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According to SoSoValue data, on July 27, Eastern Time, the total net inflow of Ethereum spot ETFs was $9.23 million. The Ethereum spot ETF with the highest net inflow in a single day was the Blackrock ETF ETHA, with a net inflow of $11.75 million, and the historical total net inflow of ETHA has reached $11.42 billion.The Ethereum spot ETF with the highest net outflow in a single day was the Invesco ETF QETH, with a net outflow of $2.52 million, and the historical total net inflow of QETH has reached $22.10 million. As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.65 billion, and the ETF net asset ratio (the market value relative to the total market value of Ethereum) is 4.53%, with a historical cumulative net inflow of $11.19 billion.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $11.6439 million. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Blackrock ETF IBIT, with a single-day net outflow of $8.8202 million. Currently, the historical total net inflow of IBIT has reached $60.386 billion.The second is Fidelity ETF FBTC, with a single-day net outflow of $2.8237 million. Currently, the historical total net inflow of FBTC has reached $10.002 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $78.713 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.04%. The historical cumulative net inflow has reached $51.374 billion.

On July 22, Pennsylvania State Representative Tarik Khan introduced HB 2711, co-sponsored by 24 bipartisan legislators (20 Democrats and 4 Republicans), which has been submitted to the House Consumer Protection, Technology, and Utilities Committee. The bill aims to prohibit the provision of prediction market services to Pennsylvania residents while engaging in gambling activities in the regular business of liquidity providers or market makers, extending the restrictions to parent companies, subsidiaries, affiliates, and joint ventures, and prohibits prediction platforms from sharing revenue with gambling companies.This move could impact sports betting groups like DraftKings (which has acquired CFTC-registered Railbird Technologies and launched its own DKeX exchange) and Flutter, which are entering the prediction market-making field. The bill also sets a minimum age limit of 21, prohibits contracts involving high school sports, events with minor participation, and death markets, and requires platforms to establish anti-fraud and insider information abuse protection mechanisms.The bill does not establish a licensing system, and enforcement authority is granted to the state Attorney General. Previously, the Third Circuit Court of Appeals ruled 2:1 in April that the federal Commodity Exchange Act takes precedence over state gambling laws, but Pennsylvania has joined a coalition of 40 states advocating for sports contracts to be subject to state-level regulation.

According to Farside Investors data, as of the week ending July 24, the net inflow for Ethereum spot ETFs was $103.8 million, about three times that of Bitcoin spot ETFs at $33.9 million, surpassing Bitcoin products for the second consecutive week. The gap mainly comes from BlackRock: its Ethereum fund ETHA attracted $96.3 million, while the largest crypto ETF Bitcoin fund IBIT saw a net outflow of $95.5 million, with outflows of $202.5 million and $212.2 million on Thursday and Friday, respectively.Bitcoin ETFs performed strongly at the beginning of the week (with a total inflow of about $430 million on Monday and Tuesday), but then reversed sharply. Ethereum ETFs were more stable, with continuous inflows for the first four days before a $70.7 million outflow on Friday. The weekly inflow for Bitcoin ETFs decreased by 55% compared to the previous week, while Ethereum remained flat. On-chain, the largest corporate ETH holder BitMine Immersion increased its holdings by 104,512 ETH over the past 30 days and currently holds 5.78 million ETH, accounting for 4.8% of the supply. ETH is currently priced at about $1,936, and BTC at about $64,780.

It has been reported that the mayoral candidate of Incheon, South Korea, is accused of falsely reporting assets, suspected of failing to declare the spouse's cryptocurrency assets.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $5.221 billion, with long positions totaling $2.576 billion, accounting for 49.33% of the holdings, and short positions totaling $2.646 billion, accounting for 50.67%. The profit and loss for long positions is -$138 million, while the profit and loss for short positions is $66.1468 million.Among them, the whale address 0xb83d..36 has shorted ETH with a 5x leverage at a price of $1869.41, currently showing an unrealized profit and loss of -$368,400.

Asset management giant Franklin Templeton publicly expressed support for the CLARITY Act on platform X, stating that the act will clarify the regulatory approach to cryptocurrencies, inform investors of applicable protections, and specify which regulatory agency governs businesses. The company stated, "It's time to provide the clarity the industry needs."

According to Cointelegraph, crypto-friendly bank-as-a-service provider Cross River will provide banking infrastructure for X Money, supporting peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit card services. Cross River's banking platform and payment channels will support X's "super app" strategy and are designed to scale with more financial products over time. X Money will enter limited testing in May 2025 and expand to external testing in March 2026. X has obtained money transfer licenses in over 40 states in the U.S. and is registered with FinCEN to support platform peer-to-peer payments. The announcement did not mention support for cryptocurrencies or stablecoins.

According to research data released by Grayscale, based on the proportion of market capitalization, the inflow of funds into the HYPE ETF is accelerating, with relative performance surpassing BTC, ETH, SOL, and XRP.Grayscale pointed out that the inflow of Bitcoin is the most consistent and stable, Ethereum has experienced sharp peaks, Solana and XRP showed healthy inflows in the early stages, while HYPE's performance at the same lifecycle stage outperformed Bitcoin, Solana, and XRP.

According to The Block, the National Football League (NFL) sent a letter to CFTC Chairman Michael Selig on July 27, responding to the recent draft regulatory framework for prediction markets released by the CFTC, requesting enhancements in several key areas. The NFL emphasized in the letter that protecting the integrity of the game is its top priority and called on the CFTC to tighten the definition of high-risk contracts that are susceptible to manipulation, rely on referee discretion, or have outcomes that can be known in advance.In addition, the NFL expressed objections to the 10-day pre-approval window being too short, requested clarification on the insider trading ban, established a mandatory "league-exclusive prohibited bettors" list, and reiterated previous consumer protection recommendations such as banning margin trading, limiting advertising, and setting a 21-year age threshold.

According to CoinDesk, U.S. District Court Judge Katherine Menendez in Minnesota ruled that the state law classifying the operation of prediction markets as a criminal offense likely violates the federal Commodity Exchange Act (CEA), and granted a preliminary injunction to Kalshi, Polymarket, and the U.S. Commodity Futures Trading Commission (CFTC), suspending the enforcement of the state law.The judge found that prediction market contracts structurally fall under the category of "swap" products regulated by the CFTC, and that federal law takes precedence over state law, with the three plaintiffs "likely to prevail in a formal trial." Additionally, the judge noted that failing to suspend the enforcement of the law would cause "irreparable harm" to Kalshi and Polymarket. This preliminary injunction will remain in effect until a final judgment is made in the case.

The South Korean trading platform (KRX) triggered the sidecar mechanism due to fluctuations in the KOSPI index, suspending programmatic trading for about 5 minutes.The sidecar mechanism is mainly used to respond to severe fluctuations in a short period of time, limiting only programmatic trading while manual trading can continue normally. Unlike the circuit breaker mechanism, the sidecar mechanism does not suspend trading for the entire market and is more viewed as a "speed bump" during market volatility.In contrast, the circuit breaker mechanism is typically used in extreme market conditions and, once triggered, suspends trading for the entire market to prevent panic-induced fluctuations from further escalating.

Bitcoin News posted on the X platform stating that a lawsuit accuses BitMEX of seizing 622 bitcoins through server freezes and internal trading before its closure.

Dutch crypto finance protocol Tori Finance announced that its institutional-grade Delta neutral yield product strUSD has completed a $50 million pre-deposit fundraising before its official launch, reaching the cap in just 7 days. Tori stated that strUSD offers an annualized yield of approximately 12%, with returns derived from global arbitrage trading strategies traditionally used by financial institutions, rather than from the circulation of funds in the crypto market. This strategy achieves low correlation with crypto market cycles by borrowing in low-interest currencies, investing in high-interest markets, and utilizing foreign exchange hedging to lock in dollar returns.Tori founder Samed Duzcay mentioned that such trades were previously mainly participated in by large institutions like pension funds and banks, which typically required a funding threshold of tens of millions of dollars and involved complex processes such as local bank accounts, custody, tax, and compliance approvals. Tori opens up these institutional strategies to ordinary users through on-chain tokenization. Users can deposit USDC or USDT to obtain the synthetic dollar asset trUSD and stake to earn strUSD. This asset is based on the ERC-20 standard and can be integrated with DeFi protocols such as Morpho, Pendle, and Curve, and can also be used as collateral for lending to further amplify returns.Tori claims that the protocol constructs an on-chain balance sheet through zero-knowledge proofs and trusted execution environments, with independent verification agency Accountable conducting real-time audits of off-chain fund situations; digital asset investment firm RockawayX serves as the risk management party and anchor liquidity provider. Additionally, Tori's smart contracts have been audited by Sherlock and Nethermind, and Hypernative has been introduced for round-the-clock security monitoring, with all contract upgrades set to a 24-hour delay mechanism. Tori stated that its goal is to bring the neutral yield strategies used by traditional financial institutions for decades into the on-chain financial system, promoting the integration of real yields with DeFi infrastructure.

According to The Defiant, the tokenization platform Securitize Corp. (NYSE: SECZ) subsidiary Securitize Capital LLC has registered as an investment advisor with the U.S. SEC, effective July 22. This subsidiary had previously operated in Florida as an exempt reporting advisor since March 2023, only able to serve venture capital funds or private funds managed in the U.S. with assets under $150 million; this registration removes that limit.Reports indicate that this license completes Securitize's compliance matrix surrounding tokenized securities, with its U.S. affiliates now covering registered investment advisors, registered broker-dealers and alternative trading systems, transfer agents, and fund management. The registration also occurred five days after SEC Commissioner Hester Peirce warned that on-chain treasury and lending strategies might touch upon investment advisor regulatory issues on July 22.U.S. stock market data shows that SECZ fell nearly 10% during trading on Monday, currently reported at $6.76 per share, with a total market capitalization of about $1 billion.

Ondo Finance announced the launch of the new Ondo Network, positioned as a high-performance execution layer, aimed at combining the trading speed of centralized exchanges (CEX) with the non-custodial and secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an "evolutionary version" of the previous Ondo Chain plan, and the company will not operate two networks simultaneously, but will adjust the original plan of building a complete blockchain to focus on the execution layer architecture.According to reports, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain, but after developing the Ondo Perps perpetual contract trading platform and communicating with users, it was found that the current market's core bottleneck is not asset settlement, but rather trading execution efficiency. The Ondo Network adopts a separated architecture for execution, verification, and settlement, utilizing secure hardware to isolate the execution environment, which enhances trading speed while maintaining user asset self-custody, verifiable transactions, and permissionless blockchain characteristics.Currently, Ondo Perps has become the first application built on this network, supporting 24-hour trading of stocks and commodity perpetual contracts, and allowing the use of tokenized real assets as collateral. Ondo stated that in the future, this network will also support applications requiring high performance, privacy protection, and verifiable execution, such as spot trading, lending, and structured products. Furthermore, the launch of the Ondo Network will not change the positioning of the ONDO token. The CEO stated that ONDO will continue to serve as the governance and incentive token for the Ondo RWA ecosystem and market infrastructure, and as the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for verification nodes, observers, and ecosystem participants.

The ETH/BTC trading pair has recently risen to a nearly 3-month high, indicating that Ethereum's performance relative to Bitcoin is improving. The ETH/BTC exchange rate is used to measure the strength of ETH against BTC, rather than its performance in USD.Data shows that ETH/BTC had cumulatively fallen by about 80% from 2021 to 2025, remaining weak for a long time. With the recent rebound of ETH/BTC, the market is beginning to pay attention to whether Ethereum is experiencing a recovery relative to Bitcoin. Analysts point out that the rise of ETH/BTC usually reflects an increase in risk appetite for funds and an improvement in market expectations for the Ethereum ecosystem, application demand, and future growth.