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Share link:In this post: A Franklin Templeton report suggested that Solana threatened Ethereum due to its growing influence. Solana’s DEX volumes surpassed the Ethereum ecosystem in January, highlighting a potential market shift. According to the report, the shift to activity to the layer two blockchain shows the Ethereum scaling approach was working.
Bitcoin is currently consolidating within a symmetrical triangle formation, with converging trendlines indicating a period of consolidation preceding an expected breakout soon. Technical analysis identifies key support near $86,000-$88,000 and resistance between $92,000 and $94,000, while traders monitor volume for confirmation in upcoming sessions. A recent sharp drop followed by a strong recovery formed the triangle pattern, setting the stage for a potential 20% price movement.
TRUMP surged 8.43% to $15.02, breaking a descending wedge and indicating strong buying momentum. RSI stands at 59.20 points indicating mild upward strength although MACD signals possible market consolidation or a correction phase may occur. TRUMP can drive its price towards $18.00 and beyond if support stays above $13.44 despite market volatility.
Quick Take Late Thursday, President Trump signed an executive order to establish a U.S. Strategic Bitcoin Reserve, capitalized by the approximate 200,000 BTC ($18 billion) already owned by the federal government, forfeited as part of criminal or civil proceedings. Standard Chartered Global Head of Digital Assets Research Geoff Kendrick suggested one option for funding the U.S. Strategic Bitcoin Reserve in a budget-neutral way would be to sell part of its $760 billion gold reserves.
Quick Take Trump signed an executive order to create a strategic bitcoin reserve and digital asset stockpile the day before the summit. Big crypto industry players, including Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi and lawmakers such as House Majority Whip Tom Emmer, R-Minn, among others, attended the summit.
- 13:56Zhu Yunlai: The Value of Stablecoins Must Be Verified Through Real-World ApplicationsAccording to Jinse Finance, the China Europe International Business School held the fifth "Zhi Hui CEIBS · Beijing Forum" in Beijing on July 10. Zhu Yunlai, former President and CEO of CICC and Visiting Professor of Management Practice at Tsinghua University, delivered a keynote speech. He noted that in the context of the new era, the market's demand for efficient and stable transaction media is becoming increasingly prominent, and the technological concepts behind cryptocurrencies such as Bitcoin have provided inspiration—people are gradually realizing that a composite token management model may help build a superior payment tool. Specifically, a professional financial team is needed to systematically incorporate variables such as price volatility into the management framework, ultimately providing a currency form that is efficient, low in volatility, and highly secure. This idea echoes certain aspects of Hayek's monetary theory: currency does not necessarily have to be state-exclusive, and private entities may also participate in its supply—the key lies in how to establish and maintain the credibility of the currency's value. However, there is still a considerable gap between current stablecoins and the concept of "private money." A more realistic path may be for large-scale, highly transparent international institutions to issue such currencies, with operational algorithms that are open and verifiable—this is fundamentally different from the anonymity of Bitcoin. Stablecoins need to build trust through "real-name" mechanisms, including clear disclosure of clearing mechanisms, collateral asset composition, or specific currency value management methods. Ultimately, the value of stablecoins must be tested by their actual application: if they can consistently maintain stability and efficiency, they may, through the market effect of "good money driving out bad," gradually become part of the global consensus as a foundational medium of exchange.
- 13:52Glassnode: Despite BTC Reaching New Highs, Long-Term Holders' Net Unrealized Profit and Loss Remains Below the Euphoria ZoneAccording to ChainCatcher, Glassnode stated on social media that although the price of BTC has surpassed $118,000 to reach a new all-time high, the Net Unrealized Profit/Loss (NUPL) for long-term holders remains below the Euphoria Zone, currently at 0.69. This cycle, the indicator has only exceeded the 0.75 threshold for about 30 days, compared to 228 days in the previous cycle.
- 13:52Bloomberg ETF Analyst: BlackRock’s IBIT Becomes the Fastest ETF to Surpass $80 Billion in Market ValueAccording to ChainCatcher, Bloomberg ETF analyst Eric Balchunas tweeted that BlackRock's IBIT has surpassed the $80 billion mark, becoming the fastest ETF in history to reach $80 billion, achieving this milestone in just 374 days—about five times faster than the previous record held by VOO (1,814 days). In addition, IBIT's market capitalization has reached $83 billion, making it the 21st largest ETF globally.