Headlines: US Treasury Secretary Bensonte: Trade Issues Expected to Be Resolved by the End of October. In an interview with Nikkei, US Treasury Secretary Bensonte stated that US President Trump's tariff policy is aimed at bringing manufacturing back to the US. Evaluating the effectiveness of Trump's economic policies since taking office, Bensonte stated, "Trump's economic policy is like a three-legged stool: taxes, trade, and deregulation. On the tax front, we completed the Big, Beautiful Act in record time, and it was signed into law on July 4th. On the trade front, I believe we will have essentially completed the relevant work by the end of October. As for deregulation, it's an ongoing process, with a clear requirement that for every new regulation, ten old regulations must be repealed." Bensonte stated that the main reason for the shift in trade policy toward tariffs is rebalancing. "Over time, tariffs should be like a melting ice cube. If production returns to the US, our imports will decrease," he said. (ZhiTong Finance) Stablecoin Circulation Exceeds $270 Billion, Hitting a New High Golden Finance reports that, based on data collected by defillama.com and artemisanalytics.com, the total value of the stablecoin market has exceeded $270 billion. Both data points indicate that the Bitcoin system is larger, highly active, and geographically distributed. The total value of $270.303 billion marks a period of sustained Bitcoin expansion, with liquidity concentrated on a small number of issuers and blockchains. This asset class serves as a bridge between trading venues, wallets, and traditional finance, including centralized exchanges and on-chain protocols.
Market
As of press time, according to Coingecko data:
BTC price is $118,979, up or down 24 hours by 2.1%;
ETH price is $4,240.80, up or down 24 hours by -0.4%;
BNB price is $803.44, up or down 24 hours by 0.6%;
+1.4%; the price of DOGE is $0.2333, with a 24-hour increase or decrease of -3.0%; the price of XRP is $3.17, with a 24-hour increase or decrease of -1.6%. The price of TRX is $0.3381, with a 24-hour increase or decrease of +0.7%. Policy: U.S. Treasury Secretary Benson & Mellon stated that monetary policy independence is crucial to the economy and expressed hope that policy will maintain the dollar's reserve currency status. Meanwhile, the next Federal Reserve Chair should gain market confidence and be forward-thinking. (Zhitong Finance) Patrick Witt is expected to take over as Chairman of the White House Cryptocurrency Commission. Following Bo Hines' departure as Chairman of the White House Cryptocurrency Commission, Patrick Witt is expected to succeed him. Hines will continue to work part-time on artificial intelligence. Unicoin CEO: US banks are still closing crypto business accounts without reason. According to Cointelegraph, Unicoin CEO Alex Konanykhin revealed that despite the Trump administration's pro-crypto stance, US financial institutions such as Citibank and JPMorgan Chase are still closing crypto business accounts without reason. This year, Unicoin and its subsidiaries have had their services terminated by four banks, including Wells Fargo, City National Bank of Florida, and TD Bank. The Trump administration plans to sign an executive order requiring federal banking regulators to review such practices. Industry experts point out that substantive changes require the release of specific regulatory details, and that banks currently maintain a risk-averse attitude toward crypto businesses.
Blockchain Applications
▌LayerZero Foundation has proposed to acquire Stargate
According to official news, LayerZero Foundation has proposed to acquire Stargate (STG) and bring the bridge home.
▌Point72's artificial intelligence hedge fund assets now exceed US$2 billion
Sources said that Point72's artificial intelligence hedge fund Turion now has assets of more than US$2 billion. (Wall Street Journal) Cryptocurrency: U.S. spot Bitcoin ETFs saw net inflows of $253.2 million last week. According to TraderT monitoring, U.S. spot Bitcoin ETFs saw net inflows of $253.2 million last week. Ethereum Co-founder: Treasury firms may push ETH's market capitalization beyond BTC within a year. Ethereum co-founder and ConsenSys CEO Joe Lubin said Treasury firms may push ETH's market capitalization beyond BTC within a year. U.S. Ethereum spot ETFs saw cumulative net inflows of $326.6 million last week. Golden Finance reported that according to Farside monitoring data, U.S. Ethereum spot ETFs saw cumulative net inflows of $326.6 million last week. Michael Saylor releases Bitcoin Tracker information, possibly hinting at Strategy increasing its BTC holdings. Strategy founder Michael Saylor has released Bitcoin Tracker information again, stating that if you keep buying Bitcoin, you'll keep making money. As is typical, Strategy always discloses increased Bitcoin holdings the day after the announcement.
▌Giant whale AguilaTrades shorted 10,000 ETH, worth $42 million
According to on-chain analyst Yu Jin @EmberCN, giant whale AguilaTrades began shorting ETH. He shorted ETH with 25x leverage and is currently using a TWAP (time-weighted average price) order to execute the short sale. The order indicates that he will complete the short sale of 10,000 ETH (42 million yuan) in 3 hours.
▌Polymarket predicts that the probability of ETH setting a new all-time high this year has risen to 74%
According to the official page, Polymarket predicts that the probability of "Ethereum setting a new all-time high this year" has risen to 74%. Goldman Sachs Strategists: Bullish on Gold, Silver, and Bitcoin as "Stores of Value" Amid Market Volatility Tony Pasquariello, Head of Hedge Funds at Goldman Sachs, stated his "long position on store-of-value assets (gold, silver, and Bitcoin)." This position forms part of his "long and hedge" strategy for the second half of 2025. The inclusion of gold, silver, and Bitcoin (BTC) reflects a strategy designed to mitigate uncertainty, including the "volatile and volatile" summer trading environment and deteriorating market depth.
▌James Wynn: Losing control due to excessive leverage and user attention is a lesson
Crypto trader James Wynn said: "There are no mistakes, only lessons. Anything in life that is considered a mistake or failure for me, I always learn from it. The biggest lesson recently was turning $3 million into $100 million, and then letting the whole world see it. Another lesson. Over-leverage, being dazzled by all the attention, and eventually losing control. Lessons are worth more than money, and wealth is unlimited and easy to obtain."
▌Huajian Medical officially launches Ethereum Treasury strategy
According to aastocks, Huajian Medical (stock code 01931) issued an announcement stating that it has officially launched the "Global Enhanced Ethereum Treasury with Downside Protection Mechanism" strategy. Based on strategic planning needs, Ethereum will be used as a core reserve asset, with the goal of becoming a listed company with the largest Ethereum reserve in the Hong Kong stock market and globally. The Group will utilize a multi-faceted funding source, including its own funds, stable annual distributable profits, replacement of existing inefficient inventory assets, and ongoing ATM (At-The-Market) financing, to continuously increase its Ethereum holdings through a "fixed investment" strategy.
Important Economic Dynamics
▌Rising Expectations of a Federal Reserve Rate Cut Drive Arbitrage Traders to Increase Bets on Emerging Markets
Carry trades are making a comeback among emerging market investors as the market bets that the Federal Reserve will begin cutting interest rates next month, weakening the US dollar and boosting interest in high-yield currencies. Asset managers from Neuberger Berma to Aberdeen Group are increasing their exposure to currencies such as Brazil, South Africa, and Egypt. They believe that a weakening US dollar and reduced volatility create a fertile environment for this strategy. In this strategy, traders borrow lower-yielding currencies and buy higher-yielding ones. Earlier this year, such trades achieved double-digit returns, but the momentum took a breather in July as the US dollar rebounded. Recent poor US jobs data has reinforced expectations that policymakers will be forced to cut interest rates next month to avoid a recession, fueling a resurgence in carry trades. From DoubleLine to UBS, numerous institutions have recently joined the bearish chorus on the US dollar, stating that "the bearish narrative for the US dollar has resurfaced." Urquieta, co-head of emerging market debt at Neuberger Berman, said, "The likelihood of a significant US dollar rebound is very limited, while overall global economic growth remains solid." He favors carry trades in South Africa, Turkey, Brazil, Colombia, Indonesia, and South Korea. How did MicroStrategy use BTC to boost its stock price over 1,000-fold? Corporate treasuries are the financial nerve center of a business, tasked with ensuring liquidity, managing risk, and optimizing returns. They have traditionally been conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy's adoption of Bitcoin as its primary treasury reserve has broken this mold. Treasury managers aim to strike a delicate balance between risk and return. Their primary objective is to protect the company's assets from market downturns or liquidity crises, while also ensuring the best returns for the company's remaining funds. They should also manage risk during periods of market volatility and stressed conditions. This is the focus of MicroStrategy's inclusion of Bitcoin in its treasury, challenging traditional norms and adopting a high-risk, high-reward strategy. As a result, this bold strategy has transformed not only its balance sheet but also its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption. MicroStrategy co-founder and Executive Chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He believes the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers excellent value preservation. This strategy transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy co-founder and Executive Chairman Michael Saylor viewed Bitcoin as an antidote to fiat inflation. He believed the purchasing power of the US dollar was rapidly eroding, while Bitcoin, due to its limited supply, offered excellent value preservation. This strategy transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy utilized financing strategies such as equity issuance, debt financing, free cash flow, and Bitcoin-backed loans to fuel its Bitcoin purchases. Its strategy needed to comply with mainstream financial services regulations while ensuring it could handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, transformed it from a struggling software company into a Bitcoin proxy, driving its stock price up more than 1,000-fold and redefining its market image.
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