Headline
▌OKX Star: Will launch a $100 million X Layer ecological fund
OKX CEO Star stated on the X platform: 'True wisdom understands that Crypto is a marathon, not a sprint. X Layer was born for the long term, and so are we. Therefore, we will launch a $100 million X Layer ecological fund to support global builders in creating the next wave of on-chain applications.'
▌ETH briefly broke through $4,900, reaching an all-time high
ETH briefly broke through $4,900, reaching an all-time high of $4,903, with a 24-hour increase of 3.31%.
Market
As of the time of writing, according to CoinGecko data:
The price of BTC is $113,550, with a 24-hour change of -1.5%;
The price of ETH is $4,795.52, with a 24-hour change of +0.2%;
The price of BNB is $878.68, with a 24-hour change of -0.5%;
The price of SOL is $206.73, with a 24-hour change of +1.1%;
The price of DOGE is $0.2331, with a 24-hour change of -1.6%;
The price of XRP is $3.04, with a 24-hour change of -0.6%.
The price of TRX is $0.3624, with a 24-hour change of -0.2%.
Policy
▌Opinion: The U.S. Treasury's exploration of incorporating identity checks into smart contracts may undermine the core of DeFi
The U.S. Treasury is exploring whether identity checks should be directly incorporated into decentralized finance (DeFi) smart contracts. Critics warn that this move could rewrite the fundamental basis of permissionless finance. Mamadou Kwidjim Toure, CEO of Ubuntu Tribe, stated that this initiative seems like 'installing cameras in every living room,' which could ultimately undermine the core of DeFi by turning a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters argue that establishing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks within blockchain infrastructure can streamline compliance and keep criminals out.
▌Industry insiders: The Hong Kong Monetary Authority's removal of the term 'private' from the Basel Committee's crypto asset definition expands the regulatory scope
The Hong Kong Monetary Authority recently issued a circular confirming that starting January 1, 2026, Hong Kong will fully implement new banking capital regulations based on the Basel Committee's crypto asset regulation standards. The defined crypto assets are private 'digital assets' primarily reliant on cryptography and distributed ledger technology or similar technologies, while 'digital assets' are defined as a digital representation of value that can be used for payment or investment purposes or to obtain goods or services. Bitcoin, Ethereum, RWA, stablecoins, etc., fall under the defined crypto assets. However, Fei Si, a lecturer at the University of Hong Kong's law school, stated in an exclusive interview with Caixin that the Hong Kong Monetary Authority removed the word 'private' from the Basel definition, indicating that both privately and publicly issued crypto assets will fall within the scope of Hong Kong's crypto asset regulatory standards.
▌European Central Bank President: Independence is a prerequisite for the effective functioning of central banks
European Central Bank President Christine Lagarde stated during an interview with U.S. media on the 24th local time that central bank independence is 'crucial' and warned that any interference with its independence could have serious consequences. She made this statement against the backdrop of U.S. President Trump's recent pressure on the Federal Reserve. Lagarde pointed out that 'if a central bank loses its independence, or if that independence is threatened, it becomes dysfunctional,' leading to 'instability or even more serious situations.' She emphasized that independence is a prerequisite for the effective functioning of central banks.
Blockchain applications
▌Coinbase's 'everything app' Base App will open the invitation feature in two weeks
Base co-founder Jesse Pollak stated in an interview that the invitation feature will be opened in the 'Base App' in two weeks to accelerate the viral growth loop of the Base App and ensure the product is good enough for every user. Coinbase announced the launch of the 'everything app' - 'Base App' on July 16, aiming to bring more users into the crypto economy. This new app, replacing Coinbase Wallet, integrates wallet, trading, and payment functionalities while combining social media, instant messaging, and mini-program support, all running on its self-developed Ethereum Layer 2 network, Base. For Coinbase, this move intends to break through the limitations of its core cryptocurrency trading business and reach a wider potential user base.
▌Ethereum game L3 Xai has filed a lawsuit against Musk's AI company xAI
The Ethereum-based game L3 Xai has filed a lawsuit against Musk's AI company xAI, accusing it of trademark infringement and unfair competition. The lawsuit was filed on Thursday in the Northern District of California, alleging that Musk's xAI company has harmed the Xai brand.
Cryptocurrency
▌A whale sold 24,000 BTC, worth over $2.7 billion
According to @SaniExp, a Bitcoin whale sold 24,000 BTC, worth over $2.7 billion, causing the Bitcoin price to drop $4,000 in minutes. He still holds 152,874 BTC, worth over $17 billion.
▌Cantor Fitzgerald increased its Bitcoin holdings by $120 million in Q2
According to @pete_rizzo, Cantor Fitzgerald, with a market capitalization of $15 billion, increased its Bitcoin holdings by $120 million in the second quarter, further expanding its Bitcoin exposure.
▌Michael Saylor once again released Bitcoin Tracker information
Michael Saylor once again released Bitcoin Tracker information on the X platform. Based on previous patterns, he usually discloses the Strategy's Bitcoin accumulation data the day after releasing Bitcoin Tracker information.
▌Bitcoin mining company Hut 8 launched a new round of $1 billion ATM stock issuance plan
Bitcoin mining and data center developer Hut 8 Corp. has updated its at-the-market (ATM) stock issuance plan, allowing the company to raise up to $1 billion through stock sales. This plan replaces the company's previous $500 million ATM stock issuance plan initiated in December 2024.
▌A Bitcoin OG whale continues to exchange for ETH, holding a position worth $1.06 billion
According to OnchainLens monitoring, in the past 3 hours, a Bitcoin OG whale again exchanged 1,276 BTC for ETH, worth $147.09 million. Now this OG whale holds 221,600 ETH, worth $1.06 billion.
▌Metaplanet has been included in the FTSE Japan Index and the FTSE Global Index
According to Cointelegraph, Bitcoin treasury company Metaplanet was upgraded from small-cap to mid-cap in the FTSE Russell's semi-annual review in September 2025, thus being included in the flagship index - the FTSE Japan Index. The index provider will update and adjust the index quarterly. Due to Metaplanet's strong performance in Q2, it was added to the FTSE Japan Index, which consists of mid-cap and large-cap companies listed on the Japanese exchange.
▌Ethereum's net supply increased by 17,940 coins in the past 7 days
According to Ultrasound.money data, Ethereum's net supply increased by 17,940.12 coins in the past 7 days, with a supply increase of approximately 18,655 ETH, while 1,757 ETH were destroyed through the burning mechanism. The current supply growth rate is 0.774% per year.
▌Analysis: Ethereum has not yet welcomed its 'El Salvador moment'
1confirmation founder Nick Tomaino stated on the X platform that Ethereum has not yet welcomed its own 'El Salvador moment'; El Salvador has adopted Bitcoin as legal tender, and if a country fully commits to ETH, it could forever change the lives of its citizens.
Important economic dynamics
▌Goldman trader: The pace and extent of Fed rate cuts depend on September's non-farm data
Goldman Sachs fixed income department (FICC) trader Rikin Shah and others stated that the market has remained cautious ahead of the Jackson Hole meeting. Powell's latest statement has opened the door for a rate cut in September, particularly in light of recent employment data revisions that have drawn the Fed's attention to the labor market. This is a typical example of the 'downside risks in the labor market' mentioned by Powell at the last FOMC press conference and reiterated in his speech at the Jackson Hole central bank annual meeting. Goldman traders believe that if August non-farm job growth is below 100,000, especially under political pressure, it will help determine a rate cut in September. Goldman noted that if the labor market weakens further, the window of opportunity is now. The bank believes that whether in a scenario of economic slowdown or normalization, the Federal Reserve is likely to complete this round of rate cut cycle before the next Federal Reserve chairman takes office, by the first half of 2026.
▌Survey: Public trust in the Federal Reserve Chair is close to a historical low
According to The Kobeissi Letter, 'Public trust in the Federal Reserve Chair is close to a historical low: According to a Gallup survey, only 37% of American adults expressed 'great' or 'some' confidence that the Fed Chair would make the right decisions for the economy. For the current chair Powell, this is the second lowest level during his second term. In contrast, the peak of confidence occurred in 2020 at 58%. The only other time confidence was this low in this century was during Yellen's term in 2014. The Fed is facing a crisis of trust.'
▌The probability of a Fed rate cut in September is 84.1%
According to CME's 'FedWatch': The probability of the Federal Reserve maintaining interest rates in September is 15.9%, while the probability of a 25 basis point rate cut is 84.1%. The probability of the Federal Reserve maintaining rates in October is 7.6%, the cumulative probability of a 25 basis point rate cut is 48.4%, and the cumulative probability of a 50 basis point rate cut is 44.1%. (Jin Shi)
Golden Encyclopedia
▌What is a Bitcoin flash crash?
A Bitcoin flash crash refers to a sudden and sharp decline in the BTC market price, lasting a short duration, after which the price begins to recover to normal. The emergence of unique market conditions leads to shocks in the market price of the leading cryptocurrency. Typically, the reason behind a flash crash is a large group of sellers (referred to as whales) deciding to suddenly sell Bitcoin and inject a large supply into the market. This can overwhelm buyers and potentially lead to market losses of billions of dollars within minutes. In recent years, BTC flash crash events have occurred frequently, highlighting that even strong crypto assets like BTC still have volatility risks. Despite the cryptocurrency market's scale reaching trillions of dollars, it is still maturing. Especially for new investors in this field, understanding the reasons behind BTC price drops is crucial. Without this knowledge, witnessing such events can have devastating consequences and lead to poor emotional trading decisions instead of insightful and profitable investments. The traditional stock market has built-in circuit breakers that temporarily halt trading when an asset or index fluctuates beyond a certain magnitude. The BTC market lacks these circuit breakers, making it difficult to control rapid market declines.
