On July 1, the crypto market received multiple major news, from Fed policy signals and SEC regulatory reviews to Trump's holdings disclosure and numerous project updates, indicating strong volatility expectations.
Market Overview: Hot Coins and On-Chain Trends
According to CEX data, the 24-hour top 10 traded coins (from OKX) are: BASED (+29.75%), AI (+25.19%), DYDX (+14.22%), XLM (+10.31%), XCH (+9.86%), BIO (+8.72%), GLM (+7.62%), ZENT (+6.33%), OL (+6.01%), NMR (+5.67%). On-chain meme coins also remained active, though specific tokens were not listed, trading heat was high.
Macro and Regulatory Updates
Fed's Hammack Hints Rate Hike: Fed's Hammack stated the labor market is near full employment with good growth prospects, but inflation remains too high, and the Fed may need to consider rate hikes. She will attend meetings with an open mind and will not prejudge outcomes.
SEC Launches ETF Rule Review: The SEC announced Tuesday it is seeking public comment on the regulatory approach for 'novel ETFs,' evaluating whether current fund registration and listing processes need adjustments. Chairman Paul Atkins said the regulator wants to hear market opinions to ensure the U.S. ETF market effectively serves investors while continuing to grow and innovate. Since Atkins took office in April 2025, the SEC has approved multiple crypto ETFs beyond Bitcoin and Ethereum, including those tracking SOL, DOGE, and others.
CLARITY Act Faces Legislative Uncertainty: Investment bank Jefferies warned in a report that the U.S. Clarity Act, though passed 15-9 in the Senate Banking Committee, still faces significant hurdles in the legislative process, potentially increasing crypto market volatility in coming weeks. The bill aims to clarify the regulatory boundaries between the SEC and CFTC for digital assets. Smooth passage would boost institutional participation, while delays prolong uncertainty.
Massachusetts Amends Lawsuit Against Kalshi: The Massachusetts Attorney General received court approval to file an amended complaint against prediction market platform Kalshi, new allegations that Kalshi marketed to users under 21 via social media and college campuses, offering sports betting without effective restrictions. The case started in September 2025. The CFTC previously filed an opinion in Massachusetts asserting exclusive jurisdiction over prediction markets.
Major Industry Events and Project Updates
Trump Discloses BTC and ETH Holdings and Income: According to Bitcoin News, Trump disclosed in his latest financial filing holdings of over $100 million in BTC and ETH, and reported income over $1.4 billion during the 2025 filing period. The filing shows Trump earned over $500 million from the crypto project World Liberty Financial co-founded with his son, approximately $635 million from selling TRUMP Meme coin, and over $80 million from legal settlements with media companies. Reuters estimated that since Trump returned to the presidency, the Trump family's crypto business has generated at least $2.3 billion in profits from investors.
Multiple Financial Institutions Plan to Launch Stablecoin OUSD: Market sources report that Visa, Stripe, Mastercard, BlackRock, and Coinbase are planning to jointly launch a new stablecoin called 'OUSD,' expected to adopt a multi-party collaboration model and share revenue mechanisms among participants. Specific structure, launch timing, and regulatory arrangements are not yet publicly disclosed.
Hyperliquid Strategies Added to Russell 3000 and 2000: HYPE treasury company Hyperliquid Strategies (ticker: PURR) has been officially added to the Russell 3000 Index and Russell 2000 Index. Earlier this month, the stock had already been included in the S&P Global BMI Index.
Pump.fun Ends Tokenized Agent Feature: Pump.fun announced on X that it will stop supporting the Tokenized Agent (tokenized AI agent) issuance feature, but existing tokens that already enabled this feature will not be affected. Pump.fun said it will shift focus to issuance models that enhance retail trading experience, potentially indicating a convergence in its meme coin launch mechanism design toward usability and trading experience.
MetaMask Launches Self-Custodial Money Account: MetaMask announced the launch of a new self-custodial account 'Money Account,' integrating stablecoin yields, payment, and trading functions into a single wallet system. Built on the Monad blockchain, the core asset is the dollar-pegged stablecoin mUSD. Users can earn up to ~4% floating annualized yield, with funds automatically deployed to decentralized lending protocols like Morpho, and eventually Aave.
AI Chip Startup Etched Raises $800M: AI chip startup Etched completed ~$800 million funding from investors including quantitative trading giant Jane Street and a venture capital firm affiliated with Taiwan Semiconductor Manufacturing Company (TSMC). The company is currently testing its AI inference chip and plans to begin shipments to some customers this summer, having signed ~$1 billion in sales contracts, though specific clients are undisclosed.
predict.fun Partners with Binance Wallet for Trading Incentives: From June 30 00:00 to July 6 23:59 UTC, users completing a single Buy transaction over 50 USDT via Binance Wallet Prediction will receive 5 Binance Alpha Points. The activity supports Web and App, each user limited to one reward.
Market Views and Outlook
Peter Schiff Questions Bitcoin Optimism: Economist and gold advocate Peter Schiff argued that the market's belief that Bitcoin falling to $20,000 is 'almost impossible' lacks basis. He noted Bitcoin was below $20,000 about 3.5 years ago, which is not distant, so the possibility cannot be ruled out. Given Bitcoin's higher volatility compared to most stocks, a similar correction under macro or liquidity changes is 'completely reasonable'.
Jiang Zhuocr: ETF Selling, Coinbase Discount Signal Big Move Coming: Jiang Zhuocr analyzed on X that ETFs continue to sell with synchronized reductions across multiple institutions; Coinbase's market price shows significant discount, returning to levels seen before the sharp adjustments at end of January and end of May; funding rates remain positive with high open interest indicating concentrated leverage. He summarized, 'Everything points to: the big one is coming.'
OKX Launches OKX.AI: Decentralized Platform for Agent Economy: OKX officially launched OKX.AI, a decentralized platform supporting AI agents to issue tasks, accept tasks, make payments, evaluate, and arbitrate. Founder and CEO Star stated that the world will be restructured around agents in the next decade, and humans will focus more on imagination, judgment, goals, and truly unique value.