Introduction:
1、The Chinese Foreign Ministry opposes the U.S. imposing heavy tariffs, the U.S. imposes a 35% tariff on Canada
2、The U.S. Treasury officially cancels the cryptocurrency broker reporting rule, favorable for DeFi projects
3、The Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on the development trends and countermeasures of cryptocurrencies and stablecoins
4、Ethereum's futures trading volume in the last 24 hours reached 62.1 billion USD, surpassing Bitcoin's 61.7 billion USD.
5、Attention to significant inflows in ETFs, ETH ETF had a significant inflow of 211 million on July 9, BTC had an inflow of 727 million on the 10th without BlackRock data.
6、@BONK_FUN 7-day income exceeds @PUMPDOTFUN — 6.23 million USD VS 4.23 million USD
7、Pump can arbitrage through contracts + participation in public offerings
One, Macroeconomic Market
(1) Traditional Market
1、U.S. stocks: Nasdaq up 0.09%, S&P up 0.27%, Dow up 0.43%, Tesla rose 4.73% due to Grok's upcoming launch on Tesla's automotive products and Grok4 release.
2、U.S. Treasury Bonds, USD: 10-year Treasury bonds rose 0.32% on the 10th to 4.33%, DXY rebounded to 97.82
3、Gold: High-level fluctuations at 3325.9
(2) Policy Trends
1、Tariffs
(1)
(2) Chuanzi announced a 35% tariff increase on Canada
(3) Regulatory Dynamics
1、[Favorable for DeFi] The U.S. Treasury officially cancels the cryptocurrency broker reporting rule.
The cryptocurrency broker reporting rule requires certain DeFi brokers to report total revenue and provide user data, including names and addresses. This rule was finalized by the IRS last December, requiring DeFi brokers to submit 1099 forms, similar to traditional securities brokers. Critics argue that this rule stifles innovation, harms privacy, and complicates tax reporting for the decentralized nature of the crypto industry. U.S. senators previously proposed a (Congress Review Bill) resolution to overturn this controversial IRS rule, which was signed into effect by President Trump in April this year.
2、The U.S. Senate Banking Committee plans to postpone the discussion of the (Crypto Market Structure Bill) draft until next week, originally aimed for this week. Meanwhile, the House fundraising oversight subcommittee has rescheduled the hearing on the (21st Century Crypto Tax Policy Framework) to next Wednesday (16th), coinciding with 'Cryptocurrency Week'.
(4) Government & Crypto Dynamics
Two, Market Review
1、Market Data: Trading volume surges
According to glassnode data, Ethereum's futures trading volume in the last 24 hours reached 62.1 billion USD, surpassing Bitcoin's 61.7 billion USD.
Glassnode pointed out that this situation is rare, 'it marks a shift in traders' attention and positioning before possible ETH-specific catalysts.'
2、Stablecoin inflows at 723 million, USDT inflows at 299 million, USDC inflows at 425 million
3、ETF Data Note ETH ETF had a significant inflow of 211 million on July 9, BTC had an inflow of 727 million on the 10th without BlackRock data, SOL ETF showed a downturn with an outflow of 15.7 million on the 10th
4、Institutional Dynamics
(1) The (2025 Q2 Enterprise Bitcoin Adoption Report) released by Bitwise shows that as of June 30, there are a total of 125 publicly listed companies holding 847,000 Bitcoins, accounting for 4.03% of the total Bitcoin supply, with a market value of approximately 91 billion USD, a quarter-on-quarter increase of 60.93%. Among them, the new purchase amount this quarter is 159,000 Bitcoins, setting a new record, with an additional 46 companies holding Bitcoins.
GameStop completed its first Bitcoin purchase, while Trump Media is raising 2.5 billion USD for Bitcoin accumulation. As more companies enter the Bitcoin market, this digital currency is becoming an important asset allocation for institutional investors.
(2) SOL Micro Strategy
[1] SOL Micro Strategy $DFDV purchased 153,225 SOL, totaling 846,630 SOL (133.1 million USD)
[2] BIT Mining Ltd (BTCM) pre-market up 252.85%. Bit Mining announced that it will convert its cryptocurrency holdings to SOL and raise 200 million to 300 million USD for Solana strategy.
Three, Industry Highlights
(1) Related to pump
1、Related to arbitrage
(1) Strategy
High contract prices, short contracts
Public offering prices are low, participate in public offerings
(2) Risks
[1] Funding rate risk, subsequent short positions may incur very high funding rates
(Hyperliquid is 1 hour 1 collection, Binance and Bybit are more user-friendly)
[2] Significant volatility can cause a 1x short to get liquidated (low probability)
[3] Did not participate in the public offering (note that public offerings are first come, first served)
2、Related to public offerings
(1) Time: July 12, 22:00 to July 15, 22:00
(2) Quota:
[1] Bitget limit 1 million USD
[2] gate limit 100,000 USD, there is a subscription rebate activity, activity introduction https://www.gate.com/zh/announcements/article/46021
[3] bybit limit 500,000 USD
3、Other profit points
Bybit may launch a new user pump activity, worth paying attention to
4、Conspiracy Theories
5、Other KOL operations
(2) Other Hotspots
1、For the first time in history @BONK_FUN 7-day income exceeds @PUMPDOTFUN — 6.23 million USD VS 4.23 million USD
2、According to official data, the 'Make WLFI tokens tradable' proposal has opened community voting, and the current approval rate is 99.93%, voting will close on July 17. The proposal aims as follows:
· Make WLFI tokens tradable, thus enabling broader community governance participation through peer-to-peer trading or secondary markets;
· Promote the transition of the WLFI ecosystem from closed participation to open participation;
· Enhance the utility and scope of the tokens;
· Initiate the next phase of community ownership and interaction;
· Align long-term token incentives with protocol adoption and success.
Four, Alpha
1、Chuanzi social platform utility token
2、After BTC breaks new highs, watch for altcoin movements to see if an altcoin season emerges (ETH strong, altcoin booming)
HYPER rose to 0.6 USD, currently quoted at 0.5679 USD, with a 24-hour increase of 385.68%.
3、If @LineaBuild announces TGE during the ETH surge, it may peak
