's stock performed strongly when it was listed in June, and its market cap has increased nearly fivefold from the IPO price. In the second quarter, stablecoin issuer Circle (CRCL.US) reported a loss, while its revenue exceeded expectations just two months after completing one of the most high-profile IPOs in recent years.
