1. Popular currencies on CEX

CEX top 10 trading volume and 24-hour rise and fall:

1. ETH -1.80%
2. BTC -0.80%
3. SOL -2.81%
4. XRP -3.24%
5. ERA -2.42%
6. BNB -1.70%
7. DOGE -5.36%
8. SUI -8.66%
9. ENA -6.60%
10. BONK -2.19%

24 H increase list (data source: OKX):

1. GEAR +31.45%
2. DUCK +18.25%
3. CAT +13.19%
4. GALFT +10.66%
5. SD +8.42%
6. ZBCN +8.08%
7. FOXY +7.41%
8. ICE +6.69%
9. VINE +6.24%
10. CITY +5.25%

2.24 H Hot Search Coins

• BIO: BIO is a token supporting decentralized science (DeSci). It is used for the governance of BioDAOs and the tokenization of intellectual property, building an ecosystem for everyone to participate in the research community. Recently added to Coinbase's listing roadmap.
• EUL: EUL is the governance token of the decentralized lending protocol Euler Finance, covering the core governance rights of DeFi functions such as permissionless asset listing and leverage. The overall increase in the past 7 days is about 20%-23%.

Headlines

PayPal launches "Pay with Crypto", supports wallet transactions such as Coinbase and MetaMask

Payment giant PayPal announced the launch of the "Pay with Crypto" feature, which provides services to merchants by enabling instant exchange of cryptocurrencies with stablecoins or fiat currencies. The feature supports transactions with more than 100 cryptocurrencies and wallets such as Coinbase and MetaMask, and reaches more than 650 million cryptocurrency users worldwide. It is reported that the transaction fee rate of Pay with Crypto is only 0.99%, which can reduce transaction costs by up to 90% compared with international credit card processing.

Succinct has opened airdrop registration, and the registration window will close at midnight on August 4th

The decentralized proof-of-stake network Succinct Foundation officially announced that airdrop registration has been opened and the registration window will be open until 7:00 pm UTC on August 3 (3:00 am Beijing time on August 4).

Industry News

Cboe Submits Applications for Canary's Collateralized INJ Fund and Invesco's Spot Solana ETF

On Monday, the Cboe BZX exchange submitted two crypto ETF applications to the SEC: a collateralized INJ fund initiated by Canary and a Solana spot ETF developed in partnership with Invesco and Galaxy. Both applications are the first step in the SEC's approval process. The Canary fund tracks Injective's native asset, INJ, and incorporates a staking mechanism. Currently, the SEC, under the leadership of the Trump administration, has relaxed its review process and is simultaneously evaluating several fund proposals, including DOGE, SOL, and XRP. Previously, the SEC's Division of Corporate Finance suggested that some staking activities do not constitute securities issuance, sending a positive signal for collateralized ETFs.

Trump plans to promote the inclusion of crypto assets in the US pension and mortgage system, sparking opposition from Democrats

The Trump administration plans to further integrate crypto assets into the US economy, including including digital assets like Bitcoin in 401(k) retirement accounts and mortgage asset assessments. The Federal Housing Finance Agency has asked Fannie Mae and Freddie Mac to consider borrowers' crypto assets as collateral, sparking opposition from Democrats like Senator Elizabeth Warren, who worry the move could destabilize the financial system. The White House will also release a major crypto strategy report this Wednesday and may sign an executive order promoting greater diversification of retirement investments, including cryptocurrencies. Markets are also focused on whether the report will address Federal Reserve mechanisms such as a "Bitcoin Strategic Reserve." Earlier this month, Trump passed the "GENIUS Act," finalizing stablecoin regulation legislation. The House of Representatives has passed the relevant market structure bill, and the Senate is drafting a version, expecting to receive industry feedback by August 5th. Despite the congressional recess, the Trump administration has placed crypto on its agenda for the second half of the year.

Project News

Bakkt sells loyalty business, transforms into pure crypto company and launches public offering

Nasdaq-listed company Bakkt (NASDAQ: BKKT) announced the sale of its loyalty points business for $11 million, fully transforming itself into a "pure crypto infrastructure company." The buyer is Project Labrador Holdco, a subsidiary of Roman DBDR Technology Advisors. The transaction is expected to close in the third quarter of 2025. Concurrently, Bakkt announced it will conduct a public offering through the issuance of Class A common stock and/or prepaid warrants to purchase Bitcoin, supplement working capital, and meet general corporate purposes. The company stated that this move marks a critical stage in its transition to a pure crypto platform. Based on preliminary data, Bakkt's second-quarter crypto revenue is expected to be between $568 million and $569 million.

Bloomberg: Coinbase in talks to acquire India’s CoinDCX

According to Bloomberg, Coinbase is in advanced acquisition talks with Indian crypto exchange CoinDCX.

SOL Strategies Becomes Staking Partner for ARK Invest’s Digital Assets Revolutions Fund

ARK Invest announced a partnership with SOL Strategies, which will become the staking partner for its Digital Assets Revolutions Fund. ARK Invest will migrate its validator operations to SOL Strategies' staking infrastructure. According to SOL Strategies CEO Leah Wald, the company currently operates five validators with over 3.59 million SOL delegated, valued at approximately $647.2 million.

Investment and Financing

Pear Protocol Completes $4.1 Million in Strategic Round of Funding, Led by Castle Island Ventures

Crypto pairs trading platform Pear Protocol announced the completion of a $4.1 million strategic round of financing, led by Castle Island Ventures, with participation from Compound VC, Florin Digital, and Sigil Fund. It is reported that the platform has completed native integration with the Hyperliquid perpetual contract order book.

Character*Voice

Interactive Brokers founder: studying the possibility of issuing stablecoins

Interactive Brokers founder Thomas Peterffy recently stated in an interview that the company is exploring the possibility of issuing a stablecoin, but has not yet made a final decision on how to offer it to clients. Interactive Brokers currently has a partnership with the crypto platform Paxos and is also an investor in the crypto exchange Zero Hash. Through these partnerships, Interactive Brokers reportedly offers clients a variety of cryptocurrency trading services.

Solana co-founder Anatoly Yakovenko dismisses meme coins and NFTs as "digital garbage"

Despite Solana profiting handsomely from meme-driven trading activity, Solana co-founder Anatoly Yakovenko dismissed meme coins and NFTs as “digital slop” in a discussion with Coinbase’s Jesse Pollak, arguing that these digital assets have no “intrinsic value” and comparing them to loot boxes in free-to-play games.

Trader Eugene: BNB hits a record high, releases Total 3 acceleration signal, wait patiently for ETH to break through 4000

Trader Eugene wrote that BNB's record high is noteworthy. It's the first major cryptocurrency besides Bitcoin to break through a previous resistance level. While he currently holds no positions, this is a positive sign for the accelerated upward movement of Total 3 (the total crypto market capitalization excluding BTC and ETH). He added that he is patiently waiting for ETH to break through $4,000.

Placeholder Ventures partner: ETH market sentiment has changed dramatically in the past month

Chris Burniske, partner at Placeholder Ventures, noted that market sentiment surrounding ETH has shifted dramatically over the past month, transforming it from a "hated" asset to a "market darling." A rebound in institutional investor activity is also supporting ETH's bullish outlook. For example, on-chain data shows that SharpLink Gaming recently added 77,210 ETH to its Ethereum treasury. Analyst "Wolf" outlined two scenarios for ETH's price movement: a "conservative" target of $8,000 and an "optimistic" scenario that could see it reach $13,000 or even higher.

Goldman Sachs: Hedge funds sell U.S. tech stocks at fastest pace in a year

Goldman Sachs' prime brokerage department report showed that hedge funds reduced their exposure to U.S. technology, media and telecommunications stocks at the fastest pace since July 2024 in the week ending July 25, with the selling of long positions outpacing short covering. Data showed that most sub-sectors of TMT saw risk reduction, led by semiconductors and semiconductor equipment, software, information technology services and media stocks. The technology sector's earnings season is entering its peak, with companies such as Amazon, Apple, Meta Platforms and Microsoft scheduled to announce results this week. "Net exposure to the semiconductor and semiconductor equipment sector as a proportion of total exposure to U.S. prime brokerage clients remains near a five-year high, at the 94th percentile, while net exposure to the software and services sector is near a five-year low, at the 2nd percentile," Vincent Lin, co-head of prime brokerage insights and analysis at Goldman Sachs, wrote in the report.

Morgan Stanley: The S&P 500 index is expected to reach 7,200 points by mid-2020

Morgan Stanley strategist Michael Wilson believes that, supported by positive blue-chip earnings and macro trends, the S&P 500 index has a chance to reach 7,200 by mid-next year, representing a 12.5% upside from its current level. Wilson stated in a securities analysis report that 7,200 is a more optimistic forecast for the S&P 500, primarily due to a projected earnings per share of $319 for S&P 500 companies and a projected price-to-earnings ratio of 22.5, resulting in an upward target for the index. Wilson believes that the quarterly earnings reports released by S&P 500 companies indicate a stable foundation for corporate earnings growth, with an average increase expected to be between 10% and 20%. Wilson described the current stock market cycle as unconventional, primarily driven by positive operating leverage ratios, the application of artificial intelligence, a weak US dollar, tax savings, healthy revenue growth, continued demand growth, and the Federal Reserve's upcoming interest rate cuts. He is confident that the S&P 500 will meet this optimistic forecast and recommends buying high-quality stocks on dips. As for individual industries, Wilson maintains his original view and believes that industrial stocks will be one of the biggest beneficiaries of this market rally.