Today's news tips:
1. The seasonally adjusted non-farm payrolls in the United States in July were 73,000, and the unemployment rate was 4.2%.
2. Trump demands the dismissal of the director of the Bureau of Labor Statistics
3. The three major U.S. stock indices closed lower, with the cryptocurrency sector leading the decline.
4. ARK Invest increased its holdings of approximately $35.76 million in COIN and $18.73 million in BMNR shares yesterday
5. SharpLink Gaming has received 108 million USDC in the past 7 hours and has currently purchased 14,933 ETH
6. OpenAI completes $8.3 billion in financing, with a valuation of $300 billion
7. Arthur Hayes: Bitcoin will test $100,000, Ethereum will test $3,000
8. Bitcoin spot ETFs saw a net outflow of $812 million yesterday, the second highest in history
Macro/Policy
Prominent venture capital firm a16z has called on US lawmakers to revise a draft crypto regulation bill, warning that the proposed framework could create dangerous loopholes and undermine investor protection. In an open letter submitted to the US Senate Banking Committee, a16z proposed changes to the draft amendment to the 21st Century Financial Innovation and Technology Act: 1. It opposes the current "affiliated assets" framework, arguing that it conflicts with the "Howey Test" of securities law and could weaken investor protection; it also recommends adopting clearer regulatory standards for "digital commodities." 2. It warns of loopholes in the primary/secondary market split regulation, arguing that project owners could exploit exemptions to sell assets to insiders at low prices and then resell them on the public market; it also proposes using "degree of decentralization" as a regulatory threshold, requiring the relinquishment of control to lift trading restrictions. 3. It requests that activities underlying blockchain technology, such as consensus algorithm operation and smart contract execution, be exempted from being classified as securities.
UK FCA to open retail channels for cryptocurrency ETNs on October 8
The UK Financial Conduct Authority (FCA) announced it will open retail access to cryptocurrency exchange-traded notes (ETNs), stating that firms will soon be able to offer retail investors access to cryptocurrency ETNs. Crypto ETNs available to retail investors must be traded on an FCA-approved UK investment exchange. The FCA added that the ban on retail exposure to crypto asset derivatives will remain in place, and that it will continue to monitor market developments and consider its approach to high-risk investments. The changes will take effect on October 8, 2025.
The US non-farm payrolls in July were 73,000, and the unemployment rate was 4.2%.
According to Jinshi.com, the US non-farm payrolls for July were 73,000, compared to expectations of 110,000 and a revised 14,000 figure from 147,000. The US unemployment rate for July was 4.2%, compared to expectations of 4.20% and a previous reading of 4.10%.
The three major U.S. stock indices closed lower, with the cryptocurrency sector leading the decline
According to Cailian Press, all three major US stock indices closed lower. The Dow Jones Industrial Average fell 1.23%, bringing its weekly decline to 2.92%. The Nasdaq Composite dropped 2.24%, bringing its weekly decline to 2.17%. The S&P 500 fell 1.6%, bringing its weekly decline to 2.36%. The cryptocurrency sector led the decline, with Coinbase down over 16%, and Strategy and Circle down over 8%. Popular tech stocks fell across the board, with Amazon down over 8%, Meta down over 3%, Apple and Nvidia down over 2%, and Tesla, Microsoft, and Google down over 1%.
Trump calls for firing of BLS director
According to Cailianshe, US President Trump posted on the social media platform "Real Social" on August 1 local time, accusing Erica McEntfernando, Director of the Bureau of Labor Statistics, of "artificially exaggerating" employment data before the 2024 US election, and demanded that she be dismissed immediately and replaced by "more capable candidates."
Trump claimed the bureau significantly overestimated job creation in March 2024 and in the months leading up to the election, arguing this was intended to boost Vice President Harris's election victory. He also criticized the Federal Reserve's pre-election interest rate cuts as "market manipulation" and suggested that Chairman Powell should be replaced. U.S. Labor Secretary Lori Chavez-Dremer announced that same day that William Wiatrowski, Deputy Director of the Bureau of Labor Statistics, would become Acting Director, replacing Erica McEntrapper.
The DeFi Education Fund (DEF) submitted a submission urging the Senate Banking Committee to seriously consider how to regulate DeFi and establish a dedicated regulatory framework for DeFi. It emphasized that legislation should be guided by four key objectives: distinguishing DeFi developers from centralized intermediaries; clearly defining which intermediaries require government registration; standards for determining whether a protocol is decentralized; and technology-neutral regulation.
The DEF submission was signed by a16z Crypto, Jito Labs, Jump Crypto, Paradigm, Multicoin Capital, Solana Policy Institute, Uniswap Foundation, Uniswap Labs, and Variant Fund. The committee is discussing a draft of the Responsible Financial Innovation Act of 2025 (RFIA), an updated version of cryptocurrency market legislation considered by the Senate in June 2022. The committee is seeking public comment on the draft bill to "ensure that it effectively builds on the strong foundation established by the CLARITY Act and encourages American innovation without jeopardizing financial stability or harming consumers."
Viewpoint
Analyst: US cryptocurrency ETFs attracted $12.8 billion in July, setting a record high
Bloomberg ETF analyst Eric Balchunas stated on the X platform that US cryptocurrency ETFs attracted $12.8 billion in July, their best monthly monthly total ever, with daily inflows reaching $600 million, roughly double the average. Overall, this volume surpassed that of any other single ETF, even the formidable VOO. Furthermore, every ETF in the category (excluding converted trusts) saw inflows, with Bitcoin and Ethereum contributing equally.
Michael Saylor: Strategy may buy up to 1.5 million Bitcoins
Michael Saylor said in an interview with CNBC that Strategy may purchase up to 1.5 million bitcoins, which is equivalent to holding more than 7.14% of the total supply of Bitcoin.
According to previous news , as of July 30, Beijing time, Strategy held 628,791 bitcoins, with a cumulative purchase cost of approximately US$46.8 billion and an average price of approximately US$73,227.
Fed's Hammack: Jobs report 'disappointing' but doesn't mean rate cut this week
According to Jinshi, Cleveland Fed President and 2026 FOMC voting member, Anthony Hammack, in an interview with Bloomberg, noted that Friday's non-farm payroll report was "disappointing," but it doesn't mean the Fed should cut interest rates at this week's policy meeting. He stated, "I'm confident in the decision we made earlier this week, even though July's employment data was weaker than expected. We must examine the data holistically. When I review the current situation, I find the labor market to be broadly balanced." He emphasized that today's report is just that, a report, and monitoring labor market conditions is crucial given that inflation remains excessively high.
Fed's mouthpiece: The slowdown in the job market will test the Fed's unyielding interest rate policy
Nick Timiraos, a vocal advocate for the Federal Reserve, said the slowdown in employment over the past three months could open the door for Fed officials to consider cutting interest rates at their next meeting in September. At the very least, it highlights the difficult balance they face as the economy slows and inflationary pressures rise. Fed officials felt comfortable keeping interest rates unchanged this year because the labor market had previously shown solid job growth. But the significant downward revisions to the May and June employment data changed that picture. Fed officials previously said they had reduced their focus on overall job growth because it was declining in tandem with the slowdown in the size of the labor force. When the labor supply decreases, the unemployment rate may remain stable or even decline even if job growth slows. But Fed Chairman Powell noted this week that a stable unemployment rate could mask underlying weakness—when fewer job seekers and fewer job openings occur simultaneously, the balance is inherently fragile. He mentioned the "downside risks" to the labor market six times at his press conference, suggesting that actual weakness could provide a basis for policy easing.
Arthur Hayes: Bitcoin will test $100,000, Ethereum will test $3,000
Arthur Hayes responded to morning profit-taking on the X platform: "The US tariff bill will expire in the third quarter...at least that's what the market thinks after the non-farm payroll data was released. No major economy can create enough credit quickly enough to boost nominal GDP. So Bitcoin will test $100,000 and Ethereum will test $3,000. For more information, please join my keynote at WebX Asia in Tokyo on August 25th. I'm going to relax."
According to previous news , Arthur Hayes sold a total of approximately US$13.35 million worth of ETH, ENA and PEPE in the past 6 hours.
Project News
Binance Alpha will list Cycle Network (CYC) on August 4th
According to an official announcement, Binance Alpha will list Cycle Network (CYC) on August 4th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after Alpha trading opens. Detailed details will be announced separately.
Binance Alpha will list DarkStar (DARK) on August 4th
According to an official announcement, Binance Alpha will list DarkStar (DARK) on August 4th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading opens. Detailed details will be announced separately.
Binance: Hold at least 200 Binance Alpha Points to receive 750 AIO tokens airdrop
According to the official announcement, trading of OLAXBT (AIO) on Binance Alpha will open at 18:00 (UTC+8) on August 2nd. Once trading opens, users with at least 200 Binance Alpha Points will be eligible to claim an airdrop of 750 AIO tokens on a first-come, first-served basis. The point threshold will automatically decrease by 15 points every hour until the reward pool is fully distributed. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim on the Alpha event page within 24 hours; otherwise, their claim will be deemed forfeited.
Important data
ETH fell below $3,500, down 3.21% on the day
The OKX market data shows that ETH has just fallen below $3,500 and is currently trading at $3,499.75 per coin, down 3.21% on the day.
Bitcoin spot ETFs saw a net outflow of $812 million yesterday, the second highest in history
Tether surpasses South Korea to become the 18th largest holder of US Treasury bonds
According to Messari data, Tether surpassed South Korea to become the 18th largest holder of US Treasury bonds. Yesterday , Tether released its Q2 financial report, indicating that its US Treasury holdings exceeded $127 billion.
Arthur Hayes sold approximately $13.35 million worth of ETH, ENA, and PEPE in the past 6 hours.
According to Lookonchain monitoring, Arthur Hayes sold 2,373 ETH (worth $8.32 million), 7.76 million ENA (worth $4.62 million) and 38.86 billion PEPE (worth $414,700) in the past 6 hours.
Data: Pumpfun's daily revenue hits lowest level since May 2024
According to Deflama data, Pumpfun's daily revenue hit a new low since May 2024, reaching $251,788.
ARK Invest's ARKK, ARKW, and ARKF funds collectively increased their holdings of Coinbase by 94,678 shares yesterday, valued at approximately $35.76 million. ARKK increased its holdings by 71,809 shares, ARKW by 14,822 shares, and ARKF by 8,047 shares. Ark Invest also purchased 540,712 shares of Ethereum finance company BitMine (BMNR), valued at approximately $18.73 million.
According to Lookonchain monitoring, whale 0xF436 continued to buy ETH, withdrawing another 10,245 ETH ($36 million) from exchanges in the past 8 hours.
Yesterday, news broke that the whale 0xF436 was increasing its holdings of ETH, withdrawing 14,520 ETH (worth $53 million) from exchanges in the past nine hours.
Financing/Acquisition
OpenAI completes $8.3 billion in financing, with a valuation of $300 billion
According to a report by Jinshi.com citing The New York Times, OpenAI has raised $8.3 billion at a valuation of $300 billion. OpenAI plans to secure $40 billion in funding by 2025.
Blockchain startup Subzero Labs completes $20 million seed round led by Pantera Capital
According to Fortune magazine, blockchain startup Subzero Labs has secured $20 million in seed funding led by Pantera Capital, with participation from Variant, Coinbase Ventures, and Susquehanna's crypto arm. The company is developing the Rialo blockchain for real-world scenarios, aiming to break through the current limitations of crypto technology, which primarily serves financial speculation.
Co-founder Ade Adepoju, formerly an engineer at Mysten Labs (where he worked on the Sui blockchain), aims to provide non-crypto developers with a native solution for integrating external data (such as FICO credit scores) on-chain, without relying on oracles. The team currently has 20 members and raised funding in a combination of equity and token subscription rights. The exact valuation was not disclosed.
Institutional holdings
According to on-chain analyst Ember, SharpLink Gaming deposited 108 million USDC and transferred it to Galaxy Digital in the past 7 hours, and has currently purchased 14,933 ETH (US$53 million).
SharpLink Gaming transferred 53 million USDC to Galaxy Digital 7 hours ago, and then received 14,933 ETH 2 hours ago at a purchase price of $3,550. After receiving the ETH, it transferred another 55.56 million USDC to Galaxy Digital to continue purchasing ETH.
Since SharpLink Gaming began accumulating ETH using a MicroStrategy model in early June, it has accumulated 464,000 ETH, currently valued at $1.62 billion. The average purchase price was approximately $3,029, resulting in a current profit of $214 million.
Virtu Financial increased its holdings by 175 BTC in the second quarter and currently holds 410 BTC
According to NLNico, Singapore market making giant Virtu Financial increased its holdings of BTC by 175 in the second quarter and currently holds 410 BTC.
Mill City Ventures Announces $500 Million in Equity Financing to Advance SUI’s Financial Strategy
Mill City Ventures III, Ltd. (NASDAQ: MCVT), a non-bank lender and finance company, announced today that it has signed an equity facility agreement with AGP/Alliance Global Partners, an investor, which allows Mill City to sell up to $500 million of the company's common stock at its discretion, subject to certain restrictions and closing conditions. The proceeds from the equity facility, excluding a commitment fee, will be used to advance the company's SUI finance strategy.
Nasdaq-listed DevVStream Corp. purchased $10 million in Bitcoin and Solana
Nasdaq-listed carbon management company DevvStream (DEVS) announced the launch of its crypto-asset reserve strategy, investing $10 million in Solana and Bitcoin. The company previously raised $300 million through senior secured convertible notes to purchase cryptocurrencies. DevvStream also announced plans to expand its existing equity credit facility with Helena Global Investment Opportunities to $300 million to purchase additional cryptocurrencies and "accelerate investments in digital and environmental infrastructure."
