Castle Labs used this week’s Chronicle to make a broader point about the current crypto cycle: headline activity metrics are no longer enough on their own. Investors are asking where protocol revenue goes, how durable it is, and whether token holders, LPs, stakers or treasury structures actually capture any of it. That shift is visible across several cases covered in the report. Maple, despite posting a record first half with $4.6 billion in AUM, 81% year-over-year growth, and $4.4 million in Q2 revenue, is facing questions over the design of its new rules-based buyback framework. The protocol plans to tie buybacks to monthly gross revenue, but tokens repurchased under the plan are set to flow into the SYRUP Strategic Fund, leaving open questions about whether the mechanism behaves more like treasury management than a direct value-accrual model for SYRUP holders. Uniswap has now activated protocol fees on V4, reviving a familiar debate around LP economics and UNI utility. Sky, meanwhile, reported a record June revenue run rate of $419 million and more than $250 million in USDS yield distribution, yet its Prime Agent structure makes it harder to determine what SKY holders are actually entitled to. The report also highlights Theo’s integration of Fidelity International’s FILQ into thBILL, OndoPerps’ launch with tokenized equities as collateral, and several themes Castle Labs is tracking, including Circle Agent Stack, Robinhood Chain and an SEC roundtable on IPO access.

Michael Saylor outlined a long-term Bitcoin forecast stretching to 2045, with a $3 million bear case, $13 million base case, and $49 million bull case, while reaffirming Bitcoin’s role as a strategic treasury asset for companies and nations.

Bank of Korea data reveals South Korean investors' crypto holdings plummeted over 50% from $82.76B to $41.17B within 12 months, trading volume crashed 70%, and funds shifted to equity markets. Stablecoin demand surged as won weakness and Bitcoin price decline triggered a capital migration.

South Korea's cryptocurrency holdings plummeted over 50% in a year, from $82.76B to $41.17B, as daily trading volumes collapsed 70%. Capital shifted heavily to equities and stablecoins, with Bitcoin dropping below $80,000.

Bitcoin-pegged tokens on Ethereum and BNB Smart Chain approached 300,000 BTC in supply, far surpassing Lightning, Liquid, and RSK in dollar value and underscoring the dominance of DeFi-driven cross-chain BTC.

Data cited in the report shows Bitcoin-pegged tokens on Ethereum and Binance Smart Chain nearing 300,000 BTC, with a combined value above $12.8 billion, far surpassing Lightning, Liquid, and RSK.

Escalating US-Iran tensions pushed oil prices higher and triggered a broad selloff across equities, crypto, and precious metals, while the VIX surged to 27.44 and bitcoin slipped below $69,000.

New Hampshire completed registration of HB639 on July 1, adding another major piece to its digital-asset policy strategy. Beyond barring local governments from restricting digital-asset payments or imposing extra taxes on their use, the bill says individuals running nodes, mining, or staking do not need money transmitter licenses and such activities should not be treated as securities issuance. The most consequential provision, however, authorizes the state Supreme Court to establish a dedicated blockchain disputes court for related civil cases. According to the article, that provision is the real strategic play: New Hampshire is not only loosening rules for crypto activity, but also trying to build legal infrastructure that could attract digital-asset businesses and registrations. The move is framed as an attempt to replicate, in the on-chain arena, the model that helped Delaware dominate corporate registrations through judicial certainty. The article also compares New Hampshire’s approach with Wyoming’s long-running crypto legislative push and Kraken’s eventual headquarters move to Cheyenne, arguing that legal infrastructure tends to influence capital migration over years rather than immediately.