Today's News Highlights

• The SEC has released new guidelines for cryptocurrency ETFs, covering aspects such as asset selection and custody.
• The SEC has approved Grayscale's Digital Large Cap Fund to convert into an ETF, paving the way for Bitcoin ETF approval.
• The central bank issued new regulations on anti-money laundering for precious metals, requiring reports for cash purchases of gold exceeding 100,000 starting in August.
• Robinhood deployed 213 stock tokens on Arbitrum at a cost of only 5 dollars.
• The Ethereum Community Fund has been established to support non-token projects to enhance the value of ETH.
• The three founders of Backed Finance, the company behind xStocks, previously worked at the now-defunct DAOstack.
• June CEX spot trading volume hit a 9-month low, while DEX trading volume rose to a new high of $390 billion.
• In the first half of the year, listed companies bought 245,000 bitcoins, more than twice the amount purchased by ETFs.

Regulation and Macroeconomics

The Governor of Arizona vetoed the digital asset reserve fund bill HB2324, stating it would hinder cooperation between local law enforcement and the state government.

The SEC released new guidelines for cryptocurrency ETFs, requiring issuers to provide detailed disclosures regarding asset selection, custody, conflicts of interest, and other information. On the same day, it approved the conversion of Grayscale Digital Large Cap Fund into an ETF.

The U.S. Senate has passed the "Big and Beautiful" tax reform bill, which will be submitted to the House of Representatives for review.

The central bank issued the "Anti-Money Laundering Management Measures for Precious Metals and Gemstone Practitioners," requiring reporting for cash purchases of gold exceeding 100,000 yuan starting in August.

Hong Kong Chief Executive John Lee stated that establishing a stablecoin licensing system would help enhance financial competitiveness. Hong Kong has appointed 20 members to the third-generation internet development task force.

Federal Reserve Chairman Powell expects inflation levels to rise in the summer, but the overall economic condition is good.

The Monetary Authority of Singapore tightens regulations on cryptocurrency trading, requiring exchanges that only serve overseas clients to obtain a license.

Project Dynamics

Ondo Finance announced the launch of the on-chain US stock trading platform Ondo Global Markets this summer.

Binance Alpha will launch multiple new project tokens, including ICNT, ECHO, CROSS, and others.

Coinbase will launch the Wormhole (W) token on the Solana network.

Robinhood deployed 213 stock tokens on Arbitrum, with a cost of only 5 dollars.

The Ethereum Community Fund has been established to finance non-token projects to enhance the value of ETH.

The three founders of Backed Finance, the company behind xStocks, previously worked at the defunct DAOstack.

Plume has become a strategic multi-chain partner for World Liberty Financial's stablecoin USD1.

Zhao Changpeng donated 10 million USD to Vitalik to support a biotechnology project.

Boba secures $70 million in funding commitments and reaches a token transfer agreement with FTX to restore trust.

The Bitcoin Layer 2 network Botanix has launched its mainnet, with block time reduced to 5 seconds.

Institutional Dynamics

Deep-sea mining company Green Minerals signs a $24.75 million financing deal to purchase Bitcoin.

The publicly listed cannabis company Dogecoin Cash Inc. has established a subsidiary to create a DOGE treasury.

Software company Figma holds a $69.5 million Bitcoin ETF and plans to purchase another $30 million.

Weiba International has reached a $100 million equity investment agreement with Ripple Strategy Holdings.

Cross-border e-commerce DDC Enterprise completes $528 million financing, with net proceeds used to purchase Bitcoin.

Market Insights

Matrixport: The decline in Bitcoin volatility and its decoupling from US stocks enhances the attractiveness of institutional allocation.

Standard Chartered expects Bitcoin to reach a new high of $135,000 by the end of the third quarter, and could hit $200,000 by the end of the year.

QCP Capital: The liquidity in the crypto derivatives market continues to improve, and the macro environment is favorable for risk assets.

Important Data

In June, the CEX spot trading volume hit a 9-month low of $1.07 trillion, while DEX trading volume rose to a new high of $390 billion.

In the first half of the year, listed companies bought 245,000 bitcoins, more than double the amount purchased by ETFs.

Ethereum closed the second quarter with a 36.48% increase.

Bitcoin spot ETF saw a net outflow of $342 million yesterday, ending a consecutive 15-day net inflow.