Headlines
▌OKX Star: Will launch a $100 million X Layer ecological fund
OKX CEO Star stated on X platform: 'Real wise people understand that Crypto is a marathon, not a sprint. X Layer is born for the long term, and so are we. This is why 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 surpassed $4900, setting a new all-time high
ETH briefly surpassed $4900, setting a new all-time high, reaching $4903 at one point, with a 24-hour increase of 3.31%.
Market dynamics
As of the time of publication, according to CoinGecko data:
BTC price is $113,550, with a 24-hour change of -1.5%;
ETH price is $4,795.52, with a 24-hour change of +0.2%;
BNB price is $878.68, with a 24-hour change of -0.5%;
SOL price is $206.73, with a 24-hour change of +1.1%;
DOGE price is $0.2331, with a 24-hour change of -1.6%;
XRP price is $3.04, with a 24-hour change of -0.6%.
TRX price is $0.3624, with a 24-hour change of -0.2%.
Policy
▌Opinion: U.S. Treasury's exploration of incorporating identity checks into smart contracts could hollow out DeFi's core
The U.S. Treasury is exploring whether to incorporate identity checks directly into decentralized finance (DeFi) smart contracts. Critics warn that this move could rewrite the fundamental basis of permissionless finance. Ubuntu Tribe CEO Mamadou Kwidjim Toure stated that this initiative seems like 'installing cameras in every living room' and could ultimately hollow out the core of DeFi, as it transforms a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters argue that building Know Your Customer (KYC) and Anti-Money Laundering (AML) checks into blockchain infrastructure could simplify compliance and keep criminals out.
▌Insiders: Hong Kong Monetary Authority removes the term 'private' from the Basel Committee's definition of crypto assets, expanding the regulatory scope
The Hong Kong Monetary Authority recently issued a circular confirming that starting January 1, 2026, it will fully implement new bank capital requirements based on the Basel Committee's regulations for crypto assets in Hong Kong. The defined crypto assets primarily rely on cryptography and distributed ledger technology or similar technologies and are classified as private 'digital assets', while 'digital assets' are defined as a representation of digital value that can be used for payment or investment purposes or to obtain goods or services. Bitcoin, Ethereum, RWA, stablecoins, etc., all fall under the defined category of crypto assets. However, Fei Si, a lecturer at the Faculty of Law at the University of Hong Kong, stated in an interview with Caixin that the Hong Kong Monetary Authority has removed the term 'private' from the Basel definition, indicating that both privately and publicly issued crypto assets will be included under the Hong Kong crypto asset regulatory standards.
▌ECB President: Independence is a prerequisite for the central bank to effectively perform its duties
European Central Bank President Lagarde stated in an interview with U.S. media on the 24th local time that central bank independence is of 'decisive significance' and warned that any interference with its independence could have serious consequences. She made this statement against the backdrop of recent pressures from U.S. President Trump on the Federal Reserve. Lagarde pointed out that 'if a central bank loses its independence, or if that independence is threatened, it will become dysfunctional', leading to 'instability, or even more serious situations.' She emphasized that independence is a prerequisite for the central bank to effectively perform its duties.
Blockchain applications
▌Coinbase's 'Universal App' Base App will open invitation functionality 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 cycle of the Base App, ensuring that the product is good enough for every user. Coinbase announced the launch of the 'Universal App' - 'Base App' on July 16, aiming to attract more users into the crypto economy. This new app, which replaces Coinbase Wallet, integrates wallet, trading, and payment functions while incorporating social media, instant messaging, and mini-program support, all running on its self-developed Ethereum Layer 2 network, Base. For Coinbase, this move aims to break through the limitations of core cryptocurrency trading business and reach a wider potential user base.
▌Ethereum game L3 Xai has sued Musk's artificial intelligence company xAI
The Ethereum-based game L3 Xai has sued Musk's artificial intelligence 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 plummet $4,000 within minutes. He still holds 152,874 BTC, valued at over $17 billion.
▌Cantor Fitzgerald increased its Bitcoin holdings by $120 million in Q2
According to @pete_rizzo, Cantor Fitzgerald, with a market value of $15 billion, increased its Bitcoin holdings by $120 million in the second quarter, further expanding its Bitcoin exposure.
▌Michael Saylor again releases Bitcoin Tracker information
Michael Saylor has once again released Bitcoin Tracker information on X platform. Based on previous situations, he usually discloses Bitcoin accumulation data for Strategy the day after releasing Bitcoin Tracker information.
▌Bitcoin mining company Hut 8 launches a new round of $1 billion private placement stock issuance plan
Bitcoin mining and data center developer Hut 8 Corp. has updated its private placement (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 private placement plan initiated in December 2024.
▌A Bitcoin OG whale continues to swap ETH, with a holding valued at $1.06 billion
According to OnchainLens monitoring, over the past 3 hours, a Bitcoin OG whale has swapped 1,276 BTC for ETH, valued at $147.09 million. This OG whale now holds 221,600 ETH, valued at $1.06 billion.
▌Metaplanet included in FTSE Japan Index and FTSE Global Index
According to Cointelegraph, Bitcoin treasury company Metaplanet has been upgraded from small-cap to mid-cap in the FTSE Russell's semi-annual review in September 2025, thereby being included in the flagship index - FTSE Japan Index. The index provider updates and adjusts the index quarterly. Due to Metaplanet's strong performance in the second quarter, 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 an increase of about 18,655 ETH, and 1,757 ETH was destroyed through the burning mechanism. The current supply growth rate is 0.774% per year.
▌Analysis: Ethereum has not yet reached its 'El Salvador moment'
1confirmation founder Nick Tomaino stated on X platform that Ethereum has not yet reached its 'El Salvador moment', where El Salvador has adopted Bitcoin as legal tender, suggesting that if a country fully invests in ETH, it could forever change the lives of its people.
Important economic dynamics
▌Goldman Sachs trader: The pace and extent of Fed rate cuts depend on September's non-farm payrolls
Goldman Sachs fixed income department (FICC) traders, including Rikin Shah, stated that the market was in a wait-and-see mode ahead of the Jackson Hole meeting. Powell's latest statements have opened the green light for a rate cut in September, especially against the backdrop of recent employment data revisions raising the Fed's attention to the labor market. This is a typical example of the 'downside risks to the labor market' that Powell mentioned 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 payroll growth falls below 100,000, especially under political pressure, it will help to determine a rate cut in September. Goldman pointed out that if the labor market continues to weaken, the window of opportunity is now. The firm believes that whether in an economic slowdown or normalization scenario, the Fed is likely to complete this round of rate-cutting cycle before the next Fed Chairman takes office, that is, before the first half of 2026.
▌Survey: Public trust in the Federal Reserve Chairman is nearing a historical low
According to The Kobeissi Letter, 'Public trust in the Federal Reserve Chairman is at a historic low: According to a Gallup survey, only 37% of American adults have 'a great deal' or 'somewhat' of confidence that the Federal Reserve Chairman will make the right decisions for the economy. This is the second lowest level for current Chairman Powell during his second term. In contrast, confidence peaked in 2020 at 58%. The only other time this century when confidence was so low was during Yellen's term in 2014. The Federal Reserve is facing a crisis of trust.'
▌The probability of the Fed cutting rates in September is 84.1%
According to CME's 'Fed Watch': 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 maintaining interest rates in October is 7.6%, with a cumulative probability of a 25 basis point cut at 48.4% and a cumulative probability of a 50 basis point cut at 44.1%. (Golden Ten)
Golden Encyclopedia
▌What is a Bitcoin flash crash?
A Bitcoin flash crash refers to a sudden and significant drop in the market price of BTC, lasting a very short time, after which the price begins to recover. The emergence of unique market conditions leads to significant market price fluctuations of the leading cryptocurrency. Typically, the reason behind a flash crash is a large group of sellers (known as whales) deciding to suddenly sell Bitcoin and inject a large supply into the market. This can overwhelm buyers and potentially cause 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 carry volatility risks. Despite the cryptocurrency market's size reaching trillions of dollars, it is still maturing. It is crucial for new investors in this field to understand BTC price crashes and their causes. Without this knowledge, witnessing such events can have devastating consequences and lead to poor emotional trading decisions rather than insightful and profitable investments. Traditional stock markets have built-in circuit breakers that temporarily halt trading when assets or indices fluctuate beyond a certain extent. The BTC market lacks these circuit breakers, making it difficult to control rapid market declines.
