Crypto friends! 2025 is already half over, but the second half clearly does not intend to start 'Buddha-like'. #加密市场回调

The rhythm of the crypto world is becoming increasingly dense, not only are the boundaries between traditional finance and the crypto world accelerating to blur, but there are also shifts in regulatory flags, sovereign capital entering the market, and giants are stepping in. #美联储利率决议

Do you think a sluggish market means nothing is happening? Wrong, the shadow war between hot money and power has already begun. 🐂🐻#美国加征关税

This issue (Crypto Express) takes you to see the three major market dynamics: regulatory reform storm, major platform trends, and the ever-changing landscape of popular assets.

This is a combination of macro and micro; a grand review before the switch between bull and bear. Don't want to be left behind by the next wave of FOMO, start swiping now! #美SEC启动ProjectCrypto计划

Regulatory upheaval: Project Crypto fires the first shot in the US crypto system reform

On July 31, SEC Chairman Paul Atkins announced the launch of the historic 'Project Crypto' plan, officially sending a signal to the global crypto asset market: the US aims to be the big brother of on-chain finance.

The project will cover:

  • Clear classification and registration pathways for crypto assets (securities and non-securities coexist)

  • Support for tokenized assets, trading, and custody rules are fully upgraded.

  • Introduce a 'Super-App' platform access mechanism

  • Exploration of DeFi compliance pathways

  • There might even be innovative exemption mechanisms and targeted sandbox support 🧪

What does this mean? It's not just about saying support for crypto, but rewriting the rules of the game to allow legal and compliant crypto projects to develop in the US, instead of flowing to Singapore or Dubai.

More importantly, there is also the backing of policies from the Trump administration. Trump signed an executive order last week establishing a 'reciprocal tariff' system, clearly imposing new tax rates of 10%-41% on multiple trading countries and regions. Tough on the outside, incentivizing on the inside, crypto assets are becoming part of the new economic narrative.

📌 This series of operations is essentially equivalent to: 'Want to do business with me globally? First accept crypto dollar settlements!'

Wall Street's attitude has turned 180°: from Ponzi skepticism to deep collaboration on-chain?

Where's the promised 'Ponzi scheme'? JPMorgan's slap in the face comes faster than you think 💥.

On July 30, JPMorgan announced that starting in 2026, it will deeply cooperate with Coinbase to launch 'bank account direct connection to crypto wallet' services. Users can transfer directly from bank accounts to Coinbase wallets and even use JPMorgan credit card points to recharge crypto assets, thoroughly bridging TradFi and DeFi.

Coinbase CEO stated: 'This will lower the threshold for traditional users to participate in Web3; we are explaining the next generation of the internet in a language familiar to the financial world.'

Behind this is a comprehensive reconstruction of Wall Street. JPMorgan had just announced that spot BTC and ETH ETFs would be used as collateral for loans and is now injecting funds into crypto wallets through bank interfaces, filling the gap between traditional finance and the on-chain world.

Zaheer Ebtikar, a crypto investor at Split Capital, put it more bluntly:

'The boundary between crypto and traditional finance? It doesn't exist anymore.'

Let’s start with the data; the Fed's 'favorite indicator' PCE is here!

The US June core PCE price index recorded a year-on-year rate of 2.8%, higher than expected (2.7%) and the previous value (2.7%), showing slight 'stickiness';

The initial claims for unemployment benefits were 218,000, slightly lower than expected (224,000), indicating that the labor market remains resilient;

US Treasury Secretary Becerra stated that he will interview multiple candidates to fill vacancies on the Federal Reserve Board, and remarked, 'I don't see any reason not to lower interest rates,' showing a subtly dovish attitude.

🔍 Interpretation: The overall data is moderately hawkish, but the labor market remains stable, leaving limited room for interest rate hikes. PCE being slightly higher may cause the Fed to wait a bit longer, but there is still a probability of rate cuts before the end of the year.

What does this mean? In the short term, the Federal Reserve may still 'hold its ground' or delay interest rate cuts, creating certain pressures on risk assets, which has directly affected the general adjustment of mainstream coins in the past 24 hours.

Visa doubles down on Web3: supports Avalanche, Stellar, and also brings EURC!

Payment giant Visa is also on the move, its actions directly hitting the heart of the stablecoin market:

  • New support added: Stellar and Avalanche chains;

  • Cooperating with Paxos to support: Global Dollar (USDG) and PayPal USD (PYUSD);

  • Integrating the Euro stablecoin EURC launched by Circle.

🎯 Keywords: multi-chain, stablecoins, international settlement.

Visa's actions indicate that crypto stablecoins are no longer just toys for a small circle, but one of the infrastructures being reshaped in the global payment system.

Tether's financial report shines, Mill City bets on SUI

The stablecoin king Tether's report is out, continuing to dominate the global crypto asset leaderboard:

  • Q2 net profit of $4.9 billion;

  • Holdings of US Treasury bonds exceed $127 billion;

  • The circulation of USD₮ exceeds 157 billion coins.

At the same time, another traditional financial giant, Mill City Ventures, quietly stockpiled:

📈 Conclusion: Old money is also quietly 'all in' on the next generation of infrastructure.

1. SOL ETF advances: Seven asset management giants simultaneously petition the SEC

Grayscale, Fidelity, Bitwise, VanEck, Franklin Templeton and seven other institutions have submitted updated S-1 registration statements to the SEC, applying to establish a SOL ETF.

Among them, Grayscale even plans to pay fund fees with SOL tokens, showing confidence in this ecosystem.

Combining the earlier shift in regulation for 'Project Crypto', the approval probability for these ETFs is increasing. If the SOL ETF is implemented, its on-chain assets and related Dapps (such as Jupiter, Marinade, MarginFi) are expected to welcome new capital inflows.

2. 24-hour crypto hot spots: Fund flows reveal bull and bear sentiment

CEX transaction volume Top 10 and 24-hour price fluctuations:

  • BTC -2.47%

  • ETH -3.88%

  • XRP -4.60%

  • SOL -5.34%

  • BNB -1.24%

  • DOGE -6.40%

  • ERA -7.57%

  • SUI -6.55%

  • ENA -4.88%

  • PENGU -5.69%

24 H gain leaderboard (data source: OKX):

  • MENGO +9.53%

  • MEMEFI +8.72%

  • MEME +8.05%

  • SC +4.33%

  • ICE +3.11%

  • DUCK +2.82%

  • TON +2.02%

  • POLYDOGE +1.47%

  • IP +1.11%

  • NOT +1.10%

24 H trending coins

Notably, BNKR (BankrCoin), as the native token on the Coinbase Base blockchain, has seen an almost 98% increase over the past 7 days, surging nearly 80% in the last 24 hours. Its driving force—the AI trading assistant Bankr—is becoming the new narrative focus of the Base chain.

3. Sonic updates airdrop thresholds

Sonic announces that the Q1 airdrop qualification will be reduced from the original 200 S to 5 S, with each address eligible for a 70 S airdrop per Shard.

📣 Good news for small investors: airdrops are no longer out of reach, seize the time to act!

4. Market Dynamics

🧮 Institutional holdings and financial disclosures: A glance at fund flows

Here are some institutional actions:

📌 Strategy (MSTR parent company)

Net profit for Q2 reached $10 billion (compared to less than $2 billion in the same period last year)

Holds 628,791 Bitcoins, worth over $46 billion

The cost of each BTC is $73,277

It is expected that the annual BTC yield will reach 30%, and more Bitcoin will be accumulated through the newly issued $4.2 billion STRC stock.

📌 Coinbase

Q2 revenue of $1.5 billion, slightly below expectations

Increased holdings by 2,509 BTC

Suffered a loss of $307 million due to data leakage.

📌 Empery Digital

Recently increased holdings by 303 BTC, total holdings reaching 3,803 BTC.

📌 Mill City Ventures

Completed a $450 million private placement

Purchased over 76.3 million SUI at an average price of $3.6389

Plans to continue investing 98% of private placement funds into SUI to strengthen token reserves.

Institutions are not just focusing on BTC; SUI and SOL have become their 'on-chain blue chips'.

Traditional enterprises are undergoing a major transformation: Digital bonds and Web3 strategies are accelerating.

Guotai Junan International

  • Successfully issued the first digital native bonds by a Chinese brokerage, totaling $300 million, issued based on HSBC's 'Orion' platform.

  • These bonds feature automatic execution, smart contracts, and on-chain clearing, exemplifying the trend of RWA assets.

Bestar Holdings (SINOLINK)

  • Plans to rename to Z Fin Limited

  • Strategic focus on Web3, stablecoins, RWA tokenization, and fintech.

  • Has invested in Zhong An Insurance and Zhong An Technology (ZA Global) to build the infrastructure layout of 'fintech + crypto assets'.

Project news and community discussions

  • Pump.fun registered the subdomain fee.pump.fun and may soon launch a fee dashboard and trading volume incentive program.

  • The Ethereum Foundation announced the 'Lean Ethereum' ten-year vision, aiming for 100% uptime + millions of TPS per second, fully addressing the quantum era.

  • Pudgy Penguins announced the submission of a PENGU ETF application, which may cover both NFT and token dual assets; the CEO stated that the team has participated in US crypto legislation.

  • Sonic will reduce the airdrop threshold from 200 S to 5 S, covering a wider range of users.

Asian market dynamics: South Korea's regulatory pace is accelerating.

South Korean financial regulators plan to release guidelines for 'cryptocurrency lending services' next month, having formed a working group with DAXA and five major exchanges. The new regulations will cover core details such as leverage ratios, user education, and asset scope, and are expected to be included in the second phase of virtual asset legislation.

The process of crypto governance in Asia is accelerating, echoing the United States.

Summary: Warming regulation, institutional betting, and technological advancement, has the foundation for the next bull market been laid?

Looking back at the past week, we have seen a trend of regulatory friendliness (SEC launching Project Crypto), large-scale institutional accumulation (MSTR, Empery, Mill City), traditional giants fully integrating (JPMorgan x Coinbase), and continuous optimization of infrastructure (Ethereum, Visa, Guotai Junan).

The market may still be volatile, but the foundation is stable.

The next step in the crypto world is not just about coin prices, but a comprehensive upgrade of the ecosystem: from wallets to accounts, from trading to governance, from speculation to systems.

Are you ready? Whether as an investor, builder, or observer—you are at a historical turning point.

📍 Focus on the market, embrace the future; the next step may be tomorrow morning.

The crypto world changes quickly, with opportunities and risks coexisting. Learn to enter and exit strategically, protect your principal, and you can move forward steadily, gaining wealth and growth. ✍️

Remember to DYOR, manage risk well, and may everyone set sail in the crypto world! 🌊

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