Important information from last night and this morning (July 21st - July 22nd)

Bitcoin's market capitalization falls below 60%

Coingecko data shows that Bitcoin's market capitalization has fallen below 60%, currently at 58.5%. In addition, Ethereum's market capitalization currently accounts for 11.4%.

A whale is suspected of selling 700 WBTC worth $82.4 million in the past three days

According to the monitoring of on-chain analyst @ai_9684xtpa, the address that built a position of 1,074 WBTC at an average price of $10,708 four years ago has sold 700 WBTC (worth $82.4 million) at an average price of $117,697 in the past three days. If this part has been sold, it will make a profit of $74.89 million; currently, the sale progress of the position built four years ago has exceeded half, and the wallet still holds 800 WBTC.

Ark Invest sold $90.58 million worth of Coinbase shares yesterday

According to The Block, Cathie Wood's Ark Invest sold 218,986 shares of Coinbase (COIN) through its three ETFs on Monday, worth $90.58 million. Among them, ARKK sold 174,746 shares of COIN, ARKW sold 27,663 shares of COIN, and ARKF sold 16,577 shares of COIN. At the same time, Ark Invest's ARKW sold 109,824 shares of Robinhood stock, worth $11.46 million. ARKF also sold 90,061 shares of Block Inc. worth $7 million.

Over 90% of Ethereum addresses are profitable, the highest since December 2024

According to Sentora, more than 90% of Ethereum addresses are currently in profit, a percentage not seen since December 2024. Since relatively few addresses have purchased Ethereum above the current price, on-chain resistance appears weak. The first significant resistance level is slightly below the $4,000 mark, with about 2.39 million addresses holding ETH still in a loss.

Volcon, a listed company, has completed a private placement of over $500 million and currently holds 280.14 BTC. It plans to change its name to Empery Digital

According to Businesswire, Volcon, a US-listed electric vehicle company, announced that it has completed its previously announced private placement with total proceeds of more than $500 million and has now launched its Bitcoin financial strategy, planning to allocate more than 95% of the total proceeds of the private placement to purchase BTC. Participants in the private placement include investors such as FalconX, Pantera, Borderless and Relayer Capital. The net proceeds of the transaction have been credited to the company's custody account at Gemini, and additional Bitcoin purchases have been initiated. As of today, the company holds 280.14 BTC, including 235.83 BTC subscribed in cash in the private placement. The company plans to build a global Bitcoin fund management strategy to provide investors with the opportunity to invest in the company by issuing additional shares on multiple trading markets. In the coming weeks, Volcon plans to change its name to Empery Digital, Inc. and its stock code to EMPD. The Volcon Power Sports business plans to adopt the name Empery Mobility.

Coinbase Launches Crypto Perpetual Contract Trading in the U.S.

According to an official announcement, Coinbase announced that starting from July 21, 2025, US users can legally participate in perpetual futures trading through its Coinbase Financial Markets (CFM) platform, which is regulated by the CFTC. Coinbase said that perpetual futures are the most traded type of crypto derivatives in the world, accounting for about 90% of the market share, with advantages such as no monthly expiration date and the use of leverage. Previously, due to regulatory factors, US users were unable to participate in such transactions for a long time, but now this situation will be broken.

Bittensor Ecosystem Company xTAO to be listed in Canada, raising $22.8 million from DCG and other institutions

According to The Block, xTAO, a listed company focusing on the Bittensor ecosystem, announced that it has obtained final listing approval from the Canadian TSX Venture Exchange (TSXV). Its common stock will be listed on July 23 with the code XTAO.U. With this listing, xTAO has completed $22.8 million in warrant financing from a group of digital asset venture capital companies including Digital Currency Group, Animoca Brands, Arca, Borderless Capital and FalconX. xTAO was founded by Karia Samaroo, the former CEO and chairman of Canadian crypto exchange WonderFi. The company's core goal is to promote the development of the Bittensor ecosystem by developing data, computing and machine learning models.

A new wallet received another 25,213 ETH from FalconX, worth $94.67 million

According to Onchain Lens, a newly created wallet received another 25,213 ETH (worth $94.67 million) from FalconX. In the past two days, the wallet has received a total of 72,333 ETH (worth $272 million).

GameSquare gets approval to add an additional $150 million to its crypto treasury and increases its holdings by 8,351 ETH

According to The Block, Nasdaq-listed media and entertainment company GameSquare (stock code GAME) announced that it will increase its digital asset treasury management authorization from $100 million to $250 million. The company recently purchased 8,351 ETH (worth about $30 million) at an average price of $3,592, bringing its total Ethereum holdings to 10,170.74. As part of the new treasury plan, the board approved an NFT income strategy with an initial fund of $10 million and established a strategic partnership with Ryan Zurrer of Dialectic and Rhydon of Goff Capital. The company said it will focus on allocating high-quality Ethereum ecological assets, aiming to achieve a 6%-10% stablecoin return. GameSquare CEO Justin Kenna said the company became one of the first listed companies to incorporate NFT into a diversified digital asset strategy. Earlier this month, the company's stock price rose sharply after its board of directors approved a $100 million Ethereum treasury plan, and last week it completed a $70 million public offering to increase its holdings of ETH.

Strategy launches fourth preferred stock product Stretch, raising funds to increase Bitcoin holdings

According to The Block, Strategy (formerly MicroStrategy, stock code MSTR) announced on Monday the launch of its fourth preferred stock product "Stretch" (STRC). The perpetual preferred stock plans to issue 5 million shares with a par value of $100 per share and an initial annualized dividend rate of 9%, paid monthly. The company intends to use the funds raised for business operations and to increase its holdings of Bitcoin. Earlier in the day, Strategy announced that it had purchased an additional 6,220 bitcoins for $739.8 million, bringing its total holdings to over 607,700. The STRC stock launched this time adopts a floating dividend rate, forming a product matrix with the previously issued fixed-rate preferred stocks STRK (8%), STRF (10%) and STRD (10%). These projects are in addition to its "42/42" plan, which aims to raise a total of $84 billion for Bitcoin acquisitions through stock issuance and convertible notes by 2027.

Reporter: The White House's first encryption policy report will be released to the public before the end of this month

Regarding the progress of the White House's first encryption policy report, encryption reporter Eleanor Terrett said: "The report will be officially submitted tomorrow (July 22nd local time), but White House officials told me that it will be released to the public before the end of the month."

Kaito to launch Web3 crowdfunding platform Capital Launchpad this week

Kaito, an AI-driven Web3 data provider, announced this week that it will launch a new fundraising platform called Capital Launchpad, according to The Block. The platform will allow users to participate in private token offerings and new project investments, using an allocation mechanism based on indicators such as social reputation and on-chain holdings to replace the traditional first-come, first-served model. Yu Hu, the founder of the platform and former Citadel hedge fund manager, said that project parties can independently set financing terms, including investment amounts, valuations, and lock-up periods, and can review investor qualifications and allocate quotas in stages. Kaito emphasized that the platform is a natural extension of its mission to "become a distribution center in the crypto field." The launch of Launchpad is similar in function to the Echo platform founded by well-known trader Cobie, marking a further expansion of the company's business scope.

Tornado Cash co-founder Roman Storm's trial changes: defense considers filing for mistrial due to witness testimony

According to The Block, lawyers for Tornado Cash co-founder Roman Storm are considering filing for a mistrial after expressing concerns about the government's evidence. Hanfeng Ling, a witness previously called by the prosecution, claimed that some of his funds were laundered through Tornado Cash after he was scammed in 2021, but defense lawyers said after investigation that they could not track the relevant funds to the mixer. Ethereum security expert Taylor Monahan also posted on the X platform last weekend, saying that scammers would not use Tornado Cash, and elaborated on the reasons why the funds did not flow through the mixer, saying that the tracking process was chaotic and the funds did not involve Tornado Cash at all. Storm's trial opened in a federal court in Manhattan last week. In 2023, Storm was charged with conspiracy to launder money and violate sanctions for operating Tornado Cash. If all charges are convicted, he may face up to 45 years in prison, and the defendant has pleaded not guilty.

Ethereum investment firm Ether Machine plans to raise $1.6 billion in IPO

Ether Reserve, a new crypto venture backed by prominent crypto investors, will go public on the Nasdaq through a merger with blank check company Dynamix Corporation, and is expected to raise more than $1.6 billion, Reuters reported. The merged entity will be named "Ether Machine" and aims to have more than 400,000 Ethereum on its balance sheet, making it the largest public vehicle for institutions to gain exposure to the world's second-largest cryptocurrency. Dynamix shares rose nearly 28% in early trading. The deal highlights the growing institutional interest in holding cryptocurrencies on corporate balance sheets, with several projects announcing plans for public listings in recent months while aiming to package crypto assets as stocks to attract traditional investors.

Mercurity Fintech reaches $200 million SOL funding agreement with Solana Ventures

According to The Block, Nasdaq-listed Mercurity Fintech Holding has signed a $200 million equity credit agreement with Solana Ventures to advance its Solana funding strategy. Mercurity plans to accumulate a large number of Solana (SOL) tokens through the agreement, and earn income through staking, validating nodes and Solana DeFi protocols, while investing in Solana-based projects, including tokenized assets and real-world asset platforms. Wilfred Daye, the company's chief strategy officer, said that the Solana strategy is a new plan and does not replace the previous $800 million Bitcoin reserve plan. The two have different fund management and income characteristics.

Justin Sun to travel to space on a Blue Origin rocket

According to Zoomer, Sun Yuchen is about to take part in a space launch mission on a Blue Origin rocket. According to Jinshi, Blue Origin announced that the NS-34 mission will carry six people, including cryptocurrency entrepreneur Sun Yuchen.

Insider: Polymarket to acquire compliant exchange QCX for $112 million

According to Bloomberg, cryptocurrency prediction platform Polymarket will legally return to the U.S. market after reaching an acquisition agreement with QCX. Previously, Polymarket was required by U.S. federal regulators to operate offshore due to unregistration, but the U.S. Department of Justice and the Commodity Futures Trading Commission have recently terminated their investigations. The acquisition will enable Polymarket to obtain regulatory approval and officially open to U.S. users. It is reported that Polymarket will acquire derivatives exchange QCX for US$112 million, which was approved by the CFTC to operate on July 9.

Spot gold stands above $3,400

Spot gold broke through $3,400 an ounce, up 1.48% on the day.

Amber Group Accelerator amber.ac Launches BUIDL_QUESTS 2025: Record-breaking Funding of Over $10 Million to Drive Innovation at AgentFi

Amber Group's Web3 accelerator amber.ac officially launched the second global hackathon BUIDL_QUESTS 2025, with a total incentive amount of over 10 million US dollars, focusing on the AgentFi field to help build the next generation of crypto economy driven by autonomous intelligent agents. The incentives include cash bonuses, ecological incentives, potential investment opportunities, cloud service resources and TVL liquidity support. Participating projects will also have the opportunity to receive guidance from Amber Group mentors, financing opportunities, and be on the Token2049 offline display stage. In addition, the intelligent economy representative MIA will participate in content co-creation and community interaction as an event ambassador. Registration is open today. For details, please visit the amber.ac official website or join the official Telegram community.

U.S. stocks open, Ethereum stocks gain strength

At the opening of the US stock market, the Dow Jones Industrial Average rose 0.06%, the S&P 500 rose 0.16%, and the Nasdaq rose 0.31%. Ethereum concept stocks strengthened, Gamesquare Holdings rose 3.9%, and BTCS rose 13%. Trump Media Technology Group (DJT.O) rose 5.7%, after announcing that the total amount of Bitcoin reserve purchases had reached US$2 billion.

TLGY reached a business merger agreement with StablecoinX and received $360 million in PIPE financing; the Ethena Foundation initiated a $260 million repurchase

According to GLOBE NEWSWIRE, TLGY Acquisition Corp. announced that it has reached a business merger agreement with StablecoinX Assets Inc. The two parties will form StablecoinX, a company focused on the Ethena stablecoin ecosystem, and plan to list on Nasdaq with the code "USDE". To support this transaction, the two parties received approximately $360 million in PIPE financing, of which the Ethena Foundation contributed $60 million. At the same time, the Ethena Foundation will immediately launch a $260 million token repurchase plan to further promote ecological development.

Crypto custody firm BitGo has filed for a US IPO

According to BusinessWire, cryptocurrency company BitGo has confidentially submitted an S-1 draft registration statement for its Class A common stock initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC). The number of shares issued and the pricing range have not yet been determined. The IPO is expected to take place after the SEC completes the review process, and the specific timing depends on market and other conditions.

Trump Media Technology Group: Bitcoin assets currently held account for two-thirds of the company's total liquid assets

Trump Media & Technology Group (DJT.O): Bitcoin assets currently held account for about two-thirds of the company's total liquid assets of about $3 billion. Trump Media & Technology Group (DJT.O) rose 5% before the market opened.

Trump Media and Technology Group: Bitcoin reserve purchases total $2 billion

Trump Media Technology Group (DJT.O) announced that its total Bitcoin reserve purchases have reached $2 billion, and the group plans to continue to acquire Bitcoin and related assets and convert options into spot Bitcoin. Approximately $300 million of additional capital is allocated to option acquisition strategies for Bitcoin-related securities.

Strategy spent about $740 million to buy 6,220 bitcoins last week

Strategy (formerly MicroStrategy) purchased 6,220 bitcoins at an average price of $118,940 per bitcoin between July 14 and 20, with a total investment of approximately $739.8 million. As of July 20, 2025, the company holds a total of 607,770 BTC, with a total purchase cost of approximately $43.61 billion and an average cost of $71,756.

BTCS discloses that the company's ETH and cash market value reached US$242 million

According to GlobeNewswire, blockchain technology company BTCS Inc. (NASDAQ: BTCS) announced that as of now, the total market value of its 55,788 Ethereum (ETH), cash and other liquid assets is approximately US$242 million (based on an ETH price of US$3,600). In addition, BTCS has agreed to issue approximately US$10 million in convertible notes at a price of US$13 per share, a 198% premium to the closing price on July 18. The company has raised a total of US$189 million through its DeFi/TradFi Accretion Flywheel strategy this year, and plans to continue to expand its ETH holdings and enhance shareholder value through decentralized and traditional financial instruments.

Jingwei Tiandi: Launching a self-developed global stable currency payment platform

Jingwei Tiandi announced on the Hong Kong Stock Exchange that the company announced its entry into the field of crypto payments and will release its first mobile application "Fopay" on July 21, 2025, providing a one-stop payment platform. Fopay is developed based on the concept of stablecoin crypto payments and currently provides stablecoin custody and prepaid card payment functions through several licensed partners. The board of directors believes that the launch of Fopay and new business segments can explore more business opportunities for the company and benefit shareholders as a whole.

23 whales and institutions have bought more than 680,000 ETH this month

According to Lookonchain statistics, on-chain data shows that since July 1, about 23 whales or institutions have purchased a total of 681,103 ETH, worth about US$2.57 billion.

Sequans buys 1,264 more bitcoins for $150 million

According to Bitcoin Magazine, French listed company Sequans purchased 1,264 bitcoins for $150 million, bringing its total bitcoin holdings to 2,317.

Alliance Games (COA) to be listed on Binance Alpha

According to Binance Chinese, Binance Alpha will become the first platform to launch Alliance Games (COA) on July 23. Eligible users can go to the Alpha event page and use Binance Alpha points to claim the airdrop after Alpha trading is open.

The Ether Machine, supported by Pantera and others, raised $1.5 billion and will be listed and hold more than 400,000 ETH

According to the official website announcement, The Ether Machine, Inc., which focuses on Ethereum staking income, announced that it has officially started the listing process by reaching a final business merger agreement with blank check company Dynamix Corporation (NASDAQ: DYNX). After the merger is completed, the company will trade on the Nasdaq with the code "ETHM". Ether Machine co-founder Andrew Keys will serve as chairman. The Ether Machine is expected to hold more than 400,000 Ethereum (ETH) at launch, becoming the world's largest institutional-level public asset management platform for Ethereum. The merger has committed a total of more than US$1.5 billion in funds, including approximately US$645 million (169,984 ETH) subscribed by co-founder and chairman Andrew Keys, and more than US$800 million in funds from many top institutions and strategic investors such as Pantera, Kraken, Electric Capital, etc. However, the total financing scale of this transaction is expected to reach US$1.6 billion, including the above-mentioned committed funds and up to US$170 million in cash in the Dynamix trust account. The company will focus on strategies such as Ethereum staking, re-staking and decentralized finance, and is committed to providing investors with safe, transparent and compliant ETH income. The transaction is expected to close in the fourth quarter of 2025, subject to shareholder approval and other regulatory approvals.

PA Chart | Comparison chart of Ethereum version of MicroStrategy

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