Crypto Assets Market Trends and Highlights

Industry News

The Bank of Korea postpones CBDC testing, and banks may focus on stablecoin operations.

According to some reports, due to the increase in complaints from pilot banks and the rising discussions around the Korean won stablecoin, the Bank of Korea has decided to postpone further testing of the CBDC. Currently, 9 major banks are participating in related discussions, and an additional 3 banks are considering joining. This decision may encourage banks to focus more on the introduction of the Korean won stablecoin.

Canada withdraws the digital services tax to advance trade negotiations with the United States.

Canada announced the repeal of the digital services tax to advance broader trade negotiations with the United States. The Canadian side stated that negotiations would be resumed with the aim of reaching an agreement by July 21.

Trump's enthusiasm for Walsh serving as Federal Reserve Chair has cooled.

According to reports, Trump had discussed replacing Powell with Walsh, but Walsh suggested not taking action before Powell's term ends. Trump has recently been critical of the Federal Reserve, but Walsh's hawkish stance on inflation issues may raise concerns in the White House.

Market Perspective

A certain crypto financial service platform has analyzed that Bitcoin has tested recent resistance levels but the market reaction has been tepid. ETF capital continues to flow in, and US stocks are reaching new highs, but Bitcoin's upward momentum is limited. As expectations for interest rate cuts heat up, traders' attention may shift to following the rhythm of the stock market. The incremental funds brought by Wall Street through ETFs could become an important driving force for a new round of Bitcoin price increases.

Some analysis platforms believe that the current demand for Bitcoin is severely inadequate. The amount of Bitcoin sold by miners and long-term profit holders exceeds the purchasing volume of new buyers.

There is a view that stablecoins are becoming the "default settlement layer" of the internet. The adoption rate of stablecoins is experiencing explosive growth, and their characteristics make them very popular in areas such as cross-border payments.

Project Updates

The Ethereum community launches an on-chain "time capsule" to commemorate the tenth anniversary of the genesis.

The Ethereum community has launched an on-chain "time capsule" project, inviting users to seal artworks, messages, and more within smart contracts, to be opened next year during the network's 11th anniversary. This project aims to commemorate the tenth anniversary of the Ethereum genesis block.

A certain technology company is actively laying out its stablecoin business.

A certain technology company stated that it is in deep contact with stablecoin issuers and has signed a confidentiality agreement to explore the full process requirements for issuance. At the same time, it is communicating with Singaporean institutions about the RWA tokenization path and discussing stablecoin application scenarios with companies in the Middle East supply chain.

A Hong Kong-listed company raises HKD 270 million through a rights issue.

The company issued 166 million shares to 5 subscribers, accounting for 22.08% of the enlarged share capital. The subscription price is at a discount of 29.66% compared to the closing price, with total proceeds of HKD 275.6 million. After this placement, the shareholding ratio of major shareholders has changed slightly.

Important Data

A perpetual contract trading platform's annual trading volume has exceeded 1.5 trillion USD.

The platform's on-chain perpetual contract trading volume exceeded $1.57 trillion in the past 12 months, generating $56 million in fees and revenue this month, with a cumulative revenue of $310 million. In May, the perpetual contract trading volume reached $248 billion, and it has already reached $208 billion this month.

The net inflow of digital asset investment products last week was 2.7 billion USD.

Last week, net inflows into digital asset investment products reached $2.7 billion, marking the 11th consecutive week of inflows. Nearly all of the inflowing funds came from the United States, amounting to $2.65 billion. Bitcoin accounted for 83% of the total inflow, attracting $2.2 billion.

Bitcoin rose by 31.41% in the second quarter.

The Ethereum Foundation has recently been transferring 1000 ETH daily to a certain multi-signature wallet.

According to analysis, the Ethereum Foundation has recently transferred 1000 ETH daily to a certain multi-signature wallet, totaling 11,000 ETH over a month, but no further actions have been taken after the transfer.