Gate Daily: Trump ally sues Powell; Hong Kong implements the Stablecoin Regulation on August 1; Ripple co-founder transfers 175 million XRP.

Bitcoin (BTC) continues to retrace, trading around $117,700 in the Asian early session today (25th), failing to hold above $120,000. President Trump’s allies have sued Federal Reserve Chairman Powell, calling for changes to the FOMC monetary policy meetings, but Trump still emphasized that there is no need to dismiss Powell. Hong Kong will implement the Stablecoin Regulation starting August 1, and the co-founder of Ripple transferred $175 million worth of XRP in the past week.

Today's Outlook

1. UK June seasonally adjusted retail sales (month-on-month), previous value was -2.7%

2. Germany's IFO Business Climate Index for July, prior value was 88.4

3. U.S. June Durable Goods Orders Preliminary (MoM), previous value was 16.4%

Macroeconomic Events & Cryptocurrency Hotspots

1. Bloomberg reported that an investment firm led by supporters of U.S. President Donald Trump has sued Federal Reserve Chairman Jerome Powell and other Federal Reserve officials, demanding that they change the practice of holding monetary policy meetings behind closed doors, allowing the public to participate in policy meetings. Azoria Capital, led by James Fishback, filed the lawsuit on Thursday, stating that the U.S. Federal Open Market Committee (FOMC) meetings have long been held behind closed doors, a practice that violates government transparency regulations. The fund requests the Washington federal court to compel the Federal Reserve to publicly disclose the monetary policy meeting held on July 29 to 30. Azoria Capital stated in the lawsuit: "Azoria is deeply concerned about the FOMC maintaining high interest rates under Powell's leadership, as this action by the Federal Reserve will undermine President Trump and his economic agenda, harming American citizens and the U.S. economy."

2. Hong Kong will begin implementing the "Stablecoin Regulations" on August 1, which stipulates that providing or promoting unauthorized fiat-referenced stablecoins (FRS) to retail investors is considered illegal. The new regulations impose criminal penalties of up to a Level 5 fine of 50,000 HKD (approximately 6,300 USD) and a maximum prison term of six months. The Hong Kong Monetary Authority (HKMA) issued a public warning on Wednesday, urging investors to avoid unauthorized issuances to prevent inadvertently breaking the law. HKMA Chief Executive Eddie Yue stated in the warning that the forthcoming regulations aim to bring credibility and stability to the emerging stablecoin industry while protecting investors from fraud and excessive speculation.

3. On-chain data shows that Ripple co-founder and executive chairman Chris Larsen transferred $175 million worth of XRP through multiple wallets over the past week. These asset transfers were first discovered by on-chain investigator ZachXBT, occurring between July 17 and July 23. According to blockchain data, Larsen sent 50 million XRP to four different addresses, valued at approximately $175 million. Two of the addresses received 30 million and 10 million XRP, respectively, and were later linked to cryptocurrency exchanges or third-party services. The remaining 10 million XRP was evenly distributed to two new wallets, with each wallet receiving 5 million XRP. Despite these outflows, wallets associated with Larsen still hold over 2.81 billion XRP, which is worth more than $8.4 billion at current market prices.

Market Trend

1、$BTC continues the retracement trend, currently reported at around 117,700 USD, with liquidations of 49.97 million USD in the past 24 hours, mainly from long positions;

2. The S&P 500 Index and the Nasdaq Index closed at record highs on Thursday, while the Dow Jones Industrial Average fell by 0.7%, closing at 44,693.91 points; the S&P 500 Index increased slightly by 0.07%, closing at 6,363.35 points; the Nasdaq Index rose by 0.18%, closing at 21,057.96 points;

3. In the Gate BTC/USDT liquidation map, based on the current 118,409.50 USDT, if it drops to around 117,507 USD, the total liquidation amount of long positions exceeds 270 million USD; if it rises to around 119,834 USD, the total liquidation amount of short positions exceeds 181 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was $2.38 billion, outflow was $2.46 billion, with a net outflow of $0.08 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows in contract trading for $BTC, $ETH, $SOL, $XRP, $DOGE, etc. are leading, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. Deribit: Over $15.4 billion in BTC and ETH options are set to expire.

2. Resolv announces the launch of the protocol fee mechanism, with part of the profits used to reward RESOLV stakers.

3. JPMorgan: Capital inflows into cryptocurrencies have reached $60 billion so far this year.

4. Suspected Ripple co-founder Chris Larsen sent approximately 140 million USD of XRP to exchanges within 7 days.

5. The Solana staking ETF of REX-Osprey will integrate JitoSOL and distribute 100% of the rewards to shareholders.

6. Musk's xAI will integrate the Grok conversational model into the prediction market Kalshi.

7. Tether Treasury minted 2 billion USDT on the Ethereum chain.

8. Tether: 250,000 Tether Gold tokens in circulation are backed by 7.66 tons of gold.

9. Christie's International Real Estate has established a new department specifically for handling real estate transactions conducted with cryptocurrency.

10. WOO X platform suspected of being attacked, with losses exceeding ten million dollars.

11. The new generation GPT-5 model from OpenAI is expected to be officially released in early August.

12. The TON Foundation and Kingsway Capital plan to raise $400 million for the TONCoin treasury.

13. The strategy aims to increase the fundraising scale for purchasing Bitcoin to 2 billion USD.

14. International Monetary Fund: El Salvador's strategic Bitcoin reserve fund accumulates Bitcoin in accordance with the planned conditions.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The various data regarding Bitcoin remains very robust. Although the FOMO sentiment from investors seems to be receding, the price stability is still quite good. The market has returned to a situation where sell-offs have decreased. At the end of the month, the White House will release its first comprehensive $BTC and cryptocurrency policy report, which should be one of the reasons for the market's continued optimism towards BTC. We really have to thank Trump for that. The data on support is also very friendly, with no fresh changes. More chips are beginning to accumulate between 117,000 and 118,000 USD, indicating that there are still a considerable number of investors buying BTC in this range, which also reflects the bullish sentiment among investors. As for $ETH, more attention needs to be paid to ETFs. It has become very clear now, with the recent month’s explosion of ETH spot ETFs resembling the BTC spot ETF from early 2024. Institutions are starting to buy and build positions, especially investors from BlackRock. I wonder if this is directly related to ETH staking and RWA."