1. Popular Coins on CEX

CEX Trading Volume Top 10 and 24-Hour Price Change:

• 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%

24H Price Increase Ranking (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%

1. Top 5 On-Chain Meme Coins (Data Source: GMGN):

• MUSK

• POKE69

• solami

• Grok6900

• Stupid

1. 24H Trending Coins

POKE6900: An AI narrative centered around Pokémon card collecting, combining real card collections with cryptocurrency technology to launch NFT digital collectibles, emphasizing scarcity and high returns, attracting the attention of nostalgic and investor communities.

Headlines

SEC Commissioner: Bitcoin ETF Physical Redemption Mechanism May Be Implemented, Related Applications Under Review

Hester Peirce, a Republican commissioner of the U.S. Securities and Exchange Commission (SEC), stated in a recent panel discussion that the physical subscription and redemption mechanism for cryptocurrency ETFs "will definitely appear at some point," and related forms are currently under review.

Several companies, including BlackRock, have previously submitted applications to the SEC to transition Bitcoin ETFs from a cash subscription/redemption model to support physical operations. In January of this year, Nasdaq submitted a 19b-4 form on behalf of BlackRock to promote this change, followed by several companies mimicking this approach. Peirce pointed out that many enterprises have expressed strong interest in the physical mechanism.

Powell: Reviewing and Withdrawing Several Previous Guidelines on Cryptocurrency

Federal Reserve Chairman Powell stated that he is reviewing and withdrawing several previous guidelines on cryptocurrency.

Disagreements Arise in Congress Over GENIUS Bill Advancement

Congress is engaged in intense negotiations over cryptocurrency legislative strategies. Republican members of the House and Senate, as well as within the crypto industry, are discussing whether the GENIUS bill should be advanced in conjunction with the market structure bill or passed separately. Some industry giants like Coinbase and a16z support a bundled approach, but the DeFi community prefers to push the GENIUS bill through quickly. Meanwhile, several Republican senators lean towards passing the GENIUS bill separately first. Currently, opinions are not unified, and the legislative outlook remains uncertain.

Eight Major Banks in South Korea Plan to Establish Joint Venture to Issue Korean Won Stablecoin, Exploring Two Issuance Models

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 KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Korea Development Bank, Korea Post Bank, Citibank Korea, and Standard Chartered Bank Korea. The project is being jointly promoted by the banks, the Open Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearing Institute, and discussions are still ongoing regarding the underlying infrastructure.

If regulatory approval is granted, the joint venture is expected to officially launch by the end of this year or early next year. The project team is currently considering two issuance models: one is a trust model, where customer funds are independently trusted before issuing the stablecoin; the other is a deposit token model, linking the stablecoin directly to bank deposits.

Industry News

Proposed Use of Cryptocurrency as Mortgage Collateral, U.S. Housing Regulator Urges "Two Houses" to Prepare

On Wednesday local time, the director of the Federal Housing Finance Agency (FHFA), Pulte, posted on social media: "After in-depth research and following President Trump's vision of making the U.S. the 'cryptocurrency capital,' I have ordered Fannie Mae and Freddie Mac to prepare to recognize cryptocurrency as an asset for mortgage applications." This directive marks a potential significant shift in the U.S. government's support for businesses in assessing asset review standards for mortgage qualification, aligning with the established goal of promoting cryptocurrency in the U.S. during the Trump administration.

Tether Co-Founder Plans to Establish $1 Billion Crypto Fund and Build BTC, ETH, and Other Diverse Cryptocurrency Reserves

A former trading facilitator at private equity giant Blackstone and the co-founder of stablecoin leader Tether are teaming up to establish a $1 billion publicly listed crypto fund aimed at building a diversified digital asset portfolio. According to insiders, the fund is raising capital through a SPAC (Special Purpose Acquisition Company) supported by both parties, M3-Brigade Acquisition V Corp., and plans to allocate various crypto assets including Bitcoin, Ethereum, and Solana. It is reported that fundraising is still ongoing, and specific details, including the $1 billion target, may still be adjusted.

Bitfinex Securities Launches Two Alternative Financial Products in the UK

Bitfinex Securities has launched two alternative financial products in the UK, one focusing on community bank debt, named "TITAN1," which will allocate £5 million ($6.8 million) to subordinated debt issued to Castle Community Bank, a company providing loans to financially vulnerable clients in Edinburgh, Scotland; the other focuses on litigation related to improper sales of auto finance claims, named "TITAN2," which will invest £100 million ($136 million) in litigation financing related to misleading auto finance sales claims in the UK, a market expected to generate billions in compensation.

Trump Family Partners with Hut 8, Which Will Be Responsible for Building and Operating Their Bitcoin Mining Business

According to market news, the Trump family has partnered with publicly listed Bitcoin mining company Hut 8, which will be responsible for building and operating their Bitcoin mining business.

Russian Ruble Stablecoin A7A5 Completes Approximately $9.3 Billion in Transactions Since Launch

The Russian ruble-backed stablecoin A7A5 has completed approximately $9.3 billion in transactions through the Grinex platform since its launch in Kyrgyzstan in February of this year, with a market capitalization of $151 million. A7A5 claims to be backed 1:1 by the sanctioned Moscow Promsvyazbank. Although Grinex denies any direct association with the sanctioned Garantex exchange, analysis suggests there may be a business connection between the two.

Project News

Crypto.com Custody Secures $120 Million in Digital Asset Insurance to Guard Against Crime and Theft Threats

Crypto.com announced that it has secured $120 million in crime/special insurance coverage for the digital assets held by its compliant custody entity, Crypto.com Custody Trust Company. The insurance is coordinated through the international top insurance brokerage Aon and provided by the leading underwriting syndicate at Lloyd's of London.

Ethena Labs Reaches Agreement with German Regulator on Redemption Plan for USDe Holders

Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Authority (BaFin) has reached an agreement with the company's German subsidiary, Ethena GmbH, on a redemption plan for USDe stablecoin holders, initiating a 42-day redemption process for stablecoin holders. BaFin stated that USDe holders must submit redemption requests directly to Ethena GmbH by August 6, and the process will be overseen by a special representative appointed by BaFin.

zkLend Announces Service Shutdown

The zkLend lending protocol in the Starknet ecosystem announced on the X platform that it will shut down its services, citing that vulnerabilities suffered in recent months have severely damaged user confidence. Additionally, major exchanges like Bybit and KuCoin have recently delisted ZEND, further restricting the token's liquidity and accessibility, which has significantly limited the ability to effectively allocate new projects.

Near Community Initiates Vote to Reduce NEAR Token Fixed Annual Inflation Rate from 5% to 2.5%

NEAR Protocol officially stated that the community has initiated a vote to reduce the fixed annual inflation rate of NEAR tokens from 5% to 2.5%, with plans for flexible adjustments in the future. This vote will conclude when "more than 2/3 of the staked shares vote in favor or the deadline (August 1, 2025) is reached."

Regulatory Trends

Kraken Obtains MiCA License from Central Bank of Ireland, Compliance Services to Cover All EU

Cryptocurrency exchange Kraken announced that it has obtained a MiCA license issued by the Central Bank of Ireland, allowing it to provide compliant crypto services across 30 EU member states.

This is another significant advancement in Kraken's compliance process in Europe, following the acquisition of an Electronic Money Institution (EMI) license in 2023 and a MiFID license in February 2025. Kraken's co-CEO stated that this license will accelerate the company's business expansion in the EU market.

Investment and Financing

Kalshi Plans to Raise $100 Million at a $1 Billion Valuation, Paradigm Participates

According to market news, prediction market Kalshi plans to raise $100 million at a $1 billion valuation, with participation from Paradigm.

Crypto Company Zama Completes $57 Million Series B Financing, Blockchange Ventures and Pantera Capital Lead

Zama, a crypto company providing fully homomorphic encryption (FHE) for blockchain, announced the completion of $57 million in Series B financing, led by Blockchange Ventures and Pantera Capital. This financing brings Zama's total funding to over $150 million, with a valuation exceeding $1 billion, entering 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 verification and governance in a network state.

DeFi Protocol Grove Secures $1 Billion Grant to Integrate Traditional Financial Assets with DeFi

DeFi protocol Grove announced that it has secured a $1 billion grant to combine traditional financial assets with decentralized finance, focusing on mortgage obligations and providing access to real-world asset investments for crypto-native protocols. Grove's infrastructure offers channels for crypto-native protocols and asset managers to invest in real-world assets (RWA), helping them utilize idle reserves and earn returns independent of the crypto market. It is reported that the funds will be invested in the tokenized fund Janus Henderson Anemoy AAA CLO Strategy (JAAA), managed by Janus Henderson, which is built on the blockchain platform Centrifuge specializing in real-world asset tokenization.

Voices from the Industry

Greeks.live: Group Shows Clear Divergence on Short-Term Market Trends, Some Traders Expect Weak Rebound Followed by Further Decline

Adam, a macro researcher at Greeks.live, published a Chinese community briefing, noting that there is a clear divergence in the group regarding short-term market trends. Some traders believe that after a weak rebound, the market will continue to decline, while another faction believes the drop is due to a genuine lack of buying power. Most members are focused on the impact of the surge in large A on the overall market while actively using tools like Smart Trading for conditional order trading.

WSJ: GENIUS Bill May Force Tether to Accept Audits, Making It the "Biggest Loser"

The upcoming GENIUS Bill in the U.S. Congress will integrate stablecoins into the mainstream financial system, but it requires stablecoin issuers to hold reserves in safe assets such as cash and short-term U.S. Treasury bonds. Large issuers will also need to publish audited annual financial reports, posing a significant challenge for stablecoin issuer Tether—whose USDT is currently partially backed by Bitcoin and gold and has long refused to fully disclose financial details.

Tether CEO: Not Pursuing Short-Term Profits, Will Bet on AI, Decentralized Infrastructure, and More

Tether CEO Paolo Ardoino discussed in a blog interview the factors that have led to Tether's USDT becoming the largest stablecoin globally. He stated that Tether will heavily invest in decentralized infrastructure, artificial intelligence, and permissionless networks to support an open ecosystem rather than pursuing short-term profits.

CryptoQuant Analyst: Bitcoin Inflow/Outflow Ratio Remains High, Indicating Strong Demand

According to CryptoQuant analyst Axel Adler Jr, the Bitcoin inflow/outflow ratio (30-day simple moving average) remains high, comparable to levels at the start of the bull market at the end of 2023, indicating that demand for BTC remains strong.

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