In the grand landscape of the global financial market, the cryptocurrency sector resembles a mysterious sea full of variables and opportunities, constantly attracting the attention of numerous investors and practitioners. Currently, the cryptocurrency sector is undergoing a series of profound changes, with many news events intertwining and colliding, outlining its unique development trajectory and laying the groundwork for future directions.
Recent hot news focus
Bullish's application for listing stirs waves
July 20, 2025, is a day worth remembering for the cryptocurrency world. Bullish, which boasts the renowned cryptocurrency exchange Bullish and the leading media Coindesk, officially submitted registration documents to the U.S. SEC, knocking on the door to being listed on the New York Stock Exchange. This news instantly ignited market enthusiasm and became a focal point of discussion. Established in 2021, Bullish is incubated by powerful forces including the blockchain company Block.one and Silicon Valley star investor Peter Thiel. Its business segments are clear; since its establishment until the end of the first quarter of this year, Bullish's total trading volume has exceeded $12.5 trillion, with the global spot trading volumes for Bitcoin and Ethereum in 2024 reaching approximately $284.8 billion and $144.5 billion, respectively. In the first quarter of 2025, the average daily trading volume exceeded $2.5 billion, ranking among the top five in related spot trading volumes, competing alongside industry giants like Binance, Coinbase, and Kraken. Meanwhile, Coindesk, under its umbrella, is a key data, index, activity provider, and leading media outlet in the cryptocurrency sphere, serving 171,000 professional users globally as of the end of this first quarter, with its media site attracting 55 million unique visitors in 2024. Bullish's application for listing is expected not only to further expand its business landscape with the help of the capital market and enhance its brand influence but also to inject a strong dose of confidence into the entire cryptocurrency sector, boosting market confidence in the cryptocurrency field.
Hong Kong's (Stablecoin Regulation) takes effect
On August 1, 2025, the Hong Kong financial market will witness a major event—the (Stablecoin Regulation) will officially take effect, marking the establishment of the world's first systematic regulatory framework for fiat stablecoins. As early as May 21, the Hong Kong SAR Legislative Council passed the (Stablecoin Regulation Draft), which was subsequently published in the Gazette on May 30, paving the way for its implementation. The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that after the regulation takes effect, the Hong Kong Monetary Authority will begin accepting license applications and is currently conducting market consultations on the specific guidelines for implementing the regulation, aiming to swiftly improve the rules. Stablecoins are playing an increasingly critical role in the global cryptocurrency market; as of the end of May 2025, the global issuance scale of stablecoins has exceeded $235 billion, surpassing Visa's transaction volume over 40 years in just five years. Hong Kong's move aims to regulate the order of the stablecoin market, attract more compliant stablecoin projects to land, enhance Hong Kong's voice and competitiveness in the global cryptocurrency financial field, provide investors with a safer and more transparent investment environment, and promote the compliant application of stablecoins in cross-border payments and financial transactions.
Traditional financial institutions accelerate layout
Fidelity Investments, as a global asset management giant, has been actively involved in the cryptocurrency asset field, becoming a typical representative of traditional financial institutions entering the cryptocurrency space. First, it applied for a Solana ETF, and then it planned to issue a stablecoin, demonstrating its determination to deepen its involvement in the cryptocurrency asset market. If Fidelity's stablecoin is successfully launched, it will challenge mainstream stablecoins like USDT and USDC with its deep brand heritage, vast customer resources, and mature risk management system, attracting more institutional funds into the cryptocurrency market, significantly increasing market liquidity and stability, and pushing the entire cryptocurrency market ecosystem closer to the traditional financial system, accelerating the integration process of both.
Future direction predictions
Regulatory policies continue to improve
From the U.S. Senate passing the (Guidance and Establishment of the U.S. Stablecoin National Innovation Act) (GENIUS Act) to the enactment of Hong Kong's (Stablecoin Regulation), global regulatory policies regarding the cryptocurrency sector are moving from chaos to order. In the future, governments around the world will seek a balance between preventing financial risks, combating money laundering, and promoting the innovative application of blockchain technology. More regulatory details related to license management, trading norms, information disclosure, and other aspects will be gradually introduced, pushing the cryptocurrency sector to bid farewell to barbaric growth and enter a new phase of compliant development, which will not only enhance investor confidence but also lay a solid foundation for the long-term healthy development of the industry.
Technological innovation drives development
The two major upgrades of Ethereum, Pectra and Fusaka, are on the horizon and will significantly enhance network performance and scalability, optimizing transaction throughput, reducing Gas fees, and strengthening data storage and verification mechanisms, providing a more solid underlying support for DeFi, NFTs, and the tokenization of real-world assets (RWA) applications. At the same time, cutting-edge technological explorations such as the integration of quantum computing with blockchain and AI empowerment for blockchain are also being pushed forward at a rapid pace, expected to accelerate Bitcoin block generation speed, optimize mining machine energy consumption, and enhance smart contract risk control, driving technological innovation and application expansion in the cryptocurrency field and giving rise to more innovative business models and financial products.
Market landscape reshaping
Bitcoin reserve companies are becoming a new force in the market, and this trend is expected to continue in the second half of 2025, with more enterprises, including tech giants, likely to establish Bitcoin holdings, changing market investment structures. The stablecoin market size is expected to continue expanding, playing a greater role in areas such as payments, while the total locked value of the RWA sector has surpassed $11 billion, with tokenized U.S. Treasury bonds exceeding $5 billion; in the future, the demand from institutional investors for blockchain management of traditional assets will drive continuous growth in the RWA market, changing the composition of assets and market structure in the cryptocurrency sector.
Regional development differentiation
With its deep foundation in fintech, strong innovative capability, and gradually clarifying regulatory attitude, the U.S. is expected to maintain a leading position in the innovation of compliant financial products such as cryptocurrency ETFs and stablecoins; Hong Kong, as China's financial window for opening up, is expected to leverage the opportunity of the (Stablecoin Regulation) taking effect to make strides in stablecoin trading and RWA project promotion, potentially becoming the Asian cryptocurrency financial center; while Europe and other countries and regions in Asia will find their positioning in cryptocurrency development based on their financial policies and technological foundations, forming distinct development models, resulting in a differentiated regional development trend in the global cryptocurrency sector.
