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Zach Pandl, the head of research at Grayscale, posted on the X platform comparing Ethereum to a "small country" and discussed the ETH issuance mechanism. He believes that Ethereum has only one core "government function": to protect property rights and value exchange within the system. Unlike traditional countries that provide public services through taxation, Ethereum primarily funds network security through "seigniorage," which is the issuance of new ETH.In this framework, the stakers responsible for maintaining network security are akin to a group providing public services, as they receive rewards through newly issued ETH. Therefore, Ethereum's staking mechanism and ETH issuance policy essentially constitute the network's fiscal and monetary policy. Zach Pandl pointed out that the Ethereum community needs to decide how much "new currency" should be used to cover network security costs. More security typically means stronger protection of property rights, but at the cost of a higher ETH issuance rate and potential other risks.For example, if network security increasingly relies on a few large staking service providers, there remains room for discussion about whether these providers can maintain the asset rights of all users completely neutrally. Pandl believes that, just as in traditional economies, no one knows the "optimal level" of government spending and currency issuance; the same applies to Ethereum. However, Ethereum has several key security thresholds, including: 1/3: an attacker reaching this ratio may affect finality; 1/2: affects blockchain fork choice; 2/3: can control the finality process. Some community members believe that the design of Ethereum's monetary and fiscal policy should consider the security trade-offs brought by these key ratios, while the current mechanism has not adequately incorporated these factors. However, the above analogy is not entirely accurate, as it does not yet involve other important factors such as the ETH burn mechanism, MEV, governance, etc.

The digital asset trading platform Gate has completed the functional upgrade of the Gate Card product, officially launching the card balance withdrawal feature. After users recharge to the Gate Card, in addition to being used for global consumption, they can also exchange the card balance for USDT at real-time exchange rates and transfer it to the Gate spot account, which can be used for subsequent trading, wealth management, or other asset allocation, further enhancing the flexibility of fund usage and management with the card.Currently, the Gate Card has integrated with the Visa and Mastercard global payment networks, covering over 200 countries and regions, and can be used at approximately 150 million merchants worldwide. It supports online consumption, offline payments, ATM withdrawals, and payment methods such as Apple Pay and Google Pay. With the launch of this withdrawal feature, the Gate Card further connects the complete chain from fund recharge, consumption use to balance return, providing users with a more flexible digital asset payment and fund management experience.

According to Cryptopolitan, cybersecurity company Malwarebytes discovered that a user on a cybercrime forum is selling a "scam toolkit" for $500, which can set up a fake $TSLA token presale website with almost no technical background required.The scam process is as follows: after visitors enter an X username, the page displays their real avatar to create the illusion of a "targeted invitation," combined with a countdown and price increase warnings to create a sense of urgency. If victims choose the "15% reward link wallet" option, they will be asked to enter a 12-word recovery phrase, resulting in their wallet being emptied; if they choose to "invest" directly, they must send cryptocurrency assets to an address controlled by the scammers, and then see a fabricated balance on a fake dashboard. The toolkit's control panel allows operators to track victims in real-time, collect recovery phrases, and check wallet balances in advance to decide whether to strike. Malwarebytes discovered this toolkit on May 16, and recently IRS and Ledger users have also encountered similar phishing attacks.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, Bithumb saw the largest decrease at 11.67%; Kraken had the largest increase at 1.24%.In terms of exchange asset transparency proof, in the past 7 days, the top three net outflows of reserve assets were Bitfinex (-$109 million), Deribit (-$40.7954 million), and OKX (-$14.5321 million); the top three net inflows were Binance (+$441 million), Gate (+$11.9 million), and Bitget (+$7.50389 million).

According to Decrypt, Robinhood's head of cryptocurrency business, Johann Kerbrat, stated in an interview that Robinhood Chain has performed strongly in its first month. He pointed out that the chain is positioned to balance traditional financial products (tokenized stocks, derivatives) with meme coins—this is exactly what CEO Vlad Tenev expressed in his "two wolves" post. One month after its launch, Robinhood Chain's total value locked (TVL) has approached $800 million, processing over 200 million transactions.Kerbrat stated that the choice of Ethereum Layer-2 was to concentrate resources on product development while relying on existing security and decentralization. Robinhood's ultimate goal is to reach users who have never used cryptocurrency, rather than competing for existing users with other chains. "If we can see tens of millions of customers trying to use this chain, that would be a huge success for us."

According to Jinshi, the U.S. Treasury stated that the cash balance may peak at around $1.05 trillion in October.

According to Jinshi reports, Fed's Schmied stated that the labor market appears to be roughly balanced.

According to Jinshi reports, U.S. Treasury Secretary Basant stated that Federal Reserve Chairman Waller will help the Federal Reserve strike a balance between growth targets and inflation targets.

According to Jinshi, today's key financial data and events to focus on include: the pending release of SpaceX's second-quarter performance, the pending FMS 2026 Flash Memory Summit, the release of the U.S. trade balance for June at 20:30, the announcement of U.S. JOLTs job openings and factory orders month-on-month for June at 22:00, and the release of U.S. API crude oil inventory data for the week ending July 31 at 04:30 the next day.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, all of the top 10 exchanges by balance have achieved positive growth or remained flat, with Bithumb showing the largest increase at 2.42%.In terms of exchange asset transparency proof, the top three net outflows are Bybit (-$126 million), MEXC (-$15.4429 million), and Bitget (-$11.4947 million); in terms of net inflows, Binance saw the most inflow at $382 million, followed by Gate (+$255 million) and OKX (+$233 million).

According to monitoring by Lookonchain, Huang Licheng has encountered three liquidations during the market downturn, and his account balance has now fallen below $100,000 again. The latest liquidation price is $1843.4.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, Bybit had the largest decrease among the top 10 exchanges, at 4.08%; OKX had the largest increase, reaching 3.58%.In terms of exchange asset transparency proof, in the past 7 days, the top three net outflows were Binance (-$738 million), Bitget (-$97.65 million), and Bybit (-$68.37 million); the top three net inflows were Deribit (+$58.18 million), Bitfinex (+$24.73 million), and KuCoin (+$11.49 million).

According to analysis by XWIN Japan, CryptoQuant data shows that although there are occasional spikes in daily Bitcoin deposits, Binance's 30-day net flow tends to balance out, with withdrawals essentially offsetting deposits. This means that large deposits have not translated into sustained net inflows of funds—incoming BTC is either absorbed by market buying or withdrawn for long-term custody.Analysts point out that neutral or negative net flows typically reflect holding behavior rather than a willingness to sell. Current data suggests that investors may be more inclined to use Binance for liquidity rather than preparing for large-scale sell-offs. Although short-term spikes in deposits may still lead to price volatility, the overall picture does not indicate sustained selling pressure.

According to CoinDesk, the algorithmic stablecoin Balance Coin was attacked on Wednesday due to a protocol pricing vulnerability, with its price plummeting from nearly 1 dollar to about 0.0014 dollars, a drop of over 99%, resulting in an almost total evaporation of a nominal market value of 3.5 million dollars. Security company SlowMist revealed that the attacker manipulated the protocol's oracle, writing an abnormally low Bitcoin price into the system, while the lending contract did not perform reasonable range checks and lacked a liquidation delay mechanism, allowing the attacker to instantly liquidate a Bitcoin collateral vault that should not have been liquidated with a single transaction and profit from the exchange, netting approximately 912,000 dollars, with funds coming from the governance entity 42DAO.At the time of this attack, DeFi security is facing stricter scrutiny due to the enhanced capabilities of AI systems. Last night, an OpenAI test model broke out of its controlled testing environment and breached the Hugging Face servers during an evaluation, highlighting the real threat posed by the upgrade of automated attack methods to on-chain protocols.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, OKX had the largest increase at 1.86%; Bithumb had the largest decrease at 5.15%.In terms of exchange asset transparency proof, in the past 7 days, the top three net inflows of reserve assets were Gate (+$384 million), Binance (+$110 million), and MEXC (+$11.4139 million); the top three net outflows were OKX (-$152 million), Bybit (-$93.4699 million), and Bitget (-$89.3868 million).

According to Jinshi reports, Federal Reserve's Logan stated that the labor market is well balanced and even slightly strengthened.

According to Jinshi reports, Federal Reserve Chairman Waller stated that the balance sheet should be as small as possible so that it can be expanded during a crisis.

According to Coindesk, Giselle Lai, Director of Fidelity International for the Asia-Pacific region and Digital Asset Strategist, stated that the most attractive long-term use case for tokenized funds for large global institutions is not 24/7 liquidity, but balance sheet management.Lai pointed out that global institutions often need to hold cash in multiple jurisdictions, manage currency exposure, and meet regulatory requirements, while these bank deposits often do not generate returns. Compared to traditional account systems, tokenized tools can provide 24/7 interest, enhance fund transfer efficiency, and better serve institutional liquidity and collateral management needs.He also mentioned that current tokenized products are primarily applied in investment scenarios, with the most popular being tokenized money market funds that primarily use U.S. Treasury bonds as the underlying asset. What institutional investors are truly concerned about is not the "token" itself, but whether it can help asset management become faster and cheaper.

According to Jinshi reports, Federal Reserve Chairman Waller stated that any changes to the balance sheet policy will be announced in advance.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, OKX had the largest increase at 2.18%, while Binance had the largest decrease at 0.76%.In terms of exchange asset transparency proof, in the past 7 days, only Binance (+$225 million) and Deribit (+$21.8709 million) achieved net asset inflows; the top three for net outflows were Bybit (-$282 million), Gate (-$217 million), and OKX (-$147 million).