Headlines: CBOE Submits Application Seeking Staking Permission for VanEck Ethereum ETF. According to official information from the Chicago Board Options Exchange (CBOE), Cboe BZX has filed a 19b-4 filing with the U.S. Securities and Exchange Commission, requesting permission for the VanEck Ethereum ETF to stake ETH through trusted staking providers in exchange for rewards. U.S. Federal Government Collaborates with OpenAI to Promote AI Applications. According to Fox News, the U.S. General Services Administration (GSA) announced today a partnership with OpenAI to provide ChatGPT Enterprise Edition to all federal agencies, with each agency paying a $1 fee. This initiative is a key component of the Trump administration's AI initiative, aimed at improving government efficiency. OpenAI CEO Sam Altman said that by providing artificial intelligence tools to public service departments, it can help government personnel better serve the American people. As part of the collaboration, federal agency employees will receive customized training resources and guided learning programs.
Market
As of press time, according to Coingecko data:
BTC price is $115,014, up or down 0.8% in 24 hours;
ETH price is $3,678.34, up or down 1.7% in 24 hours;
BNB price is $768.85, up or down 1.8% in 24 hours;
Policy
▌Trump: Tariffs of about 100% will be imposed on chips, and companies building factories in the United States will be exempted
Trump said he would impose a 100% tariff on imported goods containing semiconductors, but exempt companies that set up production in the United States. "We are going to impose very high tariffs on chips and semiconductors, but there is good news for companies like Apple: if you are building a factory in the United States, or have made an unequivocal commitment to building a factory in the United States, you will not have to pay anything. In other words, we will impose a tariff of about 100% on chips and semiconductors. But if you are building a factory in the United States, you will not have to pay. Even if you haven't actually started large-scale production yet, but you are under construction, then you will not have to pay." Trump also said that independent tariffs may be imposed on all products containing semiconductor chips as early as next week.
▌Trump plans to meet face-to-face with Putin as early as next week
According to the New York Times, two people familiar with the matter revealed that President Trump intends to meet face-to-face with Russian President Putin as early as next week, and then plans to hold a three-way meeting with Putin and Ukrainian President Zelensky. People familiar with the matter said that Trump revealed the plan during a call with European leaders on Wednesday. The talks will be limited to the three leaders of the United States, Russia and Ukraine and will not include representatives of any European countries. People familiar with the matter said that European leaders seemed to accept Trump's statement. It is not clear whether Putin or Zelensky have agreed to the plan proposed by Trump. Blockchain Applications: OpenAI Founder: We are providing ChatGPT access to the entire federal government. OpenAI Founder Sam Altman: We are providing ChatGPT access to the entire federal government for $1 per agency per year. U.S. federal agencies will have access to our cutting-edge models through ChatGPT Enterprise Edition for a nominal fee of $1 over the next year. MetaMask Adds Support for Sei Crypto wallet MetaMask has added support for the layer 1 blockchain Sei, bringing the total number of supported blockchains to over 10. The latest integration enables MetaMask users to access Sei-based applications, tokens, NFTs, and other assets directly from their wallets. Users can now exchange, bridge, and purchase Sei tokens using built-in fiat currency gateways such as credit cards and Apple Pay. Vitalik: Ethereum will eventually enable instant cross-L2 native asset transfers via L1. Ethereum founder Vitalik Buterin wrote, "It's amazing to see so many major Layer 2 projects reach the Stage 1 "limited training rounds" stage." The next goal is to enable fast withdrawals through a zero-knowledge proof system. He believes this is even more important than achieving Stage 2 "no training rounds." Fast withdrawal times are crucial and will reduce the cost of capital for liquidity providers. If native withdrawal times can be reduced to under an hour in the short term and to 12 seconds in the medium term, it will further solidify Ethereum Layer 1's position as the default platform for issuing assets and the economic center of the Ethereum ecosystem. To achieve this, we need to move away from the optimistic proof system, which inherently requires days of waiting before withdrawals can be made. Historically, zero-knowledge proof technology has been immature and costly, making optimistic proofs a wise and secure choice. But this situation is rapidly changing recently, with the 2-of-3 ZK + OP + TEE proof-of-stake system strategy striking a balance between security, speed, and maturity. In the long term, we will ultimately achieve near-instantaneous transfers of native assets from Layer 1 to Layer 2. Tornado Cash Case Partial Verdict: Guilty of Operating an Unlicensed Money Transmitter Roman Storm, co-founder of Tornado Cash, has reached a partial verdict in his case: he was found guilty of operating an unlicensed money transmitting business. The money laundering conspiracy charge remains deadlocked, and he was acquitted of the third count, violating sanctions. Roman Storm's trial in the Southern District of New York federal court will set a legal precedent regarding the extent to which developers should bear liability when their decentralized software is used illegally. In 2023, US prosecutors indicted Storm on charges of conspiracy to launder money, violating US sanctions, and operating an unlicensed money transmitting business. Prosecutors allege that Tornado Cash facilitated over $1 billion in money laundering, laundering millions for the sanctioned North Korean hacker group, the Lazarus Group. The prevailing view in the crypto community is that technology is innocent. Storm has also received support from Ethereum co-founder Vitalik Buterin, who previously stated, "Storm built Tornado largely on my advice that it was something worth building, and that it would be a violation of fundamental honor if I didn't support you when you needed help. In Ethereum, we protect our own and uphold our honor." Cao Cao Travel Explores Real-World Asset (RWA) Tokenization and Stablecoin Payments Reporters have learned that Cao Cao Travel has signed a memorandum of understanding (MOU) on a strategic virtual asset cooperation with Victory Securities, a licensed Hong Kong financial institution. The two parties will collaborate in three key areas: tokenization of real-world assets (RWAs), stablecoin payment applications, and compliant digital currency issuance. This collaboration marks the first systematic exploration of the integration of RWAs with cutting-edge digital financial instruments such as stablecoins within the domestic travel industry. Cao Cao Travel's Executive Director and CEO, Gong Xin, stated that blockchain technology and innovative Web 3.0 models will accelerate the asset tokenization process in the Robotaxi industry. US Vice President: I am a Bitcoin Holder US Vice President J.D. Vance stated, "I am a Bitcoin holder... It is a means of transaction and store of value in the modern digital age." Standard Chartered Bank: Ethereum Treasury Investment Value Surpasses US Spot ETH ETF Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that Ethereum Treasury companies have purchased approximately 1.6% of circulating ETH since June, a pace comparable to ETH spot ETFs. He noted that these companies' investment appeal surpasses US spot ETH ETFs due to their ability to participate in staking and DeFi operations. SharpLink Gaming (SBET) is one representative example of this sector. Kendrick predicts that ETH treasury companies could eventually hold 10% of circulating ETH, growing faster than Bitcoin treasury companies, reflecting the widespread institutional acceptance of ETH as a corporate reserve asset. Bitcoin asset management company Parataxis to go public via SPAC, valued at $400 million Bitcoin asset management company Parataxis Holdings announced it will merge with SilverBox Corp IV via a SPAC (special purpose acquisition company). The combined entity will be valued at $400 million, with the potential to double to $800 million if additional share purchase options are exercised. Upon completion of the transaction, the new company will trade on the New York Stock Exchange under the ticker symbol "PRTX." $31 million has been raised, which it plans to use to purchase Bitcoin before its IPO, providing shareholders with direct Bitcoin exposure. Parataxis employs an actively managed strategy and serves institutional clients such as pension funds and family offices.
▌Bakkt to acquire 30% stake in Japan's Marusho Hotta
Crypto infrastructure company Bakkt announced that it will acquire approximately 30% of Japan's Marusho Hotta, becoming its largest shareholder, and plans to rename it "bitcoin jp" and transform it into a digital asset treasury platform centered on Bitcoin. After the transaction is completed, Bakkt International President Phillip Lord will serve as CEO of the new company. This move is part of Bakkt's strategy to promote the global Bitcoin treasury. In June of this year, Bakkt submitted a $1 billion financing plan and completed a $75 million fundraising in July to purchase Bitcoin and other assets. The transaction and name change are still subject to shareholder approval. Cosmos Health Secures $300 Million in Financing to Launch Ethereum Finance Strategy Cosmos Health (NASDAQ: COSM), a publicly traded company, has entered into a securities purchase agreement with US institutional investors, securing up to $300 million in senior secured convertible promissory note financing. Under the agreement, the company will allocate 72.5% of the net proceeds to establish an Ethereum reserve, with the remainder allocated for working capital and business development. Satsuma Technology Secures £163.7 Million in Funding, with 1,097 Bitcoins Accepted in the Round London-based artificial intelligence company Satsuma Technology has completed a large funding round, raising £163.7 million ($217.6 million), exceeding its target by 64%. The round saw backing from ParaFi, Pantera, DCG, Kraken, and others. As part of the funding round, the company received 1,097 Bitcoin, a move that bolstered its Bitcoin treasury strategy. Their current total Bitcoin holdings are estimated to be 1,125.85. 64 Ethereum Reserve Strategy Firms' Total Holdings Exceed 3 Million ETH According to StrategicETHReserve data, the combined ETH holdings of 64 Ethereum reserve strategy firms with holdings of at least 100 ETH have surpassed 3 million ETH, currently reaching approximately 3.04 million ETH, valued at approximately $10.87 billion and representing approximately 2.52% of the total ETH supply. Data shows that nine institutions currently hold over 100,000 ETH, with the top three being Bitmine (833,100 ETH), SharpLink Gaming (521,900 ETH), and The Ether Machine (345,400 ETH). Coinbase will add support for dYdX. Trading will begin on or after 9:00 AM Pacific Time on August 7, 2025, if liquidity conditions are met. USDC Treasury minted an additional 350 million USDC in two batches over the past two hours.
Important Economic Dynamics
▌Federal Reserve Bank's Mary Daly: The labor market is slowing, tariffs have only a short-term impact, and the Fed will cut interest rates soon
San Francisco Fed President Mary Daly said on Wednesday that given the slowing labor market and her assessment that tariffs pose only a short-term threat to inflation, she believes the Fed will soon need to cut interest rates. "Inflation has been gradually declining in the absence of tariffs, and as the economy slows and monetary policy remains suppressive, inflation should continue to decline." She added that while tariffs will push up inflation in the short term, they are unlikely to have a lasting impact. At the same time, the labor market is already weak. "I think a further slowdown would be worrisome, and once the labor market falters, it tends to fall quickly and sharply. All of this means we will likely need to adjust policy in the coming months." Fed's Kashkari: Two rate cuts this year still seem appropriate. Fed's Kashkari: The economy is slowing, and the Fed needs to respond to that slowdown. It may still be appropriate to begin adjusting policy rates in the near term. The answer to the inflation question will take some time to be known, but in the meantime, the data on the economic slowdown are clear. Two rate cuts this year still seem appropriate, but if inflation rises due to tariffs, the Fed may pause or even raise rates. Adjusting interest rate policy may be a better option than waiting. The unemployment rate data is very important, but the Fed knows it's subject to revision. Fed Governor Cook: The unemployment rate remains a good indicator of economic weakness. Fed Governor Cook: We must be cautious when viewing the data. July's employment data is concerning, raising the possibility of significant revisions at a turning point in the economy. The unemployment rate remains a good indicator of economic weakness. Trump Says He Will Nominate an Interim Federal Reserve Governor in the Coming Days Trump said he may nominate an interim Federal Reserve governor in the coming days to fill the vacant seat, rather than using the opportunity to preemptively announce his preferred choice for the next Fed chair. "We'll probably appoint an interim nominee first and then we'll have the permanent nominee," Trump told reporters at the White House on Wednesday. "I think the interim nominee will be announced in the next two or three days, and then we'll have the permanent nominee." Trump said he is considering "probably" three candidates for the position, who may come from Wall Street. He added that Commerce Secretary Lutnick, Treasury Secretary Bensont, and Vice President Cyril Vance are among the advisers involved in the process. Trump reiterated that he still considers former Federal Reserve Governor Kevin Warsh and National Economic Council Director Kevin Hassett as leading candidates for the chairmanship if the vacancy occurs. What is a Cryptocurrency ETP? What is its future? Cryptocurrency ETPs provide exposure to digital assets through traditional financial instruments. Cryptocurrency exchange-traded products (ETPs) use crypto assets as their underlying commodities. Their goal is to provide exchange-traded investments for investors who want exposure to cryptocurrencies without purchasing them directly. Many investors, especially institutional investors, prefer this approach because it opens up cryptocurrency investment within traditional financial instruments. There's no need to navigate unregulated markets or be responsible for the security of crypto assets. Several types of cryptocurrency ETPs are available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs), and exchange-traded notes (ETNs). These cryptocurrency ETPs are widely traded and often account for the majority of trading volume—both inflows and outflows. What are crypto ETP outflows? This occurs when funds flow out of these investment products, indicating a rush to sell positions. This can be due to a variety of factors, including profit-taking, negative market sentiment, or risk adjustments. ETP outflows are driven by a variety of factors, including economic conditions, industry concerns, regulation, and market cycles, which can be used to predict upcoming market trends. Crypto ETP outflows signal a significant shift in sentiment, which in turn can continue to exert downward price pressure on the cryptocurrency market. The continued growth of new ETP products entering the market demonstrates continued investor interest in this sector. Especially considering the long-term growth trend in cryptocurrency AUM, the future prospects of cryptocurrency ETPs as powerful investment tools and market drivers are bright. As the cryptocurrency market continues to develop, the introduction of new ETPs is likely to spur further innovation and attract a wider range of investors. With increasing regulatory clarity and growing institutional interest, future product offerings may expand to include other promising cryptocurrencies.
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