Crypto Market Focus

Regulatory Dynamics

South Korean crypto exchanges face hefty fine risks

South Korean lawmaker Min Byung-deok revealed that a well-known crypto exchange may face fines of up to 183 trillion won due to violations such as KYC. An investigation by the Financial Intelligence Analysis Institute found that the exchange had over 9.57 million violations, of which about 9.34 million were related to customer identity verification issues. Business suspensions and personnel accountability have been implemented, but the specific amount of the fine has yet to be determined.

A French lawmaker proposed using surplus nuclear power to mine Bitcoin.

The French National Assembly recently received a proposal suggesting a five-year pilot program for Bitcoin mining, utilizing surplus electricity from nuclear power plants for mining. It is estimated that using 1 gigawatt of surplus electricity could bring in $100 to $150 million in annual revenue for France. This plan would not only offset the maintenance costs of nuclear power plants but also prevent electricity waste and help balance the grid. The heat generated from mining could also be used in areas such as district heating.

UK lawmakers call for a ban on cryptocurrency political donations

Several UK lawmakers have recently called for a ban on the use of cryptocurrency for political donations, expressing concerns over its difficulty to trace and the potential for foreign interference. The Minister for the Cabinet Office stated that existing legislation needs timely updates to ensure transparency and credibility in political financing. Previously, the Reform Party in the UK announced that it would accept Bitcoin donations, raising concerns. Anti-corruption agencies warned that allowing cryptocurrency donations would increase the risk of criminal funds flowing into the political sphere.

Thailand's regulators plan to launch a nationwide crypto sandbox.

The Thai Securities and Exchange Commission and the central bank plan to launch a national crypto sandbox, allowing foreign tourists to use digital assets in Thailand. This move aims to promote the application of encryption currency in the tourism industry.

Market Dynamics

The trading volume of ETH perpetual contracts has surpassed BTC for the first time.

The global perpetual contract trading volume of Ethereum reached $90.82 billion, surpassing Bitcoin's $82.93 billion for the first time, ranking first in the entire market. This data indicates that the demand for Ethereum's derivatives market continues to grow.

Bitcoin and Ethereum ETFs continue to attract capital

The Bitcoin spot ETF saw a net inflow of $799 million on the 16th, marking the 10th consecutive day of net inflows. The Ethereum spot ETF also had a net inflow of $727 million on the same day, setting a single-day historical record. Currently, the total net asset value of Bitcoin ETFs is $153.762 billion, accounting for 6.45% of BTC market value; the total net asset value of Ethereum ETFs is $16.410 billion, accounting for 4.02% of ETH market value.

The circulation of USDT has exceeded 160 billion USD.

The current net circulation of the stablecoin USDT has reached $160.261 billion, setting a new historical high. The circulation on the Tron, Ethereum, and Solana chains is 80.117 billion, 75.637 billion, and 18.864 billion respectively. Tether's CEO stated that this achievement highlights the practicality of USDT in emerging markets.

Project Updates

Coinbase launches the Base App one-stop platform

Coinbase officially launched the Base App, upgrading the original Coinbase Wallet into a comprehensive platform that integrates social features, mini-apps, trading, and instant USDC payments. The new platform is based on the Ethereum Layer 2 Base ecosystem, supporting functionalities such as social dynamics, token exchanges, and content monetization, aiming to simplify on-chain operations.

Orca plans to launch a Launchpad

The Solana ecosystem liquidity protocol Orca plans to launch a new token issuance platform called Launchpad at the end of July or early August. This platform will introduce new mechanisms aimed at enhancing the fairness of real user participation in new coin sales, outperforming automated bots.

Raydium continues to repurchase RAY tokens

As of July 2025, Raydium has invested a total of 190.4 million USDC to repurchase RAY tokens, with a total repurchase amount of 69.1 million tokens, accounting for 25% of its circulating supply.

Institutional Dynamics

The encryption infrastructure giant Talos acquires Coin Metrics

Talos announced the acquisition of blockchain data provider Coin Metrics for over $100 million, aiming to integrate on-chain data services and provide institutional clients with a one-stop solution for digital asset trading and portfolio management.

SharpLink Gaming continues to increase its holdings of Ethereum.

SharpLink Gaming has purchased another 20,279 ETH in the past 4 hours, worth approximately $68.38 million. Since the beginning of June, the company has accumulated a total of 321,000 ETH, with an average purchase price of around $2,745, and its current unrealized profit has reached $204 million.

Multiple publicly traded companies are laying out plans for cryptocurrency.

• Windtree signs a $60 million securities purchase agreement to initiate the BNB treasury strategy
• Matador Technologies plans to accumulate 6,000 bitcoins by 2027 or earlier.
• The Smarter Web Company increased its holdings by 325 bitcoins, bringing its total holdings to 1600 bitcoins.