Crypto Assets Market Dynamics

Regulation and Macroeconomics

The U.S. non-farm payroll data for June far exceeded expectations, with an increase of 147,000 jobs. This strong data may alleviate pressure on the Federal Reserve to cut interest rates, although Fed Chair Powell recently stated that a rate cut in July is still under consideration.

The U.S. House of Representatives passed the "Big and Beautiful" bill, which Trump will sign into effect on Independence Day. The bill is controversial for cutting federal aid and increasing long-term debt.

U.S. Senator Lummis has proposed legislation on the taxation of digital assets, including measures such as tax exemption for small transactions, modification of the income recognition timing for mining and staking, among others. It is expected to generate approximately $600 million in net fiscal revenue over the next 10 years.

The Governor of the Bank of England warned that the rise of stablecoins could undermine public trust in currency and urged central banks to closely monitor innovations in the payment sector.

Project Dynamics

FTX has applied for "restricted procedures" in 49 jurisdictions, which may result in creditors in China and other regions losing their claims. Chinese creditors account for approximately 4.1% of the total.

Ondo and Pantera Capital launched a $250 million investment plan, focusing on real asset tokenization projects.

Coinbase has adjusted the system upgrade time to August 2 at 22:00, expected to last 3 hours.

Binance has launched institutional lending services, offering up to 4x leverage for VIP 5 and above users.

Financing News

The Swiss cloud platform Impossible Cloud Network has completed financing of approximately 33.91 million dollars, with a post-investment valuation exceeding 398 million euros.

Amber International raised $25.5 million to enhance its $100 million Crypto Assets reserve program.

The game studio Distinct Possibility Studios has completed a $30.5 million financing and plans to release a AAA shooting game.

The Open Platform, a Telegram ecosystem development platform, has completed a $28.5 million Series A financing, with a post-investment valuation of $1 billion.

Institutional Dynamics

DeFi Development increased its holdings by 17,760 SOL with an investment of $2.72 million, bringing the total holdings to 640,000.

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

Market Data

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

In the past year, Bitcoin whales have sold over 500,000 coins, but institutions like ETFs have purchased nearly 900,000 coins.

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