Bitget Daily Digest (7.2)|U.S. Senate Passes “Big and Beautiful” Act, No Crypto Tax Benefits; Public Companies Accumulate $TAO and $SOL
Today’s Preview
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U.S. June ADP Employment Change (10,000s) will be released today, previous: 3.7
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U.S. EIA Weekly Crude Oil Inventory for the week ending June 27 will be released today, previous: -58.36 million barrels
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Ethena (ENA) will unlock 40.63 million tokens today, 0.67% of circulating supply
Macro & Hot Topics
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Trump: Israel has agreed to Gaza ceasefire terms. On July 1, President Trump posted on Truth Social that U.S. representatives and Israelis held a “lengthy and productive” meeting about Gaza, and Israel has agreed to the required conditions for a 60-day ceasefire.
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Public companies bought more Bitcoin than ETFs for three straight quarters. According to Bitcoin Treasuries, public companies bought around 131,000 Bitcoin in Q2 2025, up 18% in holdings. Over the same period, Bitcoin ETF holdings grew by 8% (about 111,000 Bitcoin). However, ETFs remain the largest holders with more than 1.4 million Bitcoin (6.8% of total supply), while public companies hold about 855,000 (4%).
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DeFi Development plans $100M convertible bond private placement for buybacks and Solana purchases. On July 1, Nasdaq-listed DeFi Development Corp. (DFDV) announced it would privately place $100M in 2030 convertible senior notes (with potential $25M upsize) to institutional investors. Proceeds will partially fund share buybacks and also Solana (SOL) purchases.
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Ethereum Community Foundation launches, aims to support “immutable, tokenless” projects and boost ETH value. Core dev Zak Cole announced ECF to promote adoption of Ethereum infrastructure and ultimately raise ETH price. ECF has raised millions in ETH and will fund “immutable and tokenless” projects, especially real-world asset tokenization (stocks, bonds, real estate, etc.), and public goods such as blob space repricing. Token voting will decide allocations, with full transparency. Its first project is the “Ethereum Validators Association” to give validators a voice and express preference via staking.
Market Overview




Institutional Views
News Updates
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U.S. Senate passes the “Big and Beautiful” Act, which now goes to the House; crypto tax relief not included
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Powell: Cannot state if July rate cut is premature; nothing is ruled out at any meeting
Project Developments
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DeFi Development to raise $100M via convertible bond for more Solana and share buybacks
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Pakistan plans to deploy BTC reserves to DeFi protocols for yield
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SEC approves Grayscale Digital Large Cap Fund conversion to ETF, covering BTC, ETH, XRP, SOL, and ADA
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KOL reveals xStocks team is the former DAOStack team, which once rugged a $30M ICO
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Public company Oblong purchased $1.65M worth of TAO
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Plume partners with Trump family’s WLFI for a USD1 stablecoin multi-chain strategy
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Webus secures $100M credit line, possibly for XRP reserves
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Bitcoin OTC balance drops to a 10-year low of 156,600 BTC
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Humanity Protocol partners with healthcare firm Prenetics to support its token
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Circle launches developer tool “Circle Gateway”, with testnets like Base and Ethereum coming this month
X Highlights
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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