Bhutan deposited 100 BTC to Binance Upexi completed financing to increase SOL holdings

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you to a glance at the major events of the blockchain industry this week.

Headlines

▌The Royal Government of Bhutan deposited 100 BTC to Binance, worth $11.8 million

According to the on-chain analyst Onchain Lens, the Royal Government of Bhutan deposited 100 BTC to Binance, worth about $11.8 million. In the past 11 days, the Royal Government of Bhutan has transferred a total of 449.3 BTC to Binance, worth about $50.15 million.

▌Upexi Announces $200 Million Financing to Increase SOL Holdings

Upexi, Inc. (NASDAQ: UPXI) announced the completion of two rounds of financing, totaling $200 million. The company privately issued common stock at $4 per share, raising approximately $50 million; and simultaneously issued $150 million of convertible bonds, with an annual interest rate of 2%, maturing in 24 months, and a conversion price of $4.25 per share. This financing will significantly increase Upexi's Solana (SOL) holdings. It is expected that after the transaction is completed, the company will hold approximately 1.65 million SOL, more than double the previously disclosed 735,000 SOL. Part of the proceeds from the stock issuance will be used for the company's existing business operations and general corporate purposes, and the remaining funds will be invested in Solana's treasury strategy. The company plans to continue to increase its SOL holdings in the coming weeks.

▌Musk denies rumor that xAI seeks $200 billion in financing: the rumor is false, xAI has sufficient funds and is not seeking financing at present

In the early morning of the 12th, it was reported that Musk’s xAI was seeking a valuation of up to $200 billion in the next round of financing. In response, Musk said: "These rumors are false. xAI is not seeking financing at present. We have sufficient funds."

▌Non-profit development organization Argot sold 1206.6 ETH for $3.61 million 6 hours ago

▌Musk has become the most popular candidate to replace Linda Yaccarino as CEO of X platform

According to Polymarket, Elon Musk has become the most popular candidate to replace Linda Yaccarino as CEO of X (formerly Twitter). His probability of taking office has risen from 16% to 21%.

Policy

▌Goldman Sachs: The Bank of Japan may choose to gradually sell ETFs in the market

Goldman Sachs said that when the Bank of Japan decides to reduce its holdings of ETFs in the future, it will choose to gradually sell them in the market instead of transferring them to the government as some have proposed. Since 2010, the Bank of Japan has started buying ETFs as part of its ultra-loose monetary policy to revive the sluggish economy, a move that lasted for 13 years. Although the Bank of Japan stopped buying ETFs last year, it has not yet announced when and how to dispose of its approximately 37 trillion yen (about 252 billion US dollars) of ETF assets, which have a market value of approximately 70 trillion yen. The Bank of Japan has said that when deciding to reduce its holdings of these assets, it will be based on three principles: selling at an appropriate price, avoiding losses to the central bank, and selling in a way that minimizes market disruption. Goldman Sachs pointed out that the way to meet the three conditions may be to sell them gradually and in small quantities on the open market.

▌Trump is expected to have his first major legislative victory on cryptocurrency policy next week

Trump is expected to have his first major legislative victory on cryptocurrency policy next week. Republicans in the House of Representatives are preparing to pass a bill previously submitted by the Senate to establish new regulatory rules for stablecoins. The U.S. House of Representatives is expected to vote on the Senate's "GENIUS Act" early next week. The bill aims to establish the first U.S. regulatory framework for so-called stablecoins pegged to the U.S. dollar. The bill passed the Senate with bipartisan support last month and is expected to become the first major cryptocurrency regulatory measure adopted by the U.S. Congress. Trump's signing of the stablecoin bill could bring a major boost to the crypto industry, which has long struggled to enter the mainstream. Cryptocurrency supporters hope that the U.S. government's endorsement and the customized regulatory framework they have actively lobbied Congress for for years will increase the legitimacy and popularity of cryptocurrencies, while opening the door for traditional financial institutions to further engage in digital assets. The legislation could also benefit the Trump family itself: his sons founded a company that issues stablecoins last year.

▌Former Vice Minister of Finance Zhu Guangyao: The United States is trying to use stablecoins to start the third phase of the Bretton Woods system

Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao said at the 2025 China International Issues Forum "World Order and China's Foreign Strategy in a Turbulent and Changing Period" held on June 26 that the United States is trying to start the "third phase" of the Bretton Woods system by promoting stablecoins to maintain and consolidate the global dominance of the US dollar. He analyzed that in the context of the unsustainable current Bretton Woods system (the US dollar is linked to oil), the United States faces tremendous pressure from high national debt. To this end, the United States has recently adopted a series of fiscal and financial strategies, including: Buy back treasury bonds: The Ministry of Finance has taken action to buy back treasury bonds to ease the pressure. Adjusting bank regulation: The Fed relaxes regulatory requirements on bank-held U.S. Treasury bonds, releasing a large amount of liquidity. Revaluing gold reserves: Adjusting the way gold is accounted for, potentially releasing a huge amount of "book value". Pushing for a stablecoin bill: The U.S. Senate has passed a stablecoin bill, and Trump and other officials have made it clear that dollar-pegged stablecoins will serve as a "multiplier" of the dollar's strength, expanding the use of the dollar globally while reducing government borrowing costs. Zhu Guangyao emphasized that this dollar stablecoin will be a "strongly centralized" product that is pegged 1:1 to U.S. dollar assets and subject to strict U.S. regulation, rather than a victory for decentralized finance. He called on countries to pay close attention to this strategic evolution and take strong measures to address its challenges to the global monetary landscape.

▌Shanghai SASAC held a central group study meeting on the development trend and response strategies of cryptocurrency and stablecoin

The Party Committee of Shanghai SASAC held a central group study meeting on July 10 to study the development trend and response strategies of cryptocurrency and stablecoin. He Qing, Secretary of the Party Committee and Director of the Municipal SASAC, pointed out that it is necessary to fully implement the spirit of the Seventh Plenary Session of the 12th Municipal Party Committee, adhere to innovation-driven, maintain a keen perception of emerging technologies, and strengthen research and exploration of digital currencies. Adhere to the integration of production and numbers, and explore the application of blockchain technology in cross-border trade, supply chain finance, asset digitization and other fields. Adhere to hard work, improve strategic agility and strategic initiative, further promote the deep integration of science and technology, finance, and industry, better play the important role of state-owned assets and state-owned enterprises in scientific and technological innovation, industrial control, and security support, and make new and greater contributions to the construction of Shanghai's "five centers". (Cailian Press) ▌The United States sanctions North Korean IT personnel, accusing them of assisting cyber espionage and cryptocurrency theft ▌The United States has added Song Kum Hyok, a member of the North Korean hacker group, to the "Specially Designated Nationals" sanctions list, accusing him of helping North Korean IT personnel take jobs in overseas companies, engage in cyber espionage and steal cryptocurrency. Officials said that these IT personnel obtained positions in the technology and virtual currency industries by forging identities, and remitted income and stolen funds back to North Korea. Although no specific crypto wallet addresses were added this time, the Treasury Department reiterated that it had sanctioned Lazarus Group.

Blockchain Applications

▌Ant International Denies Access to Circle

Recently, there was news that Ant International cooperated with Circle. Ant International said: Media reports are inaccurate and there is no such plan at present. (Yicai)

▌Ethereum Foundation Announces Restructuring of Ecosystem Development Strategy

The Ethereum Foundation announced on July 10 that it would restructure its Ecosystem Development (EcoDev) strategy, focusing on four key areas. The plan includes the establishment of four new teams to focus on ecosystem acceleration, covering corporate relations, developer growth, application research and founder support. The Foundation will also strengthen its ecosystem expansion efforts, continue to provide funding support, and work to address global adoption barriers. The adjustment aims to achieve two major goals: expand the Ethereum user base and enhance the resilience of its technical and social infrastructure. The Foundation emphasizes that it will work with a wide range of partners in the ecosystem to promote the growth and development of Ethereum.

▌Rumble and MoonPay reach cooperation and will launch a crypto wallet in Q3

Video sharing platform Rumble (NASDAQ: RUM) announced today that it has reached a partnership with crypto payment infrastructure company MoonPay to jointly promote the transformation of creators' profit model in the decentralized world. Under the agreement, MoonPay will provide full cryptocurrency access channel support for Rumble Wallet, which is scheduled to be launched in the third quarter of 2025, enabling users to seamlessly buy, sell and exchange cryptocurrencies. At the same time, MoonPay's creative agency Otherlife will begin using Rumble Cloud for next-generation object storage and decentralized computing.

▌AI-driven crypto trading platform OlaXBT completes $3.38 million seed round financing, led by Amber Group

On July 9, according to official news, AI-driven crypto trading platform OlaXBT announced the completion of $3.38 million seed round financing, led by Amber Group, with participation from DWF Ventures, Mindfulness Capital, Web3Labs club, Credit Scend and others. According to reports, OlaXBT uses proprietary MCP technology and reinforcement learning to achieve automated market making, sentiment analysis and transaction execution. It is built on the BNB smart chain and includes a market consisting of interoperable MCP servers and chat-to-earn trading terminals. BioSig Technologies (BSGM), a medical technology company that just merged with tokenization company Streamex, said it has signed a definitive agreement for up to $1.1 billion in financing to fund a gold-backed treasury model and expand its tokenization platform for real-world assets (RWAs) such as gold and other commodities. Streamex plans to issue tokens backed by gold and other commodities through its platform built on the Solana (SOL) blockchain.

Cryptocurrency

▌Bitwise CIO: Bitcoin is expected to reach $200,000 by the end of the year

Bitwise Chief Investment Officer Matt Hougan said in a recent interview with CNBC that Bitcoin is expected to reach $200,000 by the end of 2025, and pointed out that the current rally is driven by structural factors and will continue for many years. Hougan emphasized that institutional funds continue to flow in, while the daily supply of Bitcoin is only 450, and there is a serious imbalance between supply and demand. He believes that the market is entering a new stage where "demand continues to exceed supply", and this force will drive BTC to rise in the long term. He also said that favorable policies, legislative advancement, institutional adoption and macro uncertainty together constitute a "rare force" for Bitcoin, which is the fundamental driver of the current rise.

▌More than 10,000 BTC flowed out of CEX platform in the past 7 days

According to the latest data from Coinglass, about 10,775.93 bitcoins flowed out of CEX platform in the past week, Coinbase Pro had an outflow of 7,958.1 bitcoins in the past 7 days, 2,087.99 bitcoins flowed into Binance Exchange; 2,070.76 bitcoins flowed out of Kraken Exchange.

▌Bitcoin mining difficulty increased by 7.96% to 126.27 T, and the seven-day average computing power of the entire network was 908.82 EH/s

According to Cloverpool data, the difficulty of Bitcoin mining was adjusted at block height 905,184 yesterday, and the mining difficulty was increased by 7.96% to 126.27 T; the current average computing power of the entire network in the past seven days is 908.82 EH/s.

▌Pump.fun token sale has ended, and it took about 12 minutes to sell $600 million

According to the official website of pump.fun, the sale of Pump.fun tokens has ended, and a total of $600 million was sold in 12 minutes.

▌James Wynn has cancelled his X account

James Wynn (@JamesWynnReal) has cancelled his X account.

Important Economic Dynamics

▌European Council President: The EU still fully supports efforts to reach a fair agreement with the United States

European Council President Costa: Free and fair trade promotes prosperity, creates jobs, and strengthens supply chains. The EU will continue to build solid trade partnerships around the world and still fully supports efforts to reach a fair agreement with the United States. (Golden Ten)

▌Trump has sent tariff letters to 24 trading partners in four batches

Trump has sent tariff letters to 24 trading partners in four batches. 1. The first batch of 14 countries on July 7: Japan (25%), South Korea (25%), South Africa (30%), Kazakhstan (25%), Laos (40%), Malaysia (25%), Myanmar (40%), Tunisia (25%), Bosnia and Herzegovina (30%), Indonesia (32%), Bangladesh (35%), Serbia (35%), Cambodia (36%), Thailand (36%). 2. The second batch of 8 countries on July 9: Brazil (50%), Philippines 20%, Brunei 25%, Moldova 25%, Algeria 30%, Iraq 30%, Sri Lanka 30%, Libya 30%. 3. The third batch of 1 country on July 10: Canada (35%). 4. The fourth batch of 2 countries (regions) on July 12: Mexico (30%), European Union (30%).

▌"Fed Mouthpiece": Fed independence is challenged again, no rate cut is expected this month

Some economic advisers, such as Treasury Secretary Bessant, generally advocate maintaining the independence of the Fed. For example, Bessant refused to criticize Trump on the building renovation in a recent Fox Business interview. But other advisers and outside allies have been exploring legal ways to remove Powell from his position since before the election. "No one wants to do major renovations to a historic building during their term, let alone two historic buildings that need a lot of repairs," Powell said in his testimony last month. Previously, Trump pushed for lower interest rates on a larger scale to reduce government borrowing costs. The Fed is not expected to cut interest rates at its meeting later this month, but Powell has hinted that it may cut rates later this year if inflation performs well or the labor market is weak. Trump wants to reduce the debt servicing costs of the federal deficit, and his tax cuts may expand the federal deficit. But outside of extreme situations such as war, central banks in developed economies will resist such pressure. They believe that stable inflation is essential to maintaining confidence in their own currencies.

▌White House trade adviser Navarro: Powell's interest rate level is at least 50 basis points higher than it should be

White House trade adviser Navarro: Powell's interest rate level is at least 50 basis points higher than it should be.

▌Royal Bank of Canada postpones its forecast for the Fed's rate cut from September to December

Royal Bank of Canada postpones its forecast for the Fed's rate cut from September to December.