Core Insights - Ethereum Trust ETF has seen an increase of 7.1% [1] Group 1 - The rise in Ethereum Trust ETF indicates growing investor interest in cryptocurrency assets [1]

Core Insights - Ethereum spot ETFs have recorded net inflows for 13 consecutive trading days, attracting over $4 billion in total, indicating a growing demand from institutional investors for exposure to Ethereum [1][3][5] Group 1: Fund Inflows - On July 22, Ethereum spot ETFs saw a net inflow of $534 million, extending the streak to 13 days [1] - During this period, total net inflows for all Ethereum ETFs increased from $4.25 billion to $8.32 billion, with total net assets reaching $19.85 billion, representing 4.44% of Ethereum's market cap [3] - The iShares Ethereum Trust (ETHA) led the inflows with $426 million on a single day, surpassing $10 billion in assets [3] Group 2: Market Dynamics - The inflows into Ethereum ETFs are driven by a decline in Bitcoin's dominance and an increasing institutional demand for Ethereum exposure [6] - Notably, on July 16, Ethereum ETFs recorded a single-day inflow of $727 million, the highest since the product's launch [6] - The demand for Ethereum is expected to exceed supply significantly, with projections indicating a potential demand of $20 billion worth of ETH over the next year, while only 800,000 ETH are expected to be issued during the same period [6]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].

Market Segmentation - Bitcoin is distinct from Ethereum and altcoins [1] - Bitcoin is no longer the leading indicator for the cryptocurrency market [2] - Ethereum is no longer the leading indicator for altcoin season [2] Market Participants - Exchanges have successfully navigated the current market conditions [2] - Ethereum has successfully navigated the current market conditions [2] - Stablecoins have successfully navigated the current market conditions [2] Future Outlook - Those who haven't succeeded in the current market may need to wait for future opportunities [3]

加密货币市场在经历多轮牛熊转换后，正迎来一场由稳定币引领的深刻变革。 当传统金融巨头发行自家稳定币，当全球跨境结算开始大规模采用USDC，当DeFi生态的锁仓价值屡创新高——我 们正站在数字资产大规模应用的前夜。稳定币作为连接现实世界与加密经济的桥梁，其爆发性增长不仅预示着加密 货币的成熟，更打开了前所未有的投资窗口。 加密货币资产：广阔天地，未来可期 加密货币（有时称为 crypto）是以数字或虚拟方式存在并使用加密技术来保护交易的任何形式的货币。加密货币没 有中央发行或监管机构，而是使用去中心化系统来记录交易并发行新单位。 加密货币因使用加密来验证交易而得名。这意味着，在钱包之间以及向公共分类账存储和传输加密货币数据的过程 涉及高级编码，加密的目的是提供安全性。 图片来源：pixabay 稳定币：加密世界的"压舱石"与增长引擎 2025年，全球稳定币监管框架加速成型：6月17日，美国参议院正式通过稳定币监管法案《GENIUS法案》，首次赋 予合规稳定币"数字美元"法律地位。 6月18日，中国人民银行行长潘功胜首次提到"稳定币"，并指出，其"从底层重塑传统支付体系，大幅缩短跨境支付 链条，同时对金融监管也提 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the US issued 22 new products, including 2 S&P 500-related strategy products. US equity and bond ETFs continued to see inflows, with cross-border stock products showing continuous inflows and international stock products performing well. In May 2025, the total amount of non-money public funds in the US increased, while from June 25 to July 2, domestic stock funds saw further outflows and bond products maintained inflows [2]. Summary by Directory 1. US ETF Innovation Products: BlackRock Issues S&P 500-Related Strategy Products - Last week, the US issued 22 new products, including 2 S&P 500-based differentiated strategy products. BlackRock's passive product invests in S&P 500 components excluding S&P 100 to avoid high market concentration risk, while Roundhill's product aims to replicate S&P 500 total return while minimizing dividends [2][7][11]. - Vanguard issued 3 bond ETFs last week, including an active treasury bond enhanced strategy product with a 0.1% fee and 2 passive products for treasury bonds and inflation-protected bonds with a 0.03% fee [7]. - Kurv issued a gold enhancement product last week, which can invest in gold, gold ETFs, and gold-related derivatives [8]. - Allspring issued 3 active products last week, investing in large-cap, small- and mid-cap stocks, and ultra-short municipal bonds respectively [9]. - Calamos issued 3 Bitcoin spot downside protection products last week, with one offering 100% downside protection and the other two protecting against losses beyond 10% and 20% [9]. - Horizon issued 2 products last week, including an active options strategy product linked to the Nasdaq and a frontier technology-themed ETF [11]. - Tradr issued 5 single-stock 2x leveraged products last week, mainly in the AI and energy sectors [11]. 2. US ETF Dynamics 2.1 US ETF Funds: Cross-Border Stock Products See Continuous Inflows - Last week, US equity and bond ETFs continued to see inflows both domestically and internationally, with cross-border stocks having more inflows than domestic stocks. Bitcoin products also saw significant continuous inflows. Some industry and style products were among the top outflows, while broad-based funds mainly saw inflows. BlackRock's Bitcoin and Ethereum ETFs were among the top ten in terms of inflows [2][12][16]. - The Nasdaq 100 ETF saw significant outflows last week, while Russell 2000 and emerging market products saw inflows [19]. 2.2 US ETF Performance: International Stock Products Perform Well - This year, US cross-border stock products have seen continuous inflows and have generally outperformed US stocks. Many overseas stock products have had a gain of over 20%, while the S&P 500 has had a gain of less than 7% [2][21]. 3. Recent Fund Flows of US Ordinary Public Funds - In May 2025, the total amount of non-money public funds in the US was $21.91 trillion, an increase of $0.85 trillion from April 2025. The scale of domestic stock products increased by 5.49%, slightly lower than the stock price increase [24]. - From June 25 to July 2, domestic stock funds in the US had a total outflow of approximately $23.2 billion, with outflows further expanding, while bond products maintained inflows [24].

Core Viewpoint - Truth Social has submitted registration statements for Bitcoin and Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC) [1] Group 1 - Truth Social is expanding its financial product offerings by entering the cryptocurrency market through Bitcoin and Ethereum ETFs [1]

Group 1: Bitcoin ETFs and Market Developments - BlackRock's Bitcoin spot ETF (IBIT) has reached an asset size of $72.4 billion, making it one of the top 25 ETFs in the U.S. just 1.4 years after its launch [1] - Trump Media & Technology Group's social platform Truth Social has submitted an application for a Bitcoin spot ETF, potentially becoming the first social media platform to do so [1] Group 2: Corporate Holdings and Risks - Standard Chartered Bank warns that the current trend of corporate Bitcoin holdings, totaling 673,800 BTC (3.2% of total supply), may lead to forced selling if prices drop below the average purchase price by 22% [3] - Meitu's CEO revealed that the company made a profit of 570 million yuan from liquidating its cryptocurrency holdings, with 80% of the profits distributed to shareholders [4] Group 3: Binance and Market Position - Binance holds the largest share of stablecoin reserves, accounting for 59% of the total with $31 billion in USDT and USDC [6] - Binance has attracted $180 billion in stablecoin inflows since 2025, leading the market in this regard [6] Group 4: Regulatory Perspectives - SEC Commissioner Hester Peirce emphasizes the importance of Bitcoin technology for maintaining freedom and advocates for citizens' rights to use cryptocurrency mixers [8] Group 5: Market Trends and Analysis - Bitcoin's price has recently fluctuated, with a low of $103,700, and analysts suggest that breaking key support and resistance levels will determine the next market trend [10]

Group 1 - The CME Bitcoin futures main contract increased by 4.00%, closing at $109,200 on May 23, with a peak of $112,000 on May 22 before a slight decline [1] - The CME Ether futures main contract decreased by 1.12%, settling at $2,551.50, while overall it has shown a trend of fluctuating upward [1] - A significant drop in cryptocurrency prices occurred after President Trump's threat to impose a 50% tariff on the EU on May 23 [1]

Core Insights - The global cryptocurrency market is experiencing significant positive momentum, with Bitcoin stabilizing above $100,000 and perpetual contract trading volumes reaching a three-month high, exceeding $35 billion in the last 24 hours [1] Group 1: Institutional Investment - Goldman Sachs has increased its holdings in the iShares Bitcoin ETF (IBIT) by 28%, now holding approximately $1.4 billion worth of IBIT shares, making it the largest holder of IBIT [2] - The influx of institutional funds is enhancing the depth and liquidity of the Bitcoin perpetual contract market, with XBIT reporting a 36% month-over-month increase in daily trading volume for Bitcoin perpetual contracts [2] Group 2: Regulatory and Policy Support - U.S. Vice President JD Vance is set to speak at the Bitcoin 2025 conference, publicly supporting Bitcoin, which has further boosted market confidence and increased buying activity in perpetual contracts [4] - The long-term positive signals from policymakers are expected to attract more traditional financial institutions into the cryptocurrency market, further driving the development of Bitcoin perpetual contracts [4] Group 3: Market Sentiment and Predictions - Cathie Wood has predicted that Bitcoin could reach $1.5 million, citing an end to the economic recession and a shift in the Federal Reserve's tone towards a more dovish stance, which may increase liquidity in the crypto market [6] - Following Wood's comments, new long positions in Bitcoin perpetual contracts surged by 23%, indicating a significant boost in market confidence [6] Group 4: Ethereum Performance - Ethereum has surged over 38%, marking its best weekly performance since 2021, which has also invigorated the entire cryptocurrency derivatives market [8] - The open interest in Ethereum perpetual contracts has reached a historical high, reflecting a strong bullish sentiment in the market [8] Group 5: XBIT Platform Innovations - XBIT has implemented a dynamic margin mechanism that automatically adjusts leverage based on market volatility, reducing the risk of forced liquidations during high volatility periods [9] - The decentralized architecture of XBIT provides users with complete asset autonomy and ensures fairness and transparency in trading through its on-chain order matching system [9]