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Ethereum Approaches Key Breakthrough: Whales Accumulate, ETF Attracts $5 Billion
Ethereum (ETH) is reaching an important moment in its tenth anniversary, with prices continuing to rise and multiple indicators suggesting it may be approaching a significant breakthrough.
Currently, the trading price of ETH is approximately $3,800, still 24% lower than its historical peak in 2021. However, according to CryptoQuant analyst CoinCare, the funding rate in the futures market remains sluggish, indicating that the upward trend is far from over.
Whales Continue to Buy, ETF Attracts Record Fund Inflows
In the past 48 hours, large investors have purchased 220,000 ETH, valued at approximately $850 million, increasing their holding ratio to 23.5% of the total supply, setting a new historical high. This phenomenon may reduce market liquidity and drive prices higher.
Meanwhile, the U.S. spot Ethereum ETF has attracted approximately $5 billion in just 17 trading days, showing rapid growth in institutional demand.
The amount of coins held on exchanges has also significantly decreased, with only 19 million ETH remaining, close to a ten-year low. Over the past month, more than 1 million ETH have been withdrawn from exchanges, further alleviating market selling pressure.
Technical Analysis and Key Price Levels
ETH has risen 1.7% in the past 24 hours, 7.9% in the past week, and has accumulated a 57% gain over the past 30 days.
Current prices fluctuate between $3,708 and $3,874, with the next key resistance level at $4,000 and an important short-term support level at $3,500.
Analyst Ali Martinez believes that if ETH breaks through $4,100, it will trigger a “real breakthrough,” potentially challenging its historical peak close to $4,900 again.
Despite the short-term overbought risk (as indicated by a high RSI), and the possibility of a pullback to $3,300, on-chain data remains strongly bullish. If CoinCare's assessment of the funding rate is correct and institutional funds continue to flow in, ETH may be at a critical moment for setting a new high.

Algorand发布2025+路线图，重振生态系统并推动区块链应用
Algorand基金会发布了2025+发展路线图，旨在将区块链引入日常生活，并与Solana和以太坊等竞争对手展开竞争。
首席执行官Staci Warden表示，基金会正致力于构建面向真实经济的数字基础设施，包括自我主权身份、智能支付和资产代币化。
主要亮点包括：
Project King Safety：重塑协议模型，改革费用与激励机制，目标是建立一个自我维持且安全的系统（将在2026年前逐步推出）；
治理改革：到2025年第三季度，将资助计划完全过渡为社区主导；
Algokit 4.0：全新智能合约开发工具，结合AI和模块化设计，将于2026年发布；
资产代币化：构建符合ACTUS标准的债务与股权智能合约产品，MVP预计2025年第四季度上线。
Algorand意图在TradFi与DeFi融合的浪潮中抢占先机，预计到2033年，全球资产代币化市场将达到18.9万亿美元。

The U.S. Securities and Exchange Commission (SEC) has officially launched a new initiative named 'Project Crypto', aimed at modernizing securities regulations for blockchain-based activities and promoting 'on-chain' financial markets in the United States. The initiative will clarify the legal status of tokens, support the issuance of tokens domestically in the U.S., provide guidance on asset tokenization, and update custody rules. The SEC also plans to allow the parallel trading of securities and non-securities assets and is considering granting pilot regulatory exemptions for DeFi and new on-chain models.

xTAO Becomes the Company with the Most TAO Tokens Held Globally

The listed company xTAO, focused on the Bittensor ecosystem, announced on Wednesday that it has become the publicly listed company with the most TAO tokens globally, currently holding a total of 41,538 TAO, valued at approximately $15.8 million at market price.

This holding has surpassed the recently announced purchase of 29,899 TAO (worth $10 million) by TAO Synergies (TAOX).

xTAO CEO Karia Samaroo (who founded and led WonderFi, acquired by Robinhood for $180 million) stated that the company will leverage the TAO treasury to expand validation node operations, build infrastructure, and create sustainable cash flow through the Bittensor network.

Currently, xTAO is earning an annualized return of about 10% by staking TAO. Last week, the company was listed on the TSX Venture Exchange in Canada and completed a $22.8 million financing from institutions such as Digital Currency Group and Animoca Brands.

#Bittensor #TAO #xTAO #ArtificialIntelligence #Cryptocurrency #Staking #验证节点

Kraken announces second-quarter revenue of $411.6 million, significantly promoting the tokenization of stock assets

Cryptocurrency exchange Kraken reported a second-quarter revenue of $411.6 million for 2025, an 18% year-on-year increase. However, adjusted profits fell 7% year-on-year, dropping from $855 million in Q2 2024 to $797 million.

This quarter's trading volume reached $186.8 billion, a 19% year-on-year increase. Other key metrics also showed strong performance: platform assets grew by 47% to $43.2 billion; the number of funding accounts increased by 37% to 4.4 million. Kraken's stablecoin to fiat market share also jumped from 43% to 68%.

The release of this financial report comes as Kraken seeks to raise $500 million at a $15 billion valuation in preparation for an IPO in 2026.

Kraken stated that it is currently in a "building phase," shifting its focus from pure crypto trading to a broader business layout due to macroeconomic uncertainties (including U.S. tariff policies). The decline in adjusted profits is partly attributed to these external factors.

In the second quarter, Kraken launched several new products, including U.S. stock trading for users in most states, 24/7 forex perpetual contracts launched in mid-April, and xStocks, a set of tokenized blue-chip stocks and ETFs launched in June.

This initiative reflects the growing trend of integration between traditional finance (TradFi) and the crypto industry. Coinbase is currently seeking SEC approval to launch tokenized stocks, while Robinhood and eToro have also rolled out hundreds of tokenized U.S. stocks and ETFs for European users.

Ethereum ETF Surges, Compared to 90s Tech Stocks

According to Bloomberg analysts, Ethereum is increasingly resembling early tech stocks, while Bitcoin continues to play the role of 'digital gold.' These two assets represent distinctly different investment strategies.

The Ethereum ETF has just recorded its strongest month ever, with weekly net inflows reaching $1.8 billion, the second highest in history. To date, the cumulative net inflows for the Ethereum ETF have surpassed $9.62 billion. Just on Tuesday, these funds attracted $218 million in new capital, once again outpacing the Bitcoin ETF.

Notably, the iShares Ethereum Trust ETF (ETHA) is poised to become the fastest ETF in history to reach a $10 billion scale (excluding Bitcoin ETFs). Analyst Eric Balchunas stated, 'Without the existence of the Bitcoin ETF, ETHA would be the fastest ETF ever to reach $10 billion, achieving this even at double the speed. This crazy data shows how exaggerated it was when the Bitcoin ETF launched.'

Robinhood's profits double, Crypto revenue grows 98%, accelerating tokenization strategy and global expansion
Robinhood (HOOD) announced its second-quarter earnings report, with cryptocurrency trading revenue increasing 98% year-over-year to $160 million. The cryptocurrency trading volume was $28 billion, a 32% year-over-year increase.
Despite being lower than the first quarter's $46 billion trading volume and $252 million in crypto revenue, the company is still accelerating its long-term crypto strategy, including:
Acquisition of Canadian WonderFi for $179 million.
Completion of a $200 million acquisition of cryptocurrency exchange Bitstamp, which recorded $7 billion in trading volume post-acquisition.
Launching stock tokenization and crypto perpetual contract trading in the European Union.
Opening Ethereum and Solana staking services in the United States.
Developing a Layer 2 blockchain based on Arbitrum.
CEO Vlad Tenev stated that the launch of tokenization is "the biggest innovation in the industry in the last decade."
The diluted earnings per share for the second quarter was $0.42, doubling from the same period last year. Total revenue grew 45% to $989 million, exceeding market expectations. HOOD's stock price rose 2.7%, closing at $106.10, with the company's market value reaching $90 billion.

The First Leveraged XRP ETF in the U.S. Surpasses $300 Million in Net Inflows

Teucrium 2x Long Daily XRP ETF (XXRP) recorded $323.6 million in net inflows last week, becoming the first XRP ETF in the U.S. to surpass $300 million in net inflows.

Currently, XXRP accounts for 52.5% of the total net inflows of $616 million across all XRP ETFs in the U.S., although these products are still based on derivatives as the SEC has yet to approve spot products.

Last week, XRP ETP attracted $189 million in inflows, with XXRP accounting for $73.4 million, an increase of 22.7% from the previous week.

XXRP was launched on April 8 and is currently leading among the four XRP ETFs trading in the U.S., with other products including Volatility Shares' XRPI and XRPT as well as ProShares' UXRP.

Global net inflows for XRP products have reached $721 million, still below Solana ETP's $844 million.

The U.S. Securities and Exchange Commission (SEC) has approved the creation and redemption of cryptocurrency ETP shares using a physical (in-kind) method, allowing funds like Bitcoin and Ethereum to exchange shares directly for the underlying assets instead of cash. This move aims to reduce costs, improve efficiency, and signifies a shift in regulatory policy towards greater support for the crypto industry under the push of the Trump administration.

Mill City Ventures III invests $450 million to purchase SUI, stock price skyrockets 270% in 5 days

The Nasdaq-listed small business loan company Mill City Ventures III (MCVT) has successfully raised $450 million through private financing to purchase SUI—the cryptocurrency currently ranked 15th by market capitalization. The company stated that it will acquire SUI through the open market.

MCVT's stock price rose 11% on Monday, with a total increase of nearly 270% over the past 5 days. Chief Investment Officer Stephen Mackintosh stated that SUI has the potential for widespread adoption by institutions due to its speed, high efficiency, and ability to support AI workloads while maintaining security and decentralization.

This financing was co-led by Karatage and the SUI Foundation, with participation from major institutions such as Galaxy Digital, Big Brain Holdings, FalconX, and Pantera Capital. SUI is the native token of the SUI blockchain, which was developed by former Facebook engineers and aims to compete directly with Ethereum.

Binance Launches Airdrop and Lists Treehouse (TREE) Spot Trading

Binance will list Treehouse (TREE) for spot trading on July 29, 2025, at 22:00 (Beijing time). This is a decentralized fixed-income platform. TREE will open trading pairs with USDT, USDC, BNB, FDUSD, and TRY.

From July 10, 2025, 08:00 to July 14, 2025, 07:59 (Beijing time), users who stake BNB in Simple Earn (flexible or fixed) and/or on-chain yield products will be eligible for the TREE airdrop. A total of 12.5 million TREE will be distributed, accounting for 1.25% of the total supply, and will be credited to users' spot accounts at least 1 hour before trading begins.

The maximum supply of TREE is 1 billion, with an initial circulation of over 156 million (15.61%). The token is deployed on the BNB Chain and Ethereum network.

Users can start depositing TREE at 24:00 on July 28 (Beijing time). Binance will add a "Seed Tag" for TREE and will not charge listing fees. TREE will also be available on the Binance Alpha platform in the early stages.

Binance's HODLer Airdrops program will automatically distribute rewards based on users' historical BNB holdings snapshots in Simple Earn and on-chain yield products. Users do not need to participate actively; they just need to stake BNB to receive additional token rewards.

Tron Inc. plans to raise $1 billion to expand TRX reserves and fully shift towards a cryptocurrency strategy after the merger

Tron Inc. (formerly SRM Entertainment) plans to raise up to $1 billion through equity and debt instruments to expand its TRX-centered cryptocurrency asset reserves after merging with Sun Yuchen's blockchain project. The company currently holds over 365 million TRX and aims to establish a corporate treasury based on the token. Since June, Tron Inc.'s stock price has surged over 1,300%, reflecting a positive market response. Tron Inc. is becoming one of the few publicly listed companies focusing on altcoins rather than Bitcoin.

BNB——Binance's (币安) native token——has just reached a new high of $844.17, rising about 20% in the past two weeks. This surge has sparked market speculation: Zhao Changpeng (CZ) may have surpassed Bill Gates and entered the ranks of the world's wealthiest people.

According to estimates by Bloomberg and Forbes, CZ's net worth is between $60 billion and $136 billion, which includes his holdings in Binance and the 94 million BNB he owns. Considering his substantial Bitcoin purchases in 2013, CZ's net worth is likely to exceed that of Bill Gates ($124 billion) and Michael Dell ($136 billion).

Although these figures remain speculative and BNB's liquidity is low (making it difficult to sell all at the current price), BNB reaching an all-time high undoubtedly propels CZ back onto the global financial stage, becoming a symbol of the cryptocurrency rebound.

Chinese authorities seized a $20 million Bitcoin money laundering case involving employees of Kuaishou, the country's second-largest short video platform. The suspects embezzled nearly 140 million yuan from the company, transferring funds through overseas cryptocurrency exchanges and mixing services in an attempt to cover their tracks.

Despite using multiple anonymity methods, investigators successfully tracked and recovered 92 Bitcoins (approximately $11.7 million). The Beijing Haidian District Court sentenced 8 defendants to prison terms ranging from 3 to 14 years.

This case highlights a new trend of commercial corruption intertwined with cryptocurrency and reflects China's continued high-pressure stance against activities related to cryptocurrency.

https://paper.people.com.cn/rmrb/pc/content/202507/24/content_30090178.html

The EU and the US Reach a Trade Agreement to Avoid a Tariff War
US President Donald Trump and European Commission President Ursula von der Leyen announced that they have reached a trade agreement, avoiding the tariff war originally scheduled for August 1.
The US will impose a 15% tariff on most European goods, including cars. This rate is lower than the 30% threatened by Trump earlier, but higher than the 10% desired by the EU.
Certain products will be exempt, including airplanes and their parts, chemicals, and pharmaceuticals.
The EU has committed to purchasing $750 billion worth of US energy, investing an additional $600 billion in the US on top of current levels, and procuring hundreds of billions of dollars in US military equipment.
Trump stated that this is the "largest and most powerful agreement in history," while von der Leyen referred to it as a "good agreement after tough negotiations."
Before reaching the agreement, the EU had prepared for a "no-deal" scenario, including retaliatory tariffs and the possible use of **“anti-coercion tools.”**
Leaders from EU countries such as Ireland, Germany, the Netherlands, and Italy welcomed the agreement, believing it helps avoid conflict and brings market stability, but they still expressed concerns about the impact of the 15% tariff.
By 2024, the total trade relationship between the EU and the US will reach $1.97 trillion, with the EU maintaining a surplus of about €50 billion.

The stablecoin market has surpassed $260 billion and continues to grow rapidly. In just the past week, nearly $5 billion in new stablecoins were issued, primarily from Tether (USDT). Although USDT and USDC still dominate, emerging stablecoins like USDe (Ethena) and USDS (Sky) have seen an increase of nearly 25%, indicating a growing market differentiation. Under new regulatory policies such as the 'GENIUS Act', the competitive landscape among stablecoin issuers may face a reshaping.

Bitwise Chief Investment Officer Matt Hougan stated that as the crypto market matures, institutional participation increases, and the regulatory framework becomes clearer, Bitcoin's 'four-year cycle' is losing its influence. The inflows into spot Bitcoin ETFs and legislative support such as the 'Genius Act' are driving the market into a more long-term growth trajectory.

CryptoQuant CEO Ki Young Ju also pointed out that the traditional 'accumulation-distribution' model is no longer applicable, as institutional investors are replacing traditional 'whales' to become the dominant buyers in the market.

Outlook prediction: Bitcoin is entering a new phase of more stable, long-term growth, no longer overly reliant on past halving cycles.

https://x.com/Matt_Hougan/status/1948709817125593227

This week, although IBIT is the flagship product in the market, the inflow of funds into BlackRock's Ethereum ETF has surpassed that of its Bitcoin ETF. As the price of Bitcoin approaches historical highs, the inflow of funds into the Bitcoin ETF has started to slow down, while the Ethereum ETF continues to show steady growth. This trend indicates a rising institutional interest in Ethereum (ETH), leading to a decline of over 5% in Bitcoin's market dominance in July. Notably, a senior executive at BlackRock recently left to join an Ethereum treasury project.
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Maple Finance proposes MIP-018, aiming to increase the buyback ratio of SYRUP

On July 25, 2025, Maple Finance officially released the MIP-018 proposal, planning to raise the proportion of protocol fees used for buying back SYRUP tokens from 20% to 25%, effective from the third quarter of 2025.

The repurchased tokens will be distributed as rewards to SYRUP stakers (stSYRUP) to enhance the long-term value of the token and encourage community participation.

Only users holding stSYRUP will have voting rights, reflecting the decentralized governance concept of Maple Finance.