Compiled by: Nona
Fear and Greed Index: 67 (Greedy)
Bitcoin Price: $118,738
BTC/ETH Spot ETF Fund Flow (7.23)
BTC Net Outflow: $85.96 M
ETH Net Inflow: $332.18 M
Regulation/Macro
At the 2025 third quarter press conference on July 24, Shi Jiandong, Deputy Director of Macroprudential Management Department at the People's Bank of China Shanghai Headquarters, stated that they will continue to steadily promote financial reform tasks. First, they will advance offshore trade financial service comprehensive reform pilot businesses for banks and enterprises that meet conditions, continuously expand policy benefits, and actively explore digital yuan's application in offshore trade settlement. Second, they will revise and improve the "Shanghai Free Trade Zone Free Trade Account Function Upgrade Implementation Measures" based on public feedback, and officially release it after obtaining approval from the PBoC headquarters.
HKMA Chief Executive Eddie Yue warned about recent scams involving digital assets and stablecoins causing public losses. The Stablecoin Ordinance will take effect on August 1, and promoting any unlicensed stablecoin to the Hong Kong public will be illegal from the effective date. Yue revealed that recent central banks and financial regulators are increasingly focused on preventing stablecoins from being used for money laundering, especially in cross-border scenarios. The Bank for International Settlements' latest annual economic report extensively emphasized the importance of preventing stablecoin money laundering risks.
Bo Hines, Executive Director of Trump's Digital Assets Advisory Council, tweeted that the Presidential Digital Assets Working Group has completed the 180-day report (the first cryptocurrency policy report) and will be publicly released on July 30.
Project/Company Dynamics
UK listed company Satsuma (formerly Tao Alpha) announced the completion of a £100 million ($136 million) private placement. CEO Henry Elder stated, "This successful financing is not only significant for Satsuma but also for the entire London market. We are prepared and delighted to collaborate with world-class institutional partners in London and globally to build the UK's leading Bitcoin and decentralized AI company." Additionally, the company will launch a short-term third round of financing, limited to individual investors deemed US critical strategic qualified investors by the company, with an expected total financing of no more than £10 million, to be completed around July 28, 2025.
Tether announced assisting US authorities in freezing and reissuing approximately $1.6 million USDT related to Gaza's BuyCash company, a financial network associated with terrorism financing activities. This action is part of a US Department of Justice civil forfeiture case involving approximately $2 million in digital assets. Tether stated it has frozen over $2.9 billion USDT, collaborated with 275 law enforcement agencies across 59 jurisdictions, and pledged to continue supporting global law enforcement in combating illegal activities.
SOL Treasury Company Accelerate Plans to Raise Approximately $1.5 Billion and List in the US
Joe McCann, founder and CEO of crypto hedge fund Asymmetric Financial, will become CEO of Accelerate, a SOL cryptocurrency treasury company. The company plans to raise up to $1.51 billion, including $800 million through Private Investment in Public Equity (PIPE), $358.8 million from SPAC, $250 million through convertible bonds, and $103.2 million through SPAC warrants. If the financing is successful, Accelerate will immediately become the largest SOL asset management company in the market.
Fosun Wealth subsidiary Starway Technology launched the one-stop RWA technology, issuance, and distribution platform FinRWA Platform 1.0 (FRP 1.0). CEO Cai Hua stated that FRP 1.0 is an open platform providing Hong Kong-compliant RWA issuance guidelines and technical support, offering compliant and stable one-stop trading services for financial institutions to quickly access RWA and stablecoin markets, reducing compliance risks. The platform aims to custody HK$100 billion in assets within 5 years, currently approaching HK$20 billion, and believes it will further breakthrough as policies and markets mature.
Depth & Outlook
With institutional funds massively entering the cryptocurrency market and mainstream coins repeatedly setting new historical highs, this is no longer a "retail-friendly" market, both in terms of funding and acceptance of technology and narrative. Some argue that the cryptocurrency dividend period for retail investors is ending, and this cycle may be the last one for retail investors.
The macroeconomic strategic intent of the GENIUS Act is also significant: by incorporating stablecoins into the "US Dollar-US Treasury" cycle, the US can expand the usage scenarios of the US dollar in global payments and create long-term demand for the US Treasury market.
Ethereum's perpetual contract market share has exceeded Bitcoin's for the first time since the 2022 cycle low, and the formation of a "speculative bubble" may signal the arrival of the "altcoin season".
By 2025, this sector once questioned as "overly idealistic" is disrupting the global financial landscape at an unprecedented speed. This article will break down how the most traditional Wall Street players are gradually going all in on blockchain.
