Crypto Assets Market Dynamics

Regulation and Macro

The US non-farm payroll data for June exceeded expectations, with an increase of 147,000 jobs, higher than the expected 110,000. This indicates that the labor market remains strong, which may alleviate pressure on the Federal Reserve to cut interest rates. The US unemployment rate has dropped to 4.1%.

The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill, which Trump is expected to sign into effect on July 4th. The bill has sparked controversy due to cuts in federal assistance and an increase in long-term debt.

Senator Lummis has proposed a tax bill for digital assets, suggesting several measures including tax exemptions for small transactions. The bill is expected to generate approximately $600 million in fiscal revenue over the next 10 years.

The four ministries have jointly carried out the recommendation work for typical cases of the metaverse in 2025, covering fields such as digital humans, products, parks, and standards.

The Governor of the Bank of England warned that stablecoins could threaten public trust in currency and called for close attention to innovations in the payment sector.

Project Dynamics

Slow Fog reminds that the private keys of Sui and Aptos addresses are not interchangeable, and caution is needed during transfers.

Binance will launch CROSS trading on July 4th, and users holding 140+ Alpha points can participate in the airdrop.

FTX applied to the court for a "restricted processing procedure", and creditors in regions such as China may lose their claim rights.

Ondo collaborates with Pantera Capital to launch a $250 million investment plan focused on the tokenization of real assets.

The Coinbase system upgrade has been rescheduled to August 2, during which some services will be suspended.

Binance launches institutional lending services and Alpha airdrop "risk pre-check" feature.

Robinhood CEO clarifies that OpenAI and SpaceX "stock tokens" are derivatives rather than equity.

Slow Fog warns that popular Solana tools on GitHub hide the risk of coin theft.

Financing News

The Swiss cloud platform Impossible Cloud Network has completed a financing round of approximately $33.91 million.

Amber International raised $25.5 million to enhance its Crypto Assets reserve program.

Game studio Distinct Possibility Studios completed a $30.5 million financing.

The Open Platform completed a $28.5 million Series A financing, with a valuation of $1 billion.

Institutional Dynamics

DeFi Development increased its holdings by 17,760 coins of SOL for 2.72 million dollars.

Nano Labs purchased approximately 50 million USD worth of BNB coins, expanding its digital asset reserves to 160 million USD.

Franklin Templeton warns that corporate crypto asset financial strategies carry potential risks.

Market Data

In the first half of the year, stablecoins accounted for 74.6% of the total institutional OTC trading volume, with USDC trading volume increasing 29 times year-on-year.

Bitcoin whales have sold more than 500,000 coins in a year, while institutions such as ETFs have bought nearly 900,000 coins.

The Ethereum spot ETF saw a net inflow of $149 million yesterday, while the Bitcoin spot ETF had a net inflow of $602 million.