金十数据7月22日讯，据英国金融时报报道，摩根大通正在探索以客户的加密货币资产作为抵押发放贷 款的可能性，这是美国最大银行之一正在推动加密资产进入主流金融体系的又一迹象。这项政策若最终 落实，将标志着摩根大通CEO戴蒙立场的重大转变。八年前，戴蒙曾称比特币是"一场骗局"，声称 它"最终会崩盘"，只对毒贩和杀人犯有用。知情人士透露，摩根大通最早可能于明年开始接受比特币和 以太币等加密资产作为抵押直接发放贷款，但计划仍可能变动。摩根大通对此拒绝置评。 比特币/美元 摩根大通探索以客户加密货币作为抵押来发放贷款 ...

Market Trend & Strategy - Publicly listed companies are becoming the "touch" for crypto assets to enter traditional finance, but this is just the beginning [1] - Simply "holding" crypto is not enough to attract investors; deep participation is required to bind to the crypto market's sentiment and valuation [1] - The industry anticipates a shift from companies merely "buying crypto" to "launching chains," requiring them to build their own moats [1] Technology & Infrastructure - Caldera ($ERA) provides a "one-click chain launch" toolkit, enabling companies to quickly deploy their own exclusive Rollup chains at a very low cost [1] - Caldera's modular design allows for flexible customization and supports BSC and ETH, ensuring interoperability between new chains [1] - Caldera is paving the underlying highway towards the ultimate goal of linking crypto and stock markets [1] Investment & Opportunity - $ERA's strong performance justifies its high-quality financing background [1] - BNB holders are benefiting from both BNB's price increase and the ability to earn additional tokens through staking [1] Risk Warning - The industry acknowledges that any cutting-edge technology comes with uncertainties, including intense competition in the Layer 2 track and the unknown factors in ecosystem development [1]

7月22日消息，据智通财经等媒体报道，美国最大数字资产托管公司BitGo控股公司（BitGo Holdings Inc.）于当地时间周一宣布，已秘密向美国证券交易委员会（SEC）提交首次公开募股（IPO）申请。 政策东风频吹：美国通过FIT21法案明确加密资产属性，特朗普政府推出STABLE法案规范稳定币，欧 盟MiCA法案推动合规中心建设，全球监管框架逐步清晰。 "这是加密领域多年来最好的市场条件。"RenaissanceCapital高级策略师马特·肯尼迪表示，"BitGo若成功 上市，将吸引更多传统投资者通过合规渠道参与加密市场，形成'监管-资本-技术'的正向循环。" BitGo的IPO计划若顺利推进，将产生深远影响。"这不仅是BitGo的里程碑，更是整个加密行业的成人 礼。"加密货币研究机构Kaiko CEO Ambre Soubiran评论道，"当托管、交易、保险等基础设施全面证券 化，数字资产将真正成为全球金融体系不可分割的一部分。" BitGo成立于2012年，总部位于加州帕罗奥多，是全球首个获得纽约州和南达科他州双重信托牌照的加 密托管机构。其业务覆盖全球超50个国家，为500余家机构客户（包 ...

Group 1 - The cryptocurrency market has reached a historic milestone, surpassing a total market value of $4 trillion, driven by the acceleration of cryptocurrency legislation in the U.S., particularly the passage of the "Genius Act" [1] - The "Genius Act," supported by the Republican Party and former President Trump, aims to establish a comprehensive regulatory framework for stablecoins pegged to the U.S. dollar, ensuring their legality and compliance [1] - The act mandates that only licensed stablecoin issuers can operate in the U.S., subjecting them to strict regulations, including reserve asset requirements and anti-money laundering systems, enhancing consumer protection and the overall legitimacy of the cryptocurrency industry [1] Group 2 - The cryptocurrency ETF market in the U.S. has seen strong inflows, with Bitcoin ETFs attracting $5.5 billion in net inflows since July, and Ethereum ETFs drawing $2.9 billion during the same period, indicating institutional investors' optimistic outlook on the cryptocurrency market [2] - The stablecoin market is projected to experience significant growth, with Citibank's research predicting a total circulation supply of stablecoins could reach $1.6 trillion by 2030, potentially rising to $3.7 trillion in an optimistic scenario, with U.S. dollar-denominated stablecoins expected to dominate [2] - Non-U.S. countries are also accelerating the development of their central bank digital currencies (CBDCs), which may impact the stablecoin market dynamics [2]

Group 1 - The UK Financial Conduct Authority (FCA) has seized seven cryptocurrency ATMs and arrested two individuals for allegedly operating an illegal cryptocurrency exchange [1] - This action highlights the ongoing regulatory scrutiny and enforcement actions against unregulated cryptocurrency activities in the UK [1] - The FCA's efforts aim to protect consumers and ensure compliance with financial regulations in the rapidly evolving cryptocurrency sector [1]

Group 1: Core Insights - The acquisition of Morgan Stanley's U.S. equity options electronic market-making business by Citadel Securities signifies a shift in Wall Street's landscape, highlighting the dominance of high-frequency trading (HFT) firms in the U.S. equity derivatives ecosystem [3][4] - This transaction allows Citadel Securities to control approximately 40% of the professional market-making coverage and over 35% of retail options flow, marking a historic concentration in the market [5][4] - The rise of HFT firms is attributed to their technological advantages and speed, with Citadel's proprietary network enabling microsecond-level processing of market data, which translates into significant profit margins [5][6] Group 2: Market Dynamics - Market makers, such as Citadel, act as the "invisible engine" of financial markets, providing liquidity by continuously quoting buy and sell prices, thus ensuring smooth market operations [6][7] - The operational mechanisms of market makers can significantly influence asset prices, especially during periods of "Gamma squeeze," where their hedging activities can lead to explosive market movements [7][8] - Traditional banks are retreating from electronic market-making due to increased regulatory pressures and the high costs associated with technological investments, creating a vacuum in the market that HFT firms are filling [9][10] Group 3: Opportunities in Crypto Assets - The exit of traditional banks from the derivatives market presents new opportunities for the crypto asset market, particularly in the options sector, which is poised to become a core battleground for risk management and leveraged investments [10][11] - The contrasting development stages of crypto markets compared to traditional finance suggest a potential for innovation and optimization in on-chain trading infrastructures [11][12] - The call for a new "fair liquidity" paradigm in crypto markets emphasizes the need for transparency and user trust, aiming to avoid the pitfalls of traditional finance's opaque liquidity models [12][13] Group 4: Future Market Structure - The acquisition by Citadel Securities indicates a future market structure dominated by a few HFT giants, with derivatives, especially options, becoming central to risk management and leveraged investments [13][14] - The low correlation of crypto assets with traditional asset classes presents a unique opportunity for diversification and enhanced portfolio performance [13][15] - The evolving regulatory landscape and the emergence of decentralized finance (DeFi) tools are expected to create a more inclusive and innovative environment for market participants [14][15]

Core Viewpoint - Standard Chartered Group has launched a comprehensive integrated digital asset trading service for institutional clients, becoming the first global systemically important bank to provide secure, compliant, and scalable spot trading for Bitcoin and Ethereum [1][2]. Group 1: Service Launch and Market Position - The new digital asset trading service is highly integrated with Standard Chartered's existing platforms, allowing institutional clients to trade digital assets through familiar forex interfaces and settle with their chosen custodial banks [2]. - The service includes spot trading for Bitcoin (XBT/USD) and Ethereum (XET/USD) through its UK branch, with plans to introduce non-deliverable forward trading soon [2]. - The launch reflects a shift from traditional financial institutions providing "behind-the-scenes" support to actively participating in the core trading of digital assets [1][2]. Group 2: Market Trends and Institutional Influence - The launch of the digital asset trading service indicates three key trends: 1. Accelerated integration of cryptocurrencies with traditional finance, as evidenced by Standard Chartered's role as a global systemically important bank [3]. 2. Increasing influence of institutional investors in the cryptocurrency market, highlighted by the bank's focus on institutional clients [3]. 3. A growing number of banks actively entering the cryptocurrency service space, expanding their business scope since the second half of 2024 [3]. Group 3: Regulatory Environment and Future Outlook - Recent legislative developments in major countries, including the U.S. and Hong Kong, indicate a move towards regulatory frameworks for cryptocurrencies and stablecoins, suggesting the end of the "wild growth" phase for the market [4]. - The future of the cryptocurrency market will depend on achieving a dynamic balance with traditional financial markets, emphasizing the complementary role of cryptocurrencies in enhancing the existing financial system [4]. - Global efforts are underway to classify and regulate digital assets, setting boundaries and norms for financial institutions to operate within [4].

Group 1 - The U.S. banking regulators have released a blueprint for loan institutions holding cryptocurrencies, providing a new roadmap for traditional banks to enter the crypto asset space [1] - The Federal Reserve, FDIC, and OCC jointly issued guidelines for banks to offer cryptocurrency custody services without violating regulations, marking a significant shift in regulatory stance since the "Trump 2.0 era" [1] - The new guidelines come after the withdrawal of previous risk guidelines related to the crypto industry, allowing banks' crypto activities to be supervised under regular regulatory processes, interpreted as a signal of regulatory "relaxation" [1] Group 2 - Market sentiment has been boosted by the upcoming "Crypto Week" in Congress, where three key bills will be reviewed, leading to a surge in Bitcoin prices, which briefly surpassed $123,000 [2] - The dual benefits of regulatory and legislative developments are reshaping market expectations for the crypto asset ecosystem, with participants believing that clearer rules will bring long-term stability [5] - Analysts warn that the current price surge is heavily reliant on policy outlooks, and any legislative setbacks could trigger significant market corrections [5]

Core Insights - Bitcoin price surged to a historic high of $112,000, leading to a temporary market euphoria, but resulted in significant losses for investors, with over 108,800 liquidations totaling $541 million within 24 hours [1][2] Group 1: Market Dynamics - The recent Bitcoin bull market was driven by institutional investments, with over $50 billion flowing into Bitcoin-related products since the approval of Bitcoin spot ETFs in the U.S. [3] - The largest single liquidation occurred on the HTX exchange, amounting to $51.56 million, primarily affecting short sellers who bet against Bitcoin's rise [2] - Ethereum and Solana also experienced significant price increases of 6.52% and 4.24% respectively, alongside Bitcoin's surge [2] Group 2: Economic Factors - The Federal Reserve's dovish signals regarding interest rate cuts have increased liquidity expectations, providing a boost to risk assets like Bitcoin [4] - The tech stock surge, particularly with Nvidia's market cap surpassing $4 trillion, has led investors to view Bitcoin as a beneficiary of the growing data processing demand [4] - Regulatory advancements, such as the upcoming "Genius Act" for stablecoins, are expected to provide a more secure framework for cryptocurrency investments [4] Group 3: Investment Behavior - Institutional investors are increasingly viewing Bitcoin as a dual asset class, combining characteristics of "digital gold" and "tech growth stocks," which has led to a structural shift in purchasing behavior [3] - The volatility of Bitcoin is heightened by its correlation with tech stocks, as evidenced by significant price drops during geopolitical tensions [6] - Over 80% of liquidation losses stem from contract trading, particularly high-leverage trades, indicating the risks associated with such strategies in volatile markets [6]

Core Viewpoint - Bitcoin's price has surged to a new historical high of $118,804.6, reflecting a significant increase in market interest and investment in cryptocurrencies, driven by various macroeconomic factors and institutional participation [1][2]. Group 1: Market Performance - Bitcoin's price increased by over 6.83% in a single day, reaching $118,804.6, and has shown a cumulative rise of over 20% since the beginning of 2025 [1]. - As of July 12, 2025, Bitcoin's price was $117,293.96, indicating a slight correction after the peak [1]. Group 2: Macroeconomic Influences - The rise in Bitcoin's price is attributed to changes in the global macroeconomic environment, including increased political uncertainty and concerns over traditional assets [2]. - The digital currency sector has become a significant source of funding in the 2024 U.S. presidential election, with contributions from the cryptocurrency industry nearing 43% of corporate donations [2]. Group 3: Institutional Investment - Institutional investors have significantly increased their participation in Bitcoin, with over $50 billion flowing into Bitcoin ETFs since the approval of the first U.S. spot Bitcoin ETF in early 2024 [4][5]. - More than 260 companies and institutions globally hold Bitcoin, with a total holding of nearly 3.5 million BTC, indicating a broad acceptance of Bitcoin as an investment asset [4]. Group 4: Regulatory Developments - The introduction of the GENIUS Act is expected to provide a clearer regulatory framework for the cryptocurrency market in the U.S., enhancing market confidence [3][6]. - Ongoing global regulatory policies, such as MiCA and licensing systems in Hong Kong, may further solidify Bitcoin's status as a digital reserve asset [6]. Group 5: Investment Risks - The cryptocurrency market is highly influenced by market sentiment and can experience significant volatility, necessitating caution among investors [6][7]. - Investors are advised to be aware of the differences in risk attributes and management between Bitcoin and traditional financial products, emphasizing the need for thorough understanding before investing [7].