Crypto Morning Brief: Bitcoin hits new highs, Grayscale updates proposed asset inclusion list
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Crypto Morning Brief: Bitcoin hits new highs, Grayscale updates proposed asset inclusion list
The Ethereum Foundation announced a restructuring of its ecosystem development strategy.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
BTC surged past $117,000 this morning; ETH touched $3,000
HTX market data shows BTC rose above $117,000 this morning, hitting a new all-time high. It is currently trading at $115,929.00, up 4.08% on the day. ETH briefly reached $3,000 and is now at $2,949.07, with a daily gain of 6.45%.
Trump: We will announce that all remaining countries must pay tariffs, whether 20% or 15%
According to Jin10 News, U.S. President Trump said in an interview with NBC News: "We will announce that all remaining countries must pay tariffs, whether 20% or 15%."
U.S. Treasury officially repeals cryptocurrency broker reporting rule
Bloomberg reports that the U.S. Treasury has officially revoked its cryptocurrency reporting rule. The rule previously required decentralized cryptocurrency exchanges (DeFi) to report customer transaction data to the U.S. government for tax purposes. Earlier, Republican lawmakers in Congress had voted to repeal these rules via the Congressional Review Act, which was signed into law by President Trump in April this year.
Deputy Director of National Institute of Financial Development: RMB stablecoin model can combine domestic and offshore development
Yang Tao, Deputy Director of the National Institute of Financial Development at the Chinese Academy of Social Sciences, suggested in a column for the 21st Century Business Herald that RMB stablecoins should adopt an integrated development model linking onshore and offshore ecosystems.
Yang noted that stablecoins built on Web3.0 transcend traditional onshore-offshore boundaries and called for proactive research and regulation from the perspectives of financial security and monetary sovereignty.
He proposed two specific models: establishing a renminbi stablecoin issuing entity (CNYC) in the Shanghai Free Trade Zone, or leveraging digital RMB operators to directly mint stablecoins on-chain; while simultaneously launching an offshore RMB stablecoin (CNHC) in Hong Kong, forming a dual domestic-offshore system.
Yang emphasized that exploration of RMB stablecoins must strictly control risks, proceed gradually with moderate scale, and accelerate related legal and regulatory frameworks to strengthen China’s voice in global stablecoin regulatory competition.
Ethereum Foundation announces restructuring of ecosystem development strategy
On July 10, the Ethereum Foundation announced a restructuring of its Ecosystem Development (EcoDev) strategy, focusing on four key areas. The plan includes forming four new teams dedicated to ecosystem acceleration—covering enterprise relations, developer growth, applied research, and founder support. The Foundation will also enhance ecosystem expansion efforts, continue providing grants, and work to overcome barriers to global adoption. This adjustment aims to achieve two main goals: expanding Ethereum's user base and strengthening the resilience of its technical and social infrastructure. The Foundation stressed it will collaborate widely with partners across the ecosystem to drive Ethereum’s growth and development.
SlowMist Yu Xian: GMX v1 design flaw led to last night’s hack—attacker manipulated global average price via reentrancy to create large short positions
Yu Xian of SlowMist posted on social media: "The root cause of last night’s $42 million GMX hack lies in GMX v1 immediately updating the globalShortAveragePrices when handling short positions. This global average price directly affects the calculation of Assets Under Management (AUM), thus enabling manipulation of the GLP token price.
The attacker exploited this design flaw by using the Keeper function, which enables timelock.enableLeverage—a necessary condition for creating large short orders—and successfully created massive short positions through reentrancy, manipulating the global average price and artificially inflating the GLP price within a single transaction to profit via redemption."
"DeFi is truly high-risk. GMX is a very established decentralized perpetual trading platform, yet it still fell into a major pitfall. A 10% white-hat bounty may not be enough to entice attackers..."
Jupiter Mobile announces launch of v3 version in Q3 this year
Per official announcement, Jupiter Mobile stated it will launch its v3 version in the third quarter of this year.
YZi Labs announces strategic investment in Aspecta
According to official news, YZi Labs announced a strategic investment in blockchain infrastructure platform Aspecta. Aspecta focuses on providing smart attestation, price discovery, and lifecycle liquidity for illiquid assets such as pre-TGE shares, locked tokens, private equity, and RWAs. This funding round will help Aspecta expand its network, deepen collaboration with major partners, and promote the global application of its "Alpha Assets" open economic framework.
YZi Labs announces support for 10X Capital to establish BNB Treasury Company in the U.S.
According to GLOBE NEWSWIRE, YZi Labs announced its support for investment firm 10X Capital in establishing a BNB treasury company in the United States—"The BNB Treasury Company"—an independent U.S.-based digital asset treasury management initiative focused on the BNB Chain ecosystem. The company plans to list on a major U.S. securities exchange, aiming to provide U.S. investors with exposure to BNB.
The BNB Treasury Company will be led by an experienced management team, including David Namdar, Senior Partner at 10X Capital and Co-Founder of Galaxy Digital; Russell Read, Chief Investment Officer at 10X Capital; and Saad Naja, former Kraken executive. The company will emphasize transparency and verification of held assets and expects to announce completion of related financing in the coming weeks.
10X Capital will serve as the asset manager for the BNB Treasury Company and has partnered with Cohen & Company Capital Markets and Clear Street LLC to raise funds for initial BNB acquisitions.
Ant International denies integration with Circle
According to First Financial Daily, recent reports claimed Ant International is collaborating with Circle. In response, Ant International stated: "The media reports are inaccurate. There is currently no such plan."
Grayscale updates its 'Potential Inclusion List,' adding Mantle, Toncoin, and 31 other tokens for evaluation
Per official announcement, on July 10, 2025, Grayscale updated its “Potential Inclusion List” and “Current Product Holdings List,” presenting them under the Grayscale Crypto Sectors classification framework.
New projects added to the evaluation list include:
1. Smart Contract Platforms: Aptos (APT), Arbitrum (ARB), Celo (CELO), Mantle (MNT), MegaETH*, Monad*, Toncoin (TON);
2. Financial: Aerodrome (AERO), Binance Coin (BNB), DeepBook (DEEP), Ethena (ENA), Euler (EUL), Hyperliquid (HYPE), Jupiter (JUP), Kamino Finance (KMNO), Lombard*, Maple Finance (SYRUP), Morpho (MORPHO), Pendle (PENDLE), Plume Network (PLUME);
3. Consumer & Culture: Bonk (BONK), Playtron*;
4. Artificial Intelligence: Aixbt by Virtuals (AIXBT), Grass (GRASS), Prime Intellect*, Story (IP)*, Virtuals Protocol (Virtual);
5. Utilities & Services: Jito (JTO), Layer Zero (ZRO), Walrus (WAL), Wormhole (W).
Grayscale stated the list will be updated quarterly. Inclusion decisions will depend on internal controls, custody, regulatory considerations, and other factors. Users are reminded not to interpret the list as a commitment to future products.
Market Data
Suggested Reading
Ethereum Reserve Firms Become Wall Street Favorites: Profiling 4 Star Companies and Their Backers
This article explores how holding Ethereum reserves has turned several firms into Wall Street darlings. By purchasing large amounts of Ethereum (ETH), these companies have transformed into crypto-themed stocks, triggering sharp stock price increases. The piece profiles four leading firms, analyzing their business logic, key backers, and the interplay between crypto markets and traditional capital markets.
This article dives deep into Pendle, the world’s largest yield trading platform, examining its core competitiveness, market strategy, product design, and future direction. Through an interview with co-founder TN LEE, it reveals Pendle’s positioning in the stablecoin space, innovative yield-trading models, and the team’s perseverance and adaptability amid challenges.
GMX Lost More Than Money—It Lost Its Status
This article discusses how GMX, once the leader among on-chain perpetual contract exchanges, has rapidly declined due to a hacker attack and intensifying competition. Recently, hackers exploited a smart contract vulnerability to steal approximately $42 million, further worsening GMX’s crisis. With emerging platforms like Hyperliquid rising, GMX continues to lose market share and attention, reflecting the rapid iteration and shifting power dynamics in the crypto industry.
Interview with Offchain Labs CEO: Why Did Robinhood Choose Arbitrum?
This article examines why Robinhood chose to rebuild its blockchain infrastructure based on Arbitrum’s tech stack. It analyzes the potential of tokenized stocks, the convergence of crypto technology and traditional finance, and solutions to liquidity fragmentation. The discussion also covers Arbitrum’s technical advantages and their broader impact on the ecosystem.
Hyperliquid: When Liquidity Becomes a Moat
This article provides a detailed look at Hyperliquid’s innovative ecosystem design and its capital efficiency and liquidity advantages in the blockchain space. By unifying liquidity pools, enabling instant access to deep liquidity, implementing fee-sharing mechanisms for builders, and fostering cross-protocol synergies, Hyperliquid solves the problem of liquidity fragmentation in traditional DeFi and offers developers an efficient, sustainable infrastructure.
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