Author: TechFlow
Market Dynamics Yesterday
US SEC Approves Physical Subscription and Redemption Mechanism for Crypto ETP
According to the official announcement from the US Securities and Exchange Commission (SEC), the SEC voted to allow authorized participants to subscribe and redeem crypto Exchange Traded Products (ETP) through physical means.
SEC Chairman Paul S. Atkins stated that this marks the beginning of a new regulatory chapter, which will make these products more cost-effective and efficient. The SEC also approved other proposals to facilitate the crypto asset market, including listing trading applications for hybrid spot Bitcoin and Ethereum ETPs, specific Bitcoin spot ETP options trading, Flexible Exchange (FLEX) options trading, and raising the position limit for specific Bitcoin ETP options to 250,000 contracts.
Hong Kong Monetary Authority: Stablecoin Regulation to Take Effect This Friday with 6-Month Transition Period
The Hong Kong Monetary Authority announced that the Stablecoin Regulation will take effect this Friday, with a 6-month transition period. The authority will implement a classified approach for existing stablecoin issuers: those meeting regulatory requirements can obtain temporary licenses; those unable to meet standards within 3 months must cease operations within 4 months; those not meeting licensing standards must terminate operations within 1 month of receiving notice.
Regulatory requirements include full reserves, one-day redemption processing, establishing an entity in Hong Kong, and maintaining sufficient financial resources. The authority emphasized that initially, only a few licenses will be issued and will require issuers to implement customer due diligence, transaction monitoring, and other compliance measures. Violators will face penalties including fines, suspension, or revocation of licenses.
JPMorgan: Raises Robinhood Target Price to $98, Optimistic About Digital Asset Business
According to CoinDesk, JPMorgan has raised Robinhood's 2026 target stock price to $98, doubling its previous expectation. The investment bank is optimistic about Robinhood's positioning in crypto assets and tokenized finance, including the $200 million acquisition of Bitstamp exchange and tokenized stock trading in the EU under the MiCA framework. JPMorgan expects Robinhood's Q2 earnings per share to be $0.31, with trading revenue of $515 million, while maintaining a "neutral" rating on the company.
Linea Announces Token Economics: Total Supply of About 72 Billion, TGE Circulation Ratio 22%
According to the official announcement, Ethereum Layer 2 network Linea has officially disclosed its token economics details. The total supply of LINEA tokens is 72,009,990,000 (about 72 billion), with 85% allocated to ecosystem development (10% to early contributors, 75% to the ecosystem fund managed by an alliance including ENS Labs, Eigen Labs, etc.), and 15% allocated to ConsenSys treasury.
LINEA will not be used as a fuel token, with ETH continuing to be used as fuel. In the fee mechanism, 20% of fuel fees after deducting Layer 1 network costs will be used to burn ETH, with the remaining 80% used to burn LINEA. The circulating supply at TGE will be approximately 22% of the total supply (1.58 billion tokens).
[The translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms and preserving the original formatting.]This article explores the latest developments in Hong Kong's digital asset field, particularly the integration of stablecoins and real-world assets (RWA). Through Policy Declaration 2.0, Hong Kong clearly defined its goal of becoming a global digital asset innovation center and demonstrated its leading practices in blockchain technology, tokenizing new energy assets, and building cross-border financial ecosystems. The article also emphasizes Hong Kong's attractiveness to entrepreneurs and its role as a bridgehead for Chinese assets' "tokenization-financing-trading-cross-border circulation".
This article is an in-depth dialogue about cryptocurrency investment and asset allocation, focusing on Bitcoin's value, investment strategies, and the limitations of traditional financial systems. Bitwise Asset Management trader Jeff Park shared his "aggressive investment portfolio" theory, emphasizing the value of scarcity and non-homogeneous assets, and discussed the characteristics and future trends of Bitcoin, gold, and other alternative investment tools.
A1 Research: Occupying Nearly 70% Market Share, What Did Ethena Do Right?
This article provides a detailed analysis of Ethena's development trajectory and market performance in the DeFi field, showcasing its unique advantages and sustainability as an infrastructure protocol. Ethena has become a market leader through innovative stablecoin models and risk management strategies, driving rapid growth in related tracks.
This Week's Airdrop Opportunities: Yala, Treeverse, $S, Caldera, and More
The article covers this week's cryptocurrency market dynamics, including price fluctuations, airdrop opportunities, and project updates, while providing investment strategies and market analysis. The article also mentions important industry events such as Ethereum's tenth anniversary celebration and Federal Reserve policy predictions.
