MEXC Daily Highlights (July 29): BTC Steady at $110,000, On-Chain Activity Surges to Yearly High

Jul 29, 2025MEXC

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1. Market Overview

According to MEXC data, BTC rose to 119,812.0 USDT and is now reported at 118,209.9 USDT, with a 24-hour increase of + 0.02%.

MEXC platform USDT standard Perpetual Futures trading volume of the top ten heat map .

SOLUSDT , ETHUSDT , BTCUSDT , SUIUSDT , and 1000BONKUSDT rank in the top five. For more information about BTC prices and macroeconomics, please click [MEXC Market] to view.

2. Industry Data

2.1 The proportion of active supply of BTC and ETH rose to 37% within a year

A whale investor from the "Satoshi Nakamoto era" recently completed an off-exchange Bitcoin transaction through Galaxy, transferring more than 80,000 BTC (worth more than $9 billion), bringing the active supply ratio of Bitcoin to 37% within a year, which is on par with Ethereum , indicating that the supply dynamics of the two major cryptoassets are converging. Despite the astonishing transaction scale, the price of Bitcoin remains stable at around $118,000, reflecting a significant increase in the market's ability to resist institutional selling pressure. Industry insiders believe that over-the-counter platforms like Galaxy are becoming a key channel for whale transactions to avoid disrupting the Spot Market. This incident has also raised market attention to the true active level of "dormant Bitcoin". Currently, it is estimated that 2.30 million to 3.70 million BTC may be permanently lost, accounting for more than 10% of the total. However, this transaction indicates that some bitcoins considered "lost" may only be held for a long time.

2.2 CryptoPunks NFT trading volume hits highest level since March 2024

According to The Block report , the trading volume of CryptoPunks NFT series broke through $24.60 million last week, reaching a new high since March 2024, an increase of 416% compared to the previous week. This trading frenzy is believed to be related to GameSquare's acquisition of Punk #5577 for $5.15 million Preference Share. This move also led to a significant increase in the bottom price and average selling price of CryptoPunks.

3. Industry News

3.1 The Federal Reserve is not ready to cut interest rates this week

According to the Wall Street Journal , Fed officials expect to eventually need to continue cutting interest rates, but are not yet ready to do so. Their differences lie in what evidence they need to see first and whether it is wrong to wait until everything is clear before taking action. Officials are currently divided into three camps on whether to restart rate cuts. The focus will be on whether Powell will hint at a rate cut in September at the press conference and whether his colleagues will begin laying the groundwork for a rate cut at the next meeting in the coming days and weeks.

3.2 Trump's plan to push for crypto assets into US pension and mortgage systems sparks opposition from Democrats

According to CoinDesk , the Trump administration plans to further integrate cryptoassets into the US economy, including including digital assets such as Bitcoin in 401 (k) retirement accounts and mortgage asset evaluations. The US Federal Housing Finance Agency has asked Mae and Freddie Mac to consider using borrowers' cryptoassets as collateral, sparking opposition from Democrats such as Senator Elizabeth Warren, who are concerned that this move could shake the stability of the financial system. The White House will also release a heavyweight cryptoasset strategy report on Wednesday and may sign an executive order to promote more diversified retirement investments, including cryptocurrency. In addition, the market is watching whether the report involves Federal Reserve mechanisms such as the "Bitcoin Strategic Reserve".

4. Analyst Insights

4.1 Derivatives data supports ETH's expected breakthrough of $5,000 in the short term

According to Cointelegraph , analysis shows that although ETH fell to $3797 this week, the futures premium has risen to a 5-month high. ETF continues to have net inflows and institutional holdings increase, indicating that market sentiment is still bullish. Data shows that the annualized premium of ETH futures has reached 8%, and there is no obvious defensive layout in the options market, indicating potential upward space.

4.2 The S & P 500 index is expected to reach 7,200 points in the middle of next year

According to Business Insider Michael Wilson, strategist at Morgan Stanley, believes that with the support of Blue Chips earnings and positive macro trends, the S & P 500 index has the opportunity to rise to 7,200 points by the middle of next year, which is 12.5% higher than the current level. Wilson stated in a securities analysis report that 7,200 points for the S & P 500 index is a relatively optimistic forecast, mainly because the total earnings per share of the S & P 500 index Constituent Stock are expected to reach 319 yuan, and the expected Price-To-Earnings Ratio is set at 22.5 times, so the S & P index is expected to reach this target. Wilson believes that the quarterly results released by the S & P 500 Constituent Stock Index show that corporate earnings growth has a stable foundation, with an average increase expected to be between 10% and 20%. Wilson describes the current stock market cycle as a non-traditional cycle, mainly supported by positive operating leverage ratios, artificial intelligence applications, weak US dollar exchange rate, tax savings, good revenue growth, sustained demand growth, and Fed interest rate cuts.

5. Funding Updates

5.1 Standard Chartered 'Zodia Markets completed $18.25 million Series A financing, with participation from Circle Ventures

According to Financial News , Zodia Markets, a cryptocurrency trading company controlled by Standard Chartered (STAN), announced the completion of a $18.25 million Series A financing round led by Pharsalus Capital with participation from Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital, Human Capital and other strategic investors. According to the announcement released on Monday, the Series A financing will be used to support Zodia's international expansion efforts and further develop its stablecoin payment service.

5.2 AI project ARO Network completes $2.10 million Pre-Seed round financing, led by NoLimit Holdings and Dispersion Capital

According to Coin World , decentralized EdgeCloud project ARO Network announced the completion of a $2.10 million Pre-Seed round of financing, aimed at accelerating its creation of a decentralized EdgeCloud network designed for peer-to-peer information delivery and AI computing. The round of financing was led by NoLimit Holdings and Dispersion Capital, with participation from Escape Velocity, Maelstrom, and several strategic Angel Investors. ARO Network is a decentralized EdgeCloud project that allows users to convert idle internet resources into revenue by running nodes. Users can earn ARO tokens by running ARO nodes, supporting real-time AI computing.

6. Market Trends

6.1 SOL Strategies becomes an equity partner of ARK Invest Digital Asset Revolution Fund

According to Cointelegraph , ARK Invest announced a partnership with SOL Strategies to become an equity partner in its Digital Assets Revolutions Fund. ARK Invest will migrate its verification node business to SOL Strategies' equity infrastructure. According to Leah Wald, CEO of SOL Strategies, the company currently operates five verification nodes with assets under management exceeding 3.59 million SOL , worth about $647.20 million.

6.2 Goldman Sachs: hedge funds sell US tech stocks at the fastest pace in a year

According to Reuters , Goldman Sachs' prime brokerage business reported that as of the week ending July 25th, hedge funds reduced their risk exposure to US technology, media, and telecommunications stocks at the fastest pace since July 2024, with the selling speed of long positions exceeding that of short positions. Data shows that most sub-industries in the TMT field have reduced risk exposure, with semiconductors and semiconductor equipment, software, information technology services, and media stocks leading the decline. The financial report season of the technology industry is entering its peak, and companies such as Amazon, Apple, Meta Platforms, and Microsoft will announce their results this week. Vincent Lin, co-head of insights and analysis at Goldman Sachs prime brokerage business, wrote in the report: "Net exposure to the semiconductor and semiconductor equipment industry as a proportion of total exposure to US prime brokerage clients remains close to a five-year high, at the 94th percentile; while net exposure to the software and services industry is close to a five-year low, at the 2nd percentile."

7. Project Updates

1) Bloomberg: Coinbase is in talks to acquire CoinDCX in India.

2) Cboe submits applications for Canary Mortgage INJ Fund and Invesco Spot Solana ETF

3) Succinct has opened airdrop registration, and the registration window will close at midnight on August 4th

4) Coinbase adds BIO and EUL to its asset listing roadmap

5) FIS and Circle Collaborate to Support Financial Institutions in Accessing USDC Stablecoin Payment Function

6) Bakkt sells its loyalty business, transforms into a pure cryptocurrency company, and launches a public offering

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Recommended Reading:

• Why Choose MEXC Futures?Discover the unique advantages of trading Futures on MEXC and learn how to stay ahead in the derivatives market.
• How to Participate in M-Day?Master the steps and strategies for joining M-Day events and don’t miss out on daily airdrops of over 70,000 USDT in Futures bonus rewards.
• Futures Trading Guide (App Version): Get a step-by-step walkthrough of how to trade Futures on the MEXC mobile app and start trading with confidence.

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