BNB listed on Futu NiuNiu; the CLARITY Act may not pass before the summer recess.

Headline

▌BNB Listed on Futu NiuNiu, Opening Trading to Hong Kong Professional Investors

On July 25th, BNB Chain announced that BNB has been listed on Futu NiuNiu, a licensed brokerage firm in Hong Kong, providing order book trading pairs and real-time transparent trading data services. Currently, it is only open to qualified professional investors in Hong Kong.

▌US Senate May Not Pass CLARITY Act Before Summer Recess

On July 24th, US Senate Majority Leader John Thune stated that the CLARITY Act may not be able to pass before the summer recess, but he hopes to at least begin the full Senate review process before the recess. The industry previously considered August 7th as a crucial window for the bill's passage this year; if it is delayed until the fall, the possibility of completing legislation in 2026 will decrease.

White House crypto advisor Patrick Witt believes the Senate may still act in the first week of August, but the bill is unlikely to receive a final vote in July. As of press time, according to CoinGecko data: BTC price is $64,162.3, a 24-hour change of -1.36%; ETH price is $1,860.10, a 24-hour change of -0.89%; BNB price is $564.90, a 24-hour change of -0.44%. The price of SOL is $73.938, a 24-hour change of -2.87%; the price of DOGE is $0.069304, a 24-hour change of -0.59%; the price of XRP is $1.0926, a 24-hour change of -1.76%; and the price of TRX is $0.330520, a 24-hour change of... 80);">+0.60%；

WLFI price is $0.05809, 24-hour change-0.01%；

HYPE price is $57.2210, 24-hour change-0.64%。

Policy

▌Trump threatens to impose high tariffs on the EU and demands the withdrawal of fines on American companies

On July 25, US President Trump: The EU is here again, and as usual, directly targeting great American companies!

After arbitrarily fining Apple $15 billion, Meta $3 billion, Amazon $2.5 billion, and numerous other companies, we have just learned that Google—a truly advanced and amazing company—has been fined another $1 billion without explanation. This brings Google's total fines to over $18 billion! This illegal and highly discriminatory practice reached such a high level during the first year of the "Sleepy Joe" (Biden) administration, but it will not continue under the Trump administration. America is not Europe's ATM, and we will not allow it to become one! Therefore, we will immediately launch a Section 301 investigation into this "plundering" of American businesses and, consequently, harming American taxpayers. The EU will pay a very high price for this illegal and highly unethical behavior, which is exactly what I have been warning them against. These fines will be fully rescinded, and we anticipate imposing high tariffs on them as soon as possible.

Blockchain and AI Applications

▌Major Breakthrough in Brain-Computer Interfaces: Retinal Chip Approved for European Market Launch, Potentially Helping Patients Regain Vision

On July 25th, US startup Science Corp. received approval to market a retinal chip in the European Union that can help patients with geographic atrophy (GA) regain some vision. This marks the first time a US-based brain-computer interface (BCI) company has brought its device to the patient market on a large scale, representing a significant milestone for the company's commercialization of brain-computer interfaces. Its long-term goal is to bring brain implants to market. According to Science Corp., its PRIMA brain-computer system is a novel subretinal photovoltaic implant used with specialized glasses. The glasses project near-infrared light onto the implant, converting it into electrical stimulation signals. The "magnification" function allows patients to magnify text. The implant is ultra-thin and allows for seamless wireless integration.

▌Coinbase CEO: Coinbase Stock Transfers Now Open

On July 25th, Coinbase CEO Brian Armstrong announced on the X platform that users can now transfer stocks to experience the service by selecting Deposit -> Transfer Stocks on mobile devices. With all trading moving to the crypto track (i.e., tokenization), users can now trade all assets on one platform and gain capital efficiency and liquidity.

▌Anthropic CEO Announces Supply Agreements Signed with Samsung Electronics and SK Hynix

On July 25th, Anthropic CEO announced that supply agreements have been signed with Samsung Electronics and SK Hynix.

▌Anthropic Announces Opus 5 AI Model

On July 25th, Anthropic announced the launch of its Opus 5 AI model, whose performance is close to the cutting-edge Fable 5, but at half the price.

▌Nvidia and SK Group Launch AI Initiative Worth Over $500 Billion

On July 25th, Nvidia announced a joint AI initiative worth over $500 billion with SK Group; SK Telecom plans to use Nvidia Vera Rubin chips and SK Hynix HBM4 memory to build a 2 GW AI data center.

▌Musk: Grok 4.6 to Launch in Two Weeks, Grok 4.7 in Four Weeks

On July 25th, Musk announced that Grok 4.6 will launch in two weeks, and Grok 4.7 in four weeks.

Cryptocurrency

▌Cardano Founder: Bitcoin May Lose Its Number One Position If Governance Cannot Cope with Quantum Threat

On July 25th, Cardano founder Charles Hoskinson stated that quantum computing could be a major test of Bitcoin's governance capabilities. If the Bitcoin network cannot coordinate the necessary upgrades, BTC may lose its status as the world's largest crypto asset. Hoskinson stated that Bitcoin's problem is that it is "frozen in time," making any changes extremely difficult.

▌CFTC: Speculators Reduced Net Short Positions in CBOT U.S. 2-Year Treasury Futures by 2,880 Contracts in the Week Ending July 21

According to the U.S. Commodity Futures Trading Commission (CFTC) on July 25, in the week ending July 21, speculators reduced their net short positions in CBOT U.S. 2-year Treasury futures by 2,880 contracts to 1,154,597 contracts. Speculators reduced their net short positions in CBOT U.S. 5-year Treasury futures by 20,954 contracts to 1,273,329 contracts. Speculators increased their net short positions in CBOT U.S. 10-year Treasury futures by 48,031 contracts to 879,706 contracts.

Speculators increased their net short positions in CBOT U.S. Treasury futures by 7,734 contracts to 186,790 contracts. Qualcomm, one of the world's largest smartphone processor manufacturers, informed customers on July 25 that it would have to raise product prices by a double-digit percentage due to rising costs. According to a document cited by foreign media, Qualcomm sent a price increase notice to customers on Friday. Qualcomm stated that the price increase will apply to products shipped after September 1. The company stated that its ability to absorb increased supplier costs has been exhausted, and it has been trying to obtain alternative components from new channels.

▌SpaceX Stock Price Plunge May Present Opportunity: Morgan Stanley Analyst Bullish on AI Business Valuation

On July 25th, Morgan Stanley analysts stated that the sell-off of SpaceX stock has pushed its share price to near a level where investors value its artificial intelligence business at zero. Morgan Stanley analyst Adam Jonas wrote in a report to clients on Friday, "We believe there is a disconnect between the current growing investor pessimism and the largely unchanged company fundamentals, creating an attractive opportunity for investors to buy SpaceX stock." Jonas stated that many investors expect SpaceX's share price to fall further to $100 per share as the lock-up period for the first batch of shares expires next month, allowing some insiders to sell their shares. He believes that at this level, investors are effectively giving SpaceX's artificial intelligence business a zero or even negative valuation. The analyst gave SpaceX stock a $300 price target, with over 50% of the valuation derived from the company's artificial intelligence business.

▌US stocks closed mixed, with Tesla falling nearly 18% this week, marking its biggest weekly drop since 2022

On July 25, the three major US stock indexes closed mixed. The Nasdaq fell 0.64%, down 2.13% for the week; the S&P 500 rose 0.05%, down 0.61% for the week; and the Dow Jones rose 0.46%, down 0.38% for the week. The Nasdaq and S&P 500 have both seen two consecutive weekly declines, while the Dow Jones has seen three consecutive weekly declines. The Philadelphia Semiconductor Index fell 4.25%.

Memory chips and optical communications led the declines, with SanDisk falling over 10%, Coherent and Credo falling over 9%, SK Hynix and Lumentum falling over 8%, Marvell Technology and Intel falling over 7%, Western Digital, Micron Technology, Seagate Technology, and Corning falling over 6%, and Ciena falling over 4%; Kioxia ADR fell over 14%. Apple rose 3.5%, approaching its previous high; Tesla fell over 2%, with a cumulative weekly drop of nearly 18%, marking its largest weekly decline since 2022; SpaceX fell over 2%, continuing to hit new lows, with a cumulative weekly drop of over 7%. Schlumberger (SLB) rose 11%, marking its largest single-day gain since April 2025. The iShares Software ETF rose 1%, marking its best single-day performance in the past two weeks. [Golden Encyclopedia] ... Every geopolitical crisis causes gold prices to rise while Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been substantiated by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation). Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," capable of functioning when borders are closed and banks fail. If these three asymmetries narrow, Bitcoin may no longer be a replica of gold but a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.