OKX Star: Will Launch $100 Million X Layer Ecosystem Fund OKX CEO Star wrote on the X platform: "True wise men understand that Crypto is a marathon, not a sprint. X Layer was born for the long haul, and so are we. That's why we will launch a $100 million X Layer Ecosystem Fund to support global builders in creating the next wave of on-chain applications." ETH briefly broke through $4,900, hitting a new all-time high ETH briefly broke through $4,900, hitting a new all-time high, rising to $4,903 at one point, with a 24-hour increase of 3.31%.
Market
As of press time, according to CoinGecko data:
BTC price is $113,550, up or down -1.5% in 24 hours;
ETH price is $4,795.52, up or down +0.2% in 24 hours;
BNB price is $878.68, up or down -0.5% in 24 hours;
+1.1%; the price of DOGE is $0.2331, with a 24-hour increase or decrease of -1.6%; the price of XRP is $3.04, with a 24-hour increase or decrease of -0.6%. The price of TRX is $0.3624, with a 24-hour increase or decrease of -0.2%.
Policy
Opinion: The US Treasury Department is exploring whether to incorporate identity checks directly into decentralized finance (DeFi) smart contracts, a move critics warn could rewrite the very foundations of permissionless finance. Ubuntu Tribe CEO Mamadou Kwidjim Toure said the move is like "installing cameras in every living room" and could ultimately hollow out the core of DeFi by turning a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters believe that building know-your-customer (KYC) and anti-money laundering (AML) checks into blockchain infrastructure can simplify compliance and keep criminals out.
▌Industry Insiders: The Hong Kong Monetary Authority has deleted the word "private" from the Basel Committee's definition of crypto-assets, expanding the scope of supervision
The Hong Kong Monetary Authority recently issued a circular confirming that new bank capital regulations based on the Basel Committee on Banking Supervision's crypto-asset regulatory standards will be fully implemented in Hong Kong from January 1, 2026. The crypto-assets defined therein are private "digital assets" that primarily rely on cryptography and distributed ledger technology or similar technologies, while "digital assets" are defined as a form of digital value that can be used for payment or investment purposes or to obtain goods or services. Bitcoin, Ethereum, RWA, stablecoins, etc. are all crypto-assets within this definition. However, in an exclusive interview with Caixin, Fei Si, a lecturer at the Faculty of Law of the University of Hong Kong, said that the Hong Kong Monetary Authority's deletion of the word "private" from the Basel definition indicates that crypto-assets issued by both the private and public sectors will be included in the scope of Hong Kong's crypto-asset regulatory standards.
▌ECB President: Independence is a prerequisite for the effective performance of central bank duties
In an interview with US media on the 24th local time, European Central Bank President Christine Lagarde stated that central bank independence is of "decisive significance" and warned that any interference with its independence could have serious consequences. She made the above statement against the backdrop of recent pressure from US President Trump on the Federal Reserve. Lagarde pointed out that "if a central bank loses its independence, or this independence is threatened, it will become dysfunctional," which will lead to "instability or even worse situations." She emphasized that independence is a prerequisite for the effective performance of the central bank's duties. Coinbase's "Everything App," Base App, Will Open Invitationally in Two Weeks. Base co-founder Jesse Pollak stated in an interview that invitations will be added to the Base App in two weeks to accelerate its viral growth and ensure the product remains relevant for every user. On July 16th, Coinbase announced the launch of its "everything app," Base App, aiming to attract more users to the crypto economy. This new app, replacing Coinbase Wallet, integrates wallet, trading, and payment functions, while also integrating social media, instant messaging, and mini-program support. All of this runs on Base, Coinbase's proprietary Ethereum Layer 2 network. For Coinbase, this move aims to expand beyond its core cryptocurrency trading business and reach a wider potential user base. Ethereum game L3 Xai files lawsuit against Elon Musk's artificial intelligence company xAI. Ethereum-based game L3 Xai has filed a lawsuit against Elon Musk's artificial intelligence company xAI, alleging trademark infringement and unfair competition. The lawsuit, filed Thursday in the Northern District of California, accuses Musk's xAI of damaging XAI's brand. Cryptocurrency: A Bitcoin whale sells 24,000 BTC worth over $2.7 billion. According to @SaniExp, a Bitcoin whale sold 24,000 BTC worth over $2.7 billion, causing the price of Bitcoin to plummet by $4,000 in minutes. He still holds 152,874 BTC, worth over $17 billion. Cantor Fitzgerald Increased Its Bitcoin Holdings by $120 Million in Q2 According to @pete_rizzo, Cantor Fitzgerald, with a market capitalization of $15 billion, increased its Bitcoin holdings by another $120 million in Q2, further expanding its Bitcoin exposure. Michael Saylor Releases Bitcoin Tracker Information Again Michael Saylor has released Bitcoin Tracker information again on the X platform. Based on previous experience, he typically discloses Strategy's Bitcoin holdings data the day after releasing Bitcoin Tracker information. Bitcoin mining company Hut 8 launches new $1 billion over-the-counter (OTC) stock offering plan. Hut 8 Corp., a Bitcoin mining and data center developer, has updated its over-the-counter (ATM) stock offering plan, which will allow the company to raise up to $1 billion through stock sales. This plan replaces the company's previous $500 million OTC offering plan launched in December 2024. A Bitcoin OG whale continues to shift its ETH holdings, with its holdings valued at $1.06 billion. According to OnchainLens, over the past three hours, a Bitcoin OG whale has shifted another 1,276 BTC into ETH, worth $147.09 million. The OG whale now holds 221,600 ETH, valued at $1.06 billion. Metaplanet Included in FTSE Japan and FTSE World Indices According to Cointelegraph, Bitcoin vault company Metaplanet was upgraded from small-cap to mid-cap in FTSE Russell's September 2025 semi-annual review, resulting in its inclusion in the flagship FTSE Japan Index. The index provider updates and adjusts its indexes quarterly. Metaplanet's inclusion in the FTSE Japan Index was due to its strong performance in the second quarter. The index is composed of mid-cap and large-cap companies listed on Japanese exchanges. Ethereum's net supply increased by 17,940 over the past seven days. According to Ultrasound.money data, Ethereum's net supply increased by 17,940.12 over the past seven days, of which approximately 18,655 ETH were added to the supply and 1,757 ETH were destroyed through the burn mechanism. The supply growth rate is currently 0.774% per year. Analysis: Ethereum Hasn't Yet Reached Its "El Salvador Moment." 1confirmation founder Nick Tomaino wrote on the X platform that Ethereum hasn't yet reached its "El Salvador Moment." El Salvador has already incorporated Bitcoin into its legal tender, and if a country fully invests in ETH, it could forever change the lives of its people.
Important Economic Dynamics
▌Goldman Sachs Traders: The Pace and Scale of Fed Rate Cuts Depend on September's Non-Farm Payrolls
▌Goldman Sachs Traders: The Pace and Scale of Fed Rate Cuts Depend on September's Non-Farm Payrolls
Rikin Shah, a trader in Goldman Sachs' fixed income division, and others stated that the market had been in a wait-and-see mode prior to the Jackson Hole meeting. Powell's latest statement has given the green light for a September rate cut, particularly given the recent revisions to employment data that have drawn the Fed's attention to the labor market. This is a prime example of the "downside risks to the labor market" that Powell mentioned at the last FOMC press conference and reiterated in his speech at the Jackson Hole meeting. Goldman Sachs traders believe that if August's non-farm payroll growth falls below 100,000, particularly in the face of political pressure, it would help confirm a September rate cut. Goldman Sachs noted that if the labor market weakens further, the window of opportunity is now. The bank believes that whether in the scenario of economic slowdown or normalization, the Federal Reserve is likely to complete this round of interest rate cuts before the next Federal Reserve chairman takes office, that is, before the end of the first half of 2026.
▌Survey: Public trust in the Fed Chair is near a historic low
According to an article published by The Kobeissi Letter, "Public trust in the Fed Chair is near a historic low: According to a Gallup survey, only 37% of American adults said they have "a great deal" or "some confidence" that the Fed Chair will make the right decisions for the economy. For current Chairman Powell, this is the second-lowest level in his second term. By comparison, the peak of confidence was 58% in 2020. The only time this century has confidence been this low was during Yellen's term in 2014. The Federal Reserve is facing a crisis of confidence."
▌The probability of the Federal Reserve cutting interest rates in September is 84.1%
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