Important information last night this morning (July 22-July 23)

South Korean regulators order halt to expansion of ETF holdings in crypto firms like Coinbase  

According to *The Korea Herald*, South Korea's Financial Supervisory Service (FSS) recently issued verbal guidance to domestic asset management companies, requiring them not to increase their holdings of stocks in crypto-related enterprises such as Coinbase and Strategy in ETFs. The regulator reiterated that the *Emergency Measures Related to Virtual Currencies* enacted in 2017 remain in effect, which explicitly prohibits formal financial institutions from holding, purchasing virtual assets, obtaining related collaterals, and conducting equity investments. Data shows that multiple South Korean-listed ETFs currently have over 10% of their holdings in virtual asset-related targets. Among them, the "ACE US Stock Bestseller ETF" operated by Korea Investment Trust holds a 14.59% stake in Coinbase. The FSS's guidance aims to control the exposure of traditional financial products to virtual assets.  

A WLFI-associated address added another 1,740 ETH worth $6.5 million 2 minutes ago  

According to on-chain analyst @ai_9684xtpa, a WLFI-linked address purchased an additional 1,740 ETH (valued at $6.5 million) 2 minutes ago. Over the past six days, three WLFI addresses have cumulatively bought 5,608.48 ETH (approximately $19.46 million) at an average price of $3,469.66, with these holdings now showing a floating profit of $1.457 million.  

A new wallet bought another 32,640 ETH via OTC, worth $122 million  

Monitored by Lookonchain, the newly created wallet 0x3dF3 purchased an additional 32,640 ETH (valued at $122 million) through over-the-counter (OTC) trading. Over the past 4 days, it has accumulated 43,787 ETH (worth $163 million).  

A newly created wallet withdrew 400 BTC from Binance 2 hours ago, valued at $47.49 million  

According to Onchain Lens, a newly created wallet withdrew 400 BTC (worth $47.49 million) from Binance 2 hours ago.  

Trend Research configures ENS again after 1 year, withdrawing $5.5 million worth of ENS from Binance  

On-chain analyst @ai_9684xtpa detected that Trend Research, associated with Ledger Capital, has reallocated to ENS after a year. It withdrew 203,105 ENS (valued at $5.5 million) from Binance 10 hours ago. A year ago, its swing trading of 80,000 ENS resulted in an estimated loss of $122,000 based on deposit and withdrawal prices.  

Wall Street giant Citadel Securities urges US SEC not to grant securities rule exemptions for tokenized stocks  

According to The Block, Citadel Securities, one of the world's largest market makers, submitted a letter to the SEC's crypto task force opposing exemptions from securities rules for tokenized stocks. The firm argues that such assets could drain liquidity from traditional markets and risk confusing investors about issuers. Citadel emphasized in the letter that while it supports technological innovation, using regulatory arbitrage to issue "securities-like" products is not true innovation. The stance was echoed by Republican SEC Commissioner Hester Peirce, who stated that tokenized securities must still comply with existing securities laws. SEC Chairman Paul Atkins revealed last week that the agency is exploring an "innovation exemption" mechanism to allow new trading methods.  

BNB breaks through $800, hitting a new all-time high  

Market data shows BNB surpassed $800, currently trading at $803.43, with a 24-hour gain of 4.93%, setting a new record high.  

Ethereum validator exit queue reaches ~519,000 ETH, the highest since January 2024  

According to CoinDesk, the Ethereum validator exit queue stands at approximately 519,000 ETH (worth about $1.9 billion), the highest since January 2024, with a waiting time exceeding 9 days. Analysts note this is mainly due to stakers taking profits after ETH's price rose 160% from its April low. Despite the exit wave, Ethereum staking demand remains strong—357,000 ETH ($1.3 billion) are currently waiting to enter the staking queue, with a waiting time of over 6 days. This is partly driven by continued purchases by Ethereum treasury companies like SharpLink Gaming and increased institutional participation after the SEC clarified in late May that staking does not violate securities laws. Since late May, the number of active validators has increased by 54,000, reaching a record high of 1.1 million. Industry insiders suggest the surge in exits may also include institutional investors unlocking staked ETH to participate in funding rounds for ETH treasury companies.  

WisdomTree renames its stablecoin WUSD to USDW, plans to launch on other blockchains  

According to Cointelegraph, WisdomTree announced it will rename its stablecoin WUSD to USDW and plans to launch it on other blockchains. Currently, the stablecoin is only available on the Stellar platform.  

Two funds under Dan Tapiero to merge into new brand 50T, launching $500 million new crypto fund  

According to The Block, two crypto growth equity funds founded by veteran macro investor Dan Tapiero—10T Holdings (10T) and 1RoundTable Partners (1RT)—have merged into a new brand, 50T, and launched a $500 million new fund. The newly established 50T Fund V is a 10-year closed-end fund focusing on growth equity investments in blockchain, crypto, and Web3 infrastructure, with the first fundraising round scheduled to conclude in Q4 this year. Under the merged brand, 50T currently manages $2 billion in assets and retains board seats in its portfolio companies. The firm stated its "disciplined" concentrated management strategy emphasizes structured downside protection and active governance.  

Sources: Polymarket considering issuing its own stablecoin  

According to CoinDesk, insiders revealed that crypto prediction market platform Polymarket is weighing whether to launch its own custom stablecoin or accept a revenue-sharing agreement with Circle based on the platform's USDC holdings. Creating its own stablecoin aims to gain control of the interest-generating reserve assets backing the platform's large USDC holdings. A Polymarket representative stated that no decision has been made on the stablecoin. Sources noted that from a regulatory perspective, it would be easier for Polymarket to issue its own stablecoin. With significant stablecoin value locked in, Polymarket hopes to capture returns; its closed ecosystem only requires converting USDC or USDT to the custom stablecoin, avoiding concerns about deposit/withdrawal channels, making it simple to build and secure. A Circle spokesperson did not respond to requests for comment.  

6 ETF issuers file physical redemption amendments for crypto ETFs, sending "positive signals" from the US SEC  

According to The Block, 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck, and WisdomTree all submitted revised proposals to the US SEC on Tuesday, requesting permission for their spot Bitcoin and Ethereum ETFs, as well as future crypto ETFs, to adopt physical creation and redemption mechanisms. Analysts believe this indicates the SEC's shifting attitude toward approving crypto ETFs. Bloomberg ETF analyst James Seyffart said: "More positive signals, suggesting the US SEC is making positive moves and likely fine-tuning details." Seyffart added that this mechanism would only apply to "authorized participants"—such as large Wall Street institutions and market makers—rather than retail traders, who could redeem underlying assets with their ETF shares.  

Arca transferred 2.183 million PENDLE to Kraken 2 hours ago, expecting a profit of $2.13 million  

Monitored by on-chain analyst Yu Jin, Arca transferred 2.183 million PENDLE (valued at $10.44 million) to Kraken 2 hours ago. It withdrew these PENDLE from Binance a month ago at $3.8 and transferred them all to Kraken at $4.78, expecting a profit of $2.13 million.  

Square to launch native Bitcoin payment service for select merchants starting today  

Jack Dorsey announced on X that his payment company Square will launch a native Bitcoin payment service for its first few merchants starting today. Previously, at the Bitcoin 2025 conference in Las Vegas in May 2025, they tested fast, low-cost transactions using the Lightning Network.  

LetsBonk's market share on Solana Meme token launch platform grows to 64%  

According to The Block, Solana-based Meme token launch platform LetsBonk has increased its market share from 5% a month ago to 64%, while rival Pump.fun's share plummeted from 90% to 24% over the same period. The platform issued approximately 150,000 tokens last week, up about 14% from 132,000 the previous week, with a single-day issuance record of 26,600 tokens on July 18. Additionally, LetsBonk's trading volume last Friday was approximately $179 million, compared to Pump.fun's $52 million. Just a month ago, LetsBonk's daily trading volume was less than $10 million, while Pump.fun's was nearly 15 times higher. Increased trading volume has boosted fee revenue—last week alone, LetsBonk generated over $8 million in fees, nearly double Pump.fun's同期收入.  

US SEC approves Bitwise crypto index fund conversion application, then紧急叫停  

According to The Block, the SEC's Division of Trading and Markets approved Bitwise 10 Crypto Index ETF's "accelerated conversion" application on Tuesday but later halted it via SEC Assistant Secretary Sherry R. Haywood, announcing a re-examination. Bitwise's fund currently includes a market-cap-weighted portfolio of major cryptos like BTC, ETH, and XRP. The suspension mirrors the SEC's similar handling of Grayscale Digital Large Cap Fund LLC's ETF conversion application earlier this month. The SEC is recently considering establishing uniform listing standards for crypto ETFs to streamline the approval process. Analysts believe the suspension may stem from internal regulatory disagreements or await the introduction of a new framework.  

21Shares submits S-1 filing for ONDO ETF to US SEC  

According to The Block, 21Shares has applied to launch an ETF tracking RWA platform Ondo Finance's native token ONDO. The company filed an S-1 registration statement with the US Securities and Exchange Commission on Tuesday. Founded in 2021 by former Goldman Sachs employees Nathan Allman and Pinku Suran, Ondo Finance focuses on tokenizing real-world assets like US Treasuries and money market funds. The platform is linked to former President Trump's World Liberty Financial DeFi project, which has purchased approximately $500,000 worth of ONDO tokens for its multi-asset reserve.  

BTC breaks through $120,000, up 0.93% intraday  

OKX market data shows BTC just surpassed $120,000, currently trading at $120,023.50, with an intraday gain of 0.93%.  

a16z leads $15 million seed round for Poseidon, advancing decentralized AI data layer  

According to The Block, renowned venture capital firm Andreessen Horowitz (a16z) led a $15 million seed round for AI decentralized data layer project Poseidon. Built on Story Protocol, Poseidon aims to unlock high-quality training data for "next-generation embodied AI." Incubated by the Story team, Poseidon addresses the challenge of acquiring high-quality, usable, and legally authorized training data in AI. a16z Crypto founder Chris Dixon stated that Poseidon's decentralized data layer will establish a new economic foundation for the internet, incentivizing creators and providers to contribute diverse data inputs to next-generation intelligent systems. The project will provide AI developers with IP-secure and legally compliant access to training data through Story Protocol's programmable intellectual property layer and immutable registry.  

Coinbase adds BNKR, JITOSOL, and MPLX to its asset roadmap  

According to a post by Coinbase Assets on X, it has added BankrCoin (BNKR), Jito Staked SOL (JITOSOL), and Metaplex (MPLX) to the Coinbase asset roadmap today,公布相关合约地址. The official stated that trading for these assets will launch once market-making support and technical infrastructure are in place, with specific launch times to be announced separately.  

US President Trump: Interest rates should be cut by 3 percentage points or more  

According to Jinshi, US President Trump commented on Powell: "He'll be out soon anyway." Trump added: "Powell is keeping rates too high. The economy is strong. Rates should be cut by 3 percentage points or more, kept at 1%. Powell's policies are hurting the housing market." US Treasury Secretary Bessent also said: The Fed should cut rates now. The Fed's significant "mission creep" has led to high government spending.  

Vitalik: The paradox of utilitarianism lies in the mismatch between the "infinite utility" assumption and humanity's emotional limits  

Ethereum co-founder Vitalik Buterin posted on social media that the confusion surrounding utilitarianism's paradoxes stems from its "unbounded utility" assumption conflicting with human emotional mechanisms. He noted that human positive and negative emotional experiences of a situation actually have limits, so the "infinite utility" in theoretical models often contradicts intuition.  

OneFootball to launch token sale on CoinList on July 24  

According to a CoinList announcement, the OneFootball (OFC) token sale will start at 17:00 UTC on July 24. The sale has a fully diluted valuation (FDV) of $50 million, with a token price of $0.05. 25% of tokens will be released at TGE, and the remaining will be linearly released over 12 months. The minimum purchase amount is $100.  

Fogo launches high-performance Layer 1 SVM chain testnet, targeting on-chain transaction innovation  

According to The Block, Layer 1 blockchain Fogo, founded by former Wall Street executives, announced the launch of its public testnet on Tuesday. Fogo aims to bring traditional finance's execution speed to decentralized finance without sacrificing decentralization or composability. The team stated that the Fogo network can achieve 40-millisecond block times and provide unique advantages for on-chain trading products through native infrastructure and vertical integration. Other innovations include reduced MEV risks, co-located node architecture for real-time transaction execution, and session-based account management for improved user experience. Fogo plans to fully deploy the Firedancer validator client, currently using the Frankendancer hybrid client with a gradual transition to Firedancer.  

US FBI ends investigation into Kraken founder Jesse Powell, returns all seized devices  

According to Fortune, the US Federal Bureau of Investigation (FBI) has formally terminated its investigation into Kraken founder Jesse Powell and returned dozens of devices seized from his residence two years ago. The case stemmed from internal management disputes at his nonprofit Verge, unrelated to Kraken's operations. Powell stated the incident caused significant harm to his personal and professional life, vowing to continue civil litigation against Verge board members and emphasizing he has been proven "innocent." The FBI declined to comment.  

Consensys plans to lay off 49 employees, about 7% of its workforce  

According to Bloomberg, software company Consensys, led by one of Ethereum's co-founders, plans to cut 49 jobs, approximately 7% of its staff. The restructuring aims to drive profitability. Consensys recently acquired a startup with about 30 employees, who will remain, and the company will continue hiring new staff. Consensys laid off 20% of its workforce last year due to regulatory uncertainty and macroeconomic conditions. Currently, the US crypto regulatory environment has eased under President Trump's re-election, and Consensys' lawsuit with the SEC has been dismissed. Some crypto companies are adjusting their business structures in preparation for initial public offerings (IPOs).  

US 8th-largest bank PNC partners with Coinbase to offer crypto services to clients  

According to Bloomberg, US 8th-largest bank PNC Financial Services Group has partnered with crypto exchange Coinbase to provide digital currency services to its banking clients. Initially, PNC's wealth and asset management clients will be able to trade crypto directly through their accounts without switching platforms. PNC also plans to explore digital asset applications in corporate payments and treasury management. PNC executives stated that as crypto adoption in payments grows, they expect to support digital currency settlements. Additionally, PNC anticipates stablecoin-related businesses will be led by industry consortia, with banks actively participating.  

Telegram's built-in crypto wallet TON Wallet officially opens to 87 million US users  

According to CNBC, Telegram's built-in TON Wallet crypto wallet launched in the US this week, allowing 87 million US users to send, receive, and manage crypto directly within the app without additional downloads or logins. The self-custody wallet supports stablecoin transfers, token swaps, and fee-free crypto purchases via MoonPay. Over 100 million users globally activated the wallet in 2024, with the US launch delayed due to regulatory uncertainty. Telegram's expansion is expected to intensify competition with platforms like Cash App and Coinbase.  

Grayscale addresses transfer over 314 BTC to Coinbase, worth over $37.5 million  

On-chain data shows that at 21:18 Beijing time, two Bitcoin Trust addresses under Grayscale transferred 235.99 BTC and 78.66 BTC to Coinbase Prime, totaling 314.65 BTC, worth approximately $37.57 million at current prices.  

US Congress releases draft discussion on crypto market structure  

The US Congress released a draft discussion on crypto market structure.  

Powell Made No Mention of Monetary Policy in His Latest Conference Address  

Federal Reserve Chair Jerome Powell delivered a welcome address at a regulatory conference today, but as expected, he made no controversial or newsworthy remarks. In his prepared brief speech, Powell offered no hints about monetary policy and did not mention the Trump administration's pressure campaign. This comes as no surprise, as Fed officials are in a "quiet period" ahead of the July 29-30 meeting, during which they are barred from publicly commenting on interest rates or the economy. However, he expressed openness to feedback on bank regulatory rules and capital issues. Powell stated: "The Federal Reserve is a dynamic institution. We are willing to listen to new ideas and feedback on improving the capital framework for large banks, and I look forward to hearing from the participants here today."  

ZachXBT Exposes Crypto Beast's Manipulation Behind $ALT's Collapse  

On-chain investigator ZachXBT posted that Crypto Beast lied about having no connection to the collapse of $ALT's market capitalization from $190 million to $3 million, while actually manipulating the market and deceiving followers. Investigations show that on July 14, 45 related internal wallets dumped over $11 million worth of $ALT in a single day, causing the token's price to plummet from $0.19 to $0.003. Relevant promotional materials and wallet information have since been deleted, and on-chain fund flows have been traced to multiple exchanges.  

Bessent: No Reason to Remove Powell as Fed Chair  

U.S. Treasury Secretary Bessent publicly defended Federal Reserve Chair Powell amid repeated criticism from Trump administration officials, stating he sees no reason for Powell to step down. In a Fox Business interview on Tuesday, Bessent said: "There is no indication that he should resign now; his term ends next May. If he wants to see it through, I think he should. If he wants to leave early, I think that's acceptable too." For months, Powell has faced criticism from Trump for leading the Fed to keep interest rates unchanged, citing concerns about inflationary impacts from the administration's tariff hikes. This month, several Republicans also questioned the costly renovation of the Federal Reserve building. Bessent called for an internal review of the Fed's non-monetary activities, including the renovation project, on Monday. He noted: "This is a real opportunity for him, part of his legacy—to rationalize the Fed's non-monetary policy functions."  

Powell: The Fed Is a Dynamic Institution Open to New Ideas  

Federal Reserve Chair Powell stated: The Federal Reserve is a dynamic institution willing to listen to new ideas and feedback on improving the capital framework for large banks. It is necessary to allow large banks to compete freely, including with non-bank institutions and banks in other jurisdictions. Chair Powell made no comments on the economic or monetary policy outlook in his remarks.  

Hong Kong Customs Busts Stablecoin Money Laundering Case Involving $115 Million  

According to the *Sing Tao Daily*, Hong Kong Customs today dismantled a money laundering case involving smuggled cash and virtual assets, with涉案金额 reaching approximately $115 million. One local man and one non-local man were arrested. Customs officials targeted a 37-year-old local man and a 50-year-old non-local man for financial investigations, uncovering their use of smuggling to move cash overseas and frequent, large-scale transactions between stablecoins and fiat currencies using unexplained funds—activities grossly inconsistent with their backgrounds and financial status, suggesting money laundering. Authorities seized a range of suspected涉案物品, including mobile phones, tablets, and bank cards. The case remains under investigation, and further arrests have not been ruled out.  

SharpLink Gaming Added 79,949 ETH Last Week, Investing ~$258 Million  

According to GlobeNewswire, SharpLink Gaming (NASDAQ: SBET) purchased 79,949 Ethereum at an average price of $3,238 between July 14 and July 20, totaling $258 million. As of July 20, 2025, its Ethereum holdings rose to 360,807 ETH, a 29% increase from the previous week, marking the largest single-week purchase on record. Since launching its digital treasury strategy on June 2, 2025, the company has earned 567 ETH in staking rewards.  

Nano Labs Boosts BNB Strategic Reserve to $90 Million, Plans to Upgrade Reserve Strategy  

According to Globe Newswire, Web 3.0 infrastructure provider Nano Labs Ltd (NASDAQ: NA) announced it has significantly increased its BNB holdings to 120,000 tokens, currently valued at approximately $90 million. Recently, Nano Labs acquired an additional 45,684.9862 BNB via over-the-counter trading at an average price of ~$764 per token, bringing its average cost for BNB to $707. Nano Labs stated it will further strengthen its BNB strategic reserve through continued purchases, acquiring controlling stakes in entities with BNB as core reserve assets, and investing in BNB-focused companies.  

U.S. Treasury Secretary Bessent: Annual Tariff Revenue Could Reach $30 Billion  

U.S. Treasury Secretary Bessent stated: Tariff revenues are "substantial," potentially accounting for 1% of GDP. Annual tariff revenue is expected to reach $30 billion, with a 10-year total possibly hitting $2.8 trillion. GDP growth is projected to reach 3% or higher by the first quarter of 2026.  

Archax Acquires German Digital Asset Firm DDA to Expand European Crypto ETP Footprint  

According to CoinDesk, UK-based digital asset exchange Archax will acquire German-regulated crypto asset manager Deutsche Digital Assets (DDA) to strengthen its presence in key European financial markets including the UK, Germany, and France. DDA currently manages ~$70 million in assets, focusing on distributing crypto exchange-traded products (ETPs) through European banks and asset managers. The acquisition will grant Archax new licenses under Germany's BaFin for portfolio management and investment advisory, enabling better service to EU institutional clients.  

Strategy Announces Planned IPO for STRC Shares  

Strategy (NASDAQ: MSTR, STRK, STRF, STRD) announced plans to issue 5,000,000 variable-rate Series A Perpetual Extendable Preferred Shares (STRC shares) in an initial public offering, subject to market conditions. Proceeds will fund general corporate purposes, including Bitcoin purchases and working capital. STRC shares will have an initial annualized monthly dividend rate of 9.00%, with the company retaining the right to adjust rates per regulations. Morgan Stanley, Barclays, Moelis & Company, and TD Securities will serve as joint bookrunners. The offering will be conducted via an effective SEC registration statement, available only through a prospectus.  

Binance: Yala's Alpha Airdrop Requires 238 and 200 Points  

Binance announced that trading for Yala (YALA) will commence at 12:00 UTC on July 22, 2025. Eligible users can claim 200 YALA tokens via Binance Alpha Points on the Alpha campaign page within 24 hours of trading launch. The airdrop has two phases: the first 18 hours require at least 238 points, and the next 6 hours lower the threshold to 200 points. If rewards remain unclaimed, the threshold will decrease by 10 points hourly. Claiming the airdrop will consume 15 points, and users must confirm receipt within 24 hours, or the offer will expire.  

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