✅ Regulatory dynamics
The EU plans to expand ESMA's powers.
The European Commission has proposed granting ESMA direct regulatory authority over crypto service providers and trading venues, resulting in a more centralized management structure, similar to the US SEC model.
Latest statements from the SEC Chairman.
The SEC Chairman stated that the future financial system will operate based on Bitcoin and crypto assets, viewing them as the underlying infrastructure of future finance.
✅ Institutional trends
Japan promotes Bitcoin tax reform and supports ETFs.
Japan's political circles propose to reduce Bitcoin taxes and promote the compliance process for BTC ETFs.
France's Banque Populaire (2 million customers) has launched crypto trading services.
Large traditional banks directly provide BTC/crypto trading access to retail users.
Fidelity opens BTC purchases and withdrawals to 50 million users
Further reinforces Bitcoin's penetration as a mainstream asset.
Franklin Templeton's XRP ETF holdings increased
First week holdings reached 63 million XRP, with a market value of approximately 127.8 million USD.
NVIDIA CEO says Bitcoin can enhance energy efficiency
Emphasizes that BTC helps convert excess energy into a storable 'currency form'.
Coinbase CEO: Cryptocurrency can supervise bad governments
Emphasizes the transparency and decentralization of BTC.
✅ On-chain dynamics
BTC SOPR ratio dropped to a two-year low
SOPR ratio dropped to 1.35, long-term holders' selling pressure significantly reduced, often seen at the end of phase selling pressure historically.
Pump.fun has repurchased approximately 200 million USD of PUMP tokens
Circulation decreased by 13.35%.
Jupiter Lend treasury controversy
The community questions the cross-risk of treasury assets, as re-staking leads to insufficient independence; Kamino has banned related migration tools.
✅ Large capital flow
500 million USDT flowed out from Binance to an unknown wallet
Large-scale USDT migration appears on-chain.
7 million TRX (approximately 2.03 million USD) transferred to Binance
May be liquidity adjustment behavior by institutions or large holders.
SOL ETF net inflow this week is 19.2 million USD
Has become a funding focus this week.
✅ Market structure
BTC briefly fell below 89,000 USD
Market short-term volatility intensified.
Bitcoin mining companies Q2 cost levels announced
Average cash cost: ≈ 74,600 USD
Comprehensive cost: ≈ 137,800 USD
Indicates that the miner 'pressure zone' is roughly around here.
ETH is close to the key support level of 3035.
3030–3041: Maximum trading volume concentrated chip area
Momentum indicators (KDJ, RSI) favor a short-term rebound
Medium to long-term moving averages remain weak; a rebound needs to break 3056 to effectively open up space above.
