Headline
▌U.S. Treasury Secretary Bennett: Trade issues are expected to be resolved by the end of October
U.S. Treasury Secretary Mnuchin stated in an interview with Nikkei News that President Trump’s tariff policy aims to bring manufacturing back to the United States. When evaluating the effects of Trump’s economic policies since he took office, Mnuchin said, “Trump’s economic policy is like a ‘three-legged stool’ — taxes, trade, and deregulation. On the tax front, we completed the Tax Cuts and Jobs Act at a record pace, which was signed into effect on July 4th. On trade, I believe we will be able to basically complete the relevant work by the end of October. As for deregulation, this is an ongoing effort, and we have made it clear that for every new regulation introduced, ten old regulations must be eliminated.” Mnuchin stated that the main reason for the shift from trade policy to tariff policy is to rebalance. “Over time, tariffs should be like a melting ice cube. If production returns to the U.S., then our imports will decrease,” he said. (Zhitong Finance)
▌Stablecoin circulation surpasses $270 billion, setting a new record
According to reports from Jinse Finance and data collected from defillama.com and artemisanalytics.com, the total value of the stablecoin market has exceeded $270 billion. Both sets of data indicate that the Bitcoin system is larger in scale, highly active, and geographically distributed. The total scale of $270.303 billion marks a period of ongoing expansion for Bitcoin, with liquidity concentrated among a few issuing institutions and blockchains. This asset class acts as a bridge between trading venues, wallets, and traditional finance (including centralized exchanges and on-chain protocols).
Market
As of the time of writing, according to data from CoinGecko:
The price of BTC is $118,979, with a 24-hour change of +2.1%;
The price of ETH is $4,240.80, with a 24-hour change of -0.4%;
The price of BNB is $803.44, with a 24-hour change of +0.6%;
The price of SOL is $182.56, with a 24-hour change of +1.4%;
The price of DOGE is $0.2333, with a 24-hour change of -3.0%;
The price of XRP is $3.17, with a 24-hour change of -1.6%.
The price of TRX is $0.3381, with a 24-hour change of +0.7%.
Policy
▌U.S. Treasury Secretary Becerra: Hope to maintain the dollar’s reserve currency status through policy
U.S. Treasury Secretary Yellen stated that the independence of monetary policy is crucial for the economy and hopes to maintain the U.S. dollar’s status as a reserve currency through policy. At the same time, the next Federal Reserve Chairman should gain market trust, and it is hoped that the Federal Reserve Chairman possesses “forward-thinking.” (Zhitong Finance)
▌Patrick Witt is expected to take over as the chairman of the White House Cryptocurrency Council
After Bo Hines resigned as chairman of the White House Cryptocurrency Council, Patrick Witt is expected to take over. Hines will continue to work part-time in artificial intelligence-related tasks.
▌Unicoin CEO: US banks are still closing crypto business accounts without reason
According to Cointelegraph, Unicoin CEO Alex Konanykhin revealed that despite the Trump administration’s supportive stance on cryptocurrency, American financial institutions such as Citibank and JPMorgan Chase are still closing cryptocurrency business accounts without reason. This year, Unicoin and its subsidiaries have had services terminated by four banks, including Wells Fargo, Florida National Bank, and TD Bank. The Trump administration plans to sign an executive order requiring federal banking regulators to review such actions. Industry experts point out that substantial changes will depend on the introduction of specific regulatory details, and currently, banks still adopt a risk-averse attitude towards cryptocurrency businesses.
Blockchain Applications
▌The LayerZero Foundation has proposed to acquire StarGate
According to official news, the LayerZero Foundation has proposed to acquire StarGate (STG), bringing the bridge back home.
Point72’s artificial intelligence hedge fund assets have now exceeded $2 billion
According to sources, the assets of Point72’s AI hedge fund Turion have now exceeded $2 billion. (The Wall Street Journal)
Cryptocurrency
▌Last week, the net inflow of the U.S. spot Bitcoin ETF was $253.2 million
According to TraderT’s monitoring, the net inflow of the US spot Bitcoin ETF last week was $253.2 million.
▌Ethereum Co-Founder: Treasury Company May Drive ETH Market Cap to Surpass BTC Within a Year
Ethereum co-founder and Consensys CEO Joe Lubin stated that treasury companies may drive ETH’s market value to surpass BTC within a year.
▌Last week, the net inflow of Ethereum spot ETF in the United States reached $326.6 million
Golden Financial reports that according to monitoring data from Farside, last week the net inflow of Ethereum spot ETF in the United States reached $326.6 million.
▌Michael Saylor releases Bitcoin Tracker information, possibly suggesting Strategy to increase BTC holdings again
Strategy founder Michael Saylor has once again released information related to the Bitcoin Tracker and stated that if you keep buying Bitcoin, you will keep making money. According to previous patterns, Strategy always discloses information about increasing Bitcoin holdings the day after relevant news is released.
▌Whale AguilaTrades shorted 10,000 ETH, worth 42 million USD
According to on-chain analyst Yu Jin @EmberCN, the whale AguilaTrades has started shorting ETH, using 25x leverage to short ETH. He is currently executing short orders using TWAP ( time-weighted average price ), and the orders show that he will complete a short of 10,000 ETH (4200 million yuan ) in 3 hours.
▌The probability of ETH reaching a new all-time high this year on Polymarket has risen to 74%
According to information on the official page, the probability of predicting “Ethereum will reach a new all-time high this year” on Polymarket has risen to 74%.
▌Goldman Sachs Strategist: Bullish on Gold, Silver, and Bitcoin as “Store of Value” Amid Market Volatility
Goldman Sachs hedge fund chief Tony Pasquariello stated, “Go long on value storage assets (gold, silver, bitcoin).” This is part of his hedging strategy in the “go long and hedge” approach for the second half of 2025. Including gold, silver, and bitcoin (BTC) reflects a strategy aimed at addressing uncertainties, including a “tumultuous, unstable” summer trading environment and worsening market depth.
▌James Wynn: The lesson of losing control due to excessive leverage and user concerns
Cryptocurrency trader James Wynn said, “There are no mistakes, only lessons. Anything in life that I perceive as a mistake or failure, I always learn from it. The biggest lesson recently was turning 3 million dollars into 100 million dollars, and then letting the whole world see it. Another lesson. Over-leveraging, getting carried away with all the attention, and ultimately losing control. Lessons are worth more than money; wealth is infinite and easily attainable.”
▌Huajian Medical officially launches Ethereum treasury strategy
According to aastocks, Huajian Medical (stock code 01931) announced that it has officially launched the “Global Enhanced Ethereum Treasury with Downside Protection Mechanism” strategy. Based on the strategic layout needs, Ethereum will be used as the core reserve asset, aiming to become the leading listed company in the Hong Kong stock market and even globally in terms of Ethereum reserve scale. The group will use its own funds, stable annual distributable profits, replacement of existing inefficient inventory assets, and multi-dimensional funding sources such as continuous financing through ATM (At-The-Market), adopting a “dollar-cost averaging” strategy to continuously increase its holdings of Ethereum.
Important Economic Dynamics
▌Expectations for Federal Reserve rate cuts rise, arbitrage traders increase bets on emerging markets
Carry trades are making a comeback among emerging market investors as the market bets that the Federal Reserve will start cutting interest rates next month, leading to a weaker dollar and boosting interest in high-yield currencies. Asset management firms like LGM ( Neuberger Berma ) and Aberdeen Group ( are ramping up their positions in currencies of countries such as Brazil, South Africa, and Egypt. They believe that a weaker dollar and easing volatility have created a conducive environment for this strategy. In this strategy, traders borrow currencies with lower yields and buy currencies with higher yields. Earlier this year, such trades recorded double-digit returns, but paused in July due to a rebound in the dollar. Recently, disappointing U.S. employment data has reinforced market expectations that policymakers will have to cut rates next month to avoid an economic recession, reigniting interest in arbitrage trading. From DoubleLine to UBS, many institutions have recently joined the bearish dollar camp, stating that “the bearish narrative on the dollar is playing out again.” LGM’s co-head of emerging markets debt, Urquhart, stated, “The likelihood of a significant rebound in the dollar is very limited, while global economic growth remains relatively robust overall.” He prefers to engage in carry trades in South Africa, Turkey, Brazil, Colombia, Indonesia, and South Korea.
Golden Encyclopedia
▌How did MicroStrategy’s stock price soar over 1000 times thanks to BTC?
The corporate treasury is the financial nerve center of an enterprise, responsible for ensuring liquidity, managing risk, and optimizing returns. Traditionally, they have been conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy has adopted Bitcoin as its primary reserve, breaking this mold. The goal of fund managers is to achieve a delicate balance between risk and return. Their main objective is to protect the company’s assets from market downturns or liquidity crises while ensuring the best returns on the company’s remaining funds. They should also manage risks during periods of market volatility and stress conditions. This is why MicroStrategy’s incorporation of Bitcoin into its treasury is significant, challenging traditional norms and adopting a high-risk, high-return strategy. Consequently, this bold strategy has not only transformed its balance sheet but also its stock performance, solidifying the company’s position as a pioneer in cryptocurrency adoption.
MicroStrategy co-founder and executive chairman Michael Saylor views Bitcoin as a remedy for statutory inflation. He believes that the purchasing power of the dollar is rapidly diminishing, while Bitcoin, due to its limited supply, has excellent value-preserving capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment tool. MicroStrategy co-founder and executive chairman Michael Saylor views Bitcoin as a remedy for statutory inflation. He believes that the purchasing power of the dollar is rapidly diminishing, while Bitcoin, due to its limited supply, has excellent value-preserving capabilities. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment tool. MicroStrategy leverages financing strategies such as stock issuance, debt financing, free cash flow, and Bitcoin-backed loans to drive its Bitcoin purchases. Its strategy needs to comply with mainstream financial services regulations while ensuring it can handle volatile assets like Bitcoin. MicroStrategy’s bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, has transformed it from a struggling software company into a Bitcoin proxy company, boosting its stock price by over 1,000 times and redefining its market image.
