Introduction
Cryptocurrencies such as Bitcoin are increasingly entering the global mainstream financial system. In mainland China, cryptocurrency trading has been strictly restricted or even banned since 2017. However, internationally, multiple regions including the United States, Canada, Europe, and Hong Kong are actively launching compliant investment products like Bitcoin exchange-traded funds (ETFs) to meet investor demand and view Bitcoin as a strategic asset. In contrast, the current comprehensive ban on cryptocurrencies in mainland China may maintain financial order in the short term, but could lead to significant missed opportunities in the long run.
This article will argue that China should quickly legalize Bitcoin ETFs in the mainland, allowing residents to invest in and hold cryptocurrencies through compliant financial products. This would not only leverage private capital to indirectly reserve strategic assets for the country, meet the genuine market demand, and prevent the risks of underground gray trading, but also utilize Hong Kong's regulatory advantages to achieve national goals.

On July 14th, BTC broke through 123,000 USD, reaching a new high. Taking advantage of the new high of Bitcoin, an ancient Whale who built a position in 2011 and once held 80,000 BTC (with a cost price between 0.78 USD and 3.37 USD) began to move towards Galaxy.

The fall without reason is frustrating, but the rise without reason is also concerning.
In the past two days, the cryptocurrency market has sensed the flavor of a "bull". Not only has Bitcoin continued to rise, breaking through $118,000 and constantly setting new historical highs, but ETH has also been revitalized, rising all the way to over $3,000, becoming the leader in the cryptocurrency market. Overall, the cryptocurrency market is showing a trend of rising across the board, with the total market capitalization having reached $3.7 trillion, up more than 1% in the last 24 hours.
The market is enjoying the sweet rain of a rise, but is also puzzled by the reason for the rise, after all, no one wants to be lured by false prosperity to stand guard on a high mountain. But the question seems to lie here, what exactly is the logic behind this wave of rise?
Where is the benefit?
In fact, finding the real reason for a rise is as absurd as proving "your mom is your mom"; attribution is essentially a false correlation, but where there is effect, there must be cause, which is a more habitual operation of the market.

This morning, ETH briefly surpassed the $3000 mark for the first time since early February this year. In recent days, the ETH market has changed its previous downward trend, rising from around $2500 to $3000. As of the time of writing, the seven-day rise is 16.2%.
According to 8marketcap data, the market capitalization of Ethereum has risen to $361.68 billion, surpassing SAP, and ranking 35th in global asset market capitalization. Although the rise of ETH has a correlation with BTC, what other factors are affecting ETH's market? What do industry insiders say? Is Ethereum leading the altcoin season?
1. What factors are driving the ETH market pump?
1. Stablecoin ecosystem drive
On the Ethereum network, the issuance of stablecoins has always remained active, serving as the on-chain cash engine that drives the continuous demand for ETH block space, ensuring the liquidity of the Ethereum on-chain ecosystem. On June 26, the basis

The Shanghai State-owned Assets Supervision and Administration Commission held a study meeting to discuss the development of Crypto Assets and stablecoins, sparking heated discussions in the market regarding policy signals. Bitcoin prices have risen significantly, and related stocks in Hong Kong and A-shares, such as Guotai Junan International, have also climbed. Companies like Ant International and JD.com are actively positioning themselves in the stablecoin market, reflecting the market's response under policy promotion. However, the core ban on Crypto Assets trading in mainland China remains unchanged.

Trump launched a massive tax cut, money printing, and military spending combination on the eve of Independence Day, signaling a depreciation of the dollar, which has a positive impact on Bitcoin. The market expects Bitcoin to experience a Rebound, with capital inflow into the crypto market accelerating; at the same time, talent from Silicon Valley is shifting towards Web3. Investors are advised to buy low Bitcoin and follow American concept chains, being cautious not to miss the bull run opportunity.

8 dormant Bitcoin addresses that had been inactive for 14 years suddenly activated, causing market panic. The market speculates that this may be related to independent miners from 2011, whose holdings cost is extremely low. Some analysts believe the activation is a test of whale strategies, with limited short-term impact on the market. At the same time, new U.S. legislation and banking system policies may drive U.S. stocks and Bitcoin to continue to rise, with a bullish outlook for the future.

The U.S. House of Representatives passed Trump's massive tax and spending bill, affecting various groups, including the elderly, students, and low-income individuals. The bill extends tax cuts, implements work requirement conditions, and cuts benefits such as Medicaid, while offering varying degrees of tax relief to taxpayers and the wealthy.

The U.S. economic data performed strongly, with non-farm payrolls exceeding expectations and a decline in the unemployment rate, strengthening the expectations for interest rate cuts. However, the probability of a rate cut in July is not high, while a rate cut in September remains possible. Bitcoin continues to rise under institutional support, with expectations of hitting 200,000 by the end of the year resurfacing, but the overall bull run may be slower, requiring attention to changes in the macroeconomic environment.

For many years, the XRP token has puzzled me. Its native Blockchain—XRP Ledger has almost no practical use apart from speculation and trading, yet this asset consistently ranks among the top five in market capitalization for Crypto Assets.
In the past few years, the company had a very convenient excuse – no one wanted to cooperate with them because everyone considered them a "tainted company" unjustly sued by the SEC. But now this lawsuit is nearing its end, and the company no longer bears the red mark. So does this mean that the XRP Ledger and its stablecoin will truly develop, thereby proving that the high valuation of XRP Token is justified? I'm not sure.
The legal tug-of-war for Ripple has ended, but where should XRP go after shifting to stablecoins?
The company is finally set to end its lawsuit with the U.S. Securities and Exchange Commission (SEC). But its Blockchain

Recently, with the good performance of cryptocurrency stocks like CRCL and HOOD, many investment friends have raised several valuable questions: "If the stablecoin bill is truly passed, where will the market's incremental growth appear?" "Why do coins like SBET and BMNR experience a big pump when they ride on the Ethereum hype?" "Is there a relationship between the opportunity of RWA and Ethereum?" "Why do you all firmly believe in ETH regardless of short-term price fluctuations?" For these different questions, we have provided fragmented answers. This article will systematically organize and summarize the answers from a foundational logic and a more long-term perspective, while also serving as a supplement to previous reports.
"The rise of ETH is not driven by the purchases or promotions of one or two institutions, but rather it is a collective choice of mainstream institutions during a transformative layout, and the critical point of trend change is about to arrive."
1. Starting from data
Stablecoins have achieved a growth rate that surpasses market expectations, with a total market value reaching a historical high of 258.3 billion dollars.