Galaxy Digital高管：随着越来越多的公司接受加密货币，公司正经历需求的快速增长。 ...

Market Overview - The US dollar index experienced volatility after an initial rise, influenced by a slight uptick in the US June CPI, which adjusted market expectations for Federal Reserve rate cuts [1] - Gold prices fluctuated significantly, with a downward trend driven by US economic data and rising bond yields, reaching a peak of $3370 before settling at $3355 per ounce [1] - Silver prices initially surged to $39 per ounce, marking a new high since September 2011, but later retreated to $38.29 per ounce [1] - Non-US currencies weakened against the dollar, with the British pound hitting a new low since May 20, and the euro experiencing a second consecutive week of decline [1] Oil Market - International oil prices declined due to renewed trade tensions, with both Brent and WTI crude recording their first drop in three weeks [2] - The market's initial fears of immediate supply disruptions from sanctions on Russia were alleviated by a 50-day grace period announced by Trump [2] Cryptocurrency Market - Bitcoin reached a historic high of over $120,000, with a market capitalization exceeding $2.3 trillion, driven by legislative support for cryptocurrency in the US [2] - The total cryptocurrency market cap surpassed $4 trillion, reflecting strong growth in the sector [2] Investment Bank Insights - Goldman Sachs predicts gold prices will reach $3700 per ounce by the end of 2025 and $4000 by mid-2026, maintaining a bullish long-term outlook on gold [5] - Bank of America does not expect the Federal Reserve to cut rates before next year [5] - UBS forecasts the euro to rise to 1.23 against the dollar by June 2026 [5] Economic Data - Moody's anticipates global economic growth to slow to just above 2% this year [6] - Citigroup sets a year-end target of 25,000 points for the Hang Seng Index, recommending an overweight position in Chinese internet, technology, and consumer sectors [6] Major Events - Trump's consideration to replace Fed Chair Powell caused significant market fluctuations, with major banks defending the Fed's independence [7] - The US CPI report indicated a rise in inflation, with the overall CPI year-on-year increasing to 2.7%, the highest since February [9] - The Federal Reserve's Beige Book reported a slight increase in economic activity, but noted a generally pessimistic outlook [10] Trade Policies - Trump announced potential tariffs on imported pharmaceuticals and semiconductors, with initial low rates that could escalate significantly [12] - The EU plans retaliatory tariffs on $72 billion worth of US goods, focusing on high-value products and digital services [13] China's Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, with a need to address external instability and domestic demand issues [14] AI Developments - OpenAI launched ChatGPT Agent, a new AI product capable of performing complex tasks autonomously, enhancing efficiency in various applications [24][27]

Core Viewpoint - The cryptocurrency market has experienced a significant rally, driven by positive regulatory developments and increased institutional interest in digital assets [2][3][4]. Group 1: Cryptocurrency Market Performance - On July 18, major cryptocurrencies such as Ethereum and XRP saw substantial gains, with Ethereum rising over 8% and XRP nearly 20% [1][3]. - The total market capitalization of cryptocurrencies surpassed $4 trillion for the first time, indicating a structural repositioning of cryptocurrencies within the global financial system [3]. - Bitcoin's performance lagged behind other altcoins, with a maximum intraday increase of less than 2%, suggesting a shift in market dynamics towards emerging altcoins [3]. Group 2: Regulatory Developments - The U.S. House of Representatives passed several bills related to cryptocurrencies, including the "Stablecoin Innovation Act," which aims to establish a regulatory framework for stablecoins [3][4]. - The "Digital Asset Market Clarity Act" was also approved, seeking to clarify the regulatory scope of the SEC and CFTC over the cryptocurrency market [4]. - These legislative actions are expected to enhance clarity and stability in the cryptocurrency market, potentially attracting more institutional investment [5]. Group 3: Impact of Trump's Executive Order - President Trump's anticipated executive order will allow approximately $9 trillion in U.S. 401(k) retirement savings plans to invest in alternative assets, including cryptocurrencies [6][9]. - This move is expected to transform the management of retirement funds in the U.S., opening up new investment opportunities for individuals [6][7]. - The order may also benefit major private equity firms like Blackstone and Apollo, which are looking to tap into the 401(k) market, potentially attracting hundreds of billions in new capital [8][9].

Group 1 - The SEC, led by Chairman Paul Atkins, is collaborating with the Department of Labor to potentially adjust retirement plan rules, emphasizing the need for smarter reforms [1] - The Trump administration is reportedly drafting an executive order to facilitate private equity investments in 401(k) retirement savings plans, with details still under discussion [1] - Atkins highlighted the fundamental differences between private and public markets, particularly regarding liquidity, and stressed the importance of transparency in cryptocurrency investments within retirement plans [1] Group 2 - Market expectations for regulatory easing are evident, as Fidelity Investments launched cryptocurrency individual retirement accounts (IRAs) supporting Bitcoin, Ethereum, and Litecoin [2] - Major private equity firms like Blackstone and BlackRock are engaging in the cryptocurrency market through Bitcoin ETFs, although they have not explicitly linked these strategies to retirement savings [2] - Experts warn that private equity investments could introduce additional risks to retirement portfolios due to their concentration in a few companies and lower liquidity compared to stocks and bonds [2]

Group 1 - Standard Chartered Group has announced the launch of spot trading services for Bitcoin (XBT/USD) and Ethereum (XET/USD) through its UK branch, becoming the first global systemically important bank to offer such services [1] - Major global systemically important banks (G-SIBs) including Citigroup, JPMorgan, Morgan Stanley, and others are actively engaging in the cryptocurrency sector, with JPMorgan recently introducing a stablecoin-like token named JPMD for institutional clients [1][2] - The U.S. Congress has passed three bills related to stablecoins and cryptocurrencies, indicating a move towards more favorable regulatory policies for the cryptocurrency market [3] Group 2 - European banks such as UBS, Deutsche Bank, and HSBC are also entering the cryptocurrency space, with UBS successfully piloting a blockchain-based cross-border payment solution and Société Générale issuing a euro-based stablecoin [4] - Several international banks are forming partnerships with Chinese institutions, with HSBC launching a tokenized deposit management solution in Hong Kong and Deutsche Bank collaborating with Ant Group to explore tokenized deposits and stablecoin solutions [4] - The establishment of more platforms and subsidiaries by major banks aims to build a cryptocurrency ecosystem, with JPMorgan, Citigroup, and Société Générale creating dedicated digital asset platforms [5] Group 3 - The behavior of stablecoin users is seen as a threat to traditional banking operations, as businesses increasingly prefer to hold stablecoins for payments and liquidity management, which could weaken banks' control over funds [6] - Banks are responding by seeking to create "tokenized deposits" to enhance liquidity and customer engagement while maintaining regulatory compliance [6]

Group 1 - Bitcoin surged to a historical high of over $123,000, driven by expectations of favorable cryptocurrency policies from the U.S. government [1] - Institutional investor participation in Bitcoin is still in its early stages, with estimates showing that pension funds hold less than 5% of Bitcoin spot ETF assets [1][2] - Retail investors currently dominate the cryptocurrency market, with significant buying activity correlating with price increases [2] Group 2 - The U.S. House of Representatives passed legislation to establish a regulatory framework for stablecoins, paving the way for the first federal digital asset laws [2] - Major banks like Bank of America and Citigroup are preparing to launch stablecoins, indicating growing institutional interest [2] - The number of institutions actively participating in the cryptocurrency space, including pension funds, is expected to increase by 2026 [2] Group 3 - Companies like MicroStrategy and GameStop are increasingly converting cash reserves into Bitcoin holdings, indicating a shift in corporate treasury strategies [5] - The total Bitcoin holdings of publicly traded companies have increased by 120% since July of last year, now accounting for over 4% of the total Bitcoin supply [5][6] - Recent legislation in the U.S. may encourage more companies to allocate cash reserves to cryptocurrency assets [6] Group 4 - The demand for cryptocurrency ETFs has surged, with net inflows reaching $4 billion last week, marking a new high for the year [6] - Major institutional investors, including the Wisconsin Investment Board and Abu Dhabi's Mubadala Sovereign Wealth Fund, have publicly announced investments in cryptocurrency ETFs over the past 18 months [6] Group 5 - Year-to-date, Bitcoin has risen approximately 25%, while the total cryptocurrency market capitalization has reached $3.8 trillion, a 66% increase since last November [9]

| I 德國DAX30 | 24,334.73 | 24,496.19 | | --- | --- | --- | | 兴 英國富時100 | 8,979.63 | 9,010.79 | | ll 法國CAC40 | 7,830.05 | 7,873.30 | | □ 歐洲斯托克50 | 5,372.35 | 5,404.75 | 3. 截至发稿，WTI原油涨1.23%，报68.37美元/桶。布伦特原油涨1.04%，报70.24美元/桶。 | ■ WTI原油 | 2025年8月 | 68.37 | 68.5 | | --- | --- | --- | --- | | 謡 倫敦布倫特原油 | 2025年9月 | 70.24 | 70.40 | 市场消息 1. 7月18日(周五)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.13%，标普500指数期货涨0.11%，纳指期货涨0.09%。 | ■ US 30 | 44,542.00 | 44,65 | | --- | --- | --- | | 를 US 500 | 6,304.40 | 6.31 | | 틀 US Tech 100 | 23,099.30 ...

Group 1: Company Developments - Hong Kong Airlines has launched a free airport transfer service in collaboration with 永东直通巴士有限公司 and 日本阿拉丁集团, available until December 31, 2025, for passengers with valid boarding passes [1] - 京东币链科技 has reported that a fake digital currency named JD-HKD has been circulating on major trading platforms, clarifying that no such stablecoin has been issued and urging users to avoid scams [1] - 一亩田集团 has established an international business operation center in Hong Kong, marking the beginning of its global expansion, with active buyers from over 50 countries [2] - 宇树科技 has initiated its listing guidance with 中信证券 as the advisory firm, with its controlling shareholder holding 34.763% of the company [3] - 必和必拓 has announced that its Canadian potash project may exceed budget by $1.7 billion, with the first phase 68% complete and initial production now expected in mid-2027 [4] - 英国石油 has agreed to sell its onshore wind energy business in the U.S. to LS Power [4] - 比亚迪 has established a new sales service company in Jinan, fully owned by its subsidiary [4] - 小米 has officially opened its Shenzhen headquarters, marking its fourth regional headquarters in China [6] - 赛诺菲 has completed the acquisition of Blueprint Medicines for over $9 billion, including a rare disease drug that has been approved in the U.S. and EU [6] - 保泰人寿 has secured $70 million in Series C funding, led by 永明金融有限公司 [6] - 长石资本 has raised 728 million yuan for its hard technology fund, achieving over 50% IPO success rate across its investments [6] Group 2: Product and Partnership Announcements - 腾讯元宝 has integrated with QQ Music, allowing users to play music directly within the app [7] - Airwallex has formed a multi-year global partnership with Arsenal Football Club, becoming the official financial software partner [8] Group 3: Market Insights - The global cryptocurrency market has surpassed $4 trillion for the first time, with Bitcoin accounting for 59.91% of the total market cap at approximately $2.39 trillion [12]

美国证交会主席阿特金斯：加密货币工作组的重点是制定明确的监管规则。 ...

Group 1 - The total market capitalization of cryptocurrencies has surpassed the $4 trillion milestone, driven by a surge in token prices and the advancement of comprehensive regulatory legislation in the U.S. [1] - Non-Bitcoin tokens have led the recent price rally, with Ethereum experiencing a 22% increase over the past five days, while Bitcoin reached a historic high of $123,205 earlier this week [1] - The U.S. House of Representatives passed a more comprehensive cryptocurrency market structure bill, which is currently awaiting Senate review [1] Group 2 - Investors are increasingly pouring funds into U.S.-listed cryptocurrency ETFs, with Bitcoin ETFs attracting $5.5 billion in inflows in July, and Ethereum ETFs receiving $2.9 billion in subscriptions [1]