Stablecoin inflows to exchanges fall to the lowest level of 2025
PANews said in its July 25 daily roundup that analysts are seeing continued weakness in stablecoin transfers into exchanges. Since the start of 2025, inflows have kept sliding and have now dropped to the lowest level of the year.
Current average monthly inflows of USDT and USDC stand at about $2.3 billion, while the annual average is around $3.7 billion. By comparison, when Bitcoin hit its all-time high, average monthly inflows were $5.6 billion and the annual average was $4.3 billion. The analysts cited in the report said the shift points to soft demand and limited investor interest. They also noted that peak stablecoin inflows are often a lagging signal: exchange stablecoin supply can still rise while some investors are taking profits and newer entrants continue betting on higher Bitcoin prices. In their view, market demand still needs to improve.
Spot Bitcoin ETFs see $240 million in net outflows on July 24
According to the roundup, U.S. spot Bitcoin ETFs posted total net outflows of $240 million on July 24, Eastern Time. BlackRock’s IBIT saw the largest single-day net outflow at $212 million, though its cumulative historical net inflow still stands at $60.394 billion.
Fidelity’s FBTC followed with a net outflow of $27.9116 million and cumulative historical net inflows of $10.005 billion. As of publication, total net assets across spot Bitcoin ETFs were $77.823 billion, with an ETF net asset ratio of 6.05%. Cumulative historical net inflows had reached $51.386 billion.
Hong Kong court sentences Xiao Rui to 6 years and 9 months
On the regulatory and macro front, PANews reported that Xiao Rui, the son of former Wuhan municipal supervisory commission member Xiao Jun, laundered more than HK$64 million through underground banking channels and also used false information to obtain Hong Kong residency rights. On July 23, Hong Kong’s District Court found the 37-year-old guilty on four counts of money laundering and one count of using a copy of a false instrument, sentencing him to six years and nine months in prison.
Xiao argued that the money came from his mother’s legitimate business income and from his own Bitcoin sales. The judge rejected that explanation, saying Xiao could not plausibly have been unaware of the multimillion-asset threshold when applying under the Capital Investment Entrant Scheme. Under questioning from prosecutors, Xiao acknowledged that his mother had worked in a hospital as a nurse and clerical employee, and the court did not accept his Bitcoin-sale explanation because no trading records were produced.
Chinese regulator fines and confiscates Ctrip a total of 5.179 billion yuan
China’s State Administration for Market Regulation imposed administrative penalties on Ctrip Group for abusing its dominant market position, with fines and confiscations totaling 5.179 billion yuan. Authorities said that since 2020, Ctrip had abused its dominance in China’s online hotel booking platform market through platform rules and technical measures centered on traffic allocation mechanisms.
The regulator said Ctrip used two forms of monopolistic conduct. First, it required so-called “special-label” hotel operators to cooperate exclusively, using the promise of maximum traffic allocation and rights support to induce hotels with high transaction volume, strong service quality, and strong user appeal to choose that status while prohibiting cooperation with rival platforms. Second, it forced “gold-label” and “no-label” hotel operators to offer the “lowest price on the entire internet,” requiring prices on Ctrip to be the lowest across platforms and allowing direct price adjustments.
The report said Ctrip monitored compliance with exclusive arrangements and lowest-price requirements through technical tools, and used punitive measures including traffic restrictions, delisting, and deductions from order reserve funds. Under Articles 57 and 59 of the Anti-Monopoly Law, regulators ordered Ctrip to stop the illegal conduct, fully return 122 million yuan in forcibly deducted hotel order reserve funds, confiscate 1.658 billion yuan in illegal gains, and pay a 3.521 billion yuan fine, equal to 7.5% of its 2025 domestic sales of 46.958 billion yuan. Ctrip said it accepted the decision, would comply, and would roll out rectification measures item by item while opening them to public scrutiny.
Thailand’s SEC files criminal complaints against Bitkub and former executives
Thailand’s Securities and Exchange Commission filed criminal complaints with the Economic Crime Suppression Division against Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan. The regulator alleged that after a 2021 theft involving about 1.7 billion baht and 16 digital assets, the company made false or omitted disclosures in its daily net capital report, Form DA 1, in violation of provisions under the Emergency Decree on Digital Asset Businesses.
The SEC said the two former directors bear equal responsibility for the false filings. The case will move into police investigation, prosecutorial review, and court proceedings. Bitkub responded that company and client assets are currently safe and intact, and said an equivalent amount of assets had been repurchased at the time using funds advanced by a co-founder, leaving customers without losses.
India asks GitHub to remove Bitchat repositories
India’s cybercrime agency under the Ministry of Home Affairs invoked Section 79(3)(b) of the IT Act and ordered GitHub to remove three code repositories for Bitchat, an offline messaging app backed by Jack Dorsey, within three hours. The notice said Bitchat can transmit encrypted messages and Bitcoin transactions through a decentralized Bluetooth mesh network without requiring a phone number or registration, while keeping no centralized logs, making lawful interception and tracing difficult for law enforcement.
The roundup added that student protesters from Delhi’s “Cockroach Janta Party” used Bitchat and similar Bluetooth mesh apps to stay in contact during repeated internet shutdowns. Bitchat remains available in the Google and Apple app stores, and because open-source code is often mirrored across multiple platforms, removal from a single service is unlikely to erase it completely.
TRUMP team unlocks and transfers 10.837 million tokens
The team address tied to $TRUMP unlocked and transferred 10.837 million $TRUMP tokens, worth $16.91 million, 45 minutes before the report. Based on the prior two unlocks, PANews said the tokens are likely to move next to BitGo and later to centralized exchanges including OKX.
Robinhood is in talks with Crypto.com on prediction markets
Robinhood is discussing a prediction markets partnership with Crypto.com, according to the roundup. If the deal is completed, markets provided by Crypto.com would be integrated into Robinhood, allowing Robinhood users to access those products through its platform.
PANews noted that Robinhood has previously relied mainly on partners such as Kalshi, Interactive Brokers’ ForecastEx, and Rothera for contract offerings. A Crypto.com deal would put Robinhood in more direct competition with Kalshi.
Across says net loss was under $4 million and user funds were unaffected
Cross-chain protocol Across Protocol released a post-mortem on its relayer security incident. On July 17, an attacker exploited a vulnerability in Risk Labs’ offchain event-reading software for Solana and forged 1,627 fake deposit events with a total face value of about $41.7 million.
Before Solana services were paused, the relayer fronted 581 of those transfers, using about $4.5 million of its own funds. Around $500,000 of attacker funds became trapped in the protocol, bringing the net loss to under $4 million. The remaining roughly $37 million in fake deposits became invalid. Across said user funds were never lost or placed at risk, and all user transfers were either completed or fully refunded the same day. It also said no smart contracts were exploited, the Solana program and all EVM contracts operated as intended, Solana order flow has now been routed fully through CCTP, and the ACX token acquisition remains on schedule.
LayerZero to phase out support for 20 low-activity chains
LayerZero said it will gradually end support for 20 chains with very low activity, which means its DVN and Executor services will no longer be available on those networks. The schedule given in the report is as follows:
- Botanix on July 30;
- Moonriver, Moonbeam, Nexera, and Canto on July 31;
- EDU Chain, Meter, Shimmer, Cyber, Silicon, Sophon, Bitlayer, DFK Chain, Arbitrum Nova, and DOS Chain on August 28;
- Aurora, Taiko, BounceBit, Japan Open Chain, and LightLink on September 30.
LayerZero also said Stargate v2 will gradually stop supporting Botanix, EDU Chain, Aurora, Taiko, and LightLink. Users holding related Stargate Pool or Stargate Hydra assets were told to bridge those assets to still-supported networks before the effective dates, or they could lose access to funds.
Phantom will stop supporting Monad on August 12
Monad said on X that Phantom Wallet will end support for Monad on August 12 and advised users to move funds to other EVM wallets. Monad listed MetaMask, Rabby, Backpack, OKX Wallet, Trust Wallet, and Uniswap Wallet as alternatives. PANews said Phantom had integrated Monad when the network’s mainnet went live in November 2025.
X removes 42,000 bot-driven reply accounts
X product lead Nikita Bier said the platform identified 42,000 accounts that used chatbots to automatically reply to users and removed them. “X’s core value lies in authentically reflecting humanity, and using AI to interact with users in a programmatic way without human intervention runs counter to our mission,” he said.
Jensen Huang appears to join X; BlackRock moves 3,126 BTC to Coinbase Prime
Nvidia CEO Jensen Huang appears to have opened a personal X account under “@JensenHuang.” The profile describes him as Nvidia’s founder and CEO and lists Santa Clara as his location. Nvidia’s official NVIDIA AI account follows it, though the account had not posted any content at the time of the report.
Separately, onchain data showed that BlackRock transferred about 3,126 BTC, worth around $203 million, from the wallet of its IBIT spot Bitcoin ETF to Coinbase Prime. The transfer was split across multiple transactions, including several 300 BTC transfers and one transfer of 126.168 BTC, all from the same ETF custody address.
Circle mints another 250 million USDC
USDC issuer Circle minted an additional 250 million USDC through USDC Treasury.
Capital Group increases its Strive position
SMALLCAP World Fund, which is part of investment manager Capital Group, disclosed that it recently added 481,772 shares of Bitcoin treasury company Strive ($ASST), valued at $5.52 million. The fund now holds 2.93 million shares worth $33.62 million. Capital Group manages $3.3 trillion, according to the PANews report.
World Foundation raises $52.5 million through a discounted WLD sale
PANews reported that the Worldcoin Foundation sold 217 million WLD to institutions including Pantera Capital about eight hours earlier, raising about $52.5 million. While the token sale price was not officially disclosed, the report said the team wallet distributed 217.4 million WLD to multiple addresses after the announcement. Based on the token amount and the total capital raised, the implied sale price was about $0.24, a 36% discount to the current WLD market price. The tokens are subject to a one-year lockup, which the report said may be one reason for the discount.
A separate item in the same roundup said World Foundation, the organization behind the World project, raised $52.5 million through a strategic sale of WLD, with all tokens locked for one year. The “first close” was led by Pantera Capital, with Bain Capital Crypto, Eightco Holdings (Nasdaq: ORBS), Selini Capital, and Susquehanna Crypto also participating.
The foundation said the WLD sold in the deal is for use only within World Network and does not represent equity in Tools for Humanity or any claim on its proceeds. The funds will be used to expand World ID technology for enterprises, individuals, and AI agents. World ID is already integrated with Zoom, DocuSign, Okta, Vercel, and Tinder. The network has more than 39 million sign-ups, with more than 18 million people having completed Orb-based proof-of-personhood verification. WLD was trading at about $0.37, with a total market capitalization of roughly $1.31 billion.
Updates on Anduril, ARK, Kinetic Group, LMAX, and B2C2
U.S. defense technology company Anduril is in talks to raise capital at a valuation of about $100 billion, though no decision has been made on future financing. According to the report, the company may ask investors to commit to a second round at a higher valuation.
ARK Invest disclosed its July 24 trading record showing that ARKK bought 5,264 shares of Bitmine (BMNR), worth about $83,118.
Kinetic Group plans to acquire up to 10% of the total supply of $FLUID through open-market purchases and over-the-counter deals.
Institutional crypto exchange LMAX Group is working with Morgan Stanley and investment bank KBW to evaluate strategic options including a sale, a SPAC merger, and an IPO in Nasdaq or Europe, with a potential valuation of up to $5 billion. The report said the company is not rushing to list, and its foreign-exchange business has helped offset weak crypto market conditions. LMAX has expanded in recent years, launching a 24/7 multi-asset exchange covering FX, digital assets, commodities, and tokenized securities. In January this year, it received a $150 million strategic investment from Ripple to support institutional adoption of the RLUSD stablecoin through its trading and settlement network.
Crypto market maker B2C2, 90% owned by Japan’s SBI Holdings, has spent the past 18 months in talks with several potential buyers over the sale of part or all of its equity, but valuation differences have held back a transaction. Sources cited in the roundup said B2C2 is seeking a valuation above $1 billion, a level that has been hard to achieve in the current crypto market environment. Founded in 2015 and headquartered in London, B2C2 provides crypto market-making and liquidity services to banks, exchanges, brokers, hedge funds, and asset managers across spot, derivatives, structured products, and OTC. Its results are not disclosed separately and are instead included in SBI’s crypto asset segment, which reported about $550 million in revenue and 2.12 billion yen in pretax profit in the last fiscal year. SBI recently also agreed to buy crypto exchange Bitbank for about $289 million.
Musk backs Huang’s public letter on open-weight AI models
In the views and analysis section, PANews said Elon Musk reposted a message on X saying, “I fully support this, Jensen is right,” publicly backing a letter previously signed by Jensen Huang that argued for the importance of open models.
In his first post on X, Huang shared a public letter co-signed by Nvidia that stressed the importance of open-weight AI models for the AI industry. The letter said AI will reshape industries and economies, and argued that open models can strengthen security and cybersecurity, accelerate the spread of innovation, and preserve sovereignty. It also said relying on a small number of closed large models creates single points of failure and concentrated power, while open weights can improve overall AI safety through more transparent security testing and red-teaming. The letter also called on governments to invest more in infrastructure such as computing power, datasets, and evaluation tools, and warned against imposing overly early or overly strict restrictions on open models that could push innovation overseas.
Bitcoin realized volatility nears multi-year lows; Hyperliquid buys back HYPE
PANews said Bitcoin’s one-year realized volatility was near 42% at the end of the second quarter. Even with weak price action, that level is still close to multi-year lows. The report said this may indicate that the asset is maturing or that volatility has been suppressed. It added that low volatility often precedes a sharp move higher in volatility once a catalyst appears.
Separately, derivatives platform Hyperliquid bought back and burned about 130,870 HYPE over the past seven days, spending about $7.65 million at an average buyback price of roughly $58.45. The total amount of HYPE removed from circulation this week was 130,870 tokens.