Headlines
▌US Media: Musk Has Not Submitted "American Party" Formation Documents, New Party May Be to "Disrupt"
According to the Wall Street Journal, Musk and his advisors have not submitted documents to the US Federal Election Commission indicating the formation of a new political entity called the "American Party". The party's name is similar to the America PAC he helped establish. According to documents, through this political group supporting Trump's campaign, Musk spent nearly $300 million in 2024 to help Trump and other Republicans. Although third-party candidates in the US have never become president, they can play a disruptive role by taking votes away from the two major parties. (Jinshi)
▌Eighth Address Containing 10,000 BTC Activated After 14.2 Years of Dormancy
According to WhaleAlert, at 22:59:38 Beijing time, a dormant address containing 10,000 BTC was activated after 14.2 years of sleep. These BTC were worth only $34,023 in 2011 but are now worth up to $1,088,378,525.
▌Independent Miner Transferring Over 80,000 BTC Could Rank 293rd on Global Rich List
On July 4th, an independent miner transferred over 10,000 BTC from eight different addresses that had been dormant for over 14 years to a new address. According to Coinbase Director Conor Grogan, this miner once held 200,000 BTC. According to the Forbes Global Billionaires List, at the current Bitcoin price, if the miner holds around 80,000 BTC, their net worth would be about $8.69 billion, ranking 293rd on the list. If they hold around 200,000 BTC, their net worth would be about $22 billion, ranking 90th.
▌US House Announces "Crypto Week" in Mid-July, Will Review Multiple Crypto Bills
The US House leadership announced on Thursday that the week of July 14th will be designated as "Crypto Week", during which they will focus on reviewing three important cryptocurrency bills: the GENIUS Stablecoin Act, the Digital Asset Market Clarity Act, and a bill on Central Bank Digital Currency (CBDC). The GENIUS Act requires stablecoins to be fully backed by US dollars or highly liquid assets, with annual audits for large issuers. The Digital Asset Market Clarity Act aims to clarify the regulatory responsibilities of the SEC and CFTC, requiring digital asset companies to provide retail financial disclosures and separate company and customer funds. House Speaker Mike Johnson stated that these measures are "decisive steps to achieve President Trump's digital asset and cryptocurrency agenda". Trump previously requested the stablecoin bill be delivered to his desk by August, and this "Crypto Week" is expected to help legislators meet this deadline.
▌Nano Labs Purchases 74,315 BNB, Expanding Digital Asset Reserves to About $160 Million
Nasdaq-listed Web 3.0 infrastructure and product solutions provider Nano Labs Ltd announced today the purchase of 74,315 BNB through over-the-counter (OTC) trading, with an average purchase price of around $672.45, totaling about $50 million. After this transaction, the company's cumulative reserves of mainstream digital currencies, including Bitcoin and BNB, have reached approximately $160 million.
(Translation continues in the same manner for the rest of the text)▌JPMorgan: Alipay and WeChat Pay Are Not Templates for Stablecoin Expansion
JPMorgan predicts that stablecoin growth will only reach $500 billion by 2028, believing trillion-dollar forecasts are "overly optimistic" as there is little evidence that USD-pegged crypto tokens will be mainstream adopted. Currently, stablecoin payment applications are limited, accounting for only 6% of demand, approximately $15 billion, mainly concentrated in crypto trading, DeFi, and collateral areas. JPMorgan also stated that the rapid expansion of digital yuan and the success of Alipay and WeChat Pay are not templates for future stablecoin expansion.
▌JD.com and Ant Group Suggest Central Bank Approve RMB-Based Stablecoin
According to Sina Finance, sources say JD.com and Ant Group are suggesting the central bank approve an RMB-based stablecoin. JD.com expressed in a closed-door discussion with China's central bank an urgent need for offshore RMB stablecoin as a tool to promote RMB internationalization. Sources also mentioned that Ant Group is preparing to apply for stablecoin licenses in Hong Kong and Singapore and is preparing for offshore RMB stablecoin.
▌YZi Labs Announces Investment in Digital Asset
YZi Labs today announced an investment in Digital Asset, an enterprise-level tool platform building compliant solutions for regulated markets. This investment is based on Digital Asset's $135 million Series E funding announced on June 24, with participants including major financial institutions like DRW, Tradeweb, DTCC, Citadel Securities, and Goldman Sachs. This funding will enable Digital Asset to expand Canton Network's infrastructure, faster onboard new institutions, and support the composability and interoperability needed to bring billions of real-world assets on-chain.
Cryptocurrency
▌Stablecoin Total Market Cap Grows 0.73% in Past 7 Days
According to defillama data, the current total stablecoin market cap is $255.433 billion, growing 0.73% in the past 7 days, with USDT market share at 62.43%, slightly decreased from last week. USDC circulation increased 0.73% in the past week, now at $61.843 billion.
▌Vitalik: Environmental Cost of Avoiding Geographic Concentration in Crypto Acceptable, Better Than Mining's Negative Impact
Ethereum co-founder Vitalik Buterin responded to a user's comment about collective carbon footprint, who noted that "industry professionals might frequently fly globally for multiple events, which isn't the actual goal of solving problems, but for business or spending time with friends." Vitalik responded, "The environmental cost of avoiding crypto's over-concentration in one geographic region is acceptable, and this trade-off is higher than mining's negative impact."
▌Grayscale Says SEC's Suspension of Digital Large Cap Fund Trading "Unexpected"
Crypto asset management company Grayscale stated in an email on Thursday that the SEC's decision to suspend trading of its Digital Large Cap Fund (GDLC) was "unexpected". The company said the regulator's decision on Wednesday surprised industry observers, indicating a changing regulatory environment. Grayscale stated: "While this development is unexpected, it reflects the dynamic and evolving regulatory environment surrounding pioneering digital asset products like GDLC."
▌Grayscale Remains Committed After SEC Suspends Crypto ETF Conversion
A day after approving Grayscale Digital Large Cap Fund LLC's conversion to an exchange-traded product (ETP), the SEC decided to suspend the fund's listing. A Grayscale spokesperson responded that the company will continue to push for the fund's listing and is closely collaborating with key stakeholders to meet requirements. The fund's assets are approximately 80% BTC, 11% ETH, and include Solana, Cardano, and XRP. The suspension is interpreted as the SEC developing a more comprehensive crypto ETF listing framework. Analysts suggest that once rules are clear, more single spot crypto ETFs (like XRP, SOL, ADA) might be approved.
▌Riot Platforms: Mined 450 BTC in June, Total Bitcoin Holdings Increased to 19,273
Nasdaq-listed Bitcoin mining company Riot Platforms released an unaudited production and operational update for June 2025, disclosing 450 BTC mined in June, a 12% decrease from the previous month's 514 BTC. Additionally, the company sold 397 BTC last month, with total Bitcoin holdings now at 19,273.
Important Economic Developments
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