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Headlines
▌Bullish submits an IPO application to the US Securities and Exchange Commission, intending to raise US$629 million
Digital asset exchange Bullish and its subsidiary CoinDesk have filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC).According to the application documents, Bullish plans to issue 20.3 million shares, with an issue price range of US$28-31 per share, with the maximum amount of funds raised to US$629 million, corresponding to the company’s valuation of approximately US$4.2 billion.Bullish’s business scope includes spot trading of digital assets, leveraged trading and derivative trading, and provides liquidity services to stablecoin issuers.Financial data shows that the company’s digital asset sales in the first quarter of 2025 reached US$80.2 million, with a net loss of US$349 million.Bullish acquired cryptocurrency media platform CoinDesk for $72.6 million in 2023.
▌The US CFTC cooperates with the White House plan to launch the “encrypted sprint” operation with the SEC
The U.S. Commodity Futures Trading Commission (CFTC) has launched a “crypto sprint” program to begin implementing policy recommendations related to cryptocurrencies issued by the Trump administration on Wednesday.CFTC Acting Chairman Caroline Pham said Friday that the agency will work closely with Securities and Exchange Commissioner Paul Atkins and Commissioner Hester Peirce to advance the Project Crypto announced on Thursday.”The CFTC is moving quickly to fully realize President Trump’s vision of making the United States the world’s crypto capital,” Pham said.
Quotes
As of press time, according to CoinGecko data:
BTC price is $115,232, up and down 24 hours+0.9%;
ETH price is $3,717.57, up and down 24 hours+6.1%;
BNB price is $768.52, up and down 24 hours+2.1%;
SOL price is $169.55, up and down 24 hours+4.6%;
DOGE price is US$0.2108, up and down 24 hours+5.8%;
XRP price is $3.08, up and down 24 hours+4.3%.
TRX price is $0.333, up and down 24 hours+1.6%.
policy
▌US CFTC discusses allowing registration of futures trading platforms to conduct cryptocurrency spot contract transactions
The U.S. Commodity Futures Trading Commission (CFTC) is studying how to allow some registered futures trading platforms to list leveraged digital assets, such as Bitcoin and Ethereum.”The CFTC can now take a clear and simple solution,” said Caroline Pham, acting chairman of the CFTC. She mentioned a column published in March that she had suggested that the agency could exercise its immunity, allowing some businesses to not be subject to current regulations that currently only allow futures trading platforms to list derivative products.CFTC has now solicited public comments on spot contract transactions for crypto assets listed on registered futures trading platforms, with a deadline of August 18.
▌FinCEN warning: Encrypted ATMs are abused by criminal organizations, involving money laundering and elderly fraud
The U.S. Treasury Department’s Financial Crime Enforcement Network (FinCEN) issued a notice on Monday warning financial institutions to be warned against criminals using cryptocurrency ATMs to engage in money laundering and commit fraud against the elderly.FinCEN said drug trafficking groups such as Jalisco New Generation Drug Trafficking Group (CJNG) are increasingly using such devices.”Criminals are constantly using innovative technologies to cheat, and the United States will be committed to protecting the digital asset ecosystem, and financial institutions are key partners.” The notice pointed out that these crypto ATM operators may not be compliant, have not verified their customer identities, and lack internal controls to deal with law enforcement requirements.Congress has launched actions to combat related fraud. In February this year, Senator Dick Durbin proposed a bill to stipulate the ceiling for encrypted ATM transactions and compulsory risk warnings.
Blockchain application
▌IPO is imminent, Grayscale founder Barry Silbert returns to serve as chairman of the board
Grayscale Investments announced four executive appointments and welcomed founder Barry Silbert as chairman of the board after submitting a confidential IPO application.Newly appointed executives include Diana Zhang, Chief Operating Officer, Ramona Boston, Chief Marketing Officer, Andrea Williams, Chief Human Resources Officer, Maxwell Rosenthal.All four executives will report to Grayscale CEO Peter Mintzberg, all from traditional financial giants including Bridgewater, Apollo Global Management, Goldman Sachs and Castle Investment.Barry Silbert founded Grayscale in 2013 and resigned from Grayscale’s chairmanship at the end of 2023. This time he will replace Mark Shifke as chairman of the board, and Shifke will continue to serve on the board of directors, with the number of members of the board of directors currently increasing to five.The company said it is considering adding independent directors.”I am honored to be able to rejoin the Grayscale Board at a critical moment in the company and its broader digital asset ecosystem. I always believe in the company’s long-term positioning and the leadership team that leads the company forward,” said Barry Silbert.
▌Solana begins to sell Seeker phones to more than 50 countries
Solana has started selling Seeker phones to more than 50 countries, with more than 150,000 pre-orders for Seeker phones, and it will use upgraded technology, mobile native crypto wallets and a decentralized app store.The Seeker priced at $450 and $500, respectively, and Solana is expected to earn at least $67.5 million from Seeker sales, with the device being booked many times more than the first-generation device.Saga, the first-generation Solana mobile device, sold 20,000 units, and sales stagnated for months until the meme coins stored on the phone made the purchase profitable.”Seeker’s hardware has been improved over the first-generation Saga, and what really stands out from Seeker is its on-chain capabilities,” said Emmett Hollyer, general manager of Solana Mobile.
▌U.S. Representatives call for investigation into CFTC nominee Quintenz and Kalshi’s relationship with forecast market
U.S. Rep. Dina Titus wrote a letter to CFTC acting chairman Caroline Pham, asking for an investigation into whether chairman nominee Brian Quintenz violated regulatory policies and ethical regulations.Titus questioned Quintenz’s position as director of Kalshi, a forecasting market company, may have requested non-public information and had a conflict of interest.Quintenz has stated that he will withdraw from Kalshi’s board of directors if confirmed.Its Senate confirms that the vote has been postponed twice.
▌Phantom: Acquisition of Solana Meme currency trading platform Solsniper
Phantom said it has acquired Solana Meme currency trading platform Solsniper.”Phantom is no longer just a wallet… More strategic acquisitions are expected as the product range is expanded and the pace of development is accelerated. The Solsniper network platform will continue to operate as an independent service, with more features and improvements to be launched in the coming months.”
▌Hyperliquid trading volume hit a record high in July, close to US$320 billion
In July, Hyperliquid’s global trading volume hit a record high, close to US$320 billion, an increase of about 47% from US$216 billion in June and an increase of about 28% from the historical single-month highest record of US$248 billion set in May.Throughout July, Hyperliquid maintained more than 75% of the market share in the perpetual contract (perps) DEX sector.In addition, the Hyperliquid/Binance ratio (measures the trading volume of perps on Hyperliquid relative to Binance) also hit a new high of 11.89% in July.For reference, Binance’s perps trading volume in July was about $2.59 trillion, up about 35% month-on-month.On the other hand, the transaction volume of Drift, a perpetual contract decentralized exchange on Solana’s blockchain, increased by 336% month-on-month, with trading volume exceeding $14.8 billion in July.
Cryptocurrency
▌CoinShares: Digital asset investment products outflows of US$223 million last week
CoinShares’ latest report shows that last week’s digital asset investment showed capital outflows for the first time in 15 weeks, and as of the end of this week, the total outflow amount reached US$223 million.The week started strongly with inflows of $883 million, but the trend reversed in the second half of the week, possibly triggered by a tough FOMC meeting and a series of better-than-expected U.S. economic data.Bitcoin funds outflowed $404 million this week.Despite this, year-to-date inflows remain strong, reaching $20 billion.Despite the shocks late this week, Ethereum has achieved net inflows for the 15th consecutive week, totaling $133 million, indicating strong optimism about the asset.XRP, Solana and SEI also received good support, inflows of $31.2 million, $8.8 million and $5.8 million respectively.Aave and Sui flowed in $1.2 million and $800,000, respectively.
Coinbase CEO: The U.S. government will hold more than $600 billion in Bitcoin reserves
Coinbase CEO Brian Armstrong said in an industry meeting that the U.S. government will eventually hold more than $600 billion in Bitcoin reserves, a remark made in his forecast of future trends in cryptocurrencies.
▌Strategy spent about US$2.46 billion to buy 21,021 Bitcoins last week
Strategy: Purchased 21,021 bitcoins between July 28 and August 3, 2025, with a total purchase price of US$2.46 billion, and an average price of US$117,256 per bitcoin.
▌Japanese listed company Metaplanet once again increased its holdings of 463 Bitcoins
According to official news, Japanese listed company Metaplanet has once again increased its holdings of 463 bitcoins, and its current total holdings reach 17,595 BTC.
▌Bitmine Ethereum has more than 833,000 pieces, worth nearly US$3 billion
BitMine Immersion Technologies today announced its ETH holdings exceed $2.9 billion.As of 6:30 pm ET on August 3, the company held a total of 833,137 ETH, at a price of $3,491.86 per, making BitMine the world’s largest ETH holder.
▌SharpLink Gaming increased its holdings of 18,680 Ethereum, with a total holding of 498,884
According to on-chain analyst Onchain Lens, SharpLink Gaming (stock code: SBET) has once again increased its holdings of Ethereum by 18,680, worth about $66.63 million.After this increase, the company’s total Ethereum reserves reached 498,884 pieces, with a total value of approximately US$1.8 billion.
▌The Ether Machine increased its holdings by 10,605 ETH, with a total holding of more than 345,000
The Ether Machine announced that its subsidiary The Ether Reserve LLC increased its holdings of 10,605 ETH at an average price of $3,781.The increase in holdings is part of the company’s long-term accumulation strategy, with funds coming from the previous $97 million private equity proceeds.The Ether Machine has purchased and promised ETH totals 345,362 pieces since the beginning of this month.The company plans to operate these assets through pledge, re-pled, etc., and provide institutions with Ethereum infrastructure services.
▌MARA The total holdings of Bitcoin exceeded 50,000
MARA releases operating data for July 2025.The report shows that the company mined 703 bitcoins in July, a month-on-month decrease of 1%; and obtained 207 blocks, a month-on-month decrease of 2%.As of July 31, the company’s Bitcoin holdings reached 50,639.
▌DeFi Development increased its holdings by 110,466 SOL, with a total holding of more than 1.29 million
According to official news, DeFi Development announced that it has increased its holdings of 110,466 SOL, with an average purchase price of US$166, totaling US$18.4 million, and the current total holdings reach about 1,293,562, or approximately US$209 million.
▌Coinbase adds MAMO to the currency roadmap
Coinbase announced the addition of Mamo (MAMO) to the asset listing roadmap.
▌USDC Treasury adds 316 million USDC
In the past 3 hours, USDC Treasury has added 316,765,680 USDC castings.
▌Verb Technology plans to conduct a private equity financing of US$558 million to launch the TON reserve strategy
According to market news, Verb Technology Co. (NASDAQ: VERB) announced a private placement with Kingsway Capital of approximately $558 million to form the first publicly traded TON financial strategy company.
Important economic trends
▌Federal Daly: The time for interest rate cuts is approaching, and the number of interest rate cuts this year is more likely to be greater than two
San Francisco Fed Chairman Daley said the time for a rate cut is approaching given the increasing evidence that the job market is weak and there is no sign of continued tariff inflation.Daly said of the Fed’s decision last week, “I’m willing to wait another cycle, but I can’t wait forever.” Although this does not mean that the September rate cut is a foregone conclusion, she said: “I would tend to think that every meeting in the future will be a real-time meeting to think about policy adjustments.” Daly said that two 25 basis points cuts this year still seem to be an appropriate readjustment, and it’s important to see whether interest rates are cuts in September and December, rather than whether the rate cuts will happen.”If inflation rebounds and spreads, or the labor market recovers, the rate cut can certainly be less than two times, but it is more likely that more than two rate cuts have to be made. If the labor market looks to be entering a weak stage and we are not seeing the impact of inflation spillovers, we should be prepared to cut more rates.”
Goldman Sachs expects the Federal Reserve to cut interest rates by 25 basis points three consecutive times starting in September
Goldman Sachs expects the Fed to cut interest rates by 25 basis points three consecutive times starting in September, and if the unemployment rate rises further in the next report, it may cut interest rates by 50 basis points.
▌The probability of the Federal Reserve cutting interest rates in September is 94.4%
According to CME’s “Federal Observation”: the probability of the Fed keeping interest rates unchanged in September is 5.6%, and the probability of cutting interest rates by 25 basis points is 94.4%.The probability of the Federal Reserve keeping interest rates unchanged in October is 1.6%, the probability of a cumulative interest rate cut of 25 basis points is 30.8%, and the probability of a cumulative interest rate cut of 50 basis points is 67.6%.
▌The EU will suspend trade countermeasures against the United States for 6 months
Market news: The EU will suspend trade countermeasures against the United States for 6 months.
Golden Encyclopedia
▌What is cryptocurrency ETP?What is its future?
Cryptocurrency ETP provides investment in digital assets through traditional financial tools.Cryptocurrency Exchange Trading Products (ETPs) use crypto assets as their base commodities.Their goal is to provide exchange-traded investments to investors who want to get in touch with cryptocurrencies without buying digital assets directly.Many investors, especially institutional investors, prefer this approach because it opens up cryptocurrency investment in traditional financial instruments.No need to get involved in unregulated market areas or be responsible for the security of crypto assets.There are several types of cryptocurrency ETP to choose from, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs), and exchange-traded notes (ETNs).These cryptocurrencies ETPs are widely traded and usually account for the majority of transaction volume – inflows and outflows.What is crypto ETP fund outflow?This happens when funds flow out of these investment products, indicating that the market is eager to sell its positions.The reasons for this can be varied, including profit-taking, negative market sentiment, or risk adjustments.ETP outflows are driven by a variety of factors, including economic conditions, industry concerns, regulation, market cycles, etc., which can be used to predict upcoming market trends.Cryptocurrency ETP capital outflows are a sign of a major shift in sentiment, which in turn will continue to put downward price pressure on the cryptocurrency market.The continued growth of new ETP varieties entering the market shows that investors’ interest in investing in this sector is still continuing.Especially considering the long-term growth trend of cryptocurrency AUM, the future prospects of cryptocurrency ETP as a powerful investment vehicle and market driver are very bright.As the cryptocurrency market continues to evolve, the launch of new ETPs may drive further innovation and attract a wider range of investors.With increasingly clear regulation and growing institutional interest, future products may expand to include other promising cryptocurrencies.
