Summary
gm, Remixpoint raised $215 million to grow its Bitcoin holdings to 3,000 BTC, while SharpLink Gaming increased its Ethereum reserves to over 205,000 ETH valued at $533 million. On the product front, Pump.fun announced its token launch scheduled for July 12 with a $4 billion valuation, offering 25% of platform revenue to token holders but excluding US and UK investors. In partnership developments, Emirates airline signed an MOU with Crypto.com to enable crypto payments by next year, and Bullish teamed up with Solana to utilize Solana-native stablecoins for institutional trading and clearing operations. Meanwhile, crypto ETF assets under management reached a record $188 billion despite traders cautioning about a potential "summer lull" in market activity.

News Headlines
💸 US House to Hold Hearing on Crypto Tax Policy

  • The House Ways and Means Committee will conduct a hearing on July 16 as part of 'Crypto Week' to address taxation strategies for digital assets.
  • Proposed legislation would establish a $300 transaction threshold exempting small day-to-day crypto transactions from capital gains taxes and eliminate double taxation on crypto obtained through staking, mining, and airdrops.

🌐 Layer 1 Blockchains Consider Cutting Inflation to Reduce Sell Pressure

  • Multiple Layer 1 blockchains are proposing to reduce their inflation rates due to concerns about token price depression from excessive validator rewards.
  • NEAR suggested halving its inflation from 5% to 2.5%, Celestia aims to reduce from 5% to 0.25%, and Solana has attempted to revise its inflation curve, while Tron has already achieved a deflationary rate of ~1.29%.

⚡ Ego Death Capital Closes $100M Fund Dedicated to Bitcoin-Only Projects

  • Venture capital firm Ego Death Capital has raised $100 million for its second fund focusing exclusively on Bitcoin-based projects and infrastructure.
  • The fund plans to make Series A investments ranging from $3-8 million in startups utilizing Bitcoin as underlying infrastructure rather than as a speculative asset.

💼 Ripple CEO Addresses Senate Hearing on Crypto Market Structure

  • Ripple CEO Brad Garlinghouse testified before the Senate Banking Committee, emphasizing that unclear regulations are hindering progress in the US crypto industry.
  • The hearing, which included former regulators and blockchain executives, comes as both House and Senate committees work on legislation to establish clear rules for the rapidly evolving crypto landscape.

🔥 GMX DeFi Exchange Exploited for $42M, Offers Hacker 10% White Hat Bounty

  • GMX has suffered a significant hack resulting in the theft of over $42 million in various cryptocurrencies, including $10M in Frax dollar, $9.6M in wrapped Bitcoin, and $5M in DAI.
  • The hacker has already bridged $9.6 million to Ethereum, while approximately $32 million remains on the Arbitrum network as GMX attempts to recover the funds by offering a 10% bounty for their return.

Market Metrics

Fundraising & VC
1. H100 Group (Undisclosed, $54M) - Sweden's first Bitcoin treasury company
2. Velvet Capital (Undisclosed, $3.7M) - Crypto x AI trading & portfolio management OS

Regulatory
🛂 UK Crypto Users Face £300 Fine for Non-Disclosure

  • Starting January 2026, UK cryptocurrency users must provide personal information to crypto service providers for tax record linking or face penalties up to ÂŁ300 ($408).
  • The requirement applies to all crypto service providers including exchanges, wallet apps, and NFT marketplaces, as part of HMRC's efforts to ensure proper taxation of digital asset transactions.

🌐 South Korea to Lift Restrictions on Crypto Venture Businesses

  • South Korea's Ministry of SMEs and Startups plans to remove restrictions preventing crypto firms from qualifying as venture companies, granting them access to tax benefits and funding opportunities.
  • This regulatory shift signals the government's changing perception of digital assets, allowing existing venture firms to enter the crypto space without losing their classification and associated benefits.

🌎 Five Countries Offer Tax-Free Crypto Haven in 2025

  • The Cayman Islands, UAE, El Salvador, Germany, and Portugal are highlighted as jurisdictions offering various degrees of tax relief for cryptocurrency investors in 2025.
  • Each country has unique advantages: the Cayman Islands has no personal income or capital gains taxes, while Germany exempts crypto held over 12 months, and El Salvador treats Bitcoin as legal tender with no transaction taxes.

🚨 US Sanctions North Korean IT Workers Over Crypto Theft

  • The US Treasury has sanctioned two individuals and four entities linked to a North Korean IT worker ring that infiltrated cryptocurrency companies to steal information and funds.
  • North Korean actors are estimated to be behind $1.6 billion of the $2.1 billion lost in crypto thefts in early 2025, with thousands of skilled IT workers targeting wealthier nations through sophisticated fraud schemes.

⚖️ Crypto Groups Back Lawsuit Against DOJ Over Open-Source Code

  • Major crypto advocacy groups including Paradigm and the Blockchain Association have filed an amicus brief supporting developer Michael Lewellen in his lawsuit against the DOJ.
  • The groups argue that the DOJ is misinterpreting money transmission laws to prosecute open-source software developers, comparing it to holding a tool manufacturer responsible for how their products are used.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has given a positive signal from the rectangle formation by a break up through the resistance at 107710. Further rise to 115727 or more is signaled. The currency has broken up through resistance at points 109000. This predicts a further rise. In case of negative reactions, there will now be support at points 109000. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum has broken the rising trend up in the short term, which indicates an even stronger rising rate. The currency has marginally broken up through resistance at points 2770. An established break predicts a further rise. The currency is assessed as technically positive for the short term.