(26/52) Weekly Market Insights: Return to US Policy Focus

Hot News: Global market risk appetite rebounded rapidly after Israel and Iran announced a ceasefire. Bitcoin rose 7.2% that week, while oil prices fell sharply by 12%, and the S\&P 500 index climbed 3.44%. As tensions in the Middle East ease, investors' focus is expected to shift back to U.S. political developments, especially the progress of the "Big and Beautiful Act" and the potential restart of reciprocal tax policies.

Macro Outlook: The White House Press Secretary stated that the July 9th tariff deadline is "not critical" and there is a possibility of extension. President Trump believes that it is not necessary to extend the deadline, but it can still be extended if necessary. However, Trump insists on imposing a 25% tariff on Japanese automobiles and announced the termination of all trade negotiations with Canada, citing Canada's digital services tax on U.S. tech companies as a reason for his dissatisfaction. Canada later cancelled the digital services tax to advance trade negotiations with the United States. Federal Reserve Chairman Powell announced the removal of "reputational risk" clauses in bank examinations, which may benefit Cryptocurrency-related businesses. Previously, banks have been reluctant to provide services to this type of business due to the threat of potential reputational risk downgrades. U.S. durable goods orders rose 16.4% month-over-month in May, far exceeding market expectations of 8.5%, mainly due to a 230.8% surge in orders for non-defense aircraft and parts. The final value of U.S. first-quarter GDP fell by 0.5%, lower than the market's expected decline of 0.2%. The U.S. core PCE price index rose 0.2% month-over-month in May, slightly higher than the market's expected 0.1%. Personal income fell 0.4% month-over-month that month, significantly lower than the market's expected increase of 0.3%; meanwhile, personal spending also fell 0.1% month-over-month, also lower than the market's expected increase of 0.1%.

Upcoming economic calendar includes:
July 1, Tuesday 10 PM: U.S. June ISM Manufacturing PMI and May JOLTs Job Openings data
July 3, Thursday 8:30 PM: U.S. June Non-Farm Payrolls report and unemployment rate data
July 3, Thursday 10 PM: U.S. June ISM Services PMI data

Cryptocurrency Market Overview: The U.S. Federal Housing Finance Agency (FHFA) has ordered Fannie Mae and Freddie Mac to include Cryptocurrency in mortgage asset considerations. Kraken exchange launched a payment application called Krak, which is now available on iOS and Android platforms. Gemini exchange has partnered with Dinari to launch tokenized stocks on its platform, with the first listed stock being MicroStrategy (MSTR). Investment platform Republic announced plans to launch SpaceX tokenized equity on the Solana blockchain. Eight commercial banks in South Korea (including KB Kookmin Bank, Shinhan Bank, Woori Bank, and NongHyup Bank, etc.) are jointly opening the Blockchain DID Association with the Korea Financial Telecommunications and Clearing Institute to jointly develop a Korean Won stablecoin, aiming to compete with U.S. dollar stablecoins and enhance South Korea's position in the global payment system.

Layer 1 and Layer 2 Public Chains: Aptos launched a hot storage solution called Shelby, which is built on a dedicated fiber optic network and has high-performance characteristics. ZKsync released a high-performance open-source RISC-V zkVM solution, Airbender. This new zkVM can significantly reduce the operating costs of ZKsync Chains, provide near-instant proof generation capabilities, and bring performance improvements to applications. Led by DRW Trading and Tradeweb, with participation from financial giants such as BNP Paribas, Circle, Citadel, and Goldman Sachs, Canton Network completed a $135 million financing round. This network is a Layer 1 network focused on RWA and currently carries $4 trillion in tokenized RWA assets. Moca Network launched Moca Chain, designed specifically for on-chain identity. Developers can now use the AIR Kit toolkit to integrate the Moca identity module into decentralized applications on any blockchain. DappsChainlink has partnered with Mastercard to provide users with direct Cryptocurrency purchase services on platforms such as Zerohash, Swapper Finance, Shift4 Payments, and XSwap. Sky Protocol announced that it will allocate $1 billion in reserve funds to invest in Grove's tokenized AAA-rated collateralized loan obligation (CLO) fund. LayerZero launched Fast Aggregated Fabric Optimization (FAFO), aimed at expanding EVM performance to achieve 1 million TPS, while costing 91% less than sharding technology solutions. World Liberty Financial announced that WLFI tokens will soon have trading functionality. Moonshot launched Moonshot Create, providing an easy solution for quickly creating meme coins via Apple Pay. Maple Finance announced that its platform will accept HYPE tokens as collateral from institutional borrowers. Gelato and Morpho jointly launched an embedded crypto asset lending service, allowing platforms to easily integrate lending functions for users. f(x) protocol launched sPOSITIONs, a new type of fixed-leverage short position product with no funding rate. Non-custodial crypto debit card protocol BasedApp launched HyperApp on iOS and Android platforms. The app supports users in trading perpetual contracts and spot on Hyperliquid and spending USDC through Visa cards. Sahara listed SAHARA tokens on major exchanges, with a current FDV of approximately $1 billion. Sahara is a full-stack AI platform where users can create and monetize AI models, indexed datasets, and specialized agents.

Governance/Project Updates: EthCC8 will be held in Cannes, France from June 30 to July 3, and multiple Ethereum ecosystem protocols are expected to release important announcements. BNB Chain is expected to launch the Maxwell upgrade on June 30, which will reduce the BSC block time from 1.5 seconds to 0.75 seconds and include other performance optimizations. Byreal, a Solana decentralized exchange built by Bybit, will launch its testnet on June 30. Jupiter Finance is expected to launch its token issuance platform, Jupiter Studio, this week. Injective announced that it will launch the inEVM public testnet this week. During the Injective Summit, the team also launched several initiatives, including the Injective Revenue Fund (using a portion of protocol revenue for developer funding), the Injective Community Burn Mechanism (expanding the burn contribution of various on-chain activities), and the iBuild no-code building tool. The NEAR protocol proposed reducing its maximum inflation rate from 5% to 2.5%. Previously, the DWF co-founder promised to purchase an additional 10 million NEAR tokens on the secondary market if NEAR reduces inflation to 2.5%. Maple Finance's syrupUSDC has passed the intention proposal to be launched on the Aave V3 core instance. Lido has passed a proposal to activate a dual governance mechanism, which allows stETH holders to delay the execution of controversial proposals and safely exit. Sui Name Service (SuiNS) passed a proposal to repurchase and burn 80% of the protocol's revenue.

Token Unlock:
SUI tokens will be unlocked on July 1, with the unlock amount accounting for 1.72% of the total token supply.
ENA tokens will be unlocked on July 2, with the unlock amount accounting for 1.55% of the total token supply.
JTO tokens will be unlocked on July 7, with the unlock amount accounting for 3.33% of the total token supply.
IMX tokens will be unlocked on July 11, with the unlock amount accounting for 1.31% of the total token supply.
IO tokens will be unlocked on July 11, with the unlock amount accounting for 8.05% of the total token supply.
APT tokens will be unlocked on July 12, with the unlock amount accounting for 1.75% of the total token supply.
STRK tokens will be unlocked on July 15, with the unlock amount accounting for 3.81% of the total token supply.
ARB tokens will be unlocked on July 16, with the unlock amount accounting for 1.87% of the total token supply.
VANA tokens will be unlocked on July 16, with the unlock amount accounting for 1.47% of the total token supply.
DBR tokens will be unlocked on July 17, with the unlock amount accounting for 20.3% of the total token supply.
SOLV tokens will be unlocked on July 17, with the unlock amount accounting for 20%.
APE tokens will be unlocked on July 17, with the unlock amount accounting for 1.92% of the total token supply.
CLOUD tokens will be unlocked on July 18, with the unlock amount accounting for 69.7% of the total token supply.

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