Crypto Market Dynamics

Policies and Regulations

The US SEC has approved the physical redemption of crypto asset ETPs, paving the way for industry development.

The U.S. Securities and Exchange Commission (SEC) voted to allow exchange-traded products (ETPs) for crypto assets to adopt a physical creation and redemption method. This decision will enable spot ETPs like Bitcoin and Ethereum to operate similarly to other commodity ETPs, potentially improving product efficiency and reducing costs. The SEC chairman stated that this move will help build a more reasonable regulatory framework for crypto assets and benefit investors. Additionally, the SEC approved several related applications, including mixed spot Bitcoin and Ethereum ETPs, related options, and increasing the position limit for Bitcoin ETP options.

The founder of AML Bitcoin was sentenced to 7 years in prison for cryptocurrency fraud.

Rowland Marcus Andrade, the founder of AML Bitcoin, has been sentenced to 84 months in prison by a federal court in the United States for telecommunications fraud and money laundering. The court found that Andrade defrauded investors of approximately $10 million through false advertising between 2014 and 2019, of which over $2 million was used for personal expenses. Related hearings for restitution and asset forfeiture will take place in September 2025.

The Hong Kong Monetary Authority has opened applications for stablecoin issuance licenses, with the first batch expected to be issued early next year.

The Deputy Chief Executive of the Hong Kong Monetary Authority, Chen Weimin, stated that the first stablecoin issuer license is expected to be issued early next year. The Monetary Authority has an open attitude towards fiat currency types, and applying institutions can apply for a license for either a single fiat-backed stablecoin or a basket of fiat-backed stablecoins. Chen Weimin emphasized that the process has a high threshold and depends on the quality of the application materials.

Indonesia raises the cryptocurrency transaction tax rate

The Indonesian Ministry of Finance announced an increase in the cryptocurrency trading tax rate starting from August 1. The seller tax rate for crypto assets on domestic exchanges will rise from 0.1% to 0.21%, while for overseas exchanges it will increase from 0.2% to 1%. Meanwhile, buyers will no longer be required to pay value-added tax. The value-added tax on cryptocurrency mining will also rise from 1.1% to 2.2%. Industry insiders believe this move indicates that Indonesia is transitioning cryptocurrencies from commodities to financial assets.

Market Perspective

Eugene believes that the current "altcoin season" may be the weakest in history and suggests focusing on ETH investment.

Renowned crypto trader Eugene has stated that he has exited most of his long positions and holds a defensive attitude towards the August market. He pointed out that this "altcoin season" may be the weakest in history. Despite the rise in ETH prices, it has not brought significant wealth effects, suggesting that institutional investors are the main buying force. Eugene recommends continuing to focus on ETH investments.

Project Updates

Radix founder Dan Hughes has unexpectedly passed away, and the team is committed to continuing his vision.

The founder of the Radix network, Dan Hughes, has passed away unexpectedly due to natural causes. He was regarded as a visionary builder who promoted the development of core technologies such as Cerberus and the Radix engine. The Radix team stated that they will continue Dan's vision and adjust the management structure to ensure a stable transition.

Ark Investment has increased its holdings in BitMine again.

ARK Invest, led by Cathie Wood, has once again purchased $15.3 million worth of BitMine shares through its three ETFs. The chairman of BitMine's board stated that the company's ETH holdings have exceeded $2 billion and are moving towards a goal of acquiring and staking 5% of the total ETH supply.

Linea announces token allocation plan

The Linea project has announced its token distribution details, with 9% distributed to users through airdrops and 1% allocated to strategic builders. The project employs a dual destruction mechanism, with all Gas fees paid in ETH, 20% of the net transaction fees used to destroy ETH, and 80% used to destroy LINEA. The ecological fund accounts for 75% of the total supply and is managed by the Linea Alliance.

Coinbase expands trading pair support

Coinbase announced that it will support BankrCoin (BNKR) trading on the Base network and will add support for Treehouse (TREE) on the Ethereum network.

Binance launches RHEA token airdrop event

Binance announces that it is the first trading platform to list Rhea Finance (RHEA) and has launched an airdrop event. Users holding at least 200 Binance Alpha points can claim 1000 RHEA tokens.

Important Data

Multiple addresses accumulated a total of 648,000 ETH within half a month, worth 2.44 billion dollars.

Since July 10, relevant addresses that have accumulated a large amount of ETH through multiple channels have hoarded a total of 648,000 ETH, with a market value of approximately 2.44 billion USD and an average price of about 3,445 USD.

Ethereum spot ETF has seen a net inflow for 18 consecutive days, with a net inflow of 219 million USD yesterday.

On July 29, Eastern Time, the total net inflow of Ethereum spot ETFs reached $219 million in a single day, marking 18 consecutive days of net inflow. The current net asset value of Ethereum spot ETFs is $21.613 billion, accounting for 4.75% of the total market capitalization of Ethereum.

Financing and Acquisition

RWAiFi project GAIB completes $10 million financing

The RWAiFi project GAIB has completed a $10 million financing round, led by Amber Group. The funds will be used for the tokenization of platform GPU assets, promoting the development of the on-chain AI economy.

Decentralized AI infrastructure Manifold completed $10.5 million Series A financing.

The decentralized AI infrastructure Manifold has completed a $10.5 million Series A financing, led by OSS Capital. The funds will be used to accelerate the development of its decentralized AI cloud platform Targon.

The TON ecosystem STON.fi has completed a $9.5 million Series A financing.

The decentralized exchange STON.fi on the TON blockchain has completed a $9.5 million Series A financing round, led by Ribbit Capital and CoinFund. The funds will be used for the development of centralized liquidity pools, cross-chain functionality, and community governance.

Institutional Dynamics

BTCS plans to raise $2 billion to increase investment in the crypto market.

Blockchain technology company BTCS Inc. submitted documents to the SEC, planning to raise up to $2 billion through multiple rounds of common stock issuance for future encryption acquisitions.

Strategy completed $2.521 billion financing and acquired 21,021 Bitcoins.

Strategy completed a $2.521 billion STRC preferred stock IPO, with the net proceeds used to purchase 21,021 Bitcoins at an average price of approximately $117,256 each. As of now, Strategy holds 628,791 Bitcoins.

Kraken seeks to raise $500 million at a valuation of $15 billion.

The crypto exchange Kraken is seeking to raise about $500 million at a valuation of $15 billion.

Public company 180 Life plans to raise approximately $425 million through private placement, transforming into an Ethereum treasury reserve company.

The U.S. listed company 180 Life Sciences Corp. announced its transformation into an Ethereum treasury reserve company, intending to raise approximately $425 million through private equity financing. After the transaction is completed, the company plans to rename itself as ETHZilla Corporation.

Twenty One expects to increase its holdings by 5,800 bitcoins before the listing.

Twenty One Capital, Inc. announced that it expects to obtain approximately 5,800 bitcoins from Tether before going public, bringing its total holdings to over 43,500 bitcoins, making it the third largest corporate bitcoin treasury in the world.

Bitmine's Ethereum holdings have increased to approximately 625,000 coins.

BitMine Immersion Technologies disclosed that its total holdings of ETH have reached approximately 625,000 coins, an increase of 58,224 coins from before.

SharpLink's total holdings of Ethereum increased to approximately 438,000 tokens.

NASDAQ-listed company SharpLink disclosed that it purchased approximately 77,210 ETH from July 21 to 27, and currently holds about 438,190 ETH.

DeFi Development increased its holdings by approximately 180,000 SOL

The publicly listed company DeFi Development announced that it will increase its holdings of 181,303 SOL from July 21 to July 28, bringing its total holdings to approximately 1.18 million SOL, worth about $218 million.

ZOOZ Power announces a private placement of $180 million and launches a Bitcoin treasury reserve strategy.

Energy management solution provider ZOOZ Power Ltd. announced a private placement of $180 million to qualified institutional investors to support its plan to launch a Bitcoin reserve strategy.

Bakkt will raise $75 million through equity financing to purchase Bitcoin and other digital assets.

Bakkt Holdings, Inc. announced that it will issue shares and warrants, expecting to raise approximately $75 million to purchase Bitcoin and other digital assets.

Fundamental Global completed a $200 million private placement and launched the ETH reserve plan.

Fundamental Global has completed a $200 million private placement, which will be used to purchase ETH as the primary reserve asset for the national treasury, and to launch the Ethereum treasury strategy. The company will be renamed FG Nexus Inc.

The UK listed company Hamak Gold has purchased 20 bitcoins for the first time.

The UK-listed company Hamak Gold has announced its first purchase of 20 bitcoins, totaling approximately £1.7714 million, as part of its capital allocation and asset-liability optimization strategy.

The Smarter Web Company purchased an additional 225 bitcoins.

The London-listed technology company The Smarter Web Company has purchased an additional 225 bitcoins, bringing its total holdings to 2,050 bitcoins.

Round Coin Technology completed a $40 million Series A2 financing.

Hong Kong FinTech Group Round Coin Technology has completed nearly $40 million in Series A2 financing, led by ZhongAn International, Zhongwan International, Brilliant Investments, and Hivemind Capital. The funds will be used to accelerate the construction of regulated stablecoin infrastructure.