Morning Report | In the first half of the year, the financing amount in the primary cryptocurrency market reached 8.658 billion USD, with 259 financing events; the Japanese Senate passed a revised version of the Financial Instruments and Exchange Act, which will apply a 20% tax rate to crypto assets and lift the ban on ETFs
July 15 Market Important Events OverviewCompiled by: ChainCatcher
What important events have occurred in the past 24 hours?
US-UK Transatlantic Working Group Releases Digital Asset Roadmap to Promote Stablecoin Innovation
According to ChainCatcher and reported by The Block, the US and UK are deepening their cooperation on digital assets, releasing a joint statement from the Transatlantic Future Markets Working Group, stating that regulated stablecoins have the potential to enhance the efficiency and competitiveness of the financial system. The working group was established last year to deepen cooperation between the two countries and reduce market fragmentation. The joint statement calls for the Bank of England, the UK's Financial Conduct Authority (FCA), and the US CFTC and SEC to develop proposals for the treatment of tokenized assets and instructs the FCA and SEC to "explore options to facilitate cross-border financing." The statement also emphasizes support for competition and innovation in assets such as stablecoins and tokenized deposits, highlighting standards for custody, reserve isolation, and consumer protection, and providing clear legal priority claims for stablecoin holders in bankruptcy situations. This statement comes on the one-year anniversary of the passage of the US GENIUS Act, with Federal Reserve Chairman Kevin Warsh stating at a House Financial Services Committee hearing that "rules are expected to be introduced before the July 18 deadline."
Japanese Senate Passes Revised Financial Instruments and Exchange Act; Crypto Assets Subject to 20% Tax Rate and ETF Ban Lifted
According to ChainCatcher and reported by Japanese media, the Japanese Senate today officially voted to pass the revised Financial Instruments and Exchange Act. This amendment marks the formal inclusion of crypto assets (virtual currencies) into the regulatory framework for financial instruments, no longer limited to the payment means constraints of the Fund Settlement Act. In terms of regulation and investor protection, the new rules introduce an insider trading regulatory mechanism for the crypto market and accept oversight from securities trading monitoring committees. Additionally, the law significantly increases penalties for unlicensed operators, raising the maximum prison sentence from 3 years to 10 years, and increasing the maximum fine to 10 million yen. The revised law is expected to be officially implemented by July 2027. In terms of taxation and investment channels, the new rules clarify several major policy shifts. Starting January 2028, the tax rate on profits from crypto asset trading in Japan will be lowered from the current maximum of 55% to a unified rate of 20%, the same as for stocks (separate declaration taxation). Furthermore, the Japanese market is also expected to officially lift the ban on crypto asset ETFs around the same time, with various securities firms already preparing for related entry matters.
Data: Crypto Primary Market Financing Amount Reaches $8.658 Billion in First Half of Year, 259 Financing Events
According to ChainCatcher and data from RootData, the total financing amount in the crypto industry for the first half of the year was $9.081 billion, with a total of 259 financing events; among them, the primary market financing amount (excluding IPO/Post IPO/M&A rounds) was $8.658 billion, a decrease of 26.1% compared to the same period last year, with the number of financing events down 28.5% year-on-year. March and May were two peaks for financing amounts in the first half of the year, with the number of financing events reaching 66 and 68 respectively; in June, the number of financing events fell to 43, indicating a cooling of market funding activity as the second quarter ended. Overall, large financing rounds can still significantly elevate monthly financing scales, but the heat of regular financing rounds has begun to shrink. In the first half of 2026, there were a total of 75 M&A transactions in the crypto industry, of which 16 disclosed specific amounts (totaling about $3.836 billion). M&A activity was mainly concentrated in the CeFi, tools and information services, DeFi, and infrastructure sectors. Representative M&A events include Mastercard's acquisition of BVNK ($1.8 billion) and Kraken's acquisition of Reap ($600 million). Leading crypto venture capital firms continue to maintain a high frequency of investments, with Coinbase Ventures participating in 25 investments in the first half of 2026, ranking first; Animoca Brands participated in 20, while a16z and Tether participated in 14 each. Over the past 12 months, Coinbase Ventures has participated in a total of 68 investments, continuing to lead the industry, followed by Animoca Brands, Pantera Capital, YZi Labs, a16z, Tether, and GSR. In terms of sectors, DeFi, infrastructure, and CeFi were the three most active financing directions in the first half of 2026. In the first half of the year, DeFi completed 129 financing events, infrastructure completed 116, and CeFi completed 69. AI, payments, prediction markets, and RWA were also key focus areas for capital, with AI-related financing at 59 events, payment-related projects at 46, and RWA-related projects at 28. Overall, the crypto primary market in the first half of 2026 did not come to a complete halt, but the market structure has changed: the total financing amount is still supported by a few large transactions, institutional participation is more concentrated, sector preferences are more pragmatic, and M&A has become an important means of industry consolidation. Funding is shifting towards structural allocations around infrastructure, DeFi, CeFi, payments, AI, and RWA.
South Korea Plans to Promote Digital Asset Basic Law Legislation in the Second Half of the Year
According to ChainCatcher and reported by South Korea's Daily Economic News, the South Korean government has established blockchain and digital asset ecosystem cultivation policies through the "2026 Economic Growth Strategy for the Second Half of the Year." Core measures include launching a pilot project for national debt tokenization in 2027, linking it with the central bank digital currency of South Korean banking institutions, and considering interoperability between CBDC and other private blockchains. Digital asset legislation is being accelerated, with plans to promote the Digital Asset Basic Law legislation in the second half of the year, covering the institutionalization of stablecoins and the systematization of cross-border stablecoin transactions. The government will also support amendments to capital market laws to promote the institutionalization of virtual asset spot ETFs. In terms of blockchain industry competitiveness, large demonstration projects and leading technology research and development will be promoted in the fourth quarter of this year. Additionally, the government will collaborate with international organizations such as UNFCCC and GGGI to manage GVCM carbon credits compliant with the Paris Agreement based on blockchain.
Japanese Senate Passes Amendment to Financial Instruments and Exchange Act; Crypto Assets Officially Classified as Financial Instruments
According to ChainCatcher and reported by CoinPost, the Japanese Senate held a plenary session today and passed the amendment to the Financial Instruments and Exchange Act and the Fund Settlement Act, redefining crypto assets from payment means to financial instruments. Key revisions include renaming crypto asset exchange operators to crypto asset trading operators, raising the maximum prison sentence for unregistered sales from under 3 years to under 10 years, and increasing the fine from under 3 million yen to under 10 million yen; the introduction of insider trading regulations for crypto assets, prohibiting trading based on undisclosed important information; and requiring specific crypto asset issuers to disclose information regularly every year. In terms of taxation, the system shifts from a maximum of 55% comprehensive taxation to separate declaration taxation (approximately 20% tax rate), allowing losses to be carried forward for 3 years, expected to be implemented from January 1, 2028. The bill also provides a regulatory framework for the establishment of crypto asset ETFs, with the Japan Exchange Group expected to promote ETF listings around 2027. After the bill's passage, the next focus will shift to the formulation of specific rules such as decrees and supervisory guidelines, including reserve levels and derivatives leverage limits. Compliance costs may pressure small and medium exchanges, but opportunities for asset management companies and banking insurance institutions will expand.
Macroeconomic Shocks Impact Crypto Market; Huobi HTX to Live Stream Analysis of BTC Market Trends
According to ChainCatcher and an official announcement, Huobi HTX will hold a live stream today at 8 PM titled "Ceasefire Ends, Oil Prices Surge Above 75, STRATEGY First Loss: Can the Macro Narrative of BTC Still Hold?" During the event, crypto KOLs such as Huabai Blockchain, Sincere Taoist, Crypto.0824, and OxPink will gather in the live stream room to engage in in-depth discussions on recent market hotspots such as the repeated situation in the Middle East and the strong rise in international oil prices, and analyze BTC market trends and crypto asset allocation opportunities and risk management strategies based on expectations of Federal Reserve policies, providing investors with multi-dimensional market observations and trading ideas.
SEC Approves BlackRock Bitcoin Spot ETF Options Position and Exercise Limits Increased to 1 Million Contracts
According to ChainCatcher, the US Securities and Exchange Commission announced that the rule change submitted by the New York Stock Exchange on July 6 is now in effect, significantly increasing the position limits and exercise limits for BlackRock's Bitcoin spot ETF IBIT options from 250,000 contracts to 1 million contracts to meet the rapidly growing demand for IBIT options trading, enhancing market liquidity and market maker capabilities.
Hassett: Data Shows the Federal Reserve Has No Reason to Raise Interest Rates
According to ChainCatcher and reported by Jin10, Hassett, the Director of the White House National Economic Council, stated that data shows the Federal Reserve has no reason to raise interest rates.
UK Plans to Issue First G7 Digital Sovereign Bond by Early 2027
According to ChainCatcher, the UK plans to issue its first digital sovereign bond by early 2027, becoming the first G7 country to issue government debt on a distributed ledger. The bond will be listed on HSBC's Orion platform and included in the digital securities sandbox of the Bank of England (BoE) and the UK's Financial Conduct Authority (FCA) to test shortened settlement times and reduced costs. Bank of England Governor Andrew Bailey stated that the BoE plans to make the bond eligible as market operation collateral, allowing banks to use the bond in central bank financing transactions.
Oriental Jincheng: 10-Year US Treasury Yield Likely to Continue Rising
According to ChainCatcher and reported by Jin10, Oriental Jincheng released a research report stating that the 10-year US Treasury yield is expected to show a fluctuating upward trend driven by the re-escalation of geopolitical risks. Considering the escalation of tensions between the US and Iran and Iran's announcement to close the Strait of Hormuz, international oil prices are expected to rise, pushing up market inflation and interest rate hike expectations. Additionally, Federal Reserve Chairman Warsh will attend a congressional hearing this week, and his testimony is expected to be hawkish, signaling control over inflation, thereby raising real interest rates. Overall, the central tendency of the 10-year US Treasury yield is likely to continue rising.
Data: Coinbase Bitcoin Trades at a Discount to Binance for 50 Consecutive Days, Setting a Record
According to ChainCatcher, as of July 7 to 8, 2026, the Coinbase Bitcoin Premium Index has been negative for 50 consecutive days, setting the longest recorded negative cycle for this indicator. The latest reading is approximately -0.0742%, indicating that the price of Bitcoin on the US trading platform Coinbase is lower than that on Binance. This indicator compares Bitcoin prices between Coinbase and Binance. A negative reading typically corresponds to weaker demand from US buyers compared to broader international market demand; this negative cycle began on May 19, 2026, surpassing the previous record of 40 consecutive days of negative readings. As of early July 2026, the US spot Bitcoin ETF has seen a net outflow of about $6 billion this year. In late June, the US spot Bitcoin ETF experienced over $2.6 billion in outflows within 9 trading days, followed by a total inflow of $282 million for Bitcoin and Ethereum ETFs.
Data: Bitcoin Spot ETF Saw Total Net Inflow of $181 Million Yesterday, BlackRock IBIT Led with $139 Million
According to ChainCatcher, based on SoSoValue data, yesterday (Eastern Time July 14), the total net inflow for Bitcoin spot ETFs was $181 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF IBIT, with a single-day net inflow of $139 million, bringing IBIT's historical total net inflow to $60.239 billion. Following that was Fidelity's ETF FBTC, with a single-day net inflow of $21.0656 million, bringing FBTC's historical total net inflow to $9.926 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.96 billion, with an ETF net asset ratio (market value relative to total Bitcoin market value) of 6.02%, and historical cumulative net inflows reaching $51.033 billion.
Circle Previously Banned Tether-Supported Crypto Fund Accounts, Later Supported by Arbitration Ruling
According to ChainCatcher and reported by the Financial Times, according to the latest publicly available court documents, stablecoin issuer Circle had banned accounts of the Tether-supported crypto fund Heka Funds at the end of 2023, suspecting it of manipulating the market through large-scale arbitrage operations and helping Tether expand its market share. The documents show that during the 2023 Silicon Valley Bank (SVB) crisis, USDC briefly fell below the $1 peg. Heka continuously bought discounted USDC in large quantities and redeemed it for cash from Circle. Circle believed that Heka's redemption scale far exceeded that of other market participants and suspected that the related funds ultimately flowed to Tether to help it expand its USDT market size. Arbitration documents also revealed that Tether had invested about $800 million in Heka, accounting for about 75% of the fund's assets, and waived stablecoin minting fees. The arbitrator found that Heka did not disclose its relationship with Tether truthfully and was aware that the related information would raise concerns for Circle. In 2024, Heka initiated arbitration due to the account ban, claiming about $49 million in profit losses. In February of this year, the arbitrator rejected all of Heka's claims, ruling that it had acted maliciously and ordered it to pay Circle approximately $166,000 in legal and expert fees. Heka denied any market manipulation and stated that it had never been subject to regulatory investigation for this; Circle declined to comment, and Tether did not respond to media requests for comments.
US June CPI Decreased by 0.4% Month-on-Month; BTC Rises to $64,900
According to ChainCatcher, the US June CPI decreased by 0.4% month-on-month, marking the largest monthly decline since April 2020; the annual rate fell from 4.2% in May to 3.5%, below the expected 3.8%. Core CPI dropped to 2.6%, below expectations, remaining flat month-on-month. Major crypto assets rose after the data was released, with BTC rising from about $62,000 to $64,900, and ETH increasing by 7% to $1,884, with approximately $300 million in short positions being liquidated. Federal Reserve Chairman Kevin Warsh stated during congressional testimony that the Federal Reserve has a "zero tolerance" for persistently high inflation; if policies are correct, the inflation rise over the past five years will become a thing of the past. When asked about the CPI data, he disagreed with the assessment of "mission accomplished" and did not provide guidance on the next policy steps.
Data: BarnBridge Governance Attack Suspected to Have Caused Approximately $776,000 in Losses
According to ChainCatcher, monitoring by BlockSec Phalcon revealed that the BarnBridge SMART Yield (cUSDC) protocol on Ethereum was attacked, resulting in approximately $776,000 in losses, suspected to be a governance attack. The attacker first gained DAO governance rights and then upgraded the SmartYield/controller proxy to a malicious implementation contract, which subsequently called the _takeUnderlying privileged function of CompoundProvider, using the pre-existing USDC authorizations of 50 user accounts to transfer aggregated funds to the attacker through transferFees.
Data: Ethereum Spot ETF Saw Total Net Inflow of $58.3385 Million Yesterday, None of the Ten ETFs Saw Net Outflows
According to ChainCatcher, based on SoSoValue data, yesterday (Eastern Time July 14), the total net inflow for Ethereum spot ETFs was $58.3385 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF ETHA, with a single-day net inflow of $58.3385 million, bringing ETHA's historical total net inflow to $11.237 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.091 billion, with an ETF net asset ratio (market value relative to total Ethereum market value) of 4.46%, and historical cumulative net inflows reaching $11.016 billion.
Czech Republic Bans Polymarket, the Third European Country to Take Regulatory Action Against the Platform
According to ChainCatcher and reported by Bitcoin News, the Czech Ministry of Finance officially listed the decentralized prediction market platform Polymarket on the "Unauthorized Online Betting List" on July 13. The Czech betting regulatory authority requires internet service providers (ISPs) to complete access blocking for the platform within 15 days. The Czech regulatory authority stated that Polymarket lacks necessary oversight, its operations essentially belong to betting products, and due to its decentralized nature and unlicensed operation, it bypasses local betting legal frameworks, posing risks such as market manipulation using insider information and lack of risk control. Recently, multiple European regulatory authorities have tightened control over Polymarket, with Italy re-adding it to the ban list and the Netherlands also rejecting the platform's appeal.
South Korea's Largest Cryptocurrency Exchange Upbit Officially Joins the US Digital Chamber of Commerce
According to ChainCatcher and reported by South Korean media Digital Asset, South Korea's largest cryptocurrency exchange Upbit has officially joined the US Digital Chamber of Commerce. The Digital Chamber of Commerce, established in 2014, is the largest lobbying organization for the digital asset industry globally, dedicated to promoting a clear regulatory environment and industry policy development. The Digital Chamber stated that Upbit is the largest digital asset exchange in South Korea, with operations covering multiple Asian markets such as Singapore, Indonesia, and Thailand, and looks forward to deepening cooperation within the global member community.
Hyperliquid Holds Meeting with SEC Crypto Task Force on Crypto Asset Regulation Issues
According to ChainCatcher, a memorandum shows that on July 14, 2026, SEC Crypto Task Force staff held a meeting with representatives from Hyperliquid Policy Center, Highland Labs Pte. Ltd. (Hyperliquid Labs), XYZ Ltd., and Sullivan & Cromwell LLP to discuss in-depth topics related to crypto asset regulation and the technical architecture and market ecology of the Hyperliquid protocol.
Data: $438 Million Liquidated Across the Network in the Past 24 Hours; $162 Million Long Positions Liquidated, $277 Million Short Positions Liquidated
According to ChainCatcher and data from Coinglass, $438 million was liquidated across the network in the past 24 hours, with $162 million in long positions liquidated and $277 million in short positions liquidated. Among them, Bitcoin long positions saw $28.6081 million liquidated, Bitcoin short positions saw $105 million liquidated, Ethereum long positions saw $29.8956 million liquidated, and Ethereum short positions saw $11.3 million liquidated. Additionally, in the last 24 hours, a total of 88,570 people were liquidated globally, with the largest single liquidation occurring on Binance - ETHUSDT worth $63.742 million.
Despite Mining Difficulty Decreasing Over 10%, CleanSpark, BitFuFu, and Canaan's Bitcoin Production Still Declined Month-on-Month in June
According to ChainCatcher and reported by The Block, listed Bitcoin mining companies CleanSpark, BitFuFu, and Canaan disclosed operational data for June, showing that all three companies' Bitcoin production declined compared to May. Among them, CleanSpark produced 614 BTC in June, down from 671 BTC in May; BitFuFu produced 125 BTC, down from 177 BTC the previous month; Canaan produced 64 BTC, down from 90 BTC the previous month. The report pointed out that the reasons for the production decline varied among the three companies. CleanSpark's average operational hash rate in June dropped from 46 EH/s to about 43 EH/s; BitFuFu's total hash rate fell from 19.5 EH/s to 15 EH/s, mainly affected by a decline in hosted hash rate, although its self-owned hash rate has risen to 3.5 EH/s; Canaan attributed part of the production decline to maintenance of some mining farm power grids. Notably, this production decline occurred after Bitcoin mining difficulty was adjusted downwards by over 10% in mid-June, reaching a new low for 2026.
OKX to Launch Tokenized US Stock Spot Trading, First Batch Opens on July 16
According to ChainCatcher and an official announcement, OKX will soon open the first batch of tokenized US stock spot trading on July 16, allowing users to hold and trade price exposure of underlying stocks or ETFs in units of "shares," with assets named in the form of adding "X" before the stock code (e.g., XNVDA, XTSLA). Users can deposit and withdraw through the Solana and X Layer networks, supporting 24/7 trading, with trading pairs priced in USDT. It is reported that this product will trade year-round, with off-trading hours prices based on the latest closing price plus market estimates; positions will be unified in the same account as spot and perpetual contracts, allowing direct trading with USDT without needing a brokerage account; it supports automated trading strategies such as dollar-cost averaging and grid trading, with dividends reinvested at the issuer level and returned in the form of increased shares.
Open USD Expected to Launch in Second Half of 2026, Reserve Yield Distribution Model Challenges USDC
According to ChainCatcher, digital asset management company CoinShares stated that Open USD challenges Circle directly by distributing yields generated from stablecoin reserves to partners, weakening USDC's distribution economic model. Open USD is composed of over 140 companies, including BlackRock, Coinbase, Mastercard, Stripe, and Visa. This stablecoin is expected to launch in the second half of 2026. CoinShares stated that although Open USD poses competitive pressure, the existing liquidity and integration foundation of USDC may be difficult for new entrants to replicate.
Tokenization Platform Tradable Plans to Migrate Up to $1 Billion in Private Credit Assets from ZKsync to Stellar
According to ChainCatcher and reported by The Block, ParaFi Capital-backed tokenization platform Tradable plans to migrate approximately $1 billion in private credit assets from Ethereum Layer 2 ZKsync to the public chain Stellar. Tradable, established in 2024, provides on-chain infrastructure for the full lifecycle management of private credit, compliance controls, and investor onboarding, having tokenized about $1.7 billion and nearly 30 institutional-grade private credit positions on ZKsync last year. This migration aims to leverage Stellar's user base and compliance and privacy features in the institutional tokenization space to provide high-quality on-chain private credit investment opportunities to traditional asset managers. Stellar has previously hosted RWA products and stablecoin pilots for Franklin Templeton, WisdomTree, Ondo Finance, and Figure.
UK Fraud Review Recommends Judges Accept Training on Crypto Money Laundering and AI Fraud, Mentioning Over 61,000 BTC Seizure Case
According to ChainCatcher, a fraud review commissioned by the UK government recommends that the Judicial College provide training for all judges and magistrates in England and Wales to address the increasing number of cases involving AI fraud and money laundering using cryptocurrencies. The report suggests that the overall 2006 Fraud Act can be used to handle AI fraud, but the issue lies in the courts' preparedness to hear related cases. The report recommends evaluating whether the existing "long and complex trial" courses should be updated or replaced with specialized modules on fraud and related crimes, and considers mandatory training for judges who may hear complex fraud cases. The report states that fraud could soon account for half of all crime in England and Wales, estimating 4.1 million cases occurring within a year by June 2025, affecting 1 in every 14 adults and 1 in every 4 businesses. The Financial Ombudsman Service estimates that currently over half of investment frauds involve crypto assets. The report also mentions the case of Qian Zhimin, who operated a Ponzi scheme in China, defrauding over 128,000 victims of approximately £5 billion and laundering proceeds into Bitcoin. This case resulted in the largest confirmed Bitcoin seizure in UK history, exceeding 61,000 BTC, with Qian Zhimin sentenced to 11 years and 8 months in prison at Southwark Crown Court in November.
Binance to Add 10 bStocks Tokenized Securities as Collateral Assets
According to ChainCatcher, Binance will add 10 bStocks tokens as qualified collateral assets at 21:30 on July 15, 2026, including Applied Optoelectronics (AAOIB), Arm (ARMB), Broadcom (AVGOB), Alibaba (BABAB), Robinhood (HOODB), IBM (IBMB), Marvell Technology (MRVLB), Nokia (NOKB), Rocket Lab (RKLBB), and TSMC (TSMB). Eligible users can use these tokens as margin collateral, expanding the collateral options for margin trading.
Binance to Launch 10 bStocks Trading Pairs
According to ChainCatcher, Binance will launch 10 bStocks tokenized securities trading pairs at 21:30 on July 15, 2026, including Applied Optoelectronics (AAOIB), Arm (ARMB), Broadcom (AVGOB), Alibaba (BABAB), Robinhood (HOODB), IBM (IBMB), Marvell Technology (MRVLB), Nokia (NOKB), Rocket Lab (RKLBB), and TSMC (TSMB), and will enable spot algorithmic trading bot services. The zero maker fee for the above trading pairs will end at 07:59 on September 1, 2026.
Stripe and Advent Bid Over $53 Billion to Acquire PayPal
According to ChainCatcher and reported by Reuters, payment company Stripe and private equity firm Advent International have jointly made an acquisition offer to PayPal Holdings (PYPL.O), bidding $60.5 per share, totaling over $53 billion, representing a premium of about 28% over PayPal's closing price on Tuesday. The offer has received approximately $50 billion in bank commitment financing support, with both parties intending to hold 50% equity each, without splitting the company. The acquisition proposal was submitted earlier this month, following preliminary contact between the two parties in early April, and no response has yet been received from PayPal. Stripe and Advent hope to reach an agreement by the end of the month. There remains uncertainty as to whether the deal will ultimately materialize.
RootData Stock Derivatives Exchange Rankings: Binance, Bitget, and Bybit in Top Three, OKX Drops to Fourth
According to ChainCatcher, based on the latest stock derivatives exchange ranking data from RootData, Binance, Bitget, and Bybit rank in the top three. The ranking is based on comprehensive scoring of exchanges supporting stock derivatives according to dimensions such as trading volume, open interest, spreads, depth, trading costs, and data collectability, with Binance scoring 91.7, supporting 130 contracts, with a position size of approximately $4.733 billion, and a 24h trading volume of approximately $20.863 billion, with a funding rate of +0.0002%. Bitget scored 90.7, supporting 233 contracts, with a position size of approximately $1.128 billion, and a 24h trading volume of approximately $2.507 billion, with a funding rate of 0%. Bybit scored 90.2, supporting 98 contracts, with a position size of approximately $80.4994 million, and a 24h trading volume of approximately $767 million, with a funding rate of +0.0001%. In the past week, OKX's ranking has dropped two positions, from second to fourth; Bitget has risen from third to second and maintained that position; Bybit has risen from fourth to third.
Coinbase and Robinhood Both Launch Approximately 7% USDC Yield Products, but Underlying Designs Are Completely Different
According to ChainCatcher, Coinbase launched a high-yield USDC lending tier shortly after Robinhood Earn introduced a 7% yield promotion, with an annualized yield of approximately 7.02%, about double its standard tier of 3.63%. Both are routed through the decentralized lending protocol Morpho, which has a TVL of $7.11 billion, curated by Steakhouse Financial, but according to analysis by the account Pink Brains, there are essential differences in the yield structures. Robinhood's 7% comes from borrower interest, USDG treasury reserve yields, plus subsidies issued through Merkl, which cover the gap between organic yields and the 7% target, with organic yields actually around the mid-3% range, meaning about half is subsidized. Coinbase, on the other hand, circulates funds to lend Ethena USDe to the marginal funding rate of perpetual contracts, adding MORPHO token rewards, with no fixed upper limit but also no guaranteed minimum. Pink Brains pointed out that Coinbase's mixed yield rate including rewards has dropped to 4.44%. Robinhood's subsidy commitment lasts for one year, betting on organic yields rising with new lending demand; Coinbase's activity is unofficially estimated to last until mid-September.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of July 16, 09:30,
The top five popular ETH tokens in the past 24 hours are: LINK, GROKKYBARA, ASTEROID, Grokkybara, ADI
The top five popular Solana tokens in the past 24 hours are: SOLdiers, ANSEM, TrumpCoin, Grokkybara, BARRON
The top five popular Base tokens in the past 24 hours are: $COBIE, MYRAD, SOSO, ELSA, FLOCK
What are some noteworthy articles to read in the past 24 hours?
SBI's Invisible Crypto Landscape
Notably, SBI has unusually chosen to "lead the investment" in this round of transactions rather than "full acquisition" or "joint venture." From a business strategy perspective, this is a highly intelligent move: the invested parties EDX and Gauntlet are backed by top Wall Street giants such as Citadel, Fidelity, and Apollo, and only by maintaining their "neutral third-party" status can they continue to attract these giants to dance together. By leading the investment, SBI secures the strategic high ground of being the "largest single shareholder" without compromising neutrality. Whether this on-chain financial empire assembled by traditional financial giants can operate as intended remains to be seen by the global market.
a16z Crypto: Traditional Finance Wants Blockchain, Not DeFi
Remember: these two paths are complementary, not competitive. One is responsible for adapting, commercializing, and scaling validated innovations, while the other is responsible for discovering these innovations. A certain version of this technology will almost certainly become part of the financial pipeline of the existing TradFi system, but that is not the only future being built. Open networks remain the most important experimental field and source of innovation for this industry, and many components that tomorrow's institutional infrastructure relies on are likely to be born there first. TradFi is not adopting DeFi; it is selectively adopting parts that fit its own model. Entrepreneurs' opportunities do not lie in chasing all markets simultaneously, but in clearly understanding which market they are building for and executing accordingly. The future may indeed run on top of institutional infrastructure, but the most important innovations will still continuously come from open networks.
AMM Revolution: PropAMM is Reshaping the DEX Landscape
Fourth, DeFi will resemble traditional finance more. The essence of PropAMM is to bring professional market making, inventory management, low-latency quoting, risk control, and private strategies on-chain. It makes on-chain trading more efficient and makes DeFi resemble a financial market driven by professional intermediaries. The reason traditional finance has professional market makers is that complex markets require professional risk bearers. Early DeFi believed that code and open pools could replace everything, but the market ultimately proved that in high-frequency, high-volatility, and highly competitive trading environments, specialization remains important. In a sense, this is a "step back," and it may weaken the early DeFi ideal of "anyone can be an LP," but it could also give on-chain markets the first real competitive execution capability against centralized exchanges.
Wall Street is Bullish: ASML Capacity Surges, Memory "Peak Theory" Can Rest
Morgan Stanley analyst Lee Simpson pointed out that although the company no longer discloses order data, management stated that order intake in the first half of the year remained "very strong," with customers seeking to accelerate capacity expansion, indicating strong sales momentum for 2027. Jefferies analyst Janardan Menon holds a relatively cautious stance, believing that the company's outlook comments are mixed; the strong growth in installed base management business sales and gross margins is particularly positive, but the EUV guidance for 2027 is below the significantly rising market expectations. Oddo BHF expects market consensus earnings forecasts to be revised upward by about 20%, stating that "ASML remains an unmatched story of technological dominance, now benefiting from fundamentally different cycles driven by AI."
Risk warning
