Multi-chain Network Upgrade: On-chain Governance and Verification Mechanisms (Issue 2 · Week 28, 2026)

01Latest Developments

Latest Developments

07-06 BitMine increased its holdings by 42,000 ETH last week, bringing its total holdings to 5.74 million ETH. Its stake in Ethereum rose to 4.8%, with staking rewards amounting to approximately $235 million. The total value of its assets reached $11.1 billion. On the same day, the total value of liquidations across the network in 24 hours was $205 million, of which short-position liquidations exceeded $127 million. Bitcoin and Ethereum together contributed over $110 million to these liquidations.

07-05 XRP rose by nearly 10% to $1.18 per coin this week, with a market value of $73 billion. This made it the fifth-largest cryptocurrency by market value, surpassing USDC. During the same period, BTC briefly rebounded above $63,000.

07-04 Wang Chun, co-founder of F2Pool, deposited 9,876 ETH into Binance. This address subsequently transferred another approximately $17 million worth of ETH to the exchange, drawing attention to large-scale capital movements on the blockchain.

07-03 Remixpoint revealed that it earned nearly 10 BTC in lending income from February to June, equivalent to over 100 million yen. The company also pledged ETH and SOL during this period. Financial disclosures showed that Trump generated over $600 million in earnings from holding Solana meme coins. BTC rebounded to $61,500, and SharpLink resumed ETH fundraising. However, institutional outflows coexisted with macroeconomic pressures.

07-02 Cantor Fitzgerald predicted that BTC might hit bottom by the end of October, suggesting a shift toward value-oriented cryptocurrencies. Chinese police published guidelines in Criminal Technology detailing the procedures for collecting evidence related to Bitcoin and Ethereum, including methods for retrieving data from exchanges and protocols for freezing assets.

07-01 Nasdaq partnered with Pyth to put TotalView’s proprietary data onto the blockchain, aiming to cover the entire ecosystem through a single integration. Trump’s earnings from cryptocurrencies in 2025 were estimated at $1.427 billion. Vance disclosed his Bitcoin holdings for the first time. Negotiations regarding the ethical provisions of the CLARITY Act reached an impasse. In June, Bitcoin ETFs saw outflows of over $40 billion, reducing the total value of U.S. cryptocurrency ETFs by $107 billion. There was a net outflow of nearly $4.5 billion in June, but XRP and HYPE ETFs recorded net inflows of $59.4 million and $161 million respectively. MicroStrategy’s authorization to sell $1.25 billion worth of BTC triggered selling pressure, causing most major tokens to decline in value. Global crypto ETPs managed assets

02Impact Analysis

Market sentiment has shifted from panic-driven selling to structural differentiation. Despite capital outflows under macroeconomic pressures, institutions have not completely withdrawn from the market; instead, this has accelerated the gradual shift of assets toward high-yield protocols and specific ecosystems. Although there was a net outflow of nearly $4.5 billion in Bitcoin ETFs in June, reducing the total assets under management for global crypto ETPs to $140 billion, Bitcoin holdings were only 8% below their peak levels, indicating that institutions maintained a high proportion of their holdings despite price fluctuations. The nature of the market is shifting from a scenario of capital flight to a natural correction.

There have been significant structural changes in capital flows, with traditional risk-aversion strategies being replaced by the returns offered by high-revenue protocols. Against the backdrop of massive outflows from Bitcoin ETFs, XRP and HYPE ETFs recorded net inflows of $59.4 million and $161 million respectively, suggesting that capital is moving away from pure price-based speculation toward assets with actual revenue generation capabilities. This trend is corroborated by on-chain activities—BitMine increased its ETH holdings by 42,000 tokens last week, bringing its total holdings to 5.74 million tokens and generating approximately $235 million in staking rewards, thus establishing a new paradigm for institutional asset management centered on staking income. Meanwhile, the Japanese company Remixpoint acquired nearly 10 BTC within half a year through borrowing and staking, further demonstrating institutions’ willingness to utilize on-chain mechanisms to earn stable returns.

At the industry landscape level, the integration between traditional finance and blockchain infrastructure is deepening significantly. Nasdaq, in collaboration with Pyth, has brought TotalView’s proprietary data onto the blockchain, aiming to cover the entire ecosystem through a single integration. This move marks traditional data giants’ official commitment to decentralized oracle networks and accelerates the process of bringing compliant data onto the blockchain. However, uncertainties arising from regulatory and political factors are still on the rise. Reports suggesting that Trump earned $1.427 billion in crypto-related income in 2025 and made over $600 million from Solana meme coins have led to a deadlock in negotiations over the ethical provisions of the CLARITY Act, intensifying debates regarding the compliance of public officials’ digital asset holdings.

Short-term market volatility is increasing, with the bullish and bearish forces entering a critical phase. The total value of liquidations across the network in 24 hours reached $205 million, with short positions dominating. Bitcoin and Ethereum together accounted for over $110 million in liquidations, indicating that the market is rebounding toward $61,500 per coin.

03Keep an eye on it.

Ongoing Monitoring

1. Stability of Institutional Holdings and Price Threshold Monitoring (Continued) It is necessary to continuously track changes in the asset size managed by global crypto ETPs, which has now dropped to $140 billion. Special attention should be paid to whether Bitcoin holdings remain within 8% below their peak levels, in order to confirm that institutions are “holding firm” rather than withdrawing funds. At the same time, it is important to monitor whether Bitcoin prices can effectively hold above $61,500—a key threshold in the ongoing struggle between market recovery and pullbacks.

2. Regulatory Policies and Political Figures’ Holding Trends (New) Given that Trump’s crypto-related earnings reached $1.427 billion in 2025 and Vance disclosed his Bitcoin holdings for the first time, it is essential to closely follow the negotiations regarding the ethical provisions of the CLARITY Act. There is a risk of policy deadlock due to conflicts of interest. Additionally, attention should be paid to whether Gillibrand’s call to ban public officials from issuing digital assets will lead to specific regulatory actions against assets such as Solana meme coins, especially regarding subsequent investigations into Trump’s earnings of over $600 million.

3. Large-Scale On-Chain Capital Flows and Staking Yield Verification (Continued) Continued focus should be placed on institutionalized digital asset management practices. Key monitoring points include adjustments in the holdings of firms like BitMine, given their staking yields of around $235 million, with their total Ethereum holdings now reaching 5.74 million tokens. Attention must also be paid to large-scale unusual movements on the chain, such as the risk of selling pressure caused by one of the co-founders of F2Pool depositing 9,876 Ethereum tokens on Binance. Early warnings should be issued based on the fact that over $127 million worth of short positions were liquidated across the entire network in 24 hours.

4. Market Bottom Cycle and Macroeconomic Sentiment Indicators (New) Based on Cantor Fitzgerald’s predictions, it is necessary to verify whether the crypto market is currently in

04Related Reads

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2. “全网24小时爆仓额达2.05亿美元，空单占优势”
3. “XRP市值超USDC，成为第五大加密货币”
4. “F2Pool联合创始人王纯向币安存入9876枚以太坊”
5. “日企借币生息：5月追加80枚BTC，半年入账近10枚”
6. “特朗普2025年持有Solana模因币获利超6亿美元”
7. “BTC反弹至6.1万，引发分歧：这是复苏起点还是多头陷阱？”
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9. “中国警方披露虚拟货币追踪与扣押方法”
10. “纳斯达克上链：传统数据巨头为何押注Pyth”
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13. “千亿美元资金撤离：比特币ETF为何在六月崩盘”
14. “MicroStrategy拟出售1.25亿美元比特币，日活跃用户数难以突破6万大关”
15. “规模缩减15%但持仓仍接近纪录：机构并未离场”