Headlines
▌U.S. Treasury Secretary Bessant: The U.S. dollar is coming on chain
U.S. Treasury Secretary Bessant posted on the X platform that blockchain technology will power the next generation of payments, and the U.S. dollar is coming on chain. Thanks to Trump's leadership and Senator Bill Hagerty's important work in Congress, the GENIUS Act will help consolidate the dollar's position as the global reserve currency for future generations. In addition, U.S. Treasury Deputy Secretary Michael Faulkender also said that with the GENIUS Act providing legal clarity for stablecoins, the United States now has a faster, cheaper and safer way to trade, which has increased global acceptance and demand for digital payments backed by the U.S. dollar and strengthened the commitment to build the United States into the world's crypto capital.
▌British media: London Stock Exchange Group considers launching 24-hour trading
According to the Financial Times, the London Stock Exchange Group is considering whether to launch 24-hour trading. Due to the growing demand from small investors who are active outside normal business hours, exchanges are competing to extend stock trading hours. According to people familiar with the matter, the London Stock Exchange Group is studying the feasibility of extending trading hours, covering the required technology and regulatory impact. One of the people said that the London Stock Exchange "is really considering this matter seriously, whether it is 24-hour trading or extending trading hours", adding that the exchange group is conducting "important commercial, policy and regulatory discussions" on this "ongoing issue." Another person familiar with the matter said that this exploration is part of a broad discussion about potential new products and services.
Market
As of press time, according to CoinGecko data:
BTC price is $117,345, 24 hours ups and downs -0.5%;
ETH price is $3,748.92, 24 hours ups and downs +4.6%;
BNB price is $756.99, 24 hours ups and downs +3.3%;
Policy
▌Hong Kong Financial Services Commissioner: Stablecoins are a long-term battle, and the next step will be the tokenization of different assets
Hong Kong Financial Services Development Council Chairman Hong Pizheng recently hosted the annual report press conference and said that stablecoins should not be the object of speculation. The digitalization of asset markets is a long game. Stablecoins should play a stabilizing role and should not be short-sighted. I believe that Hong Kong's current development pace is among other financial centers. Hong Pizheng also revealed that stablecoins are one of the links in the digitalization of Hong Kong's financial markets, allowing trading currency intermediaries to be tokenized. It is believed that the next step will be the tokenization of different assets, but the development process takes time and will not be fully tokenized for the time being.
▌Chen Maobo: Hong Kong SAR Government Positions AI as a Key Industry
Hong Kong Financial Secretary Chen Maobo published an essay, in which he pointed out that the 35th Hong Kong Book Fair, which lasted for seven consecutive days, opened on the 16th at the Hong Kong Convention and Exhibition Center, and set up the "Hong Kong Innovation and Technology Special Pop-up Exhibition Area" for the first time. The SAR government has positioned artificial intelligence as a key industry. From vigorously supporting basic research to promoting the transformation of results, from cultivating local start-ups to attracting global cutting-edge science and technology companies to settle down, from accelerating the construction of the northern metropolitan area to strengthening innovation and technology cooperation with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong's innovation and technology industry development has a solid blueprint. The SAR government will lock in the goal and not relax, and draw a blueprint to the end. The innovation and technology industry will provide more diverse and high-quality career development opportunities for young people in Hong Kong.
▌US media: Trump administration reviews Musk company contracts
According to US media reports on the 20th, after the relationship between US President Trump and billionaire Musk broke down, the Trump administration has begun to review the contracts between Musk's Space Exploration Technologies Corporation (SpaceX) and multiple federal government agencies. The Wall Street Journal reported that the US General Services Administration required the Department of Defense, NASA and other government agencies to fill out forms to report their cooperation with SpaceX and understand whether competitors in the same industry can complete the same work more efficiently. Preliminary assessments show that most government contracts are difficult to cancel due to SpaceX's dominant position in rocket launches and low-orbit satellite services. Earlier, Trump said on social media that the easiest way to save federal spending is to "terminate" government contracts signed with Musk's company. Musk fully supported Trump in the 2024 US presidential election, but recently the two sides have had serious differences over issues such as the "big and beautiful" tax and spending bills, and have engaged in a "war of words".
▌Many places warn of the risk of illegal fundraising using virtual currency
Recently, the "Xinkangjia" scam, which claimed to offer a daily interest rate of 2%, has collapsed, causing the whole society to pay attention to and be vigilant about new types of online fraud. According to incomplete statistics, since July, financial regulatory authorities in many places, including Guangdong, Yunnan, Hunan, Liaoning, Heilongjiang, Zhejiang, Fujian, etc., have issued intensive warnings about the risk of illegal fundraising using "virtual currency" and the risk of new types of online fraud. (Yicai)
Blockchain Applications
▌Kraken will provide on-chain loans to its users through the Aave white label market on the Ink chain
According to Aave co-founder Stani.eth’s announcement on the X platform, the cryptocurrency exchange Kraken will provide on-chain loans to its users through the Aave white label market on the Ink chain. According to Aave DAO’s previous proposal, by granting a license to deploy a centralized version of the Aave codebase, Aave can expand its technology adoption while creating new sources of revenue through cooperation with innovative platforms, part of which will be returned to DAO. It is reported that the Ink Foundation has agreed to cooperate exclusively with Aave for at least 12 months after deployment and avoid integration with any other lending protocols.
▌CoinDCX reiterates customer funds are safe and is about to launch a recovery bounty program
Sumit Gupta, co-founder of the Indian crypto exchange CoinDCX, which was disclosed by "chain detective" ZachXBT as being hacked, posted on the X platform to reiterate customer funds are safe, all user assets are stored in isolated cold wallets, the incident is limited to a single operational liquidity provider account, and transactions and withdrawals are proceeding normally. CoinDCX is working with law enforcement agencies to recover the stolen funds and is about to launch a recovery bounty program.
Cryptocurrency
▌Bloomberg analyst: BlackRock's Ethereum ETH pledge approval deadline should be April next year, but it may be approved as early as Q4 this year
Bloomberg ETF analyst James Seyffart wrote on the X platform that the Ethereum ET pledge options submitted by multiple institutions "will take time to complete", and the final deadline for early applications is late October 2025, but the approval deadline for the Ethereum ETH pledge application submitted by BlackRock will not be until around April 2026 (but we believe it may be approved as early as the fourth quarter of 2025). However, VanEck, 21Shares and Canary Capital have urged the U.S. Securities and Exchange Commission to consider a first-in, first-out approval process, rather than "batch approval" with BlackRock, which submitted its application later.
▌Bitcoin's market share has dropped below the 2024 full-year peak
According to market data, Bitcoin's market share (BTC.D) has fallen for 8 consecutive days and is currently down to 61.15%, which is lower than the 2024 full-year peak of 61.53%. As previously reported, Matrixport said that the continued decline in Bitcoin's market share means that the cottage season has truly arrived.
▌Ethereum's market value exceeds Vanguard Group, and its global asset market value ranking has risen to 28th
According to 8marketcap data, Ethereum's market value has exceeded US$456 billion, surpassing asset management giant Vanguard Group, and its ranking in global asset market value has risen to 28th.
▌Michael Saylor releases Strategy Bitcoin holdings tracking information again
Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor released Strategy Bitcoin holdings tracking information again on the X platform. He wrote: "Stay Humble. Stack Sats." Usually, he will disclose Strategy's Bitcoin holdings data the next day after releasing relevant information.
▌Pump.fun project party associated address recharges 2 billion PUMP to Binance, worth 12.75 million US dollars
According to the monitoring of chain analyst Aunt Ai (@ai_9684xtpa), the Pump.fun project party associated address recharged 2 billion PUMP to Binance. The address 58WQi...gv33E received 12.5 million PUMPs from the project, of which 25 billion were suspected to be used for Wintermute market making, 8 billion were deposited into Bybit, and another 2 billion were deposited into Binance, worth $12.75 million. Binance currently only supports PUMP in Alpha and contracts. According to Aunt Ai's analysis, the deposit behavior may correspond to the following possibilities: PUMP will soon be airdropped or other activities in Alpha; PUMP will soon be listed on the Binance main site spot; the operation is only to confuse the audience.
▌Ohio Public Employees Retirement System increased its holdings of Strategy by 21,499 shares in Q2
According to Barron's, one of the largest public pension funds in the United States, the Ohio Public Employees Retirement System, disclosed in a filing with the U.S. Securities and Exchange Commission that it bought more shares of Palantir Technologies and Strategy (formerly MicroStrategy) in the second quarter of this year and sold Lyft shares. Data shows that the Ohio Public Employees Retirement System increased its holdings by 21,499 shares of Strategy, bringing the total number of shares held at the end of the second quarter to 101,880 shares. As the largest corporate Bitcoin holder, Strategy has been selling preferred shares to raise more funds to buy the cryptocurrency, and its stock price rose 40% in the first half of 2025 and 4.7% in the third quarter. The Ohio Public Employees Retirement System has total assets of $155.6 billion, making it the 14th largest public fund in the United States.
▌This week, there will be large amounts of unlocking of AVAIL, VENOM, ALT and other tokens
Token Unlocks data shows that AVAIL, VENOM, ALT and other tokens will usher in large amounts of unlocking this week (all the following are Beijing time), including: Avail (AVAIL) will unlock about 972 million tokens at 4 pm on July 23, accounting for 38.23% of the current circulation and worth about 18.9 million US dollars; Venom (VENOM) will unlock about 59.26 million tokens at 4 pm on July 25, accounting for 2.84% of the current circulation and worth about 13.4 million US dollars; AltLayer (ALT) will unlock about 240 million tokens at 6 pm on July 25, accounting for 6.39% of the current circulation and worth about 8.9 million US dollars; Sahara AI (SAHARA) will unlock about 84.27 million tokens at 8 pm on July 26, accounting for 4.13% of the current circulation and worth about $6.9 million; SOON (SOON) will unlock about 41.88 million tokens at 4:30 pm on July 23, accounting for 22.41% of the current circulation and worth about $6.1 million.
Important Economic Dynamics
▌U.S. Secretary of Commerce: Powell keeps interest rates too high
U.S. Secretary of Commerce Lutnick: Powell keeps interest rates too high.
▌U.S. Secretary of Commerce: Small countries need to pay a 10% base tariff
U.S. Secretary of Commerce Lutnick: Confident that an agreement can be reached with the European Union. Trump is absolutely expected to renegotiate the USMCA. Small countries are subject to a 10% base tariff. August 1 is the deadline for imposing tariffs.
▌People familiar with the matter: Bessent urged Trump not to remove Powell
According to the Wall Street Journal, people familiar with the matter said that U.S. Treasury Secretary Bessent privately advised Trump in recent days that he should not try to remove Federal Reserve Chairman Powell. Bessent's reasons focused on several themes: the possible impact on the economy and markets, the prospect of the Fed's interest rate cut later this year, and the political and legal obstacles such a move might face. Bessent believes that firing Powell is unnecessary because the economy is performing well, the market has responded positively to the president's policies, and Fed officials have signaled that they may cut interest rates twice before the end of the year. If Powell is fired before his term ends, Powell may file a lawsuit, and the lawsuit may drag on until next spring, when Powell's term ends. Bessent also noted that Governor Kugler's term will end in January and Powell's term will end in May, which will leave Trump with one or two vacancies to fill early next year. Bessent's cautious approach contrasts with some other administration officials who are considering a more aggressive strategy. Trump told reporters on Tuesday that he found Bessent "reassuring."
Golden Encyclopedia
What role do gold, oil, and BTC play in US reserves?
The U.S. government has long relied on gold and oil as reserve assets, but with the growing popularity of Bitcoin among institutions, its potential role as a strategic reserve has greatly increased. While gold has historically been the backstop of the monetary system and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges the traditional financial paradigm. The United States has large reserves of gold and oil, but its Bitcoin holdings are relatively small, mainly obtained through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play a strategic role in the global economy, with gold being a hedge and oil influencing geopolitical stability. All of these assets have strategic and macroeconomic significance over time. Their narratives related to the broader capital markets may be just what is needed to attract investor interest. As institutional adoption grows, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that building strategic Bitcoin reserves could allow it to stand alongside traditional assets such as gold and oil in the future.
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