Bitget Daily Digest (7.2)｜U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL

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远山洞见2025/07/02 02:47

By:远山洞见

Today’s Preview

U.S. June ADP Employment Change (10,000s) will be released today, previous: 3.7
U.S. EIA Weekly Crude Oil Inventory for the week ending June 27 will be released today, previous: -58.36 million barrels
Ethena (ENA) will unlock 40.63 million tokens today, 0.67% of circulating supply

Macro & Hot Topics

Trump: Israel has agreed to Gaza ceasefire terms. On July 1, President Trump posted on Truth Social that U.S. representatives and Israelis held a “lengthy and productive” meeting about Gaza, and Israel has agreed to the required conditions for a 60-day ceasefire.
Public companies bought more Bitcoin than ETFs for three straight quarters. According to Bitcoin Treasuries, public companies bought around 131,000 Bitcoin in Q2 2025, up 18% in holdings. Over the same period, Bitcoin ETF holdings grew by 8% (about 111,000 Bitcoin). However, ETFs remain the largest holders with more than 1.4 million Bitcoin (6.8% of total supply), while public companies hold about 855,000 (4%).
DeFi Development plans $100M convertible bond private placement for buybacks and Solana purchases. On July 1, Nasdaq-listed DeFi Development Corp. (DFDV) announced it would privately place $100M in 2030 convertible senior notes (with potential $25M upsize) to institutional investors. Proceeds will partially fund share buybacks and also Solana (SOL) purchases.
Ethereum Community Foundation launches, aims to support “immutable, tokenless” projects and boost ETH value. Core dev Zak Cole announced ECF to promote adoption of Ethereum infrastructure and ultimately raise ETH price. ECF has raised millions in ETH and will fund “immutable and tokenless” projects, especially real-world asset tokenization (stocks, bonds, real estate, etc.), and public goods such as blob space repricing. Token voting will decide allocations, with full transparency. Its first project is the “Ethereum Validators Association” to give validators a voice and express preference via staking.

Market Overview

1. BTC saw minor declines, the market trended downward, with 259M in 24h liquidations (mainly longs).

2. Dow rose 400+ points, Nasdaq fell 0.8% as traders rotated from big tech to small caps; U.S. bonds broadly declined; copper hit a 3-month high, gold rose for the second day.

Bitget Daily Digest (7.2)｜U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL image 1

3. Bitget BTC/USDT liquidation map: at 105,564 USDT, a 2,000-point drop to 103,564 would trigger $245M in long liquidations; a 2,000-point rise to 107,564 would trigger $420M in short liquidations. Short-side liquidations far exceed longs—leverage should be managed to avoid mass liquidations amid volatility.

Bitget Daily Digest (7.2)｜U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL image 2

4. In the past 24h, BTC spot inflows were $1.45B, outflows $1.97B—net outflow $520M.

Bitget Daily Digest (7.2)｜U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL image 3

5. In the past 24h, contracts for $ETH, $BTC, $SOL, $XRP, $DOGE led net outflows—potential trading opportunities.

Bitget Daily Digest (7.2)｜U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL image 4

Institutional Views

Draper VC: Bitcoin could replace the dollar within 10 years

Original: https://x.com/BitcoinNews21M/status/1940035490712801701

Bitwise: S till believes BTC could hit $200K this year, but is c autious on ETH and SOL

Original: https://www.theblock.co/post/360525/bitwise-200000-bitcoin-price-2025-eth-sol

Greeks.live: 15% of BTC on-chain supply is concentrated near $105,000

Original: https://x.com/BTC__options/status/1939995144113320424

News Updates

U.S. Senate passes the “Big and Beautiful” Act, which now goes to the House; crypto tax relief not included
Powell: Cannot state if July rate cut is premature; nothing is ruled out at any meeting

Project Developments

DeFi Development to raise $100M via convertible bond for more Solana and share buybacks
Pakistan plans to deploy BTC reserves to DeFi protocols for yield
SEC approves Grayscale Digital Large Cap Fund conversion to ETF, covering BTC, ETH, XRP, SOL, and ADA
KOL reveals xStocks team is the former DAOStack team, which once rugged a $30M ICO
Public company Oblong purchased $1.65M worth of TAO
Plume partners with Trump family’s WLFI for a USD1 stablecoin multi-chain strategy
Webus secures $100M credit line, possibly for XRP reserves
Bitcoin OTC balance drops to a 10-year low of 156,600 BTC
Humanity Protocol partners with healthcare firm Prenetics to support its token
Circle launches developer tool “Circle Gateway”, with testnets like Base and Ethereum coming this month

X Highlights

1. CM: What to make of this wave of stock tokenization?

I’m optimistic about this round of stock tokenization.

From my experience with LUNA, everything—Mirror’s market environment, users, infrastructure—is on a different level today. Early on, some called Hyperliquid the next dYdX; now they’re calling stock tokenization the next Mirror or FTX. In reality, correctness isn’t proven in the first round but by time.

The key now is how well tokenized stocks integrate with on-chain assets and ecosystems. “Just trading” is only the tip of the iceberg. The biggest shift is regulators’ changing attitude: previously, Mirror’s tokenized US stocks weren’t allowed to appear on Uniswap, never mind multi-chain integration. Now, that’s changing.

Original: https://x.com/cmdefi/status/1939896495106621930

2. AB Kuai.Dong: JPMorgan downgrades Circle, warns of “compliance blessings becoming a burden”

JPMorgan’s bearish report (target $80, now $182) repeats: Circle relies on interest for 97% of income, with each Fed rate cut shrinking revenue. To push USDC, 60–70% of interest must subsidize partners. More stablecoin rivals are offering higher yields or better use cases, hurting USDC market share. If a U.S. stablecoin law passes, Circle would be forced to hold more capital like a bank, lowering returns. Other threats: tokenized money-market funds and stablecoin competitors. JPM thinks Circle’s future as a “stablecoin Swift” depends on progress in e-commerce and Southeast Asia cross-border payments and getting giants like Visa/Mastercard to rely on USDC. Otherwise, Circle may just become one of many ordinary, compliance-constrained stablecoin issuers.

Original: https://x.com/_FORAB/status/1939679703557964126

3. Phyrex: Four major drivers behind the current mood game

The “Big and Beautiful” Act passed the Senate by a single key vote (JD Vance); now it faces reconciliation with the House. Trump and Musk clashed over the bill—Trump’s tougher and hit back because SpaceX/Starlink rely heavily on Washington, so Musk has little leverage. Third: Powell’s speech made it clear there’d be no July rate cut, with the door open in September. Trump called Powell an idiot and said he’d announce a replacement next week. Lastly, the SEC is preparing a unified standard for spot token ETFs—covering net asset value, custody, service provider agreements, governance, etc. The regulatory framework is coming fast. For markets: $BTC volatility remained low, support is solid, turnover is low, and no panic. Most think Trump–Musk friction is emotional, not systemic risk, and that fiscal stimulus after the Act passes is a positive. I’ve taken a position betting on calm sentiment being sustained—let’s see over the next few days.

Original: https://x.com/Phyrex_Ni/status/1940168565723996444

4. Michael Liu: Who benefits most from US equities being brought on-chain?

Blue-chip stocks won’t be the biggest winners of stock tokenization: extra liquidity is a drop in the bucket for them. But illiquid assets in US stocks, once tokenized off-regulation, open up a world of new financial tools and trading tactics. Shareholders who can’t sell through regular channels can now use futures–spot combos; many altcoin traders may move to speculative chain-listed “junk” equities instead.

Original: https://x.com/Michael_Liu93/status/1939902798839099604

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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