On Thursday, the Nasdaq fell nearly 2% and the S&P 500 fell 0.88%. In contrast, the Russell 2000 small-cap index rose 3.2%, its best performance relative to the S&P 500 since March 2020. For months, investors have seen few options other than a few winners in the U.S. stock market, but if the Fed moves to lower interest rates, they suddenly have a lot more options and the market begins to rotate. On Friday, the Nasdaq opened up 1.1% and the S&P 500 rose 1%.
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Fed's Powell testified before the U.S. House Financial Services Committee, and Congressman Josh Gottheimer asked him about the U.S. Securities and Exchange Commission's Staff Accounting Bulletin (SAB) 121. The bulletin requires banks to include custody digital assets on their balance sheets, which greatly increases the cost of providing digital asset custody services. Gottheimer cited Powell's previous statement: Custodial assets are not on the balance sheet and have always been so. Powell generally confirmed this position, but did not comment on the SEC's policy, saying that this is the SEC's purview. At the nomination hearing of the U.S. Senate Banking Committee on Thursday, SEC Commissioner Caroline Crenshaw said that rampant fraud in the cryptocurrency market led her to be reluctant to approve the BTC ETF earlier this year because there was serious fraud and opacity in the global underlying spot market. ETH ETF issuers are waiting for the U.S. Securities and Exchange Commission (SEC) to provide details on the final documents. The SEC has provided multiple rounds of comments for issuers to revise the form, each of which takes several weeks, and issuers are beginning to hope that the process may be nearing its end. On July 12, the Fear and Greed Index was 25, and the level turned to extreme fear. Eric Balchunas, senior ETF analyst at Bloomberg, said that the final deadline for the Solana ETF is mid-March 2025, and the most important date is November. FOX Business reporter Eleanor Terret reported that CFTC Director Behnam said that an Illinois court confirmed that BTC and ETH are digital commodities under the Commodity Exchange Act, and 70-80% of the crypto market is non-securities. Capriole Investment's Cryptocurrency Speculation Index shows that the speculative excesses that prevailed in the first quarter have dissipated, indicating that BTC is likely to see bullish price movements again. The speculation index, which measures the percentage of altcoins with a 90-day return higher than BTC, has stabilized below 10%, a sharp drop from the high of nearly 60% in January.

The CPI annual rate in June was 3%, lower than the expected value of 3.10% and lower than the previous value of 3.30%. The core CPI annual rate in June was 3.3%, lower than the expected value of 3.40% and lower than the previous value of 3.40%. The monthly CPI rate in June was -0.1%, lower than the expected value of 0.10% and lower than the previous value of 0.00%. The U.S. inflation indicator, the monthly CPI rate in June recorded -0.1%, the first negative value since May 2020; the annual CPI rate in June was 3.0%, a sharp drop to the lowest level since June last year.
After the CPI was released, the probability of the Federal Reserve cutting interest rates for the first time in September increased significantly, and the interest rate swap market fully priced in the Federal Reserve's 25 basis point interest rate cut in September. Based on June inflation data, JPMorgan Chase believes that the Federal Reserve's interest rate cutting cycle will start early, and it is expected that the Federal Reserve will start cutting interest rates in September, rather than November as previously estimated. The address marked as "Germany" transferred 10,627 large pies on Thursday and continued to sell them. Currently, there are only 4,925 large pies left on the German address, which is 9.9% of the initial position.

Tesla opened up 1% on Wednesday, after rising for 10 consecutive trading days. Bill Gross, known as the "old bond king", said Tesla behaved like a meme stock. Powell went to Capitol Hill again on Wednesday, saying that he had some confidence in inflation and the data was very clear. At a hearing on Tuesday, Powell said that recent employment data sent a fairly clear signal that the labor market had cooled significantly, and said that the Fed's "likely direction" was to cut interest rates.
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Fabio Panetta, governor of the Bank of Italy, said that the Bank of Italy will publish guidelines on how to apply the EU's upcoming cryptocurrency rules "in the coming days," "aimed at promoting the effective application" of the EU's Markets in Crypto-Assets Regulation (MCA) and "protecting" holders of some cryptocurrencies. MiCA outlines two major categories of tokens, asset-referenced tokens (ARTS) and electronic money tokens (EMTS). According to the revised S-1 application submitted to the U.S. Securities and Exchange Commission (SEC), Invesco Galaxy disclosed that its spot ETH ETF fee rate is 0.25%. According to the revised S-1 application submitted to the U.S. Securities and Exchange Commission (SEC), Grayscale Mini ETH Mini Trust and 21Shares Spot ETH ETF have not set a handling fee. As of July 10, Australia's first spot BTC ETF (IBTC) has accumulated 80 BTC since its launch. Australia's largest stock exchange ASX has approved its second spot BTC ETF. Arkham data shows that on the afternoon of July 9, a total of 6,306.9 BTC were transferred out of the German address, and the German address currently holds 22,847 BTC. Societe Generale-Forge, a subsidiary of Societe Generale, announced that it has obtained the qualification to issue stablecoins, and its EURCV stablecoin has complied with the MiCA regulations that came into effect on June 30. According to the data of the RWAxyz platform, as of July 8, the market size of tokenized US Treasury bonds reached US$1.81 billion, of which the market size of BlackRock BUIDL Fund exceeded US$500 million. CNBC released an analysis saying that according to the chart, BTC is maintaining support and is ready to set a new record high again. On July 10, the Fear and Greed Index was 28, and the level was still panic. Julio Moreno, head of research at KryptonQuant, said that data shows that the new "BTC whales" have realized losses of US$1 billion in the past two weeks. Previously, the group had achieved profits in the first quarter. Analyst Eugene Ng Ah Sio said that "it is predicted that most altcoins have bottomed out, the open interest level has completely collapsed, and many tokens are in a state of complete apathy. Their self-selection has extended to their toes and they will be busy looking for the bottom and be the first to see the bottom."

Apple's stock price hit a record high, rising more than 0.6% to $227.82 on Monday, with a total market value of nearly $3.5 trillion, surpassing Microsoft to return to the top of the U.S. stock market. On July 9, Powell said in congressional testimony and hearings: There is already a good inflation data, and more good data is needed; the timing of the interest rate cut will depend on the data and the situation of the labor market; interest rates will be adjusted cautiously. The CPI data released on Thursday may largely affect whether the Federal Reserve can cut interest rates in September.
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Xu Zhengyu, director of the Hong Kong Treasury Bureau, said that the market is concerned about the recent withdrawal of many large international virtual asset platforms from applying for licenses in Hong Kong, and the trading volume of virtual asset spot ETFs listed in Hong Kong is also lower than that in the US market. Regarding the future development blueprint of Web3 in Hong Kong, the current discussion of Web3 is overly focused on the financial field, while the technological elements behind it are more important, including the efficiency of transactions and settlements through disintermediation. Bitstamp said in a statement: According to the agreement with the MtGox trustee, Bitstamp has 60 days to distribute tokens and will work hard to ensure that these investors are compensated as soon as possible. On July 9, the Cryptocurrency Panic and Greed Index was 27 (yesterday was 28), and market panic has intensified. CoinShares weekly report shows that the total inflow of funds from digital asset investment products last week reached US$441 million. The recent price weakness caused by Mt Gox and the selling pressure of De may be seen as a buying opportunity. On July 9, De transferred out 16,039 BTC and transferred back 3,673 BTC. He currently holds 27,461 BTC and has sold more than half of his assets. Steven Zheng, head of research at The Block, said that the exchange is likely to return BTC because it cannot sell BTC within the target price range. Matrixport analysis shows that the U.S. Securities and Exchange Commission (SEC) is expected to approve the ETH ETF this week. On May 20, the SEC asked the ETF exchange to revise its application, and approved the 196-4 application three days later, but the S-1 application is still pending. Due to the July 4 holiday, the SEC may postpone its decision until the week of July 8. If the SEC takes action this week, the price of ETH may rebound. CryptoQuant analyst Woominkyu said that the largest BTC outflow in 2024 occurred on July 5, when more than 46,000 BTC flowed out of the spot exchange. Investors generally regard such large-scale withdrawals as bullish signals. Large holders may expect price increases or want to hold for the long term rather than sell.

On Monday, the Nasdaq and S&P 500 opened higher. On Wednesday, Powell will testify on the semi-annual monetary policy. On Thursday, the US will release the inflation index CPI for April (previous value 3.3%, expected value 3.1%). Currently, the probability of the Federal Reserve cutting interest rates in September is about 76%, which is expected to increase this week.
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South Korea announced that it would postpone the implementation of the new virtual asset tax law to January 2025 to address the tax burden of individual investors and regulatory clarification issues. According to the new regulations, from 2025, the law will include income tax for residents, withholding tax for non-residents, and gift tax on virtual assets. The postponement mainly affects the income tax of residents and withholding tax for non-residents and foreign companies. The Hong Kong Securities and Exchange Commission warned the public to beware of seven entities including XTCQT and CEGBTEPRO suspected of engaging in virtual asset-related fraud. The total financing amount of the crypto market in June 2024 fell by about 53% compared with March 2024. According to Coingalss data, if BTC falls to around $50,000, CEX is expected to have $658 million in long orders liquidated, and if BTC rebounds to around $58,000, it is expected that $1.522 billion in short orders will be liquidated. The Financial Times of the United Kingdom said that if Trump is elected, it may lead to a rebound in BTC in the second half of the year. IBITCOINLFG said that billionaire MICHAELDELL, the founder of Dell, may buy a large amount of BTC. Brian Dixon, CEO of Mt.Gox creditor and Off the Chain Capital, said that many creditors have not yet received compensation and the repayment phase may last until October. Stephane Ouellette, CEO of FRNT Financial Inc., said that traders may have overreacted to the MtGox repayment event, and Germany may liquidate $2.3 billion worth of BTC, which poses a greater direct threat to the market, and BTC bulls are now salivating, hoping that this will be a great buying opportunity. 10x Research said that BTC has fallen 20% in the past month and 13% during the Asian trading session. Since BTC seems to be oversold in the short term, potential macroeconomic benefits are expected this week, so a counter-trend rebound may occur. In addition, the U.S. Securities and Exchange Commission may approve the ETH ETF, which may trigger positive momentum in the short term. They do not believe that it is a significant buying opportunity in the medium term.

On Friday, the U.S. released data showing that the seasonally adjusted non-farm payrolls in June were 206,000, 190,000 higher than expected and 272,000 lower than the previous value. The unemployment rate in June was 4.1%, higher than expected and 4.00% higher than the previous value. The U.S. unemployment rate in June was 4.1%, the highest since November 2021, and non-farm payrolls fell sharply. The interest rate swap market once again fully priced in the Fed's two rate cuts before the end of the year. The Nasdaq opened up 0.8% and the S&P 500 rose 0.4%. MtGox began to pay out, and Bitcoin responded.
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German MP Joana Cotar criticized the German government's decision to sell $195 million worth of BTC, believing that this move has increased market volatility and may have a long-term negative impact on the stability of the cryptocurrency market. She said that the German government should reconsider this strategy and discuss with the United States the use of BTC as a strategic reserve currency. The Payments Association called on the incoming British Chancellor of the Exchequer to impose a "technology tax" on social media giants to pay for the impact of payment fraud originating from their platforms, calling for the next stage of open banking and open finance, and taking legislative measures to establish a digital asset ecosystem that includes Web3, DeFi and smart contract standards. Nintendo's president said that Nintendo has confirmed that the company will not include generative artificial intelligence technology in its games due to concerns about intellectual property issues. Mempoo data shows that El Salvador currently holds more than 5,800 BTC, equivalent to about $334 million. Arkham data, the value of cryptocurrency holdings marked as Trump's address fell below the $8 million mark, down about 75% from early June. Arkham data, marked as "US Government" address, transferred 237 BTC to the address starting with bclqvc on July 4. On July 4, the address marked as "German Government" transferred 1,300 BTC.eToro analyst Josh Gilbert said that most of the recent sell-offs are attributed to concerns about the repayment of MtGox creditors. There are far more negative news than positive news, and investors are uneasy, which often triggers more sell-offs until there is a catalyst to improve market sentiment and drive prices up, such as investors "buying on dips" and ETHETF approval. Investors also have reason to be optimistic about the long-term outlook and look forward to the Federal Reserve's interest rate cut in September and the possibility of another rate cut in December to boost prices.

The Nasdaq was closed on Thursday, and the cryptocurrency market fell alone, with Bitcoin falling below $57,000. On July 3, the S&P 500 and Nasdaq closed at record highs for the 33rd and 22nd time this year, respectively. The correlation between Bitcoin and the S&P 500 fell to 0.05, indicating a market divergence.
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The Basel Committee on Banking Supervision approved a framework for banks to disclose exposure to crypto assets and agreed to targeted revisions to its crypto asset standards, including a set of standardized public forms and templates covering banks' exposure to crypto assets. The implementation date is January 1, 2026. The Basel Committee agreed to update the interest rate shock size and related methods in the interest rate risk standard for bank books, and agreed to consult on the latest principles for sound management of third-party risks. The Blockchain Association, a US cryptocurrency lobbying group, submitted a friend of the court brief to the US Tenth Circuit Court in support of Custodia Bank's lawsuit against the Federal Reserve. The chief legal officer of Blockchain Association said that the Federal Reserve's claim that digital assets raise security and robustness issues protects large existing banks and makes it more difficult for industry participants to find banking partners, leaving customers in trouble. On July 4, EmberCN data showed that the address marked as "German Government" transferred 1,300 BTC to centralized platforms. Web3 security agency Certik released the "Hack3d: Web3.0 Security Report for the Second Quarter and the First Half of 2024", stating that in the second quarter of 2024, a total of 184 on-chain security incidents occurred, with losses reaching $688 million. Galaxy Digital reported that the crypto venture capital market continued to pick up in the second quarter of 2024, with crypto and blockchain companies receiving $3.19 billion in venture capital, a slight increase from $3.16 billion in the first quarter. There were 739 crypto venture capital transactions in the second quarter, an increase of 8% from the first quarter. Steve Kurz, head of Galaxy Digital Asset Management, said that the U.S. Securities and Exchange Commission may approve the spot ETH ETF by the end of July and is optimistic about more cryptocurrency ETFs.

On Wednesday, the data released by the United States showed that the number of "small non-farm" ADP employment in June was 150,000, lower than the expected value of 160,000 and lower than the previous value of 152,000. The number of initial unemployment claims in the week was 238,000, higher than the expected value of 235,000 and higher than the previous value of 233,000. On July 2, Federal Reserve Director Powell refused to comment on the issue of September interest rate cuts, saying: It is too early to assert whether the Federal Reserve will cut interest rates in late summer. The big cake fell every day, the Nasdaq and S&P 500 indexes hit new highs every day, and the price of gold rose 1.1% to $2,355 per ounce.
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On Tuesday, Powell spoke dovishly at the ECB forum, and the Nasdaq once again stood above 18,000 points, up 0.7%. The addresses marked as Germany and the United States are still selling, affecting short-term prices, waiting for the negative impact (Germany, the United States, and MtGox sales) to be exhausted.
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Mark Uyeda, a member of the U.S. Securities and Exchange Commission, issued a statement on the registration rules for index-linked annuities and registered market value-adjusted annuities. He called for an update to the S-1 form to better accommodate the uniqueness of cryptocurrencies. This was Uyeda's first public call for a disclosure system tailored for crypto assets. Coinbase (COIN.O) said it would provide cryptocurrency custody services to the U.S. Marshals Service. Coinbase Chief Policy Officer Faryar Shirzad said the focus of support for the cryptocurrency PAC is the U.S. Congress. The U.S. Department of Justice (DOJ) paid Coinbase $32.5 million to use its custody and trading services to dispose of confiscated cryptocurrencies. CoinShares' weekly report showed that digital asset investment products had outflows for the third consecutive week last week, totaling $30 million. According to ali_charts data, miners sold more than 2,300 BTC worth about $145 million in the past 72 hours. Arkham data showed that the address marked as "German government" yesterday transferred 1,500 BTC to a centralized platform. The German government currently holds 44,692 BTC. Arkham data shows that the wallet address marked as "US government" yesterday transferred 3,375 ETH to the address starting with 0x5aC4. Nate Geraci, president of The ETF Store, said that BlackRock acquired Preqin, an asset/private market data provider, seeking to use this data to eventually create an ETF. Tom Lee, co-founder of Fundstrat, insisted that BTC will reach $150,000, and said that the MtGox suspense will disappear in the second half of the year. BTC is still in the early stages of the upward cycle. The idea that it may reach $150,000 this year is still within the agency's basic assumptions, and explained that this forecast is based on changes in the US macroeconomy. James Butterfill, head of research at CoinShares, said that recent outflows have "reduced significantly" and there are signs that BTC's market sentiment is shifting. Compared with the overall net outflows in the previous two weeks, most crypto investment product providers had lower outflows last week, with net inflows of US products leading the way, reaching $43 million, and net outflows of funds in other regions totaling $79 million.

Last Friday, the U.S. core PCE price index recorded an annual rate of 2.6% in May, the smallest increase since March 2021. Traders increased their bets on the Fed's interest rate cuts, and the Nasdaq 100 index broke through 20,000 points for the first time during the session. The big cake bottomed out and rebounded.
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The Federal Trade Commission (FTC) has warned consumers about a surge in social media investment scams, especially cryptocurrency investments. These scams involve fraudulent information claiming to guarantee high returns and little risk. The FTC advises against such information and reminds consumers that all investments have inherent risks. The warning was written by Andrew Rayo, a consumer education expert at the FTC, who said that breaking information about investments on social media is almost always a scam. The U.S. Treasury Department has released the 2025 Cryptocurrency Transaction Tax System, which aims to establish filing rules for digital asset brokers. The relevant rules for DeFi and non-custodial wallets have been temporarily shelved. Under the new rules, the IRS will not require reporting of most regular stablecoin sales, and set an annual threshold of $600 for NFT gains, which needs to be reported above this threshold. Musk said that XAI's GROK2 large model will be launched in August. Coinshares data shows that investors invested about $2.6 billion in BTC funds in the second quarter, and about $13 billion in the first three months of this year. Certik data shows that the Web3 field lost about $198.3 million in June due to vulnerability exploits, hacking and scams. Julio Moreno, head of research at CryptoQuant, said that the miner capitulation indicator has reached a level comparable to December 2022: a drop of 7.6%. December 2022 marks the bottom of the cycle after the FTX crash. According to Bitcoin Magazine data, last Friday, the inflow of US BTCETF reached US$75 million, with net inflows for four consecutive days, which may indicate the return of the bull market. According to The Block data, as of June 28, the negative premium rate of Grayscale ETHE is now 1.29%.

On Friday, U.S. data showed:
The PCE price index recorded an annual rate of 2.6% in May, in line with expectations and lower than the previous value of 2.70%.
The core PCE price index rose by 0.1% month-on-month in May, in line with expectations of 0.1% and lower than the previous value of 0.3%.
The one-year inflation rate in June is expected to be 3%, lower than the expected value of 3.2% and lower than the previous value of 3.3%.
Among them, the core PCE price index recorded an annual rate of 2.6% in May, the smallest increase since March 2021; the core PCE price index recorded a monthly rate of 0.1% in May, the smallest increase since November 2023. Fitch said that today's PCE data further proves that inflation, which stagnated in the first quarter, has resumed its downward trend. If the trend continues in the next two months, the Federal Reserve may finally have the confidence to cut interest rates in September. The decline in US inflation and interest rate cuts are the main driving forces behind this bull market, and the momentum is still there. Rate cuts will give rise to bubble highs, and the further back in time, the more reasons the Federal Reserve will turn to loose monetary policy. Today's update. #美国5月核心PCE物价指数年率增幅创2021年3月以来新低 #美联储何时降息？

US data on Thursday showed that the final annualized quarterly rate of real GDP in the first quarter was 1.4%, higher than the expected value of 1.3% and higher than the previous value of 1.30%. The final annualized quarterly rate of the core PCE price index in the first quarter was 3.7%, higher than the expected value of 3.60% and higher than the previous value of 3.60%. The final quarterly rate of real personal consumption expenditure in the first quarter was 1.5%, lower than the expected value of 2% and lower than the previous value of 2%. A big rebound. The US first quarter data is a bit outdated because the second quarter will end in a few days. The core PCE price index for May will be released on Friday, with a previous value of 2.8% and an expected value of 2.6%. The market believes that inflation will fall again, which may be a small positive.

Gary Gensler, director of the U.S. Securities and Exchange Commission, said that the process of approving ETH ETFs was "smooth", but refused to comment on the timetable for launching spot ETH ETFs. Scott Rubner, managing director of Goldman Sachs, said that the new quarter (third quarter) and the new half year (the second half of this year) are when a large amount of funds are rapidly pouring into the stock market, and the first two weeks of July are the best trading period of the year since 1928.
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Gary Gensler, director of the U.S. Securities and Exchange Commission (SEC), said: There is no inconsistency between crypto securities and existing securities laws. The rules governing securities are clear and can protect investors and ensure fair, orderly and efficient markets. His main responsibility is to protect investors and supervise issuers to ensure access to fair, orderly and efficient markets. Others can also participate in the discussion, but his responsibility is to maintain the integrity of the capital market. Invest Hong Kong and the Hong Kong Economic and Trade Office in Toronto and StartmeupHK participated in a technology conference in Toronto, Canada to promote its offshore ready-to-use technology center for local cryptocurrency and Web3 startups, and to highlight Hong Kong's cryptocurrency-centric development landscape. 21Shares chooses Zodia, a subsidiary of Standard Chartered Bank, for digital asset custody. Zodia manages about $6 billion in cryptocurrency. From June 25 to 26, the address marked as "German Government" transferred 200, 200, 500, and 750 BTC in multiple times. Spot On Chain data shows that in the past 7 days, the German government address has net transferred out 3,500 BTC (US$225 million), most of which flowed to CEX at an average price of US$64,364. Now there are 46,359 BTC (US$2.88 billion) left. The "Mr.100" address increased its holdings by 113.96 BTC, 107.84 BTC, and 317 BTC in multiple times from June 24 to 25. The circulating supply of ETH has risen for nearly 72 consecutive days, increasing by nearly 50,000 ETH since mid-April. Since the merger in September 2022, the longest ETH inflation was 40 days shortly after the hard fork and 30 days at the end of last year. Andrei Grachev, partner of DWF Labs, said that in general, the recent market ups and downs are not important. Summer is always a time of market weakness. At this time, the best choice is to focus on BUIDL (construction). Its new fund is about to be launched, the incubation plan has been launched, and the fund is ready.

JPMorgan Chase: Gold and silver prices are expected to be $2,600/ounce and $34/ounce respectively next year; Bank of America and Citigroup released reports respectively, gold prices may reach $3,000/ounce in the next 12-18 months, and they believe that the Fed's interest rate cut may lead to capital inflows into physically backed gold ETFs. (Currently gold prices are $2,319/ounce and silver prices are $28.88/ounce)
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At the annual meeting of the Investment Funds Association, Hong Kong Financial Secretary Wong Wai-lun said that Hong Kong is actively implementing a number of measures to further consolidate Hong Kong's position as an international financial center, including: first, continue to improve the listing system; second, further improve the liquidity and efficiency of the stock market; third, strive to expand and deepen the interconnection between the capital market and the mainland and other parts of the world; fourth, strive to promote the development of asset wealth management business; fifth, Hong Kong is also rapidly advancing the development of the virtual asset industry. South Korea approved the "Virtual Asset User Protection Act Implementation Order", which stipulates the specific content of the "Virtual Asset User Protection Act". The law will take effect on July 19. Its promulgation is aimed at protecting virtual asset users and establishing a healthy market order. The law defines the definition of virtual assets and the exclusion of virtual assets, and stipulates the obligations of virtual asset operators to safely store and manage user deposits and virtual assets. CoinShares weekly report shows that digital asset investment products have outflows for the second consecutive week last week, totaling US$584 million, and a total decrease of US$1.2 billion together with last week. Hut 8 announced that it has received a strategic investment of US$150 million from Coatue. QCP Capital stated that due to the increase in break-even prices after the halving, miners are under tremendous selling pressure, and miners' BTC holdings have fallen to the lowest level in the past 14 years, with total reserves down 50,000 from the beginning of the year. On June 25, 10x Research stated that BTC is currently severely oversold, and many analysts recommend buying on dips, while altcoins seem to be performing relatively steadily. 10x Research's Greed and Fear Index is close to its historical low, and the market may be close to a stage low.

On June 24, MtGox stated that preparations for BTC repayment are ready and repayment will begin in early July 2024.
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South Korea's financial regulatory authorities will implement the "Specific Financial Transaction Information Reporting and Supervision Provisions" on the 27th, clarifying the compliance system of virtual asset operators. The regulatory authorities have solicited relevant opinions from the virtual asset industry and related institutions through regulatory change announcements from the 24th of last month to the 3rd of this month, and have passed the review process. In the new regulatory regulations, the competent authorities will first report the compliance system of virtual asset-related laws and regulations, including the "Specific Financial Information Act" and the "Virtual Asset User Protection Act". Teresa Goody Guillen, a former litigation lawyer at the U.S. Securities and Exchange Commission (SEC), said that the SEC previously ended its investigation into Consensys' "ETH2.0" in order to avoid being sued. Coinglass data shows that BTC's volatility in the past 30 days is 1.25%, a record low. According to Santiment statistics, the total number of BTC whale transactions has decreased by 42% from the previous two days, and whale traders who bet on the future price of BTC have also retreated. Lin, head of Deribit, said that last week, there was a net outflow of BTC spot ETF for five consecutive days, with a total weekly net outflow of 544 million US dollars. The data can be continuously observed, and call options may be held after the trend reverses and net inflows are achieved. Nate Geraci, president of The ETF Store, predicted that by this time next year, the assets of spot cryptocurrency ETFs will exceed those of physical gold ETFs. The spot ETH ETF may be launched in the next week or so. Andrew Kang, co-founder of Mechanism Capital, said that this is the first cycle and complete bull market for many people, which is surprising.

The combined market value of the "Big Three" of the U.S. stock market, Nvidia, Microsoft, and Apple, has exceeded $10 trillion for the first time in history. The market value of the three companies is above $3.2 trillion. Since the beginning of this year, Nvidia, Apple, and Microsoft have risen by 175%, 12%, and 19% respectively. Sun Ge and MicroStrategy have increased their holdings again.
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Singapore's updated anti-money laundering national risk assessment highlights significant risks in the anti-money laundering sector, especially in the financial sector, where digital payment token (DPT) service providers pose greater vulnerabilities. The 126-page report points to new risk areas that were not included in the previous report released in 2014, including virtual asset service providers and gemstone and precious metal dealers. Fox reporter Eleanor Terrett said that in Kraken's hearing on the U.S. Securities and Exchange Commission (SEC)'s motion to dismiss, the SEC insisted on its "ecosystem" point of view to show that digital asset buyers are "buying something." Relevant industry insiders said that as with the Coinbase case, the threshold for the SEC to prove that they have at least some reasonable legal basis to continue to sue Kraken is very low. Kraken lawyers refuted the SEC's claim that it is a securities "ecosystem", saying that it should not be treated specially. The judge has not yet made a final ruling, but indicated his inclination at the hearing, saying that the discovery phase will be completed within a year. At the Citi Digital Currency Seminar, Citi's new Citi Integrated Digital Asset Platform CIDAP, which serves the entire group, was released. Citibank is involved in multiple digital currency and tokenization projects. Regulatory documents show that Musk's planned payment service XPayments does not include cryptocurrencies. According to Tagus Capital data, stablecoin issuers currently hold more than $120 billion in U.S. Treasury bonds, making them the 18th largest holder of U.S. Treasury bonds in the world, surpassing major account surplus countries such as Germany and South Korea. Tether CEO Paolo Ardoino said that Tether has now become one of the world's three largest short-term U.S. Treasury bond holders.

On June 20, the Swiss National Bank cut its benchmark interest rate by 25 basis points to 1.25%, marking the second consecutive rate cut. The Bank of England kept its benchmark interest rate unchanged at 5.25% for the seventh consecutive time. The market tends to believe that the Bank of England will cut interest rates for the first time in August. Gold rose by more than 1% in the day, reaching $2,360 per ounce, a new high since June 7, and silver rose by 3% in the day, and the price of gold stopped falling.
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The Hong Kong Securities and Exchange Commission released its 2023-24 annual report, which pointed out that as of March 3, 2024, the total number of licensed institutions and individuals and registered institutions reached 47,851, including 44,493 licensed individuals, 112 registered institutions, and 3,246 licensed institutions, of which 2,140 were licensed to conduct Category 9 (providing asset management) regulated activities. 23 virtual asset trading platform applications were submitted under the Anti-Money Laundering Ordinance. As of March 31, 2024, 2 virtual asset trading platforms had been licensed under the Securities and Futures Ordinance. 234 on-site inspections were conducted on licensed institutions and related entities. The first tokenized private open-end fund company registered by the Hong Kong Securities and Futures Commission was established in December 2023, and the first tokenized retail gold product was approved by the Hong Kong Securities and Futures Commission in March 2024. ZodiaCustody, a digital asset custody company founded by Standard Chartered Bank, announced that it has received investment from the National Australia Bank and plans to provide services to local institutional clients. Laser Digital Limited, the cryptocurrency division of Nomura Securities, has obtained a broker license for traditional and digital assets in the Abu Dhabi region. According to HODL15Capital statistics, at least 40 billionaires in the world hold BTC, with Musk at the top. Andrei Grachev, partner of DWF Labs, said that he would look for undervalued tokens to add to the portfolio to welcome the next bull market. Markus Thielen, CEO of 10x Research, reported that the average price of the top 115 tokens has fallen 50% from its 2024 high, and these losses will continue to intensify unless cryptocurrency liquidity is significantly improved.

The U.S. stock market was closed on Wednesday, and there was no outflow from spot ETFs such as Grayscale, and the cryptocurrency market rebounded slightly. At the close of Tuesday, the S&P 500 index closed up 0.25%, and the Nasdaq closed up 0.03%. Claudia Sahm, the inventor of the U.S. recession indicator, said: Powell and his colleagues are "playing with fire". If they do not take gradual interest rate cuts now, it may cause the U.S. economy to fall into contraction, forcing them to take more radical actions.
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The proposal of the Financial Services Commission of South Korea to establish a new virtual asset department has been approved. The revised job system and its related implementation rules will be announced and implemented on the 25th of this month. The virtual asset department will undertake the necessary management and supervision work to establish the order of the virtual asset market and protect users. The Hong Kong Securities and Exchange Commission published the "2023-24 Annual Report", which mentioned that it added a new chapter to the "Anti-Money Laundering and Terrorist Financing Ordinance". This chapter aims to assist the industry in dealing with the risks of money laundering and terrorist financing caused by the unique characteristics of virtual assets when engaging in virtual asset-related businesses, and ensure compliance with relevant statutory and regulatory provisions. Consensys said that the U.S. Securities and Exchange Commission (SEC) will end its investigation into ETH 2.0, which means that the SEC will not accuse the sale of ETH of securities trading. On June 18, Australia's first spot BTC ETF (IBTC) went online and has increased its holdings by 53 BTC so far. Trump's cryptocurrency holdings plummeted, with holdings shrinking by about US$4.08 million per day, leaving only US$10 million. On June 5, its cryptocurrency holdings once exceeded $31 million, a two-week drop of more than 67%. BTC research analyst Tuur Demeester predicts that BTC will usher in large-scale adoption due to ETF approval, especially in the U.S. financial system. Good financial products and deep liquidity make it the focus of global attention. It is expected that BTC will continue to attract the adoption of public companies and promote the popularity of BTC in the United States. He is confident in the long-term prospects of BTC. In response to the decline in the crypto market, Henrik Anderrson, chief investment officer of asset management company ApolloCrypto, said that he could not determine the main reason for the market decline. The recent decline in interest in spot BTC ETFs may be one of the factors. He said: From what we have seen, there is no obvious catalyst, but it looks like the negative flow of BTC ETFs has led to weakness in the altcoin, which has triggered the liquidation of leveraged longs in BTC, ETH and Doge.

On Tuesday, Nvidia took the title of "world's largest market value" for the first time, rising more than 3% during the session, with a total market value of $3.33 trillion, surpassing Microsoft's $3.32 trillion. The company's stock price has soared 173% this year. The 618 pie is still on sale.
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The U.S. Supreme Court has agreed to consider making it more difficult for shareholders to file securities fraud lawsuits by hearing a case about Nvidia's cryptocurrency mining revenue. In addition, Nvidia's stock price hit a record high, and its total market value surpassed Apple, once again ranking second in the world by market value. The Financial Stability Board (FSB) said that in emerging markets and developing economies (EMDEs), crypto assets pose special challenges to monetary policy and capital flow management. Members discussed the challenges posed by the relatively high adoption rate and risks of global stablecoin arrangements in EMDEs, and the Financial Stability Board will further work to consider how to address these challenges. The FSB has been one of the main makers of global crypto policy. David Hirsch, head of the Crypto Assets and Networks Division of the U.S. Securities and Exchange Commission (SEC), announced his resignation after nine years in office. CoinShares Weekly Report shows that the total outflow of digital asset investment products last week reached US$600 million, the largest outflow since March 22, 2024, which may be due to the tougher-than-expected stance of the FOMC meeting, prompting investors to reduce their exposure to fixed supply assets. Australia's first spot BTC ETF has increased its holdings by 48 BTC since its launch. Glassnode data shows that since October 2023, miners' balances have decreased by about 30,000 BTC, currently at 1.8 million BTC. Glassnode data shows that currently, the Coinbase platform and Coinbase custody entities hold about 270,000 and 569,000 BTC, respectively. Regulatory documents show that Nvidia CEO Huang Renxun cashed out $31.2 million through a series of transactions and sold 240,000 shares of holdings on June 13-14. Bitfinex said that on-chain indicators show that the real selling pressure does not come from ETF investors, but from long-term holders, whales and miners.

On Monday, the Nasdaq and S&P 500 hit new intraday highs. In contrast to their performance at the beginning of the year, the cryptocurrency market has experienced a long and quiet summer, while the U.S. stock market is soaring. Can the cryptocurrency market catch up with the growth in the second half of the year?
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South Korea's financial authorities plan to reassess the listing of about 600 cryptocurrencies traded in the country. The strict review is aimed at ensuring compliance with the new rules of the Virtual Asset User Protection Act, which came into effect on July 19. Markuyeda, a member of the U.S. Securities and Exchange Commission, said that calling tokenization part of a broader technological advancement, new technologies and innovations may provide further efficiency for global markets and investors, and can provide "security, transparency and immutability", eliminating the need for intermediaries, thereby simplifying transactions and reducing costs. The U.S. Cybersecurity and Infrastructure Security Agency (CISA) said on June 12: "There has been a surge in scams targeting crypto investors, please do not pay the caller." Cointelegraph said that crypto startups have raised more than $100 billion since the end of May 2014, nearly half of which came from U.S. investors, with the United Kingdom and Singapore ranking second and third respectively. The Coinbase report pointed out that the number of cryptocurrency developers in the United States has dropped significantly, down 14% in the past five years, and currently only accounts for 26%. Ali Charts analysts said that ETH whales have accumulated more than 700,000 ETH in the past three weeks, about $2.45 billion. According to HODL15Capital data, as of June 14, the Hong Kong BTC spot ETF held 4,064 BTC. Kucoin's June research report shows that crypto market participants are increasingly turning their attention to characters or celebrity memes with "relatively unknown low-market-cap assets". This shift stems from investors' frustration with projects with high fully diluted value (FDV) and low initial circulation market value. Some investors are avoiding tokens with high FDV because they provide investors with limited price discovery opportunities, making it challenging. Tether co-founder Wiliam Quigley said that don't expect the momentum of cryptocurrency ETFs to slow down after the approval of spot BTC and ETH funds in the United States. Wall Street's "greed" will drive more and more such products. Due to Wall Street's relentless pursuit of profits, ETFs for other mainstream cryptocurrencies will also emerge in large numbers. And warned that Wall Street's aggressive marketing of crypto products may bring significant risks, especially during market declines.