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Galaxy Digital's Alex Thorn refuted claims that Murad Mahmudov secretly sold $20 million in SPX tokens, asserting the rumors were a fabrication aimed at misleading the public. Despite this, SPX continues to struggle in the market.

Despite strong institutional interest, the IBIT Bitcoin ETF faces significant hurdles, including its vulnerability to stock market declines and recent ETF outflows in 2025.







Curve Finance founder Michael Egorov is developing Yield Basis, a new project aiming to solve impermanent loss, according to a pitch deck obtained by The Block.Yield Basis has raised $5 million at a $50 million token valuation, Egorov confirmed.

The move represents a 2% daily gain for ETH, while the total crypto market capitalization has declined by 2.4%.
- 23:38Overview of Key Overnight Developments on July 2521:00 (UTC+8) - 7:00 Keywords: OpenAI, Strategy, Federal Reserve, El Salvador 1. OpenAI plans to launch GPT-5 in August; 2. BlackRock increased its holdings by over 1 million ETH in July; 3. Trump visited the Federal Reserve and directly requested Powell to cut interest rates; 4. The U.S. House Committee has launched an investigation into the Federal Reserve's renovation project; 5. "Fed Whisperer": Trump's visit to the Federal Reserve was essentially a political show; 6. IMF: El Salvador's strategic Bitcoin reserve fund accumulation is in line with program conditions; 7. TON Foundation and Kingsway Capital plan to raise $400 million for the Toncoin treasury; 8. Strategy has raised its financing target from $500 million to $2 billion to purchase Bitcoin.
- 23:27Web3 Social App Bloom Raises $1.6 Million in Pre-Seed FundingAccording to Jinse Finance, Web3 social application Bloom has announced the completion of a $1.6 million pre-seed funding round, led by Lightspeed Faction. Other participants include Stani Kulechov, Outlier Ventures, Delta Blockchain Fund, CoinTelegraph, APX (Axel Springer and Porsche), Plassa Capital, and Paul Taylor. The company is dedicated to building a "crypto version of Twitter," integrating social, wallet, and trading features into a single interface. Bloom has already launched on-chain testing on Ethereum, Base, Arbitrum, and BNB Chain.
- 23:21Bitcoin-native financial services firm ProCap submits draft S-4 registration statement to US SECAccording to Jinse Finance, ProCap BTC, LLC, a Bitcoin-native financial services company backed by crypto investor Anthony Pompliano, has announced that it has confidentially submitted a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission (SEC) together with Nasdaq-listed Columbus Circle Capital Corp. The submission seeks approval for a business combination transaction between the two companies. Completion of the proposed transaction is subject to customary closing conditions, including approval from the shareholders of Columbus Circle Capital Corp.