Lead:
1. Affected by tariffs, U.S. stock indices fell across the board; influenced by Musk's establishment of a new political party, Tesla dropped by 6.79%.
2. The tariff rates for South Africa, Kazakhstan, Malaysia, Laos, and Myanmar are determined by 'the U.S. trade deficit with the country divided by the amount of U.S. imports from that country, multiplied by 50%'.
3. The SEC is urging issuers to revise and resubmit their spot Solana ETF applications by the end of July, suggesting that the approval speed will be faster than expected.
4. Coinbase has submitted a pilot application to the U.S. Securities and Exchange Commission (SEC) to provide tokenized stock trading services to U.S. customers, pending SEC approval.
5. The Gate page briefly went live with a notice for the 'PUMP token sale starting on July 12', which has now been deleted; based on existing page screenshots, pumpfun raised 600 million with a 4 billion FDV.
6. Bonkfun platform's market share exceeds pumpfun.
One, macro markets
(1) Traditional markets.
1. U.S. stocks: Nasdaq down 0.92%, S&P down 0.79%, Dow down 0.94%, Tesla down 6.79%, Circle up 9.9% to 207.46.
2. U.S. bonds, U.S. dollar: 10-year U.S. bonds rose by 0.8% to 4.39%, DXY fluctuated at a low of 97.3.
3. Gold: Gold fluctuates at a high level, 3345.0.
(2) Policy trends
1. Federal Reserve interest rate cuts.
A popular candidate for the next Federal Reserve chair, former Fed governor Walsh: The Fed's decision to keep monetary policy rates unchanged has frustrated the U.S. president, and I sympathize deeply. Rates should be cut to lower levels. Trump's tariffs will not cause inflation effects.
2. Tariff situation
(1) Chuanzi stated that the tariff letters sent today are, to some extent, a final offer. The August 1 (trade negotiation) deadline has been set, but he is open to other ideas.
Previously, Chuanzi announced its tariff letters issued to multiple countries. As of the time of writing, it has issued the latest tariff rate threats to 14 countries. Japan, South Korea, Kazakhstan, Malaysia, and Tunisia face a 25% tariff rate; South Africa and Bosnia have a rate of 30%; Indonesia's rate is 32%; Bangladesh and Serbia are at 35%; Thailand and Cambodia have a rate of 36%; Laos and Myanmar have a rate of 40%. The aforementioned tariffs will take effect on August 1.
(2) The tariff rates for South Africa, Kazakhstan, Malaysia, Laos, and Myanmar are determined by 'the U.S. trade deficit with the country divided by the amount of U.S. imports from that country, multiplied by 50%'.
(3) The U.S. side stated that if Korean and Japanese companies set up factories in the U.S. for production, they could be exempt from the tariffs and promised to provide a fast, professional, and standardized approval process.
2. SEC-related news
The SEC is urging issuers to revise and resubmit their spot Solana ETF applications by the end of July, suggesting that the approval speed will be faster than expected. Previously, the REX-Osprey SOL and Staking ETF received automatic approval and began trading last week under different regulatory rules, meaning the spot Solana ETF will join Bitcoin and Ethereum as the only approved spot cryptocurrency fund in the U.S., while applications for XRP, Dogecoin, and Litecoin are still pending.
3. Other policy-related matters
Two, market review
1. Market data: Although trading volume has increased, the current trading amount is relatively sluggish.
2. Stablecoin data: Inflow of 191 million; USDT inflow of 32 million, USDC outflow of 230 million.
3. ETF data
No BlackRock data. On July 7, BTC ETF inflow was 52 million, ETH ETF inflow was 8.9 million.
Sol ETF inflow of $8.8 million
4. Institutional dynamics
(1) U.S. listed company Murano signs a standby stock subscription agreement (SEPA) of up to $500 million, fully launching a Bitcoin reserve plan.
(2) Metaplanet CEO Simon Gerovich announced that Metaplanet has invested approximately $238.7 million to acquire 2,205 Bitcoins, with an average purchase price of about $108,237. As of July 7, 2025, Metaplanet holds 15,555 Bitcoins, with an average purchase price of about $99,307.
(3) In response to OpenAI's urgent rebuttal, which states it has not authorized Robinhood and that the so-called 'OpenAI token' does not represent equity in OpenAI, a Robinhood spokesperson stated that the OpenAI token will provide investors with an indirect investment opportunity in OpenAI through ownership in an SPV, meaning Robinhood does not directly hold shares in OpenAI but indirectly holds them through some SPV, and then links the value of the OpenAI token to the value of OpenAI shares held by that SPV.
At this stage, the three trading platforms, Robinhood, Bybit, and Kraken, have not launched U.S. stock tokenization services for U.S. customers, while Coinbase has submitted a pilot application to the U.S. Securities and Exchange Commission (SEC) to provide tokenized stock trading services to U.S. customers, pending SEC approval.
Three, industry hotspots
1. The Gate page briefly went live with a notice for the 'PUMP token sale starting on July 12', which has now been deleted.
Based on existing page screenshots, this time Gate raised 600 million.
(1) 0xsun believes that large funds going in have a very good chance of making 50-100%.
(2) One point I can't figure out is, after being hyped for so long, it ended up being publicly sold on Gate.
2. Bonkfun platform's market share exceeds pumpfun.
Bonkfun's transaction fees are divided into three parts: BONKSOL node validation, 50% of revenue is directly used for buying back and burning $BONK, and ecosystem construction fund.
Additionally, after token migration, creators receive a 10% permanent share of LP.
Four, Alpha
1. Calm judgment on the launchpad.
In simple terms: after blur's trading volume surpassed OpenSea, the entire NFT market fell into a trough in less than six months.
2. Scam warning: @DogexLinea, a project riding on the hype of the Linea airdrop, is actually a clone of the scam project Dogem, which was launched during the Scroll airdrop and ultimately ran away with all the funds.
3. Following the continuation of the Rune protocol, the once one coin one satoshi Atomicals protocol (ARC20) will be completely removed from the OKX wallet and market on July 17!
Currently, #OXK still only has BRC20 and Fractal as the two major inscription markets~
