On July 1, 2026, the crypto market was rocked by multiple high-impact events, from hawkish Fed remarks to SEC scrutiny and Trump's massive crypto disclosure. Below is a professional digest of the key developments.
Market Movers: CEX and On-Chain Meme Highlights
Among the top 10 CEX spot volumes, 24-hour gainers showed clear divergence. According to OKX data, BASED led with a 29.75% gain, followed by AI (+25.19%), DYDX (+14.22%), XLM (+10.31%), XCH (+9.86%), BIO (+8.72%), GLM (+7.62%), ZENT (+6.33%), OL (+6.01%), and NMR (+5.67%). The crypto-equity gainers list was sourced from msx.com. On-chain meme activity (GMGN data) remained vibrant.
Macro Policy: Fed Hawkish Signal and SEC ETF Review
Federal Reserve official Harker stated that the labor market is near full employment with a good growth outlook, but inflation remains too high, meaning the Fed may need to consider raising interest rates. She plans to approach upcoming FOMC meetings with an open mind and will not prejudge outcomes. This hawkish remark fueled market worries about prolonged tightening.
Simultaneously, the SEC announced on Tuesday that it is seeking public comment on the regulation of 'new-type ETFs,' evaluating whether the current fund registration and listing process needs adjustments. The review comes amid a rapid expansion of crypto ETFs, including approved products tracking SOL, DOGE, and other assets. SEC Chair Paul Atkins emphasized the need to listen to market participants to ensure investor protection while allowing innovation.
Regulatory and Compliance: CLARITY Act and Kalshi Lawsuit
Investment bank Jefferies warned in a report that the CLARITY Act, despite passing the Senate Banking Committee by a 15-9 bipartisan vote, still faces significant legislative hurdles. Political uncertainty could exacerbate crypto market volatility in the coming weeks. The bill aims to draw clear boundaries between SEC and CFTC jurisdiction over digital assets and is considered a core legislative framework for U.S. crypto market structure. Jefferies noted that if enacted, it would boost institutional participation, while delays would extend regulatory uncertainty.
Separately, the Massachusetts Attorney General received court approval to file an amended complaint against prediction market platform Kalshi, alleging that the platform offers sports betting to users under 21 through social media and college campus marketing without effective age controls. Kalshi allows users aged 18 and older to create accounts and bet on sports events. The state argues this violates Massachusetts law. The CFTC previously filed an amicus brief in the state asserting exclusive jurisdiction over prediction markets. Kalshi has not yet responded to requests for comment.
Institutions and Ecosystem: Trump Crypto Holdings, OUSD Stablecoin, Index Inclusion
Trump disclosed holding over $100 million in BTC and ETH in his latest financial filing, with income exceeding $1.4 billion in the 2025 reporting period. This includes over $500 million from World Liberty Financial, approximately $635 million from selling TRUMP meme coins, and over $80 million from legal settlements with media companies. Reuters estimates that Trump family crypto ventures have generated at least $2.3 billion in profits from investors since his return to the presidency.
In the stablecoin space, Visa, Stripe, Mastercard, BlackRock, and Coinbase are reportedly planning to jointly launch a new stablecoin called 'OUSD,' adopting a multi-party collaboration model with shared revenue mechanisms. Specific structure, launch timeline, and regulatory arrangements have not been publicly disclosed.
On the index front, Hyperliquid Strategies (ticker PURR) has been added to the Russell 3000 and Russell 2000 indexes, following its earlier inclusion in the S&P Global BMI Index.
AI chip startup Etched completed approximately $800 million in funding from investors including quantitative trading giant Jane Street and VC firms linked to Taiwan Semiconductor Manufacturing Company (TSMC). The company is currently testing its AI inference chip and plans to begin shipping to some clients this summer, with signed sales contracts totaling about $1 billion.
Market Views: Peter Schiff's Skepticism and Jiang Zhuor's Warning
Gold advocate Peter Schiff questioned the prevailing optimism around Bitcoin, arguing that the notion that a drop to $20,000 is 'almost impossible' lacks evidence. He pointed out that Bitcoin fell below $20,000 about 3.5 years ago, and large drawdowns within short periods are common in financial markets. Given Bitcoin's higher volatility compared to most equities, a similar correction under macro or liquidity changes is 'entirely reasonable,' he said.
Conversely, veteran miner Jiang Zhuor posted on X that ETF outflows are persistent, Coinbase prices are showing a significant discount (back to levels seen before sharp corrections in late January and late May), funding rates remain positive, and open interest is elevated — all pointing to concentrated leveraged positions. His conclusion: 'Everything points to: something big is coming,' suggesting heightened volatility ahead.
Technology Innovations and Project Updates: OKX.AI, Pump.fun Change, MetaMask Money Account
OKX officially launched OKX.AI, a decentralized platform supporting AI Agents in issuing tasks, accepting tasks, making payments, evaluating, and arbitrating, aimed at building an Agent-driven economy. CEO Star commented that the future decade will see the world rebuilt around Agents, with humans focusing on imagination, judgment, and unique value.
Pump.fun announced it will no longer support the Tokenized Agent issuance function, though existing tokens that enabled it at launch will remain unaffected. The platform will pivot toward issuance models that 'significantly improve the retail trading experience,' likely converging on a more user-friendly and liquidity-focused design rather than expanding feature coverage.
MetaMask launched a self-custodial 'Money Account' that integrates stablecoin yields, payments, and trading into a single wallet system. Built on the Monad blockchain with mUSD (a USD-pegged stablecoin) as its core asset, users earn up to approximately 4% floating annualized yield, with funds automatically routed to decentralized lending protocols like Morpho (with Aave integration planned).
Additionally, predict.fun partnered with Binance Wallet to launch an Alpha Points trading incentive campaign. From June 30 to July 6 (UTC), users who complete a single Buy transaction over 50 USDT through Binance Wallet Prediction will receive 5 Binance Alpha Points, with rewards distributed within 24 hours.