PA Daily | US Non-farm Payrolls (NFP) disappoints, potentially causing turmoil in global markets; Bitcoin Spot ETF sees a net outflow of $812 million in a single day, the second highest in history.

Today’s news highlights:

1. The U.S. non-farm payroll employment for July is 73,000 after seasonal adjustment, with an unemployment rate of 4.2%.

2. Trump demands the firing of the head of the U.S. Bureau of Labor Statistics

3. The three major U.S. stock indices closed lower, with the cryptocurrency sector leading the declines.

4.ARK Invest increased its holdings of COIN by approximately $35.76 million and BMNR stocks by $18.73 million yesterday.

5. SharpLink Gaming has deposited 108 million USDC in the past 7 hours and has currently purchased 14,933 ETH.

6. OpenAI completes a $8.3 billion financing round, with a valuation of $300 billion.

7. Arthur Hayes: Bitcoin will test $100,000, Ethereum will test $3,000

8. The Bitcoin spot ETF had a net outflow of $812 million yesterday, the second highest in history.

Macroeconomic/Policy

a16z warns that the draft cryptocurrency regulations have loopholes and suggests adopting a “digital goods” regulatory framework.

The renowned venture capital firm a16z is calling on U.S. lawmakers to amend the draft of the cryptocurrency regulatory bill, warning that the proposed framework may contain dangerous loopholes that undermine investor protection. a16z submitted an open letter to the U.S. Senate Banking Committee, suggesting amendments to the revised draft of the “21st Century Financial Innovation and Technology Act”: 1. Opposes the current “ancillary assets” framework, arguing that it conflicts with the securities law’s “Howey test” and may weaken investor protection; recommends adopting clearer “digital goods” regulatory standards. 2. Warns of regulatory loopholes separating primary/secondary markets, as project parties might exploit exemption clauses to sell assets to insiders at low prices and then resell them to the public market; proposes using “degree of decentralization” as a regulatory boundary, requiring relinquishment of control to lift trading restrictions. 3. Calls for exemptions for activities involving blockchain underlying technology, such as running consensus algorithms and executing smart contracts, which should not be classified as securities activities.

The UK’s FCA will open retail access to cryptocurrency ETNs on October 8.

The UK Financial Conduct Authority (FCA) has announced that it will open retail channels for cryptocurrency exchange-traded notes (ETN), stating that companies will soon be able to allow retail investors access to cryptocurrency ETNs. Cryptocurrency ETNs that retail investors can trade must be traded on UK investment exchanges approved by the FCA. The FCA added that the ban on retail access to crypto asset derivatives will remain in effect, and it will continue to monitor market developments and consider its approach to high-risk investments. This change will take effect on October 8, 2025.

In July, the seasonally adjusted non-farm payroll in the United States increased by 73,000, with an unemployment rate of 4.2%.

According to Jinshi, the seasonally adjusted non-farm payrolls in the US for July increased by 73,000, expected to be 110,000, with the previous value revised from 147,000 to 14,000. The unemployment rate in the US for July is 4.2%, expected to be 4.20%, with the previous value at 4.10%.

The three major U.S. stock indices collectively closed lower, with the cryptocurrency sector experiencing significant declines.

According to reports from the Financial Associated Press, the three major U.S. stock indexes collectively closed lower, with the Dow Jones falling 1.23%, a cumulative decline of 2.92% this week, the Nasdaq down 2.24%, with a cumulative drop of 2.17% this week, and the S&P 500 index falling 1.6%, a cumulative decline of 2.36% this week. The cryptocurrency sector experienced significant losses, with Coinbase dropping over 16%, and Strategy and Circle falling over 8%. Popular tech stocks broadly declined, with Amazon down over 8%, Meta down over 3%, Apple and Nvidia down over 2%, and Tesla, Microsoft, and Google down over 1%.

Trump calls for the dismissal of the Commissioner of the Bureau of Labor Statistics.

According to Caixin, U.S. President Trump posted on social media “Truth Social” on August 1, local time, accusing Bureau of Labor Statistics Director Erica McEntyre of “artificially exaggerating” employment data ahead of the 2024 U.S. elections, demanding her immediate dismissal and replacement by “a more capable candidate.”

Trump claimed that the bureau had seriously overestimated new job additions in March 2024 and several months before the election, believing this move was aimed at boosting Vice President Harris’s chances of winning. He also criticized the Federal Reserve for lowering interest rates before the election as “market manipulation,” and suggested that Chairman Powell should be replaced. On the same day, U.S. Labor Secretary Lori Chavez-DeRemer announced that William Wyatrowski, the deputy director of the Bureau of Labor Statistics, would serve as acting director, succeeding Erika McEntyre.

Uniswap, a16z, and its allies urge the Senate to establish a dedicated regulatory framework for DeFi, and propose four key objectives.

The DeFi Education Fund (DEF) submitted a letter urging the Senate Banking Committee to seriously consider how to regulate DeFi and establish a dedicated regulatory framework for it. It emphasizes that legislation should follow four key objectives: distinguishing between DeFi developers and centralized intermediaries; clearly defining which intermediaries need to register with the government; establishing criteria for whether a protocol is decentralized; and maintaining technology-neutral regulation.

The DEF opinion letter is co-signed by a16z Crypto, Jito Labs, Jump Crypto, Paradigm, Multicoin Capital, Solana Policy Institute, Uniswap Foundation, Uniswap Labs, and Variant Fund. The committee is discussing the draft of the Responsible Financial Innovation Act (RFIA) of 2025, which is an updated version of the cryptocurrency market legislation reviewed by the Senate in June 2022. The committee is seeking public input on the draft bill, aiming to “ensure that the bill effectively builds on the solid foundation laid by the CLARITY Act, encourages American innovation, while not jeopardizing financial stability or harming consumer interests.”

opinion

Analysts: The U.S. cryptocurrency ETF raised $12.8 billion in July, setting a new historical record.

Bloomberg ETF analyst Eric Balchunas stated on the X platform that in July, U.S. cryptocurrency ETFs raised $12.8 billion, setting a record for the best single month in history, attracting funds at a rate of $600 million per day, which is about twice the average level. Overall, its fundraising scale surpassed that of any single ETF, even the strong VOO could hardly reach. Moreover, every ETF in this category (excluding converted trusts) saw inflows, with Bitcoin and Ethereum contributing similarly.

Michael Saylor: The strategy may purchase up to 1.5 million bitcoins.

Michael Saylor stated in an interview with CNBC that Strategy may purchase up to 1.5 million bitcoins, which accounts for holding over 7.14% of the total supply of bitcoin.

According to previous reports, as of July 30th, Beijing time, Strategy holds 628,791 bitcoins, with a total purchase cost of approximately 46.8 billion USD, at an average price of about 73,227 USD.

Federal Reserve’s Hamak: The employment report is “disappointing,” but it does not mean that interest rates should be lowered this week.

According to Jin Shi’s report, FOMC voting member and Cleveland Fed President Harker stated in an interview with Bloomberg that the non-farm payroll report released on Friday was “disappointing,” but that does not mean the Federal Reserve should cut interest rates at this week’s policy meeting. He expressed confidence in the decision made earlier this week, stating that although July’s employment data was weaker than expected, we must take a comprehensive look at the data. When I review the current situation, I find that the labor market is essentially balanced. Again, today’s report is just one report, and it is crucial to monitor labor conditions while inflation remains too high.

“Federal Reserve’s Megaphone”: The slowdown in the job market will test the Federal Reserve’s unwavering interest rate policy.

Nick Timiraos, the “voice of the Federal Reserve,” indicated that the slowdown in employment over the past three months may have opened the door for Federal Reserve officials to consider interest rate cuts at their next meeting in September. At the very least, this highlights the difficult balance they face amid economic slowdown and rising inflation pressures. Previously, Federal Reserve officials felt reassured about keeping interest rates unchanged due to robust employment growth in the labor market. However, significant downward revisions to employment data in May and June changed this situation. Federal Reserve officials have previously stated that they have reduced their focus on overall employment growth, as it has declined in tandem with a slowdown in labor force growth. When labor supply decreases, the unemployment rate may remain stable or even decline, even if employment growth slows. However, Federal Reserve Chairman Powell pointed out this week that the stability of the unemployment rate may mask underlying weakness—this balance is essentially fragile when a decrease in job seekers coincides with a decline in job vacancies. He mentioned the “downside risks” to the labor market six times during the press conference, suggesting that actual weakness may provide a basis for policy easing.

Arthur Hayes: Bitcoin will test $100,000, Ethereum will test $3,000

Arthur Hayes responded on the X platform regarding the profit-taking operations this morning: “The U.S. tariff bill will expire in the third quarter… at least that’s what the market thinks after the non-farm data was released. No major economy can quickly create enough credit to boost nominal GDP. So Bitcoin will test $100,000, and Ethereum will test $3,000. For more information, please join my keynote speech at WebX Asia in Tokyo on August 25. I’m going to relax now.”

According to previous news, Arthur Hayes sold approximately 13.35 million dollars worth of ETH, ENA, and PEPE in the past 6 hours.

Project Updates

Binance Alpha will launch Cycle Network (CYC) on August 4.

According to the official announcement, Binance Alpha will launch Cycle Network (CYC) on August 4th. Eligible users can visit the Alpha event page to claim airdrops using Binance Alpha points after the Alpha trading opens. Further details will be announced separately.

Binance Alpha will launch DarkStar (DARK) on August 4.

According to the official announcement, Binance Alpha will launch DarkStar (DARK) on August 4th. Eligible users can go to the Alpha event page to claim airdrops using Binance Alpha points after the Alpha trading opens. Specific details will be announced separately.

Binance: Hold at least 200 Binance Alpha points to receive an airdrop of 750 AIO tokens.

According to the official announcement, trading of Binance Alpha’s OLAXBT (AIO) will commence on August 2nd at 18:00 (UTC+8. After trading begins, users with at least 200 Binance Alpha points will be able to claim an airdrop of 750 AIO tokens, on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically decrease by 15 points every hour. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise, it will be considered a waiver of the claim.

) Important Data

ETH fell below $3500, down 3.21% intraday.

According to the OKX market, ETH has just dropped below $3500, currently reported at $3499.75 per unit, down 3.21% for the day.

Bitcoin spot ETF saw a net outflow of $812 million yesterday, the second highest in history.

The continuous net inflow for 20 days has ended, with Ethereum spot ETF experiencing a net outflow of $152 million yesterday.

Tether surpasses South Korea to become the 18th largest holder of US Treasury securities.

According to Messari data, Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury bonds. Yesterday, Tether released its Q2 financial report indicating that its U.S. Treasury holdings exceed $127 billion.

According to Messari data, Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury bonds. Yesterday, Tether released its Q2 financial report indicating that its holdings of U.S. Treasuries exceeded $127 billion.

Arthur Hayes has sold approximately $13.35 million worth of ETH, ENA, and PEPE in the past 6 hours.

According to monitoring by Lookonchain, Arthur Hayes sold 2,373 ETH (worth 8.32 million USD), 7.76 million ENA (worth 4.62 million USD), and 38.86 billion PEPE (worth 414,700 USD) in the past 6 hours.

Data: Pumpfun’s daily income hits a new low since May 2024

According to Defillama data, Pumpfun’s daily income reached a new low since May 2024, totaling $251,788.

ARK Invest increased its holdings of COIN by approximately $35.76 million and BMNR by $18.73 million yesterday.

ARK Invest’s three funds, ARKK, ARKW, and ARKF, collectively increased their holdings of Coinbase stock by 94,678 shares yesterday, with a total value of approximately $35.76 million. Among them, ARKK added 71,809 shares, ARKW added 14,822 shares, and ARKF added 8,047 shares. In addition, Ark Invest also purchased 540,712 shares of Ethereum financial company BitMine (BMNR) stock, worth about $18.73 million.

Whale 0xF436 has increased its holdings by 10,245 ETH in the past 8 hours, worth approximately 36 million USD.

According to monitoring by Lookonchain, the whale 0xF436 continues to buy ETH, having withdrawn another 10,245 ETH (36 million USD) from exchanges in the past 8 hours.

According to news yesterday, whale 0xF436 is increasing its holdings of ETH, having withdrawn 14,520 ETH (worth 53 million dollars) from exchanges in the past 9 hours.

Financing/Aquisition

OpenAI completed a $8.3 billion financing round, reaching a valuation of $300 billion.

According to a report by Jinshi citing The New York Times, OpenAI has raised $8.3 billion, with a valuation of $300 billion. OpenAI plans to secure $40 billion in funding by 2025.

Blockchain startup Subzero Labs has completed a $20 million seed funding round, led by Pantera Capital.

According to Fortune magazine, blockchain startup Subzero Labs has completed a $20 million seed round of financing, led by Pantera Capital, with follow-on investments from Variant, Coinbase Ventures, and Susquehanna’s crypto division. The company is developing the Rialo blockchain for real-world scenarios, aiming to overcome the limitations of current crypto technology that mainly serves financial speculation.

Co-founder Ade Adepoju previously served as an engineer at Mysten Labs (involved in the development of the Sui blockchain). Rialo aims to provide a native solution for non-crypto developers to integrate external data (such as FICO credit scores) on-chain, without relying on oracles. The team currently has 20 members, and the financing includes equity and token subscription rights, with specific valuation undisclosed.

Institutional Holdings

SharpLink Gaming has deposited 108 million USDC in the past 7 hours and has currently purchased 14,933 ETH.

According to on-chain analyst Yu Jin’s monitoring, SharpLink Gaming has deposited 108 million USDC in the past 7 hours and transferred it to Galaxy Digital, and has currently purchased 14,933 ETH for 53 million USD ###.

SharpLink Gaming transferred 53 million USDC to Galaxy Digital 7 hours ago, and then received 14,933 ETH 2 hours ago, with a purchase price of $3,550. After receiving the ETH, they transferred 55.56 million USDC back to Galaxy Digital to continue purchasing ETH.

Since early June, SharpLink Gaming has been accumulating ETH through a micro-strategy operation model, and as of today, it has purchased a total of 464,000 ETH, which is now worth 1.62 billion dollars. The average purchase price is approximately 3,029 dollars, with a current unrealized gain of 214 million dollars.

Virtu Financial increased its holdings by 175 BTC in the second quarter, currently holding 410 BTC.

According to NLNico, Singapore’s market-making giant Virtu Financial increased its holdings by 175 BTC in the second quarter, bringing its total to 410 BTC.

Mill City Ventures announces the completion of a $500 million equity financing agreement to advance its SUI financial strategy.

According to Businesswire, non-bank lending institution and financial company Mill City Ventures III, Ltd. (NASDAQ: MCVT) announced today that it has signed an equity line agreement with AGP/Alliance Global Partners (as investor), allowing Mill City to independently decide to sell up to $500 million of its common stock, subject to certain restrictions and closing conditions. Proceeds from the equity line (excluding commitment fees) will be used to advance the company’s SUI financial strategy.

NASDAQ-listed company DevvStream Corp. purchased $10 million worth of Bitcoin and Solana.

Nasdaq-listed carbon management company DevvStream (stock code DEVS) announced the launch of a crypto asset reserve strategy, investing $10 million in Solana and Bitcoin. The company had previously raised $300 million through preferred secured convertible bonds to purchase cryptocurrency. DevvStream also announced plans to expand its existing equity credit line with Helena Global Investment Opportunities to $300 million for purchasing more cryptocurrency and to “accelerate investments in digital and environmental infrastructure.”