Crypto Assets Industry Trends

Regulation and Macroeconomics

U.S. non-farm payroll data exceeded expectations, which may ease the pressure for interest rate cuts. In June, 147,000 new jobs were added, higher than the expected 110,000, indicating resilience in the labor market. This could alleviate the Federal Reserve's pressure for rate cuts, although Fed Chairman Powell 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 involves adjustments to taxes and spending, sparking controversy due to cuts in aid and increased long-term debt.

U.S. Senator Lummis has proposed a digital asset tax bill, which includes measures such as tax exemptions for small transactions, modifications to lending rules, and delays in the confirmation of mining income. It is expected to generate approximately $600 million in fiscal revenue over the next 10 years.

The Governor of the Bank of England warned that stablecoins could threaten public trust in currency and called for close attention to the risks posed by payment innovations.

Project Updates

FTX has applied to implement "restricted processing procedures" in China and 48 other regions, where creditors may lose their claims. China accounts for 82% of the total claims involved.

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

Coinbase will perform a system upgrade on August 2, during which some services will be suspended for about 3 hours.

Slow Fog discovered a Solana tool on GitHub carrying malicious code, reminding developers to use caution with projects of unknown origin.

Financing News

Game studio Distinct Possibility Studios completed a $30.5 million financing round, led by Bitkraft Ventures and Brevan Howard Digital.

The Open Platform completed a $28.5 million Series A financing, with a post-investment valuation of $1 billion, led by Ribbit Capital.

Institutional Dynamics

DeFi Development purchased 17,760 SOL for $2.72 million, bringing the total holdings to 640,000 coins.

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

Market Data

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

Bitcoin whales sold more than 500,000 coins in the past year, but institutions like ETFs purchased nearly 900,000 coins.

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