Morning Report | Michael Saylor and Adam Back Oppose BIP 110; Forbes Releases List of 10 Cryptocurrencies Worth Investing In, Including HYPE and ZEC

Compiled by: ChainCatcher

What important events have occurred in the past 24 hours?

Opinion: Crypto Company IPO Window May Reopen Next Year, Regulation is No Longer the Primary Obstacle

According to ChainCatcher and CoinDesk, Christian Lopez, head of blockchain and digital assets at investment bank Cohen & Company Capital Markets, stated that as investors rotate funds into other sectors and macro uncertainty continues to suppress risk appetite, the crypto IPO market has significantly slowed down. Lopez pointed out that despite the successful listings of Circle and Bullish raising high expectations for crypto IPOs in 2026, the subsequent weakening market environment, declining trading volumes, and underwhelming post-listing performances have dampened enthusiasm for new issuances. Several crypto companies, including Kraken's parent company Payward, Consensys, Ledger, and Grayscale, have postponed their IPO plans, waiting for market improvement; however, Blockchain.com and FalconX are still pushing forward with their listing processes. Lopez believes that the uncertain interest rate outlook and global deleveraging pressures are making investors more cautious about high-beta assets like crypto. He expects that the IPO window for crypto companies may not materially reopen until next year. Additionally, he stated that regulatory clarity is no longer the primary obstacle for crypto companies to go public; rather, capital acquisition capabilities and business diversification are more critical.

Coinbase: CLARITY Act Will Strengthen Crypto Regulation and National Security Protections

According to ChainCatcher and Bitcoin.com, Coinbase's Chief Policy Officer Faryar Shirzad responded on X to U.S. Senator Elizabeth Warren's criticism of the CLARITY Act, stating that the bill will not undermine national security but will bring digital asset platforms under stronger regulation. Elizabeth Warren previously stated that the current draft of the CLARITY Act could provide opportunities to evade sanctions. Faryar Shirzad stated that the bill will require crypto platforms to comply with stricter national security standards and allow platforms to freeze suspicious transactions at the request of law enforcement. U.S. Senator Cynthia Lummis previously stated that the CLARITY Act includes 16 illegal financial protection measures and warned that the bill could be the last major opportunity for Congress to pass comprehensive digital asset regulations before 2030.

Forbes Releases List of 10 Cryptocurrencies Worth Investing In, Including HYPE and ZEC

According to ChainCatcher, Forbes has selected 10 cryptocurrencies worth investing in based on token utility or value storage attributes, along with performance over the past 7 days and 24-hour trading volume. The selected projects all have a market capitalization exceeding $5 billion, including BTC, ETH, BNB, XRP, SOL, TRON (TRX), HYPE, RAIN, LEO, and Zcash (ZEC). Forbes stated that Bitcoin and Ethereum are widely regarded as the

According to ChainCatcher and reported by Digital Asset, the weekly trading volume of South Korea's top five crypto exchanges has declined for five consecutive weeks. From July 3 to 10, the total weekly trading volume of the five exchanges was approximately 9.9676 trillion KRW, a decrease of 25.75% from the previous week's 13.4 trillion KRW, marking the first time in nearly 2 years and 9 months that it has fallen below 10 trillion KRW since recording about 9.6 trillion KRW in the last week of September 2023. The report noted that the weekly trading volume of the top five exchanges has continued to weaken since June, with figures of 17.7 trillion KRW, 15.4 trillion KRW, 14.6 trillion KRW, and 13.4 trillion KRW respectively. Compared to the trading volume in the first week of June, the cumulative decline over the past month is about 43.5%. In terms of market share, Upbit remains in first place with 63.02%, but has decreased by 3.95 percentage points from the previous week; Bithumb rose to 29.51%, an increase of 2.38 percentage points; Coinone rose to 6.66%, an increase of 1.46 percentage points; Korbit and Gopax stand at 0.78% and 0.03%, respectively.

Two Hacker Addresses Buy ETH with DAI Today, Totaling 6,454 ETH

According to ChainCatcher, on-chain analyst Yu Jin monitored that two hacker addresses coincidentally purchased large amounts of ETH with DAI today. A hacker who stole funds from Coinbase users bought 4,049.7 ETH for 7.378 million DAI (average price around $1,822) in the early morning. The second address (which transferred ETH from Tornado Cash to DAI last November) bought 2,405 ETH for 4.34 million DAI two hours ago (average price around $1,804).

Brad Garlinghouse: Ripple Considered Shutting Down and Distributing XRP to Shareholders

According to ChainCatcher, Ripple CEO Brad Garlinghouse stated that after the SEC sued in 2020, he and co-founder Chris Larsen seriously considered shutting down the company and distributing their XRP holdings to shareholders. Garlinghouse mentioned that they chose to fight the SEC instead of shutting down the company, a decision that preserved hundreds of jobs but resulted in Ripple paying approximately $150 million in legal fees over four years. Ripple ultimately won the case after a federal judge ruled that XRP itself is not a security, and the case was settled last year after changes in SEC leadership, which adopted a more lenient stance towards cryptocurrencies.

Custodia Files Petition with U.S. Supreme Court to Advance Dispute with Federal Reserve Over Main Account

According to ChainCatcher, Custodia Bank has submitted a petition for review to the U.S. Supreme Court, seeking to confirm whether the president of the regional Federal Reserve Bank has the authority to refuse to provide main account services to institutions. Custodia Bank has repeatedly applied for a Federal Reserve main account, which was denied in 2023 on the grounds that its new business model and focus on crypto assets posed significant safety and soundness risks. Custodia Bank subsequently appealed to the U.S. Tenth Circuit Court of Appeals, which supported the Kansas City Federal Reserve Bank in 2024. The U.S. Supreme Court will decide in October whether to hear the case.

Singapore Police Collaborate with CEX to Prevent Over $4.2 Million in Losses for 145 Potential Scam Victims

According to ChainCatcher and reported by Bitcoin.com, Singapore's police anti-fraud center and cyber investigation department collaborated with Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit during a six-week joint anti-fraud operation from April 16 to May 31, 2026. They identified potential scam victims using blockchain analysis tools from Chainalysis and TRM Labs and conducted over 145 targeted interventions via phone and in-person, preventing potential losses exceeding $4.2 million. Coinbase Singapore stated on July 10 via X that it collaborated with Singapore police to prevent losses totaling over $4.2 million for more than 145 individuals due to scams. The Singapore police indicated that they will continue to work with cryptocurrency exchanges and other private sectors to combat cybercrime.

Data: Hyperliquid Platform Whales Currently Hold $5.118 Billion, Long-Short Position Ratio at 0.95

According to ChainCatcher and data from Coinglass, whales on the Hyperliquid platform currently hold $5.118 billion, with long positions at $2.494 billion, accounting for 48.72%, and short positions at $2.625 billion, accounting for 51.28%. Long positions have a loss of $24.1209 million, while short positions have a loss of $76.3876 million. Among them, the whale address 0x082e..88 has taken a five-times leveraged long position on HYPE at a price of $38.6755, currently realizing a loss of $39.4312 million.

Michael Saylor and Adam Back Oppose BIP 110, Emphasizing Bitcoin's Decentralization Spirit

According to ChainCatcher, Blockstream co-founder Adam Back commented on the Bitcoin community's controversy regarding BIP 110, stating that he understands and sympathizes with the concerns of those supporting BIP 110, who dislike spam transactions and want to protect the network. However, he believes that the proposal essentially represents an "attempt to monitor others," which would erode Bitcoin's decentralization, security, and neutrality, fundamentally conflicting with Bitcoin's spirit. In response, Michael Saylor retweeted and stated, "There are 110 things more dangerous to Bitcoin than spam. BIP 110 would turn the spam controversy into a consensus change, rendering some currently valid transactions that have paid fees invalid. This precedent is the real danger, and we should focus on the truly important threats." Previously, David Bailey, chairman of the Bitcoin treasury company Nakamoto and chairman of Bitcoin Magazine, stated that the failure of the long-standing controversy over "BIP-110" constitutes an "extreme benefit" for Bitcoin and further validates the network's resistance to attacks and splits.

Data: Polymarket Revenue Reaches $11.46 Million This Week, Setting a New Year-to-Date High

According to ChainCatcher and data from DeFiLlama, Polymarket's revenue from July 6 to 12 reached $11.46 million, setting a new high since 2026. Its current total locked value (TVL) is approximately $374 million, with an annualized revenue of about $188 million and a trading volume of approximately $4.936 billion over the past 30 days.

Data: If ETH Breaks $1,889, Cumulative Short Liquidation Intensity on Major CEX Will Reach $718 Million

According to ChainCatcher and data from Coinglass, if ETH breaks $1,889, the cumulative short liquidation intensity on major CEX will reach $718 million. Conversely, if ETH falls below $1,710, the cumulative long liquidation intensity on major CEX will reach $551 million.

Data: If BTC Breaks $67,030, Cumulative Short Liquidation Intensity on Major CEX Will Reach $769 Million

According to ChainCatcher and data from Coinglass, if BTC breaks $67,030, the cumulative short liquidation intensity on major CEX will reach $769 million. Conversely, if BTC falls below $61,090, the cumulative long liquidation intensity on major CEX will reach $687 million.

Data: Coinbase Bitcoin Premium Index Continues Negative Premium for 55 Days, Setting Record for Longest "Negative Streak"

According to ChainCatcher and data from Coinglass, the Coinbase Bitcoin premium index has been in negative premium territory for 55 consecutive days (from May 19 to present), with the latest value at -0.0072%. Previously, this index was in negative premium for 40 consecutive days from January 16 to February 24 this year, setting the longest "negative streak" since the index was launched, surpassing the approximately 30 days of consecutive negative premium during the "1011 crash" period. Historical data shows that prolonged negative premiums are often accompanied by the exit of U.S. institutional funds, necessitating caution against short-term pullback pressure.

Turkish Prosecutors Indict $850 Million Cryptocurrency Money Laundering Crime Syndicate

According to ChainCatcher and reported by Hürriyet Daily News, Turkish prosecutors have filed charges against a massive money laundering network involving the "Grand Bazaar," with an amount close to 40 billion Turkish lira (approximately $850 million). The indictment lists 504 suspects who are accused of using shell companies, bank accounts, foreign exchange offices, POS terminals, and cryptocurrency transactions to conceal illegal proceeds. The suspects are also accused of converting illicit funds into cryptocurrencies and transferring them abroad, luring victims into fraudulent investment schemes with promises of high returns. Prosecutors are seeking a maximum sentence of 34.5 years for the alleged mastermind Türker Ak and a maximum of 31 years for the alleged network manager Murat Dönmezoğlu.

Analyst: Bitcoin Has Been Below Short-Term Holder Cost Basis for Over 9 Months, Bear Market Characteristics Still Persist

According to ChainCatcher, CryptoQuant analyst Darkfost stated that Bitcoin's price has been below the short-term holder cost basis (STH Cost Basis) for over 9 consecutive months. Historically, such prolonged periods of losses for short-term holders are often highly correlated with bear market cycles. Currently, the short-term holder cost basis for Bitcoin is approximately $70,700, which continues to serve as a resistance level. The market trend in May has already reflected this pressure, as BTC quickly fell back after testing this area around $82,000.

Analysis: Total Market Value of Stablecoins Saw Largest Monthly Decline Since Terra Crash in June, But Long-Term Growth Logic Remains Unchanged

According to ChainCatcher and reported by CoinDesk, the stablecoin market experienced its largest correction in recent years in June, with a total market capitalization decrease of $7.7 billion, marking the largest single-month decline since the Terra-Luna crash in May 2022. Since the peak in May, the stablecoin market has shrunk by approximately $10 billion, with two major stablecoin issuers being the primary drivers of this correction: Tether's USDT market capitalization has dropped from around $190 billion in May to $184 billion, a decrease of about $6 billion; Circle's USDC has fallen from a high of nearly $80 billion in March 2026 to about $73 billion, a reduction of approximately $7 billion. However, compared to the over 26% cumulative decline in the stablecoin market during the crypto winter of 2022, this round of adjustment is relatively mild. Wall Street institutions remain optimistic about the long-term prospects of stablecoins, with Citigroup previously estimating that the global stablecoin market could reach $1.9 trillion under a baseline scenario by 2030, and could rise to $4 trillion under an optimistic scenario.

Standard Chartered Research Head: Announcements of TradFi Institutions Entering DeFi May Increase by Over 10 Times in the Next 3-12 Months

According to ChainCatcher, Standard Chartered's Global Digital Assets Research Head Geoff Kendrick expects that the number of announcements related to traditional financial institutions entering DeFi may increase by 10 to 20 times in the next 3 to 12 months.

Analyst: Bitcoin May Be Entering Late Bear Market Phase, Downward Momentum Slowing

According to ChainCatcher and reported by Cointelegraph, Jamie Coutts, Chief Cryptocurrency Analyst at Real Vision, stated that Bitcoin may be entering the late phase of the bear market, with downward momentum beginning to slow. Coutts pointed out that Bitcoin's volatility has decreased by about 50% compared to the previous market cycle, indicating that the current decline may not be as severe as past bear markets. However, Coutts also warned that markets rarely follow historical patterns so perfectly. "They basically move at their own pace. Currently, all trend indicators are clearly bearish." The good news is that some early technical signs suggest that selling pressure is easing. "I am starting to see momentum indicators showing bullish divergence over longer time frames. This indicates acceleration, or more precisely, that negative momentum is slowing down, but this does not mean that we have technically exited the bear market."

São Paulo Court Rules Coinbase to Refund Nearly $100,000 to User Whose Self-Custody Wallet Was Hacked

According to ChainCatcher, a court in São Paulo, Brazil, ruled that Coinbase must refund nearly $100,000 to a user who claimed that funds deposited in their Coinbase Wallet disappeared in unauthorized transactions. Coinbase argued that the wallet's private keys were entirely controlled by the user but failed to prove that the transaction was initiated by the wallet holder or that there were security measures in place to prevent this outcome. The court ruled based on relevant provisions of the Consumer Protection Law and ordered Coinbase to refund the full amount plus statutory interest.

BIP-110 Bitcoin Data Limit Proposal Approaches Deadline, Miner Support Rate at 0%

According to ChainCatcher, the Bitcoin BIP-110 proposal is approaching its early August deadline, with the current miner support rate below 1%, currently at 0, with no major mining pools supporting it. BIP-110, formally known as "Reduce Data Temporary Soft Fork," plans to limit OP_RETURN data capacity within a year, prohibiting most arbitrary data over 256 bytes from being written and restricting certain script formats primarily used for data storage. Michael Saylor, founder of Strategy, and Adam Back, co-founder of Blockstream, have both publicly opposed BIP-110. Data shows that BIP-110 employs a user-activated soft fork mechanism, setting a 55% miner signal threshold, with nodes running BIP-110 software currently in single digits, mainly from Bitcoin Knots users. The current signaling period for the proposal will end around block height 959,615, with a voluntary lock-in period expected to begin in early August and activation planned for around September. If broad support is still lacking at that time, it may lead to a minority of nodes forming a separate chain.

Single-Chip Bitaxe ASIC Miner Mines Complete Bitcoin Block, Earns Over $200,000 in Rewards

According to ChainCatcher and reported by Bitcoin News, a single-chip Bitaxe ASIC miner mined Bitcoin block number 957,382, earning the full block reward of 3.1382 bitcoins, valued at approximately $200,580. This miner has a hash rate of about 1 TH/s and is the only device at that address. By mining through a public pool (with a 0% fee), the miner retains 100% of the block reward and transaction fees. The mining difficulty for this block reached 294.14T, over 2.2 times the required difficulty of 133.87T. With a hash rate of 1 TH/s, the probability of mining a block is approximately once every 16,000 years, making this an extremely rare event.

Meme Popularity Rankings

According to data from the meme token tracking and analysis platform GMGN as of July 13 at 10:54,

The top five trending ETH tokens in the past 24 hours are: ASTEROID, LINK, ADI, USDG, PNKSTR.

The top five trending Solana tokens in the past 24 hours are: ANSEM, febu, HOME, CASHPIGGY, POINTLESS.

The top five trending Base tokens in the past 24 hours are: ELSA, SOSO, BNKR, LMTS, LBM.

What are the exciting articles worth reading in the past 24 hours?

SemiAnalysis Long Article: Anthropic's Gross Margin Approaches SaaS Companies, Valuation of $6 Trillion Will Surpass Nvidia

Anthropic's IPO is not just a story of one company going public. It marks the starting point of a restructuring of the capital structure of the entire AI industry—super-scale cloud service providers have issued over $100 billion in equity this year, and in the next 2-3 years, this ecosystem will require trillions of dollars in financing annually to support computing power construction. When Anthropic knocks on the public market door with a net profit of $1 billion in a single quarter, it also rings the alarm for OpenAI.

Hong Kong Stocks Experience Short Squeeze Trading and Pair Trading, US Stocks Reclaim AI Momentum Trading

As of July 10, the dynamic PE of the S&P 500 (20.4x) and Nasdaq 100 (23.3x) expanded by 0.9 and 2.4 percentage points respectively compared to last week, still at relatively low levels compared to the peak on June 2; at the same time, the earnings growth rates for Nasdaq 100 and MAG8 have been revised up by 0.36 and 0.08 percentage points respectively compared to last week. Considering the current valuation levels and the ongoing trend of earnings revisions, we judge that US stocks will maintain a volatile upward pattern in the short term, and suggest focusing on: 1) the software industry, which may see further capital inflow; 2) the prolonged geopolitical risks, with high demand certainty in the military sector; 3) energy infrastructure benefiting from data center construction and electrification transformation; 4) the financial sector (banks and Fintech) driven by both capital returns and regulatory improvements.

Global Markets Enter "Turbulent Summer": Beware of Fed Changes, Yen Crisis, and Earnings Season Challenges

Gold and oil prices have also experienced unexpected reversals for investors. After a strong performance at the start of 2026, gold prices recently recorded the largest single-month decline since 2008, dropping over 11%; oil prices have also retreated against warnings from energy experts. These changes point to a reality: market consensus is breaking down, and the reliability of mainstream narrative logic has significantly diminished. In terms of hedging strategies, given that stock differentiation and sector rotation may continue during earnings season, hedging tools at the index level may have limited effectiveness. Maxwell Grinacoff suggests, "Single-stock options may provide better tactical opportunities." Amundi's Vincent Mortier offers a more macro suggestion: to diversify risks as much as possible and hedge comprehensively—this way, "you can relax and vacation all summer, which is a nice goal."

Circle Obtains "Federal Infrastructure License" for Stablecoins: The Deep Implications of Circle National Trust's Final Approval by OCC

Fifth, the competition for stablecoins enters a new phase. The approval of Circle National Trust is an important institutional response from the US regulatory system to the "payment attributes" and "infrastructure attributes" of stablecoins. It proves that for stablecoins to truly become the infrastructure of the global digital economy, they must enter the highest level of regulatory framework and exist in a manner that aligns with their business nature (trust bank rather than commercial bank). For Circle, this is a milestone victory in regulatory efforts over the past decade and the starting point for greater ambitions in the future. For the entire industry, the dimensions of stablecoin competition have been completely upgraded—from the ability to issue coins to the control of infrastructure. Whoever can truly embed stablecoins into the federally regulated banking system is more likely to occupy key nodes in the next generation of dollar settlement networks.

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