1. Popular currencies on CEX
CEX top 10 trading volume and 24-hour rise and fall:
BTC: 0.83%
ETH: -1.35%
BNB: 0.38%
SOL: -1.36%
PEPE: 5.75%
DOGE: -0.85%
IDEX: -5.04%
SUI: -3.43%
NEWT: -21.63%
ADX: -2.72%
24 H increase list (data source: OKX):
MOVE: 8.45%
MEMEFI: 6.11%
DUCK: 5.43%
APT: 4.9%
VRA: 4.31%
CFG: 4.21%
DEP: 3.72%
SNT: 2.89%
ZKJ: 2.82%
CHZ: 2.74%
2. Top 5 popular memes on the chain (data source: GMGN ):
MUSK
POKE 69
solami
Grok 6900
Stupid
3. 24-hour hot search currencies
POKE 6900: AI narrative, with Pokémon card collection as the core, combines real card collection with encryption technology to launch NFT digital collections, emphasizing scarcity and high returns, attracting the attention of nostalgic and investor communities.
Headlines
Hester Peirce, a Republican member of the U.S. Securities and Exchange Commission (SEC), said in a recent panel discussion that the physical subscription and redemption mechanism for cryptocurrency ETFs will definitely appear at some point in time and that the relevant forms are currently under review.
Several companies, including BlackRock, have previously submitted applications to the SEC, hoping to switch the Bitcoin ETF from a cash subscription/redemption model to supporting physical operations. In January this year, Nasdaq submitted Form 19 b-4 on behalf of BlackRock to promote the change, and several companies followed suit. Peirce pointed out that a large number of companies have expressed strong interest in the physical mechanism.
Powell: We are reviewing and withdrawing several previous guidelines on cryptocurrencies
Federal Reserve Chairman Powell said that the Federal Reserve is reviewing and withdrawing several previous guidelines on cryptocurrencies.
US Capitol Hill divided over GENIUS bill
Capitol Hill is engaged in a fierce game over cryptocurrency legislation strategy. Republicans in the House and Senate, as well as the crypto industry, are discussing whether the GENIUS Act should be packaged with the market structure bill or passed separately. Some industry giants such as Coinbase and a16z support the packaged passage, but the DeFi community prefers to push the GENIUS Act to be implemented quickly first. At the same time, many Republican members of the Senate prefer to pass the GENIUS Act separately first. At present, the opinions of all parties have not yet been unified, and the legislative prospects remain uncertain.
According to the Korean Economic Review, eight major banks in South Korea are preparing to establish a joint venture to issue a Korean won stablecoin. Participating institutions include Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Korea Development Bank, Suhyup Bank, Citibank Korea Branch and Standard Chartered Bank Korea Branch. The project is jointly promoted by the bank, the Open Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearing Agency, and is still discussing the underlying infrastructure.
If approved by regulators, the joint venture is expected to be officially launched at the end of this year or early next year. The project team is currently considering two issuance models: one is the trust model, which is to first place customer funds in an independent trust before issuing stablecoins; the other is the deposit token model, which directly links stablecoins to bank deposits.
Industry News
On Wednesday local time, Pulte, director of the U.S. Federal Housing Finance Agency (FHFA), posted on social media: After in-depth research and in line with President Trumps vision of making the United States the cryptocurrency capital, today I ordered Fannie Mae and Freddie Mac to prepare to list cryptocurrencies as recognized assets for mortgage applications. This directive marks a possible major shift in the asset review standards for U.S. government-supported companies to assess mortgage qualifications, and is also in line with the Trump administrations established goal of promoting the popularization of cryptocurrencies in the United States.
The former Blackstone dealmaker and the co-founder of the leading stablecoin Tether are teaming up to set up a $1 billion listed crypto fund to build a diversified digital asset portfolio. According to people familiar with the matter, the fund is raising funds through the SPAC (special purpose acquisition company) M 3-Brigade Acquisition V Corp. supported by both parties, and plans to allocate multiple crypto assets such as Bitcoin, Ethereum and Solana. It is reported that the fundraising is still in progress, and the specific details including the $1 billion target may still be adjusted.
Bitfinex Securities Launches Two Alternative Financial Products in the UK
Bitfinex Securities has issued two alternative finance products in the UK. One focuses on community bank debt. The product name is TITAN 1, which will allocate 5 million pounds (6.8 million US dollars) to subordinated debt issued by Castle Community Bank, a company that provides loans to financially vulnerable customers in Edinburgh, Scotland; the other focuses on litigation related to mis-selling car finance claims. The product name is TITAN 2, which will invest 100 million pounds (136 million US dollars) in litigation financing related to mis-selling claims in UK car finance. This market is expected to generate billions of dollars in compensation.
The Trump family has partnered with Hut 8 to build and operate its bitcoin mining operation
According to market news: The Trump family has cooperated with Hut 8, a listed Bitcoin mining company, which will be responsible for building and operating their Bitcoin mining business.
Russian ruble stablecoin A7 A5 has completed about $9.3 billion in transactions since its launch
Since its launch in Kyrgyzstan in February, the Russian ruble-backed stablecoin A7A5 has completed about $9.3 billion in transactions through the Grinex platform, with a market value of $151 million. A7A5 claims to be backed 1:1 by the sanctioned Moscow Promsvyazbank. Although Grinex denies any direct connection with the sanctioned Garantex exchange, analysis shows that the two may have a business relationship.
Project News
Crypto.com announced that it has provided $120 million worth of crime/specialty insurance coverage for digital assets held by its compliant custodian, Crypto.com Custody Trust Company. The insurance is coordinated by Aon, a top international insurance broker, and provided by Lloyd’s of London’s top underwriting alliance.
Ethena Labs and German regulators agree on redemption plan for USDe holders
Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Authority BaFin and the companys German branch Ethena GmbH have reached an agreement on the redemption plan for USDe stablecoin holders and initiated a 42-day redemption process for stablecoin holders. The German Federal Financial Supervisory Authority (BaFin) stated that USDe holders must submit redemption applications directly to Ethena GmbH before August 6, and the process will be supervised by a special representative appointed by BaFin.
zkLend announces it will shut down its service
Starknet ecological lending protocol zkLend announced on the X platform that it would shut down its services, saying that the vulnerabilities it suffered in recent months had seriously damaged user confidence. In addition, major exchanges such as Bybit and KuCoin recently removed ZEND from their listings, further limiting the liquidity and accessibility of the token. This situation has severely limited the ability to effectively configure new projects.
NEAR Protocol officials said that the community has initiated a proposal vote to reduce the fixed annual inflation rate of NEAR tokens from 5% to 2.5%, and plans to flexibly adjust it in the future. This vote will end when more than 2/3 of the staked shares vote in favor or the deadline (August 1, 2025) is reached.
Regulatory trends
Crypto exchange Kraken announced that it has obtained the MiCA license issued by the Central Bank of Ireland, and will be able to provide compliant crypto services in all 30 EU member states in the future.
This is another important progress in Krakens compliance process in Europe, following the acquisition of the Electronic Money Institution (EMI) license in 2023 and the MiFID license in February 2025. Krakens co-CEO said that the license will accelerate the companys business expansion in the EU market.
Investment and Financing
Kalshi plans to raise $100 million at a valuation of $1 billion, with Paradigm participating
According to market news: Prediction market Kalshi plans to raise $100 million at a valuation of $1 billion, with Paradigm participating in the investment.
Zama, a crypto company that provides fully homomorphic encryption (FHE) for blockchain, announced the completion of a $57 million Series B financing round, led by Blockchange Ventures and Pantera Capital. This financing will bring Zamas total financing to more than $150 million, with a valuation of more than $1 billion, joining the unicorn club. The Zama protocol allows developers to build encrypted decentralized applications (dapps) without deep cryptographic expertise, with a wide range of use cases, from confidential stablecoin issuance and asset tokenization to private identity authentication and governance under network status.
DeFi protocol Grove announced that it has received a $1 billion grant to combine traditional financial assets with decentralized finance. The protocol focuses on collateralized loan obligations and provides crypto-native protocols with access to real-world asset investments. Through its infrastructure, Grove provides crypto-native protocols and asset managers with access to real-world asset (RWA) investments, helping them put idle reserves to use and earn returns independent of the crypto market. It is reported that the funds will be invested in Janus Henderson Anemoy AAA CLO Strategy (JAAA), a tokenized fund managed by Janus Henderson, which is built on Centrifuge, a blockchain platform specializing in the tokenization of real-world assets.
Character Voice
Greeks.live macro researcher Adam published a Chinese community briefing, which pointed out that there are obvious differences in the groups views on short-term market trends. Some traders believe that it will continue to bottom out after a weak rebound, while others believe that the decline is caused by a real lack of purchasing power. Most members are concerned about the impact of the surge in the A-share market on the overall market, and are actively using tools such as Smart Trading to trade conditional orders.
WSJ: The GENIUS Act may force Tether to undergo an audit, making it the “biggest loser”
The GENIUS Act, which is about to be passed by the U.S. Congress, will incorporate stablecoins into the mainstream financial system. However, the bill requires stablecoin issuers to have safe assets such as cash and short-term U.S. Treasury bonds as reserves, and large issuers must also publish audited annual financial reports. This poses a severe challenge to the stablecoin issuer Tether - the companys USDT is currently partially supported by Bitcoin and gold, and it has long refused to fully disclose its financial details.
Tether CEO: Not pursuing short-term profits, will bet on AI, decentralized infrastructure, etc.
In a blog interview, Tether CEO Paolo Ardoino delved into the factors that made Tethers USDT the worlds largest stablecoin. He said Tether will make a big bet on decentralized infrastructure, artificial intelligence, and permissionless networks to support an open ecosystem rather than pursuing short-term profits.
According to CryptoQuant analyst Axel Adler Jr, the Bitcoin inflow/outflow ratio (30-day simple moving average) remains high, comparable to the level at the beginning of the bull market at the end of 2023, indicating that the market demand for BTC remains strong.
