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On July 17, the price of Ethereum (ETH) broke through the $3600 mark, soaring 47% in 30 days, with a single-day trading volume surging by 300%. Amid the frenzy of BlackRock’s ETF raising $500 million in a single day and Trump urgently signing a crypto bill, investors are facing a soul-searching question: Is chasing the price at this moment embracing the trend, or catching a falling knife?

This article relies on the latest 2025Q2 cryptocurrency industry report released by CoinGecko to provide an in-depth interpretation of industry trends. In the second half of the year, attention should be paid to changes in liquidity, the progress of Ethereum ETFs, and innovations in DEX. The market is shifting from a phase of reckless growth to a new stage of compliance and institutionalization.

Cryptocurrency assets will become the new buyers of U.S. Treasury bonds? Tax reform, stablecoins, interest rate cut expectations... Trump's "Beautiful Big Deal" may reshape the global financial ecosystem. Musk's strong opposition is a deep game between U.S. finance and digital currency.

The Middle East conflict ignites Bitcoin, plunging 5% in 24 hours below $100,000, with radicals suffering heavy losses: MicroStrategy (590,000 BTC) sees its stock drop 12% in a single day, and GameStop's market value evaporates by 20%; meanwhile, Meta/Microsoft remains stable with billions in cash as 90% of shareholders reject Bitcoin reserves. Has the war torn apart Bitcoin's "digital gold" disguise, exposing its nature as a high-risk asset—where cash flow kings survive, and leveraged gamblers ultimately face backlash?

This article is based on the ecological map published by Huma Finance and details the six fundamental modules of PayFi: financing, compliance, custody, currency, trading, and application layer, covering multiple directions from on-chain credit to cross-border payments, crypto cards, and DePIN networks.

In the past six months, the global stablecoin market has rapidly evolved, and the integration of digital assets with the traditional financial system has deepened. Regulatory scrutiny has increased in various countries, and the demand from institutional and enterprise users has surged, driving the stablecoin ecosystem into a new stage.

This article delves into the current developments and future trends of real-world asset (RWA) tokenization. Although RWA is not a new concept, its development has reached a critical turning point with the maturation of on-chain infrastructure and the involvement of traditional financial institutions. The article analyzes the core obstacles in the promotion of RWA from three aspects: technical challenges, regulatory issues, and commercial implementation, highlighting issues such as "insufficient credibility of off-chain data, unclear regulations, and lack of liquidity drivers."