Crypto Morning Brief: BTC Surpasses $120,000 for the First Time, SharpLink Gaming's ETH Holdings Exceed Ethereum Foundation
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Crypto Morning Brief: BTC Surpasses $120,000 for the First Time, SharpLink Gaming's ETH Holdings Exceed Ethereum Foundation
Ondo Finance announced the acquisition of Strangelove to accelerate the development of its full-stack RWA platform.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Three U.S. Regulators Issue Guidance on Custody of Crypto Assets
According to an official announcement, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly released a supervisory statement regarding banks providing crypto asset custody services. The statement clarifies that banks may offer such services in either a fiduciary or non-fiduciary capacity, but must rigorously manage risks associated with cryptographic key security. Regulators emphasized that banks must establish robust risk management frameworks, including secure key generation and storage, anti-money laundering compliance, third-party risk management, and comprehensive audit procedures. This guidance applies to crypto custody activities under existing regulatory frameworks and does not introduce new regulatory expectations.
Market Report: Grayscale Has Secretly Filed IPO Registration Draft with U.S. SEC
According to market reports, Grayscale has secretly submitted a draft registration for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC).
Analysis: Wintermute May Be One of PUMP’s Market Makers
On-chain analyst Ai Aunt (@ai 9684xtpa) reported that over the past 11 hours, the pump.fun project transferred 10 PUMP tokens to a series of addresses for small-scale testing, including an address linked to Wintermute. More market-making tokens are expected to be transferred in the next two days.
Trust Wallet Changes X Account Avatar to “Fat Penguin” Themed Concept Image
Trust Wallet has changed its X account avatar to a concept image themed around the "fat penguin."
Earlier reports indicated that OpenSea, Coinbase, and other projects also updated their official X account avatars to the same "fat penguin" theme, though some have since reverted to previous images.
SharpLink Gaming ETH Holdings Surpass Ethereum Foundation to Rank First
Today, SharpLink Gaming increased its holdings by 16,374 ETH, bringing its total to 270,000 ETH—surpassing the Ethereum Foundation’s 242,500 ETH—and now ranks first in ETH holdings.
Gemini Adds Tokenized Stocks of Nike, McDonald’s, and Other U.S. Firms for EU Investors
According to Crowdfund Insider, cryptocurrency exchange Gemini has added tokenized stocks of several prominent U.S. companies—including Nike, McDonald’s, Starbucks, Coca-Cola, and Yum! Brands—for investors in the European Union. These tokenized stocks are issued on the Arbitrum blockchain, pegged 1:1 to real shares, and allow fractional trading with 24/7 settlement—eliminating the need for a U.S. brokerage account.
CMB International Receives Hong Kong Virtual Asset License
According to Securities Times, CMB International Securities Limited ("CMBI") announced it officially received approval from the Hong Kong Securities and Futures Commission (SFC) on July 14. It is now the first Chinese-funded bank-affiliated securities firm to obtain a virtual asset trading services license in Hong Kong.
Ondo Finance Announces Acquisition of Strangelove to Accelerate Full-Stack RWA Platform Development
Per official announcement, Ondo Finance has acquired blockchain development firm Strangelove to strengthen its engineering and product development capabilities.
As part of the acquisition, Strangelove CEO Jack Zampolin will join Ondo Finance as Vice President of Product. His leadership is expected to expand Ondo’s technology roadmap and accelerate the launch of its upcoming blockchain network.
Binance Wallet Announces Collaboration with Four.Meme to Launch Exclusive Bonding Curve-Based TGE Event
Per official announcement, Binance Wallet will launch a new Token Generation Event (TGE) model utilizing a bonding curve mechanism—a dynamic pricing method that adjusts token prices based on demand. This TGE, co-launched by Binance and Four.Meme, marks the first event on the Binance platform to implement this mechanism.
A bonding curve is a dynamic pricing model where the number of tokens purchased directly from the bonding curve contract triggers automatic price adjustments. As more tokens are bought, the price increases gradually along a predefined curve. This means the token price during the event is not fixed, but fluctuates according to demand.
Zhusu, Co-Founder of Three Arrows Capital: A True Bull Market Won’t Begin Until Ethereum Reaches a New All-Time High
Zhusu, co-founder of Three Arrows Capital, stated on social media that a true bull market hasn't even started yet—only when Ethereum hits a new all-time high will the real bull market begin.
CICC: Internet Companies Have Advantages in Stablecoin Deployment
According to Jin10 News, a research report by China International Capital Corporation (CICC) states that the widespread adoption of stablecoins is unlikely to significantly impact existing services like WeChat Pay. Domestic third-party payments in China essentially operate as "quasi-stablecoins" pegged to the RMB, backed by legal reserves ensuring stability, and feature extremely low domestic transaction fees—just a few basis points—far below the percentage-level fees common overseas. Therefore, the necessity for independent blockchain-based stablecoins to gain traction domestically is limited, minimizing disruption to existing businesses. On the other hand, internet companies involved in cross-border payments are more actively exploring stablecoin initiatives. CICC believes internet firms hold distinct advantages in deploying stablecoins: 1) User scenarios: Companies like Amazon have hundreds of millions of users and mature payment ecosystems (e.g., cross-border e-commerce), enabling rapid stablecoin adoption; 2) Technical capabilities: Internet firms possess strong in-house R&D expertise; 3) Ecosystem synergy: Integration across B2B (supply chain) and B2C (retail payments) can enhance the network effects of stablecoins.
Market Data
Suggested Reading
$500M Sold in 12 Minutes: Who Is Really Playing the PUMP Presale Game?
This article analyzes the presale of Pump.fun tokens and the underlying market phenomena, revealing centralization trends and dominance by a select few within the crypto industry. The Pump.fun presale appears less like a community-driven opportunity and more like an exclusive game for a privileged minority.
Behind $PENGU’s Surge: The Little Penguin Aims to Become the Face of Finance
This article discusses how the floor price of Pudgy Penguins NFTs rose nearly 35% in a week, with $PENGU’s price increasing close to 10x from its lows, surpassing a market cap of $1.8 billion. This rally was triggered by multiple crypto projects collectively switching to Pudgy Penguins-themed avatars, fueling speculation about potential collaborations. Leveraging years of strategic development and network building, Pudgy Penguins has grown in influence across both the crypto and traditional finance sectors, positioning itself as a visual ambassador for the next generation of financial narratives.
Bitcoin Hits New Highs, But You Haven’t Realized Your Assets Are Naturally Drifting Toward Zero
This article explores the societal shift toward risk preferences resembling positive-expected-value gambling, examining how lottery-like cultures affect individual behavior, education systems, financial markets, and social mobility, while proposing potential solutions.
A Renovation That Triggered Global Monetary Easing
This article discusses how Federal Reserve Chair Jerome Powell faced criticism from Donald Trump over the Fed headquarters renovation budget soaring from $1.5 billion to $2.6 billion, accused of misusing taxpayer funds. Trump plans to push for Powell’s resignation and potentially overhaul the Federal Reserve Board, advocating for significant interest rate cuts—forecasting a wave of global monetary easing.
This article examines how the battle for AI talent in Silicon Valley has reached fever pitch, with major tech giants using sky-high salaries, stock packages, and signing bonuses to attract top AI researchers, while simultaneously cutting jobs among general engineers. Chinese researchers have emerged as key players in this race. While elite AI talent secures massive contracts, average engineers face existential threats, and the spread of AI technology further widens this imbalance.
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