Morning Report | The White House Crypto Committee says the CLARITY Act faces a crucial week, the industry is focused on the U.S. crypto regulatory process; Changxin Technology implements equity incentives for over 6,700 people and will open new stock subscriptions on July 16
July 13 Market Important Events OverviewCompiled by: ChainCatcher
What important events have occurred in the past 24 hours?
The White House Crypto Council says this week is crucial for the CLARITY Act, industry focuses on U.S. crypto regulation process
According to ChainCatcher, crypto journalist Eleanor Terrett posted on the X platform that Patrick Witt, Executive Director of the White House Cryptocurrency Council, stated that this week will be a "crucial week" in the advancement of the U.S. CLARITY Act. As the crypto industry prepares to commemorate the one-year anniversary of the GENIUS Act officially becoming law, the construction of a regulatory framework for digital assets in the U.S. has once again become a focal point for the market. Patrick Witt mentioned that U.S. crypto policy is currently at an important stage, and the advancement of the CLARITY Act will have significant impacts on the market structure of digital assets, the division of regulatory responsibilities, and the future development direction of the industry. Previously, the CLARITY Act was seen as one of the important legislations for establishing comprehensive regulatory rules for the U.S. crypto market, aiming to clarify the classification of digital assets, the authority of regulatory agencies, and compliance requirements for market participants. Market participants believe that if the bill makes substantial progress, it could further enhance regulatory certainty for the U.S. crypto industry and affect the future layout of exchanges, stablecoin issuers, and blockchain companies.
U.S. Securities Transfer Association writes to SEC: Third-party tokenized stocks pose risks, should prioritize issuer-authorized models
According to ChainCatcher, CoinDesk reported that as competition in the capital market for tokenization heats up, the U.S. Securities Transfer Association (STA) recently submitted a letter to the U.S. Securities and Exchange Commission (SEC), warning that stock tokens issued by third-party institutions may undermine market integrity and calling for regulators to prioritize support for tokenized securities issued with authorization from listed companies in future rule-making. The STA represents several Wall Street transfer agents, and its members believe that true tokenized stocks should be formally authorized by the issuing company and recorded in the official shareholder register, rather than created as "packaged" token products by independent platforms. The association pointed out that third-party stock tokens could confuse investors about their actual holdings and expose them to risks related to platform credit, custody, and operations, without establishing a direct legal relationship with the listed company. Therefore, any innovative exemptions, pilot projects, or permanent regulatory frameworks for tokenized securities should prioritize issuer-supported models. The STA also urged the SEC to reform the existing Direct Registration System (DRS), arguing that the current U.S. securities custody system is inadequate to meet the real-time transfer and settlement needs of on-chain securities, and suggested that regulators collaborate with the Depository Trust & Clearing Corporation (DTCC) to optimize digital securities infrastructure. Currently, the global market for tokenized stocks, valued at approximately $2 billion, is primarily dominated by third-party models, including products launched by Ondo Finance and Kraken, while institutions like Securitize and Figure adopt issuer-authorized models.
Walsh faces a significant decision on whether to reverse the Fed's interest rate cuts
According to ChainCatcher, Jinshi reported that Walsh, as the chair of the Federal Reserve, presided over his first meeting during his term and decided to keep interest rates unchanged. Although there was consensus within the committee, maintaining this consensus will become more challenging as inflation concerns intensify. When the Federal Reserve meets from July 28 to 29, Walsh will have the opportunity to guide discussions on interest rate hikes and will have the latest inflation data from June.
Webull EU obtains MiCA license, plans to launch crypto business and custody services by the end of 2026
According to ChainCatcher, Finance Magnates reported that Webull EU has obtained a MiCA license issued by Dutch regulators. This is also one of the first significant approvals for crypto licenses in the market after the transition period ended on July 1. Webull plans to use this license to launch crypto trading and custody services in Europe by the end of 2026. Andries van Luijk, CEO of Webull Securities (Europe), stated that this move is an important milestone in the company's expansion into the European market, and Webull will provide users with "safe and compliant digital asset services" under the EU's unified regulatory framework. According to reports, after the implementation of MiCA, the number of licensed crypto institutions in Europe is currently approaching 200.
South Korea's five major banks exhausted 85% of annual new household loan quota in the first half of the year, facing a "credit winter" in the second half
According to ChainCatcher, the South Korean Daily Economic News reported on July 12 that driven by a surge in stock market investments and ongoing housing demand, South Korea's five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) saw a significant increase in household loans in the first half of this year. As of the end of June, the balance of household loans from the five major banks (excluding policy loans) reached 647.57 trillion won, an increase of approximately 3.7 trillion won compared to the end of last year. This means that the five major banks have exhausted 85.3% of the annual new loan quota set by financial regulators (approximately 4.33 trillion won) in just half a year, with two banks even exceeding the annual new limit ahead of schedule. To meet the strict total control targets set by financial regulators, banks are currently accelerating the tightening of credit thresholds. For example, KB Kookmin Bank recently significantly reduced the maximum limit for housing loans from 600 million won to 300 million won, while other banks are focusing on limiting new credit loans and reducing overdraft account limits. However, in just the first nine days of July, the five major banks' household loan balance increased by over 1 trillion won again. Industry insiders pointed out that against the backdrop of severely limited remaining quotas, banks will have to adopt stricter lending measures in the second half of the year to control the annual growth rate, and the South Korean market is expected to face a severe "credit winter."
glassnode: BTC rebound still belongs to volume contraction repair, ETF net inflow resumes but on-chain activity continues to weaken
According to ChainCatcher, the latest "Bitcoin Weekly Market Pulse" report released by glassnode indicates that while BTC has rebounded after recent sell-offs, this round of increase is still closer to "volume contraction repair." The report shows that weekly spot trading volume decreased by 21.5% to $4.1 billion, and the spot CVD turned negative to -$58.8 million, indicating that the breadth of market buying remains weak. In terms of institutional funds, the weekly net inflow of U.S. spot BTC ETFs has resumed to $161.3 million, but ETF trading volume still decreased by 11.97% to $8.4 billion. On-chain data shows that the number of active addresses decreased by 7.6% to 599,000, on-chain transfer volume decreased by 16.1% to $4 billion, and total fees decreased by 13.9% to $168,400, indicating that on-chain activity continues to weaken. In terms of derivatives, the futures funding rate rose by 13.4% to $1.9 million, but perpetual contract CVD plummeted by 81.7% to $83.9 million; at the same time, the options market's 25-Delta Skew rose to 18.87%, indicating that investors still maintain strong demand for downside protection during the rebound.
American Bitcoin's stock price has fallen over 95% from its peak, Eric Trump's holdings have shrunk by over $600 million
According to ChainCatcher, Bloomberg reported that American Bitcoin, co-founded by Eric Trump, has seen its stock price fall over 95% from its peak, with the value of his approximately 6% stake shrinking by over $600 million in the past 10 months. The company implemented a 1-for-15 reverse stock split this week to maintain its Nasdaq listing qualification, and the stock price hit a historic low on Wednesday. American Bitcoin continues to adhere to its Bitcoin mining and accumulation strategy, adding another 500 BTC on Monday, bringing its holdings to over 8,000 BTC; in the first quarter, it recorded an operating loss of $118.2 million due to the impairment of Bitcoin reserves.
Coinbase Ventures becomes the most active crypto VC in the first half of 2026, with DeFi, AI, and payment sectors being the most favored
According to ChainCatcher, Cointelegraph reported that CryptoRank data shows that Coinbase Ventures completed 30 investments in the first half of 2026, making it the most active crypto venture capital firm; Animoca Brands, a16z, and Tether completed 19, 18, and 15 investments, respectively. In the past 12 months, Coinbase Ventures has completed a total of 75 investments, ranking first in the industry, followed by Animoca Brands, YZi Labs (formerly Binance Labs), GSR, and a16z. Despite the crypto market still being in a downturn, the scale of industry financing continues to shrink, with total financing for crypto enterprises in June dropping to $1.4 billion, a 63% decrease from $3.8 billion in April; the number of financing rounds also fell from 89 in May to 61. Meanwhile, the number of independent investment institutions participating in investments decreased from 452 in October 2025 to 242 in June this year. From a sector perspective, in the past year, DeFi, payments, and AI remain the most favored areas for capital, completing 216, 131, and 128 financing rounds, respectively, with Coinbase Ventures focusing on payment protocols, DeFi, infrastructure, and RWA tokenization projects.
Bitmine increased its holdings by 27,801 ETH last week, bringing total holdings to approximately 5.77 million
According to ChainCatcher, PR Newswire reported that Bitmine announced it purchased an additional 27,801 ETH in the past week and stated it would continue to maintain a stable accumulation pace since 2026. As of July 12, Bitmine holds a total of 5.77 million ETH, of which 4.917 million ETH (approximately 85% of its holdings) have been staked, with a total value of approximately $9 billion based on an ETH price of $1,820. The company expects an annualized staking income of approximately $242 million based on a 2.70% annualized staking yield, and if all ETH is staked, the annualized staking rewards could reach $284 million. Additionally, Bitmine stated it has launched an institutional-grade Ethereum staking platform, MAVAN (Made in American Validator Network), which will be opened to institutional investors, custodians, and ecosystem partners in the future. Bitmine claims it has become the world's largest ETH reserve institution, ranking second globally in terms of crypto asset reserves, second only to Strategy, which holds 843,775 BTC. The company also stated that the GENIUS Act and the SEC's Project Crypto will drive the transformation of digital asset financial infrastructure, with significance comparable to the impact of the end of the Bretton Woods system on the modernization of Wall Street in 1971.
Data: Binance Futures monthly trading volume exceeds $1.6 trillion, setting a new high for the year
According to ChainCatcher, CryptoQuant analyst maartunn stated that Binance's monthly futures trading volume has exceeded $1.6 trillion, setting a new high for the year. Bitcoin is currently hovering around $60,000, and market sentiment remains cautious, with many traders still describing the market as bearish. Europe is still adapting to MiCA regulatory provisions, and the summer holiday typically leads to a slowdown in trading activity. Nevertheless, Binance's derivatives trading remains strong. The surge in trading volume indicates that despite various factors, traders are still actively participating in Binance's futures market.
Data: The net outflow ends after 8 consecutive weeks, Ethereum spot ETF saw a net inflow of $84.42 million last week
According to ChainCatcher, based on SoSoValue data, last week the Ethereum spot ETF saw a net inflow of $84.42 million. The Ethereum spot ETF with the highest net inflow last week was the BlackRock ETF ETHA, with a weekly net inflow of $53.74 million, bringing its historical total net inflow to $11.18 billion. The second was Fidelity ETF FETH, with a weekly net inflow of $37.47 million, bringing its historical total net inflow to $2.15 billion. The Ethereum spot ETF with the highest net outflow last week was Bitwise ETF ETHW, with a weekly net outflow of $2.75 million, bringing its historical total net inflow to $382 million. As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.59 billion, with an ETF net asset ratio (market value compared to Ethereum's total market value) of 4.44%, and the historical cumulative net inflow has reached $10.97 billion.
Thai banks require proof of source for personal cash deposits over 5 million baht and strengthen monitoring of stablecoin transactions
According to ChainCatcher, local Thai media reported that Thailand will require individuals depositing cash exceeding 5 million baht (approximately $150,000) to verify the source of funds. This intervention expands the compliance responsibilities of commercial banks regarding cash networks, large currency exchanges, precious metal transactions, and suspicious stablecoin transactions, directly preventing regulated entities from fostering systemic corruption or shadow economies. Additionally, the Bank of Thailand and the Securities and Exchange Commission (SEC) are conducting joint audits focusing on Tether (USDT) to identify and prevent illegal fund flows. This crackdown also includes strengthening controls over precious metal transactions, requiring banks to report suspicious patterns, such as rapid digital purchases and same-day physical withdrawals, to combat money laundering activities.
UK Treasury report views Ripple as a tokenization model, promoting the on-chain repurchase and government bonds
According to ChainCatcher, CoinDesk reported that the wholesale digital market report supported by the UK Treasury lists Ripple as one of the core participants, planning to transition repurchase agreements (repos), UK government bonds (gilts), and funds from the regulatory sandbox to the real market within the next 12 months, expecting to add approximately £33 billion to the UK economy annually and £14 billion in tax revenue over the next decade. The report proposes a hybrid architecture that overlays a permissioned institutional network on top of a public chain, using BlackRock's tokenized money market fund BUIDL on Ethereum as an example, while noting that the finality risks brought about by public chain restructuring still need to be addressed. The report also mentions Ripple's acquisition of Hidden Road (renamed Ripple Prime) and Santander UK's use of Ripple's blockchain for cross-border payments, suggesting that traditional finance and crypto institutions are converging.
Bernstein: Robinhood Chain ranks among the top five chains, with DEX trading volume reaching $3.1 billion last week
According to ChainCatcher, Coindesk reported that Bernstein stated in a research report released on Monday that Robinhood's newly launched blockchain, Robinhood Chain, has performed strongly since its launch, quickly becoming one of the most active networks for decentralized trading. The report noted that since the mainnet went live on July 1, Robinhood Chain's DEX trading volume reached $3.1 billion in the past week, ranking among the top five chains by DEX activity. Currently, over 65,000 users hold approximately $13 million in tokenized stocks and $300 million in stablecoins on the chain. Bernstein believes that the early adoption of Robinhood Chain highlights the accelerated integration of tokenized real-world assets with the broader DeFi ecosystem. The network is built on Arbitrum, an Ethereum Layer 2, supporting Robinhood's tokenized stock products, providing 24/7 trading, self-custody, and on-chain use cases such as lending and collateralization, and has integrated with partners like Uniswap, Morpho, Lighter, Chainlink, and BitGo. The report also stated that although the current early trading volume is mainly driven by meme coins, Robinhood is expected to focus more on tokenized stocks, commodities, and other RWA assets, as well as perpetual contract businesses in the future.
QCP Capital: U.S.-Iran situation intertwined with macro events, market wary of rising crypto volatility
According to ChainCatcher, QCP Capital reported that it has been 12 days since the U.S. and Iran signed a memorandum of understanding, and both sides experienced military conflicts again over the weekend, accusing each other of violating the 60-day ceasefire agreement, putting pressure on the prospects for the second round of negotiations. Oil prices remain around $70, but if supply recovers slower than expected, there is still an upside risk for oil prices. In the crypto market, the implied volatility of BTC and ETH continues to rise, with increased demand for BTC put options with a strike price of $55,000-$58,000 expiring in July, while spot ETFs continue to see net outflows, and concerns related to Strategy and pressure on U.S. stocks are dragging down market sentiment. However, there has also been significant buying of BTC call options with a strike price of $64,000 expiring on the 17th. This week, the market will focus on Federal Reserve Chairman Kevin Warsh's speech at the ECB forum, as well as the ISM Manufacturing PMI and U.S. non-farm payroll data. Given the low liquidity before the holiday, market volatility is expected to remain high.
SBI and Solana Foundation reach strategic cooperation to jointly build Japan's on-chain financial market
According to ChainCatcher, SBI Holdings announced that it will reach a strategic cooperation with the Solana Foundation to promote the construction of Japan's on-chain financial market. As part of the cooperation, the Solana Foundation will participate in SBI R3 Japan, which plans to be renamed SBI Solana Global, and will jointly promote related growth strategies with shareholders SBI Holdings and SMFG. The announcement stated that SBI Solana Global will focus on the issuance and circulation support of stablecoins like JPYSC, the formation and circulation of tokenized RWAs (including corporate bonds, commercial paper, funds, and real estate), the construction of cross-border payment infrastructure, on-chain financial services for institutional investors, and the development of next-generation payment infrastructure for the AI Agent era, based on the Solana network.
South Korea plans record budget of over 800 trillion won, focusing on AI and chip investments
According to ChainCatcher, Reuters reported on July 13 that the South Korean government announced plans for a budget expenditure for the fiscal year 2027, which will reach a historical high of over 800 trillion won (approximately $53.1 billion). The expansion of the budget scale is mainly attributed to strong tax revenue growth brought about by the booming AI chip industry. The South Korean government stated that the funding for the budget will rely on increased tax revenue and the restructuring of approximately 50 trillion won in existing expenditure items. In terms of fund allocation, three major "giant projects"—chips, AI data centers, and physical AI—will receive the highest financial priority. Additionally, South Korean President Lee Jae-myung emphasized that this is a critical period for determining global AI dominance. To this end, South Korea plans to establish a "Future Response Fund" as a strategic investment platform, investing excess tax revenue in four areas: youth, growth engines, regional development, and talent cultivation, to ensure that corporate investments proceed as planned.
Swyftx: AI micro-enterprises may drive stablecoin trading volume to reach $262 billion by 2033
According to ChainCatcher, the second-quarter industry report from Australian crypto exchange Swyftx predicts that the global gig and freelance payment market will reach $21 trillion by 2033, with AI-native practitioners contributing $775 billion. Under an adoption rate assumption of about 33%, Swyftx's benchmark model predicts that $262 billion will be settled through stablecoins. Swyftx's Chief Market Analyst Pav Hundal stated that micro-enterprises with fewer than five employees are becoming the fastest adopters of AI, giving rise to a group of independent entrepreneurs engaged in cross-border operations and high-frequency invoicing, currently numbering around 6 to 10 million globally, expected to increase to 17 million within a decade. Traditional cross-border payment fees are high and settlements take days, while stablecoin transfers via Ethereum Layer 2 networks can reduce costs by 80% to 90%. Swyftx added that if the prediction comes true, the institutional settlement layer providing off-exchange liquidity, custody, and yield services for these payments could capture up to $1.3 billion in new revenue by 2033. The market capitalization of stablecoins has doubled in the past two years, with June trading volume reaching a historic high of $1.79 trillion.
Data: The net outflow ends after 8 consecutive weeks, Bitcoin spot ETF saw a net inflow of $197 million last week
According to ChainCatcher, based on SoSoValue data, last week (Eastern Time July 6 to July 10), the Bitcoin spot ETF saw a net inflow of $197 million. The Bitcoin spot ETF with the highest net inflow last week was the BlackRock ETF IBIT, with a weekly net inflow of $292 million, bringing its historical total net inflow to $60.29 billion. The second was Grayscale's Bitcoin mini trust BTC, with a weekly net inflow of $95.08 million, bringing its historical total net inflow to $2.49 billion. The Bitcoin spot ETF with the highest net outflow last week was Grayscale's Bitcoin trust GBTC, with a weekly net outflow of $108 million, bringing its historical total net outflow to $27.28 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.42 billion, with an ETF net asset ratio (market value compared to Bitcoin's total market value) of 6.05%, and the historical cumulative net inflow has reached $51.28 billion.
Data: $270 million liquidated across the network in the past 24 hours, with long positions liquidated at $214 million and short positions at $55.68 million
According to ChainCatcher, Coinglass data shows that $270 million was liquidated across the network in the past 24 hours, with long positions liquidated at $214 million and short positions at $55.68 million. Among them, Bitcoin long positions were liquidated at $68.54 million, Bitcoin short positions at $10.73 million, Ethereum long positions at $38.64 million, and Ethereum short positions at $27.06 million. Additionally, in the last 24 hours, a total of 69,788 people were liquidated globally, with the largest single liquidation occurring in Hyperliquid - XYZ:SKHX-USD worth $4.8618 million.
Changxin Technology implements equity incentives for over 6,700 people, new stock subscription to begin on July 16
According to ChainCatcher, Interface News reported that the prospectus shows that Changxin Technology has implemented a rare employee equity incentive in the semiconductor industry before its IPO. The company launched two phases of employee stock ownership plans over four years, granting shares to a total of 6,760 people, accounting for 35% of the total number of employees, with a high proportion of R&D and highly educated personnel. Chairman Zhu Yiming publicly promised to distribute the granted 768 million shares to current employees free of charge within ten years after the company goes public, and he himself committed not to reduce his holdings within ten years after the IPO. This initiative aims to retain core talent and stimulate team motivation through a long-term interest binding mechanism during the lengthy technology catch-up cycle. In terms of performance, benefiting from the AI-driven super cycle in the storage industry, Changxin Technology has achieved strong turnaround and significant growth. The company expects to achieve revenue of 110 to 120 billion yuan in the first half of 2026, a year-on-year increase of over six times; net profit attributable to the parent company is expected to reach 50 to 57 billion yuan. Previous news: According to the Shanghai Stock Exchange's official website, Chinese storage giant Changxin Technology has disclosed its IPO prospectus and "Issuance Arrangement and Preliminary Inquiry Announcement" on July 9, officially starting the IPO issuance process on the Sci-Tech Innovation Board. The announcement disclosed that the offline subscription date and online subscription date for the new shares are both set for July 16, 2026. Changxin Technology's stock code/offline subscription code is "688825," and the online subscription code is "787825." This time, approximately 6.688 billion shares are planned for public issuance (before the exercise of the over-allotment option), and the issuer grants CICC an over-allotment option of up to 15.00% of the initial issuance shares; if fully exercised, the total number of shares issued will expand to approximately 7.691 billion.
Metaplanet launches Metaplanet Securities after acquiring Siiibo Securities
According to ChainCatcher, Metaplanet (3350.T) has launched Metaplanet Securities after completing the acquisition of Siiibo Securities, providing BTC-backed credit instruments for Japanese investors. BTC-backed credit is on the rise.
CryptoRank: The market is predicted to lead crypto VC investment scale with an average single round of $118 million in 2026
According to ChainCatcher, data from CryptoRank on July 12 shows that in the average single round investment scale in the crypto industry venture capital in 2026, the prediction market leads with $118 million, far exceeding other sectors. Exchanges rank second with $76.2 million, blockchain infrastructure ranks third with $47.8 million, and compliance ranks fourth with $29.4 million. AI ($27.3 million), payments ($26.3 million), infrastructure ($22.8 million), and social ($22.1 million) are in the middle tier. Brokerage ($21.5 million), RWA ($17.5 million), CeFi ($16.2 million), and DeFi ($14.6 million) are at the lower end. The leading position of the prediction market reflects the strong appeal of this sector to institutional capital driven by catalytic events such as the 2026 World Cup.
Bolivia evaluates incorporating USDT into national payment system
According to ChainCatcher, CoinDesk reported that the Bolivian government is evaluating incorporating the Tether stablecoin USDT into the national payment system, allowing it to circulate alongside the boliviano and the U.S. dollar as a regulated option. Economic Minister José Gabriel Espinoza stated that authorities are developing a framework for banks, digital wallets, and payment institutions to use, and the proposal is still in the technical review stage, without granting USDT legal tender status or publishing implementation details. Since the central bank lifted restrictions on crypto trading in mid-2024, local crypto trading volume has surged to $430 million within a year, with overall trading volume increasing by approximately 630%. Against the backdrop of a shortage of dollars and the switch to a floating exchange rate this year, demand for crypto assets among businesses and residents has risen. Officials stated that if the proposal is implemented, it will strengthen anti-money laundering regulation, as Bolivia remains on the gray list of the Financial Action Task Force.
Securitize's RWA tokenization scale surpasses $5 billion
According to ChainCatcher, Securitize officially announced that it has achieved a tokenization scale of over $5 billion in real-world assets (RWA), claiming to be the first tokenization platform to reach this milestone. Securitize stated that the demand for tokenized assets from institutional investors is growing at an unprecedented pace and reaffirmed its strategic positioning of "Tokenize the World."
Trump's portfolio shift: Cashing out over $1.4 billion in crypto, traditional stock and bond holdings increase to a maximum of $2.6 billion
According to ChainCatcher, the latest disclosure from the U.S. Office of Government Ethics (OGE) revealed that Trump earned over $1.4 billion through his family's crypto projects (including World Liberty Financial and Trump Meme Coin) last year. According to Reuters analysis, by the end of 2025, the valuation of Trump's traditional stock and bond portfolio has increased to between $703 million and $2.6 billion, a significant increase from $225 million to $608 million at the end of 2024. Reports indicate that the earnings from his crypto projects were subsequently allocated to traditional financial assets. Additionally, data shows that as of April this year, retail investors participating in four crypto projects supported by Trump have collectively lost approximately $2.3 billion. The White House responded that Trump's related assets are managed by an independent third-party institution.
Strategy did not increase Bitcoin holdings last week, sold 4.82 million shares raising $466.7 million
According to ChainCatcher, SEC filings disclosed that Strategy sold approximately 4.82 million shares of MSTR stock through an ATM (at-the-market) plan, raising a net amount of about $466.7 million for the week ending July 12. During the same period, Strategy did not make any Bitcoin purchases, maintaining its holdings at 843,775 BTC, with a total cost of approximately $63.69 billion based on an average purchase cost of $75,476. Additionally, Strategy disclosed that the company did not conduct any stock buybacks from July 6 to 12, and as of July 12, its cash reserves were approximately $3 billion.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN market data, as of July 14, 09:30,
The top five popular ETH tokens in the past 24 hours are: LINK, ASTEROID, ADI, sato, ZAMA
The top five popular Solana tokens in the past 24 hours are: ANSEM, febu, brain, Wukong, PCAT
The top five popular Base tokens in the past 24 hours are: ELSA, SOSO, LMTS, ZEN, GITLAWB
What are some interesting articles worth reading in the past 24 hours?
This week’s focus: Inflation data, earnings season, and central bank direction. The market faces multiple tests this week. U.S. inflation data will be released soon, and whether the continued rise in energy prices can further push up the CPI will be a key observation point. Federal Reserve Chairman Kevin Warsh will also attend a congressional hearing for the first time, marking his first public statement since taking office, and the market will closely watch his latest remarks on interest rate prospects. In terms of earnings season, Goldman Sachs and JPMorgan will be the first to disclose their performance on Tuesday, which will be the first major test of whether corporate profits can support the market rally driven by optimism around artificial intelligence. The Asian market will focus on China's second-quarter economic growth data and the Bank of Korea's interest rate decision to assess the extent to which weak domestic demand is dragging down the economy.
AI crossroads: Why Wall Street is saying "no" to ChatGPT and Claude?
So, trust or verification? For tasks that emphasize execution and agents, choose trust, because every tool call inherently delivers plaintext to a destination that enclaves cannot seal off, and cutting-edge models deserve their price in such loops. As for the high-level thinking that distinguishes a company from its competitors, choose verification. Strategy, planning, and judgments distilled from years of professional experience are precisely the alpha in controversy. The path forward lies within the boundaries of corporate self-control, fine-tuning open-source models with these proprietary insights. In the domain where a company's alpha resides, expert-tuned open models have already surpassed cutting-edge models in both accuracy and cost, and the infrastructure to build it in a privacy environment is gradually arriving, node by node.
Let funds flow at internet speed
I have previously written that SWIFT, as the current coordinating layer, has a value and influence that surpasses any party on either end of the network it serves. Visa's value also exceeds that of all global banks it serves, except for JPMorgan. This is the driving force behind playing the coordinating layer role in the ever-evolving financial world. It allows participants to secure a place in the capital markets of the next decade. Centrifuge is defining the role in funds, while LayerZero is responsible for building bridges connecting various links. That’s all for today; see you in the next article.
The success of Robinhood Chain proves Ethereum is not dead
As more and more entities build applications on Ethereum, they will distribute ETH to more users, integrate it into more products, and enable it to play a role in more fields. This will enhance ETH's liquidity and investor confidence, thereby strengthening the currency premium, which will ultimately evolve into a greater network effect. Robinhood is not an exception but a beacon. Real enterprises will use Ethereum L1 when they need the most neutral, lowest-risk, and most liquid shared environment globally. When control, customization, and high performance are required, they will build their own Ethereum L2. And when their business is not yet sufficient to support building an independent blockchain, they will deploy on mature blockchains, usually Ethereum L2. This is not because they are fans of Ethereum, but because they have made rational business decisions.
She cited the multiple pressures currently facing the U.S. economy: hiring slowdown, stagnant wage growth, prolonged high prices, rising credit card debt, high interest rates suppressing housing market vitality, and the potential impact of artificial intelligence on the job market. These structural pressures collectively explain why there is such a deep rift between consumer confidence and official data. In Edwards' view, the correct path to bridging this contradiction is not to ask the public to trust existing data more, but to make the data system more accurately reflect the living realities of different groups. For market participants, the significance of this discussion lies in the fact that on the eve of tomorrow's CPI data release, investors may need to reassess the extent to which a single aggregate indicator can accurately capture the real inflation pressures and consumption behavior differentiation in the current economic cycle—this differentiation is a key variable in understanding the Federal Reserve's policy path and consumption-side risks.
Brokerage: Long-term logic remains unchanged, focus on profitability sustainability. Despite causing market turbulence, KIS's overall stance in the report is not pessimistic. The brokerage believes that as the storage industry shifts to a 3 to 5-year LTA contract structure, the core driver of corporate valuations will shift from "quarterly ASP increases" to "how long high profitability can be sustained." The KIS report pointed out: "From now on, attention should be paid to the sustainability of profits. The expansion of LTA is reducing the long-standing performance volatility in the storage industry." The brokerage expects that as the proportion of contract-based revenue increases, and the expansion of HBM capacity squeezes overall supply, SK Hynix's high profitability level will be maintained in the long term, and valuations will be re-priced accordingly. The target price of 3.8 million won corresponds to a significant upside potential from the current stock price, and KIS maintains a buy rating.
Risk warning
