奔跑财经-FinaceRun

BTC and ETH spot ETF saw cumulative net inflows of $239 million on Tuesday. Not a single crypto ETF among all categories recorded a net outflow.

On July 15, according to SoSovalue data, the U.S. BTC spot ETFs received a net total inflow of $181 million yesterday, marking the first day of inflows for the week;

Among them, BlackRock’s IBIT and Fidelity’s FBTC ranked first and second in net inflows yesterday, with nearly $139 million (about 2,150 BTC) and $21.07 million (326.37 BTC), respectively;

Next were Morgan Stanley’s MSBT and Grayscale’s BTC, recording daily net inflows of $7.4 million (114.65 BTC) and $6.56 million (101.68 BTC), respectively;

Ark & 21Shares’ ARKB and Bitwise’s BITB recorded daily net inflows of $3.64 million (56.38 BTC) and $3.50 million (54.28 BTC), respectively;

As of now, the total net asset value of Bitcoin spot ETFs is $77.96 billion, accounting for 6.02% of Bitcoin’s total market value, with cumulative total net inflows of $51.03 billion.

On the same day, U.S. Ethereum spot ETFs recorded yesterday’s net total inflow of $58.34 million, also marking the first day of inflows for the week;

Among them, BlackRock’s ETHA recorded a daily net inflow of $58.34 million (31,090 ETH), and it was the only ETH ETF with any fund flow movement yesterday.

As of now, the total net asset value of Ethereum spot ETFs is $10.09 billion, accounting for 4.46% of Ethereum’s total market value, with cumulative total net inflows of $11.02 billion.

It is worth noting that across other ETFs in all categories, not a single crypto ETF showed a net outflow.

#比特币ETF #以太坊ETF

Czech Republic orders prediction market platform Polymarket to cut off access for domestic users within 15 days

On July 13, the Czech Ministry of Finance added the cryptocurrency prediction market platform Polymarket to the list of unauthorized online gambling games, becoming the latest European country to take blocking measures against the platform.

According to an announcement from the Czech Gambling Regulatory Authority, internet service providers now have 15 days to cut off access to the platform. The country’s current block list already covers thousands of websites, and Polymarket’s addition further expands the scope of the list.

The decision by Czech regulators reflects a unified stance across European countries toward prediction markets: no matter how prediction markets position themselves, they are essentially gambling.

Jan Řehola, Director of the Czech Gambling Regulatory Authority, further made it clear that legal gambling must meet the requirement that the state knows who is operating the game, who is participating, which betting activities are suspicious, and whether there are mechanisms to protect players and market order;

Meanwhile, prediction markets allow betting on nearly any type of event—from weather and political decisions to military actions—yet lack similar regulatory oversight. Therefore, this is not innovation, but a gambling product operating outside the rules.

In addition, since contracts are settled based on real-world events, this also creates incentives to affect those events or to trade using non-public information—effectively equivalent to insider trading in prediction markets.

Unlike the approach of a full ban on prediction markets taken by many European countries, Gibraltar this week rolled out the world’s first dedicated regulatory framework for prediction markets. The regulation replaces a blanket ban with license-based compliant operation; at the same time, Malta has also signaled that it will explore similar regulatory models.

In summary, global regulatory policies toward prediction markets are increasingly diverging. Most countries define them as unlicensed gambling and ban them, while a small number of regions actively compete for industry landing resources by conducting compliant regulation and improving industry rules.

#预测市场监管

Three Democratic Senators in the U.S. Oppose the “CLARITY Act,” Calling It “Corrupt Legislation”

According to a report by CoinDesk, three Democratic lawmakers in the U.S. Senate (Chris Murphy, Chris Van Hollen, and Jeff Merkley) on Tuesday, during a press conference at the Capitol, expressed strong opposition to the Digital Asset Market Clarity Act (CLARITY Act).

The lawmakers had previously criticized the cryptocurrency regulatory bill, and this time they further solidified their stance against it, echoing similar opposition to Senator Elizabeth Warren. They urged the political move to block the bill from being passed.

The Democrats’ main objections focus on President Trump’s personal cryptocurrency interests. According to a financial report from the Office of Government Ethics, Trump’s 2025 cryptocurrency business revenue of $1.4 billion is more than twice his total revenue for all of 2024.

Notably, Democratic Senator Van Hollen on the Senate Banking Committee was even more blunt, calling the CLARITY Act a piece of legislation that breeds corruption and poses extreme harm.

The key stumbling block to the bill’s progress lies in the lack of ethics provisions. The text does not restrict senior officials such as the President from engaging in the crypto industry, which is also the core reason the Democratic lawmakers refuse to support the bill.

Senator Murphy also pointed out that the bill is currently unable to restrain Trump from profiting through the cryptocurrency industry, and that there may be fundamental conflicts of interest and corruption. As a result, the bill has no practical value.

At present, for the CLARITY Act to pass in the Senate, it must secure sufficient support from Democratic senators before the summer congressional recess.

Although the final draft is expected to be released as early as Tuesday, relevant parties and the White House have not yet reached a compromise on ethics provisions.

In addition, Trump’s latest financial disclosure shows that his cryptocurrency business revenue exceeds $1 billion, providing Democrats with ample grounds to resist the bill. They worry the legislation could, on the legal level, shield Trump’s cryptocurrency assets.

Overall, opponents argue that if the CLARITY Act lacks ethics constraints, it would not only effectively protect the related interests of Trump’s family, but also harm the public interest.

This public stance of opposition directly increases the difficulty of mustering the 60-vote threshold for passage in the Senate, and it also significantly lowers the chances that the bill could pass smoothly before the Senate’s summer session.

#CLARITY法案

US June CPI cools more than expected, Bitcoin price rises on cue

July 15 — Last night, the United States released its June Consumer Price Index (CPI) data, which came in below market expectations, driving a significant jump in the price of Bitcoin.

Before the data was released, the Bitcoin price had been hovering below $63,000. After the announcement, it surged by nearly $1,000 immediately, briefly touching a high of $63,500.

The data shows that the US June CPI fell 0.4% month-over-month, ending the prior streak of consecutive increases. Although most experts expected CPI to decline somewhat due to a ceasefire agreement in the Middle East, the actual drop was 3.5%, slightly below the 3.8% forecast.

Further analysis indicates that the decline in June CPI was mainly driven by lower oil prices resulting from the US-Iran ceasefire agreement, while core CPI—excluding volatile items such as energy and food—remained unchanged.

Notably, the US-Iran ceasefire agreement ended last week, and tensions in the region have since escalated again, pushing oil prices higher once more. This may signal a rebound in July CPI data.

At present, Bitcoin traders are closely watching this economic indicator, believing it will influence decisions at this month’s upcoming Federal Open Market Committee (FOMC) meeting, and the Fed may even choose to raise rates at this meeting.

Analysts note that if the CPI year-over-year inflation rate exceeds 4%, it could trigger further tightening of monetary policy, which would be bearish for Bitcoin. But the actual figure of 3.5% may have the opposite effect.

Benefiting from the positive CPI data, the BTC price rose to a high of $65,100 at one point. Analysts believe that as subsequent developments are gradually absorbed by the market, the end-of-month Fed FOMC meeting is expected to have an even greater impact on market volatility.

#CPI

Senator Warren Sends a Letter to Bipartisan Leaders, Calling for the Inclusion of Ethical Guidelines for Cryptocurrencies in the “CLARITY Act”

On July 14, Democratic Senator Elizabeth Warren sent a letter to the Senate’s bipartisan leadership—Chuck Schumer—urging that moral standards be added to the “CLARITY Act,” with the aim of prohibiting government officials and their family members from profiting from cryptocurrencies.

According to a Trump administration 2025 public financial disclosure report for President Trump, released by the Office of Government Ethics on June 30, in 2025 President Trump earned approximately $1.4 billion in revenue from cryptocurrency businesses;

Notably, this figure is not only more than twice President Trump’s total income in 2024, but also exceeds the annual profits of any U.S.-listed cryptocurrency company. Cryptocurrency has now become the primary source of revenue for President Trump.

The report shows that members of the Trump family hold a 30% stake in “DT Marks Defi LLC,” a crypto firm that includes a Coinbase account valued at more than $100 million, as well as a 38.25% stake in “WLF Holdco LLC.”

The latter holds the sole membership interest in the cryptocurrency company World Liberty Financial, which was founded by President Trump and his son. Only DT Marks Defi LLC generated more than $590 million in revenue in 2025.

Warren emphasized that these disclosure data are especially concerning because Trump has continuously urged Congress to pass crypto deregulatory legislation, and such policies could directly increase the value of his personal crypto assets.

In summary, against the backdrop of overlapping personal interests and public duties, Warren argues that establishing strict ethical guidelines is urgent—not only as an inevitable requirement to maintain public trust in government, but also as a key measure to ensure fair and just cryptocurrency regulation.

#CLARITY法案 #道德规范

White House “CLARITY Act” Negotiation Representative to Resign Next Friday; Bill Expected to Be Voted on in the Senate on July 20

According to CoinDesk’s latest report, Patrick Witt, the White House’s chief negotiating representative for the “CLARITY Act,” will step down next Friday and travel to attend several months of military training.

Notably, this personnel change comes at a critical stage of the bill’s progress, with the full Senate vote expected to take place around July 20.

During Witt’s absence, his deputy—Harry Jung, Deputy Executive Director for Digital Asset Affairs—will take over his responsibilities and oversee the final push for the “CLARITY Act” in the Senate.

It is reported that Harry Jung previously served as Chief Legal Counsel to the Senate Banking Committee and was deeply involved in drafting the bill’s early version, bringing extensive legislative experience.

Overall, this leadership change adds new uncertainty as to whether the bill can be smoothly approved by the Senate around July 20.

The market is currently closely watching whether Jung can effectively coordinate among relevant parties during Witt’s absence and drive the bill to complete key legislative procedures.

#CLARITY法案

Bloomberg Billionaires Index: Musk with $87.6 billion remains the world’s No. 1, with Chinese tycoons including Zhang Yiming and Zhong Shanshan entering the TOP 50

On July 14, according to the latest Bloomberg Billionaires Index, among the top 100 on the list of the 500 richest people in the world, tech industry entrepreneurs continued to dominate the rankings.

Tesla CEO Elon Musk, with net assets of $87.6 billion, remains at the top. This is down by $36.9 billion from the previous trading day, but still up $256.0 billion year-to-date.

Google co-founders Larry Page and Sergey Brin rank second and third with $30.10 billion and $28.00 billion, respectively. Amazon founder Jeff Bezos ranks fourth with $26.90 billion, and Meta CEO Mark Zuckerberg ranks fifth with $23.30 billion.

Among Chinese entrepreneurs, ByteDance founder Zhang Yiming ranks 22nd with net assets of $9.28 billion, up $27.7 billion year-to-date. Nongfu Spring founder Zhong Shanshan ranks 32nd with $6.03 billion;

Tencent founder Pony Ma Huateng ranks 38th with $5.39 billion. Hong Kong entrepreneur Li Ka-shing ranks 47th with an asset valuation of $4.56 billion.

Of note, Binance founder Changpeng Zhao ranks 30th with $6.98 billion, becoming the highest-ranked representative from the crypto industry—reflecting that the crypto market, even after periods of volatility, still continues to generate enormous wealth effects.

And in the AI space, thanks to DeepSeek’s valuation surge, Liang Wenfeng of DeepSeek—with $36.0 billion—becomes the world’s richest AI model founder. His assets surpass those of Anthropic’s Dario Amodei and OpenAI’s Greg Brockman.

In summary, this newly released Bloomberg Billionaires Index is both a straightforward snapshot of individual wealth and a vivid reflection of global economic and industrial changes.

However, the shuffling of wealth rankings never stops. With the continued evolution of emerging fields such as AI, crypto, and new energy, more new faces will likely be created in the future—worth watching closely.

#彭博亿万富翁指数

On Monday, spot BTC and ETH ETFs saw a combined net outflow of $440 million; across all-category crypto ETFs, none recorded a net inflow of funds

July 14 report, according to SoSovalue data: Yesterday, U.S. spot Bitcoin ETFs recorded a total net outflow of nearly $425 million, marking the first day of this week with net outflows;

Among them, Fidelity’s FBTC, BlackRock’s IBIT, and Grayscale’s GBTC recorded daily net outflows of approximately $246 million (about 3,960 BTC), $186 million (about 2,990 BTC), and $53.06 million (855.32 BTC), respectively;

Meanwhile, Grayscale’s BTC and VanEck’s HODL recorded daily net inflows of $53.38 million (860.47 BTC) and $6.14 million (98.98 BTC), respectively;

As of now, total net asset value (NAV) of Bitcoin spot ETFs is $74.79 billion, accounting for 5.99% of Bitcoin’s total market capitalization, with cumulative total net inflows of $50.85 billion.

On the same day, U.S. spot Ethereum ETFs recorded a daily net outflow of $15.41 million, also marking the first day of this week with net outflows;

Among them, Fidelity’s FETH recorded a daily net outflow of $15.41 million (8,720 ETH), becoming the only ETH ETF that showed fund flow movement yesterday;

As of now, total NAV of Ethereum spot ETFs is $9.46 billion, accounting for 4.43% of Ethereum’s total market capitalization, with cumulative total net inflows of $10.96 billion.

Notably, except for HYPE, which recorded a daily net outflow of $3.93 million, none of the other ETFs across all categories showed any fund flow movement.

#比特币ETF #以太坊ETF

Analyst: Despite Bitcoin’s pressure from three factors, it still has a chance to rebound to $100,000 by year-end

According to Fortune, since last October, Bitcoin has continued to weaken and the price has fallen to about half of its all-time high of $1.26 million, with the overall market still in a deep bear phase.

By synthesizing the views of multiple analysts in the market, the main factors currently weighing on Bitcoin’s price action are concentrated in three areas:

First, the four-year cycle pattern is influencing investors’ expectations. Matt Hougan, Chief Investment Officer at Bitwise, said that over the past decade or more, Bitcoin has typically followed a rhythm of “three years of gains and one year of correction,” and this pattern has profoundly shaped market trading psychology.

Therefore, as year-end 2025 approaches, some long-term holders who built positions at lower levels are starting to take profits at the tail end of the cycle. These early investors’ selling behavior further intensifies market sell-off pressure.

Second, inflation pressure caused by the macroeconomic environment. Zach Pandl, Head of Research at Grayscale, noted that a rebound in U.S. inflation has cooled market expectations for rate cuts, and capital has begun flowing toward traditional assets with higher yields and lower risk.

Also, based on historical experience, a rate-hike cycle typically suppresses crypto assets, while a low-interest-rate environment is more favorable for Bitcoin’s market performance.

Third, downside pressure is amplified by excessive market leverage. In a bull market, many investors use borrowing to amplify their Bitcoin exposure; once the trend weakens, derivative open interest declines, and crypto treasury/finance models are also hit.

For example, Strategy previously bought a large amount of Bitcoin by issuing shares and debt, but since last October its stock price has fallen by about 75%.

However, Adrian Fritz, Chief Investment Strategist at 21Shares, believes Bitcoin may bottom out this summer. With interest-rate policy shifting toward easing and geopolitical tensions easing as well, the price could rebound to $100,000 by year-end.

Meanwhile, Zach Pandl, Head of Research at Grayscale, expects that the short-term bottom may be around $58,000, and the subsequent trajectory will depend on Federal Reserve policy, corporate buying behavior, and progress on U.S. crypto regulatory legislation.

#比特币 #熊市周期

With the Fed’s July policy window approaching, inflation exceeding expectations may boost the odds of further rate hikes

On July 14, according to market sources, the U.S. Federal Reserve is currently in a crucial policy battle window ahead of its July 28–29 interest-rate decision. Persistently hotter-than-expected inflation data is reversing earlier market expectations of easing.

Federal Reserve Governor Christopher J. Waller publicly warned on Monday that if the inflation data released this week comes in above market expectations, the Fed may raise the benchmark interest rate.

Amid the U.S.-Iran conflict, inflation in the United States has risen to a three-year high. Even after excluding volatile food and energy, core inflation remains elevated. The market is concerned that the risk of prolonged upward pressure on prices could become entrenched in the U.S. economic system for the long term.

Under the current economic conditions, policymakers face tough choices: on the one hand, keeping rates unchanged may carry the risk of making inflation more persistent; on the other hand, choosing to raise rates could unnecessarily suppress economic growth.

At present, several officials within the Fed are pushing to formally include the option of rate hikes in the agenda for the July meeting. Meanwhile, the yield on 2-year U.S. Treasuries has already climbed to the highest level in 16 months, indicating that the market has likely priced in the possibility of tightening more aggressively in advance.

In addition, tariff policies and heightened geopolitical tensions in the Middle East are driving up energy costs. Combined with ongoing multi-hundred-billion-level AI infrastructure investment that continues to boost demand, multiple factors are jointly giving rise to stubborn inflation—making the Fed’s existing inflation analysis model increasingly difficult to fully adapt to today’s complex environment.

As a result, market participants generally believe that the CPI data expected to be released in June will serve as the key threshold for determining the Fed’s decision. If core inflation again comes in above expectations, the Fed is likely to end its prior rate-hold stance and officially restart the rate-hike process.

#美联储 #CPI

Wall Street Transfer Agent Lobbying SEC Warns Third-Party Token Threatens Market Integrity

July 14 news, according to CoinDesk: as competition in tokenizing capital markets intensifies, Wall Street transfer agent—Securities Transfer Association (STA)—is actively lobbying the U.S. Securities and Exchange Commission (SEC).

At present, the agency is urging regulators, while drafting rules for tokenizing traditional securities, to prioritize issuer-initiated tokenized securities rather than stock tokens issued by third parties.

In a letter to the SEC, the Securities Transfer Association (STA) emphasized that blockchain stocks should be the actual securities authorized by the issuer and reflected in its official shareholder register, rather than tokens created by unrelated platforms.

The association warned that third-party tokenized stocks may blur investors’ rights and increase platform and custody risks, whereas issuer-initiated tokenized securities could bring substantial benefits to the issuer, investors, and U.S. capital markets—provided that the SEC builds the underlying infrastructure correctly.

Currently, tokenization has become one of the fastest-growing segments in the digital asset sector. Citibank predicts that by the 2030s, tokenized securities could become a $5.5 trillion market, with tokenized stocks reaching $2.6 trillion.

Notably, the tokenized stock market, currently around $2 billion in size, is mainly dominated by third-party models, including related products under Ondo Finance and Kraken; while Securitize, Figure, and others use an issuer-authorized model.

In summary, STA’s stance highlights the contest between traditional finance and the crypto industry over “who controls the definition of on-chain stocks.” In addition, as institutions such as Coinbase, Robinhood, Nasdaq, and DTCC move securities onto the blockchain, this competition is shifting from theory to reality.

In the future, how the SEC distinguishes between “issuer-authorized tokens” and “third-party tokens” may directly determine the direction of the U.S. tokenized securities market. Because this ultimately concerns the legality of on-chain stocks, the standards for compliant trading, and how responsibilities and liabilities among different parties are defined.

#代币化证券 #SEC

July’s Gold Market Reaches a Critical Turning Point: Multiple Major Events Converge

At the start of this week, the gold market is about to enter a key turning-point period for July. A series of important meetings and data that will significantly affect major gold price moves will be released in quick succession, bringing major uncertainty to the market.

According to the schedule, at 20:30 on July 14, the U.S. will release June CPI and core CPI data, and at 22:00 the same day, Worsh will attend a hearing in the House of Representatives.

At 22:00 on July 15, Worsh will also attend a hearing in the Senate. At 02:00 on July 16, the Federal Reserve will publish the Beige Book. At 20:15 on July 23, the European Central Bank will release its interest rate decision.

July 30 will see the FOMC rate decision meeting and a news conference. On the same day at 20:30, another FOMC rate decision meeting and news conference will be held. At 02:30 on July 31, the U.S. will release the June core PCE price index.

Market analysis suggests that these major events will have a significant impact on gold’s trajectory. If Federal Reserve officials send hawkish signals and emphasize inflation risks, it would be a headwind for gold;

If they send dovish signals and highlight easing economic pressures, it would be supportive for gold. If data and commentary point in different directions, the market may maintain a range-bound, choppy pattern. Investors need to closely monitor the policy signals and economic data around these key time nodes.

#黄金市场 #利率会议

U.S. government debt surpasses $39 trillion, highlighting the value of bitcoin as a hedge

Latest news as of July 13: the current size of U.S. Treasury debt has surpassed the $39 trillion mark. This figure provides strong evidence for bitcoin’s role as a store of value.

According to data released by the U.S. Treasury in March, the total amount of U.S. national debt has exceeded $39 trillion, while debt held by the public is more than $31 trillion—marking the first time, outside of the pandemic period, that it has exceeded the scale of the U.S. GDP.

In the face of increasingly severe debt conditions, the Congressional Budget Office projects that the federal deficit for fiscal year 2026 will reach $1.9 trillion. By 2036, public-held debt could rise to $5.6 trillion.

Against this backdrop, Senator Cynthia Lummis is actively pushing the “Bitcoin Bill,” planning to instruct the Treasury to acquire up to 1 million bitcoins over five years, and intends to hold them for at least 20 years—aiming to use them as a long-term hedging tool.

Lummis said this move could reduce national debt by one-third to one-half. She expects the Treasury to begin buying bitcoin by the end of 2026, and reiterated the decade’s price target for bitcoin to reach $500,000.

Meanwhile, the International Monetary Fund (IMF) previously predicted in April that by 2029, global public debt could approach 100% of the world’s GDP, further underscoring the urgency of finding alternative store-of-value tools.

#美国政府债务

Procuratorial Daily: Criminal Law Regulation of Virtual Currency Money Laundering Faces Threefold Realistic Dilemmas and Challenges

On July 12, the Procuratorial Daily recently published an article titled “Systematically Addressing the Dilemmas in Using Criminal Law to Regulate Virtual Currency Money Laundering.” The piece provides a systematic analysis of multiple challenges that current judicial practice encounters in combating crimes involving virtual currency money laundering.

The article points out that when combating virtual currency money laundering crimes, current judicial practice mainly faces three major dilemmas: the characterisation of conduct, evidence collection, and recovering and preserving proceeds. These dilemmas constantly hinder judicial authorities from effectively punishing virtual currency money laundering crimes.

First, with regard to the characterisation of conduct, since Article 191 of the Criminal Law still limits the offence of money laundering to seven categories of predicate crimes, many cases can only be dealt with as the crime of “concealment.” In judicial practice, the crime of concealment shows a clear tendency toward “pocketing,” where diverse situations are forced into that category.

Second, in terms of evidence collection, the anonymity and cross-border nature of virtual currencies pose systematic challenges to traditional rules of evidence. These two features are like sturdy barriers, offering concealment for criminals.

Specifically, criminals use mixers, privacy coins, and decentralized exchanges to conduct multi-layer splitting and cross-chain transfers, thereby building a complex criminal network spanning multiple jurisdictions. This makes it difficult for traditional investigative methods to penetrate.

At the same time, the existence of public-and-private key mechanisms makes it hard to determine identity consistency among the criminal subjects. To associate blockchain addresses with real identities requires de-anonymization, but the technical threshold for this is high, further increasing the difficulty of identifying criminal subjects.

In addition, data barriers among transaction platforms and payment institutions—like “information islands”—make it difficult for investigative authorities to reconstruct a complete chain of funds. Coupled with the fact that technical tools lag behind the iteration of crimes, it becomes difficult to obtain evidence and trace it.

Third, in the recovery and preservation of proceeds, conflicts in the legal attributes of virtual currencies lead to obstacles in disposal. A vacuum in procedural rules causes fragmentation across steps, while cross-border cooperation barriers hinder the recovery of assets.

In the end, the article calls on judicial authorities to build a comprehensive response plan from multiple dimensions, including law, technology, and international cooperation, so as to effectively overcome these real-world dilemmas.

#虚拟货币洗钱 #洗钱刑法规

Worsh faces his first major decision after taking office: whether to reverse last year’s rate-cut policy direction

July 13 report: According to Nick Timiraos, known as the “Federal Reserve megaphone,” in an article in The Wall Street Journal, Federal Reserve Chair Kevin Warsh is facing his first major policy choice since taking office—whether to reverse the interest-rate-cut cycle launched last year.

At his first meeting as chair last month, the committee unanimously decided to keep interest rates unchanged. Because there was a lack of momentum for immediate action at the time, reaching consensus was relatively easy. However, that consensus may be challenged in the coming weeks.

Analysts say that some of Warsh’s colleagues are growing increasingly concerned about inflation. Market consensus holds that these officials are very likely to actively push for discussions on rate hikes at the next monetary policy meeting scheduled for July 28–29.

This week, Warsh will hold an internal officials hearing in Congress, where he will have the opportunity to influence the committee and build consensus.

At that time, the Fed will have the latest June CPI inflation data—among the final key economic indicators ahead of the policy meeting.

In short, this inflation data will provide crucial basis for the committee’s assessment of the economic situation, and it is the last key piece of the puzzle before the Fed’s July interest-rate decision.

And once this inflation report is released, it may directly determine whether the Fed begins a policy shift this month.

#美联储 #货币政策

Analysis: Bitcoin (BTC) short-term holders (STH) cost basis becomes a key resistance; the more than 9-month “underwater” state is linked to the bear-market cycle

On July 12, CryptoQuant analyst Darkfost posted an analysis on the X platform, noting that Bitcoin (BTC) short-term holders (STH) cost basis shows market characteristics tied to the bear-market cycle.

Specifically, BTC has been trading for more than nine consecutive months below the STH cost basis. This kind of prolonged STH “underwater” condition is often associated with a bear-market phase.

Currently, the STH cost basis is around $70,700 and continues to act as a price resistance. In May this year, the market also reflected this price-pressure trend—after BTC climbed to around $82,000 to test the range, it quickly pulled back.

However, as the level of this cost-basis line has recently shown a clear decline, Darkfost believes this signals that some investors are adding positions on dips, lowering their own average cost.

He also pointed out that if BTC is to break out of its current state and once again trade above the STH cost foundation, the primary positive signal would be successfully reclaiming this key level of the STH cost basis.

#BTC #短线持有者

Uniswap’s daily fee revenue hits $5.2 million; founder confirms protocol fees are now live and being used to burn UNI

On July 12, Uniswap founder Hayden Adams recently posted on the X platform to disclose that Uniswap’s current daily fee revenue has reached $5.2 million. This achievement stands out in the DeFi space, second only to stablecoin-related protocols such as USDC and USDT.

Currently, Uniswap’s fee revenue has surpassed all other protocols, and far exceeds competing protocols like Hype and Pump. Hayden also provided a link to DeFi Llama’s fee data, along with detailed tables that clearly show Uniswap’s leading position in the industry, including protocol names, categories, definitions, and daily fee amounts.

Beyond the financial figures, this morning Hayden Adams also issued an important reminder to users regarding the state of protocol governance. He pointed out that Uniswap’s protocol fee mechanism has officially been activated and is now executing a UNI token burn process. However, there are still many users who misunderstand, mistakenly believing that the fee mechanism has not started.

Regarding this protocol fee mechanism, Hayden emphasized that Uniswap currently has three key governance proposals in the voting stage. These proposals cover several important areas: including Robinhood on-chain fees (covering the v2/v3 versions), the fee mechanism for the v4 version, and cleanup fee arrangements involving multiple cross-chain bridges such as xLayer, Ava, Megaeth, and Sonicium.

Previously, Uniswap activated protocol fees in its v2 and v3 pools through the UNIfication governance proposal, and directed the collected fees toward buying back and burning UNI.

As for the v4 fee proposal, because the architecture is more complex, it was designed with a dedicated fee controller and plans to activate it gradually in some pools—sparking community discussion about protecting liquidity providers’ interests.

In summary, Uniswap’s daily fee revenue surpassing $5.2 million is both a proof of strength for its business model and a direct reflection of its ability to capture value at the DeFi layer.

After the protocol fee mechanism was turned on and used to burn UNI, Uniswap is shifting from being merely a trading protocol toward a deflationary economic ecosystem—an action that also profoundly affects the long-term value logic of UNI.

Meanwhile, alongside the v4 upgrade and the advancement of cross-chain fee governance, Uniswap’s value-capture capability is improving, bringing more tangible benefits to protocol users, and marking a move for DeFi protocols from “tool” attributes to “financial asset” attributes.

#Uniswap #协议治理