4E: Tether market capitalization surpasses $160 billion, Bullish applies for a US stock listing, crypto market structure deepens and reshapes.

ChainCatcher news, according to 4E observations, the global encryption industry is entering a deep water period of synchronized evolution in policies, capital, and market structure, with institutional Holdings reaching new highs, stablecoin expansion, and leading projects initiating IPOs, highlighting that the industry is entering a new round of mainstream integration cycle. Bitwise's latest data shows that in the second quarter of 2025, 46 new publicly listed companies purchased Bitcoin, with a combined Holdings of 847,000 BTC, accounting for 4.03% of the total Bitcoin supply and a total market value of 91 billion USD, reflecting that institutions are continuing to strategically allocate into encryption assets. At the same time, Bullish, incubated by Silicon Valley investor Peter Thiel and owning exchange and media businesses, has officially submitted its IPO application to the SEC, aiming to list on the New York Stock Exchange. This will be another crypto unicorn going public in the U.S. following Coinbase, marking a further strengthening of the integration trend between the primary and secondary markets. On the policy front, the White House is expected to release its first cryptocurrency policy report on July 22. U.S. Treasury Secretary Yellen has also publicly stated that "the dollar is about to go on-chain," affirming that the GENIUS Act will solidify the dollar's dominant position in the new financial system. Federal Reserve Chairman Powell and European Central Bank President Lagarde will speak in succession this week, with the market paying attention to their responses regarding tariffs, interest rates, and digital asset regulation. In the market, the market capitalization of USDT has surpassed 160 billion dollars for the first time, which Tether CEO Paolo Ardoino called a "milestone in global financial flows." The holdings of Ethereum contracts also rose to 52 billion dollars on July 20, setting a new historical high, reflecting the continued increase in on-chain leverage and capital activity. In addition, the altcoin season index has risen to 52, indicating that more than half of the top 100 encrypted assets have outperformed BTC in the past 90 days, and market risk appetite has significantly increased. However, according to Santiment data, Bitcoin's social media discussion accounts for over 43%, and analysts warn to be cautious of the short-term pullback risk caused by overheated sentiment. 4E reminds investors: While the mainstreaming process is promising, market sentiment still requires calm judgment. Avoid blindly chasing the rise at high levels and rationally assess the risk and reward structure.