The news from the past couple of days has been dense, like fireworks before a market explosion, with each being weighty and rhythmically impactful. Macro policies are changing, traditional institutions are entering, external capital, regulatory attitudes, large on-chain holders, and ETF nodes are all starting to send signals. At this stage, it is not just a chaotic buzz, but an atmosphere where someone is quietly laying out plans, and the market is subtly turning. Being in the midst of it, one must be able to understand the wind and see the direction clearly. Below, I will break down this wave of news item by item, clarifying the logic to discern which are true signals and which are merely smokescreens.

White House: Plans to ban the issuance of CBDC.

This essentially douses cold water on the Federal Reserve's 'digital dollar' project. If Trump does come to power and implements this, the path for decentralized currencies will lose a potential 'official competitor', indirectly benefiting Bitcoin and ETH-type public chain assets. For us, this means the narrative around mainstream coins can gain even more momentum.

Panduo BTC ETF will be listed on the Hong Kong stock market on July 18.

This is a 'Hong Kong action', and although it is not in the US, it is the first of its kind this year in Hong Kong, focused on nodes + exclusivity. The introduction of such ETFs essentially opens a channel for traditional funds to enter the market, whether in HKD or USD does not matter, the key is that there are more 'tickets' available. In the short term, it may boost sentiment, especially during the Asian trading hours when volatility tends to increase.

JPMorgan enters the market with stablecoins + deposit coins.

Traditional major banks entering the 'stable system' indicates they are not bearish on crypto but want to create their own 'regulatory-friendly version of USDT'. The stablecoin track will increasingly resemble 'financial infrastructure', and in the future, you might be able to transfer JPM Coin directly through your bank's app. This is a stress test for stablecoin players and a boon for the on-chain payment ecosystem.

A new proposal to freeze Satoshi's BTC.

This news sounds quite sensational, but if it is truly implemented, it is essentially 'political expression greater than actual impact'. Whether Satoshi's wallet can be touched has always been a mystery that the crypto community has focused on. The proposal is just a proposal, and the execution difficulty is extremely high, but it may cause panic in the short term, so it is advisable not to chase it easily.

The UK releases a digital finance strategy, supporting DLT + stablecoins.

It seems the UK government intends to take a 'compliance chain reform' route, not opposing crypto but wanting to 'lead the way'. Overall, this is positive for blockchain fundamentals + stablecoin implementation, although this approach primarily serves financial institutions and has a weaker impact on DeFi and retail investors; however, the ecological narrative will be repackaged.

Henan issues risk warning for illegal fundraising related to stablecoins.

Local regulators are starting to crack down on 'USDT pyramid schemes' and 'stablecoin financial products'; these warnings are not new, as similar cases occurred in Guangzhou and Shenzhen. Such actions do not affect legitimate exchanges; rather, they can accelerate the cleanup of shady projects, which is beneficial for the long-term health of the industry.

BlackRock Q2 financial report: Bitcoin ETF inflows exploded by 366%.

Significant positive news, it's not about 'how much to buy' in digital assets, but rather 'the growth rate'. This indicates that traditional institutional money has genuinely started to enter the market, rather than just talking about it. BlackRock is being helmed by one of the top players, and this influx not only supports BTC prices but also instills confidence in other ETFs.

G20 lists stablecoins as a key issue.

Global leaders are beginning to seriously discuss stablecoins, indicating that this area is not just a side issue but one of the core components of the next stage of financial architecture. The stability lies in both 'coin price' and 'regulatory logic'. Major powers do not want to lose control, while smaller countries want to seize opportunities. This confirms the stablecoin track rather than speculative hype.

The US House of Representatives did not pass the first-round procedural vote on the cryptocurrency bill.

Short-term negative, but more like a warning. The legislative process is inherently complex, and it is not surprising that the first round did not pass; the focus should be on what comes next. As long as a second vote can be passed this week, that would be a major positive. The key lies in the political games of the legislators; the crypto community can only wait for the dust to settle.

California partners with Ripple/Coinbase executives for government digital transformation.

This is not just a slogan; it is a significant advancement in the binding of Web3 and government. Especially with Ripple, which has turned from a lawsuit quagmire to a 'government partner', and Coinbase is also making great efforts to clear its name. This collaboration is a major boon for local projects in California, NFT governance, on-chain identity systems, and other directions.

SharpLink holds over 280,000 ETH, exceeding the Ethereum Foundation.

This data is astonishing, equating to a company holding more assets than the official team. The underlying attitude can be summed up in two words: bullish. Such actions are either long-term bets or participation in deeper ecological operations. This is undoubtedly a confidence booster for the market.

GameStop CEO: Buying BTC is for inflation resistance, but not following Saylor.

This can be seen as a typical case of 'conservatives entering the market'. He buys BTC but does not go all in. For the community, it increases recognition, and while it may not have a significant impact on market prices, it can lead to a narrative fermentation, such as 'new paradigms of corporate inflation resistance'.

Kraken launches derivatives services in the US.

This means the derivatives battlefield in the US is also starting to heat up. Kraken has always been a compliant old brand, and this expansion provides retail investors with an additional legitimate platform, putting pressure on non-US exchanges like Binance. In the future, it's unlikely that US regulators will ban derivatives but rather will require compliance.

The US House of Representatives advances the trilogy of cryptocurrency legislation votes.

The pace is tight; whether it can pass in one go depends on the voting performance of the legislators. However, as long as it enters the full house review stage, it indicates that this matter is being taken seriously. Especially with the GENIUS bill, which involves taxation, custody, and asset definitions; if implemented, the entire US market will welcome a year of cryptocurrency compliance.

Binance releases risk warning for the Alpha project.

Binance's action is a form of 'proactive cooling', preventing users from recklessly investing in Alpha-type projects. For the platform, it serves as a protective mechanism, but also reveals potential compliance risks lurking within Alpha projects. Retail investors should remember: not all 'tests' are worth participating in; there are pitfalls.

Mastercard executive: 90% of stablecoin trading volume is still trapped within the ecosystem.

This statement is quite accurate; stablecoins are still far from 'mainstream payment'. Currently, they are merely tools for circulation between exchanges/DeFi and haven't yet reached the lives of ordinary people. To take off, there needs to be either major platform integration or the ability to cross compliance thresholds. It's challenging in the short term but still worth watching in the long term.

Summary of views:

In this round of news, the biggest keywords are 'regulatory progress + traditional giants entering the market'. The advancement of the US cryptocurrency bill, the explosive fundraising for ETFs, and the actions of Morgan and BlackRock indicate that traditional finance is no longer just a spectator. Meanwhile, stablecoins are being treated as a new core of global finance, and the narrative has shifted from 'bubble' to 'infrastructure', which is a true signal shift. Actions like SharpLink heavily holding ETH and GameStop buying BTC are telling us: outside institutions, with a long-term perspective, have already set their sights on mainstream assets. Right now is a window period of 'news explosion + policy game + capital game', where sentiment and structure are both building toward a breakthrough. Those who need to be cautious should be, but let's not forget, major market movements often quietly start when news is chaotic and sentiment is mixed.

If you're still hesitating whether to enter, pay attention to Xiao Chen; I will continue to monitor the market, and any important turning points will be updated immediately. Stay informed and invest wisely.

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