crypto market trends and highlights

Regulatory Trends

The U.S. Securities and Exchange Commission ( SEC ) has launched the "encryption project" plan, aimed at modernizing securities regulations to accommodate cryptocurrency and blockchain transactions. The plan will establish criteria for determining the securities characteristics of crypto tokens, providing market participants with innovative exemptions and regulatory guidance. The SEC may consider amending the "National Market System Rules" to adapt to tokenized securities trading. Industry insiders believe this move will accelerate the integration of crypto assets with traditional finance.

The Hong Kong "Stablecoin Regulatory Framework" has officially come into effect, establishing a licensing system for fiat-backed stablecoin issuers, improving the regulatory framework for virtual asset activities to maintain financial stability and promote financial innovation.

Market Dynamics

Bitcoin spot ETFs experienced a net outflow of $115 million in a single day, marking the first negative shift in the past 5 days. Meanwhile, Ethereum spot ETFs have seen continuous net inflows for 20 days, with an inflow of $16.99 million yesterday.

Among the top 300 tokens by crypto market capitalization, 6 tokens had a monthly increase of over 100%, with ZORA rising by 746.5% and REKT rising by 208.3%.

The total value of a well-known investor's long positions in ETH, HYPE, and PUMP is approximately $148 million. Due to the decline in ETH prices, the total floating loss has expanded to $11.9 million.

The average cross-chain transfer volume of USDT over the past 30 days reached $5.29 billion. Since May, the USDT transfer volume on BNB Chain has surpassed that of Ethereum, currently accounting for over 30%.

Company News

A large crypto trading platform's total revenue in Q2 decreased by 26% quarter-on-quarter, trading revenue decreased by 39% quarter-on-quarter, and the crypto spot trading volume decreased by over 30% quarter-on-quarter.

A certain Bitcoin mining company achieved a net profit of $220 million in Q2, reversing the loss situation of Q1. However, the single-coin mining cost of Bitcoin rose by 93% year-on-year, reaching a historical high. The company is increasing its investment in high-performance computing and AI fields.

A certain cryptocurrency exchange platform announced that it will launch new services such as tokenized stocks, prediction markets, and derivatives in the United States, planning to expand its core trading application into areas outside the crypto market.

Project Progress

A trading platform Alpha has launched multiple new project tokens, including Toshi, MOMOFUN, MIA, etc. Holding a certain amount of platform points allows participation in the airdrop.

A certain encryption technology project has completed a $5.5 million seed round financing, and its developed "private shared state" technology has successfully supported the biometric verification of 14 million users in the World ID project.

A new blockchain project focused on a certain stablecoin has completed a $28 million seed round financing, aiming to build a fast and low-cost stable payment network.