Stablecoin total market cap in June saw the largest single-month pullback since the Terra crash, but the long-term growth logic remains unchanged
BlockBeats message. On July 12, the stablecoin market saw its largest-scale drawdown in recent years in June. Total market capitalization fell by $7.7 billion that month, marking the biggest single-month drop since the May 2022 Terra-Luna collapse. Since the peak in May, the stablecoin market has cumulatively contracted by about $10 billion. Two major stablecoin issuers were the main drivers of this round of pullback: the USDT market value issued by Tether declined from about $190 billion in May to $184 billion, a decrease of roughly $6 billion; Circle’s USDC fell from a near $80 billion high in March 2026 to about $73 billion, a contraction of about $7 billion.
Solana Official Responds to “Projects Switching to Robinhood Chain”: Most “Official Announcements” Were Meant as Jokes
BlockBeats message, July 12: Solana’s official account today responded to BlockBeats regarding the phenomenon of “project teams jumping ship to Robinhood.” It said that most projects’ “official announcements” are made as jokes. The incident was triggered by a prediction market platform, world, which recently “announced that it would migrate to the Robinhood Chain.” After verification, the tweet was actually a joke by the project team. Because this “event” followed recent market hot topics, the tweet immediately garnered massive traffic and sparked intense discussion within the community. As a result, projects such as pump.fun and GMTrade also followed suit. But in reality, the above project teams have no plans to migrate. In their replies to the tweet, projects such as GMTrade have expressed their “loyalty” to Solana: “Once Solana, forever Solana.”
BlockBeats message, July 12: Iran’s Strait of Hormuz Maritime Authority announced on social media on the 12th that the Strait of Hormuz is currently not passable. After the situation calms down, it will resume reviewing applications for passage through the strait and issue the necessary permits as scheduled. (Xinhua)
BlockBeats message, on July 12, Bitcoin treasury company Strategy founder and executive chairman Michael Saylor once again released information related to the Bitcoin Tracker, captioned “Orange dots tell only part of the story.” (Orange dots only tell part of the story.)
According to the previous pattern, Strategy typically discloses additional Bitcoin purchases the day after the relevant announcements.
Enterprise-level public chain ENI officially announces the global recruitment of ENI Superteam, with the first batch focused on four countries in Japan, South Korea, and Southeast Asia
BlockBeats report: On July 12, the enterprise-level public chain ENI announced the official launch of its global core community organization recruitment program, «ENI Superteam». The first batch of recruitment will begin in Japan, South Korea, Indonesia, and Malaysia. According to information, these four regions are core strongholds where ENI has already established mature partner relationships and node networks under its prior «Super Node Program». ENI Superteam is a local growth network built by ENI based on global nodes. Through localized operations and community collaboration, it connects user growth with ecosystem expansion. In the first batch of recruitment regions, any local team with the required capabilities may apply to become an ENI Superteam after passing professional assessments and evaluations. Successfully selected teams will receive ENI’s official exclusive identity verification. As the most core community members within the ecosystem, they will independently lead and drive the incubation of local developers, talent referrals, and the launch of business projects.
BlockBeats message: On July 12, the U.S. Central Command posted on a social platform that the Strait of Hormuz is open to all ships seeking lawful passage through this international waterway. Despite Iran’s unprovoked aggression, harassment, threats, and arbitrary statements, the U.S. military has been deployed and is ready to ensure freedom of navigation. Iran does not control the strait, and traffic is moving.
BlockBeats message, July 12. According to GMGN information, CZ's donation address sent 700 million CZ and 400 million TCC into the black hole 5 minutes ago. Affected by the above news, CZ briefly surged by more than 220%. Its market cap is currently $30.48 million. TCC briefly surged by 82.51%, and its market cap is currently $7.55 million.
BlockBeats message. On July 12, CryptoQuant analyst Axel Adler said in a post that Bitcoin’s short-term holder real stress model shows that the buying/selling pressure from short-term holders is cooling slightly, while buyer strength still remains in the lead.
Meanwhile, against the backdrop of 8 consecutive weeks of capital outflows, the ETF market recently recorded approximately a net inflow of $197.4 million. However, this scale is not enough to confirm that institutional demand is reversing. It suggests that market fund momentum is still weak. Next week, multiple important macroeconomic data releases and events will take place, and whether institutional capital will return remains to be seen.
Current funding rates on major CEXs and DEXs show a clearly bearish market
BlockBeats News, July 12: According to Coinglass data, as Bitcoin today dips slightly and continues to trade sideways, the current funding rates on major CEXs and DEXs indicate that the market has returned to a clearly bearish stance. The specific funding rates are shown in the accompanying chart. BlockBeats Note: The funding rate is a fee set by cryptocurrency trading platforms to maintain a balance between the contract price and the underlying asset price, typically applicable to perpetual contracts. It is a mechanism for exchanging funds between long and short traders. The trading platform does not collect this fee; instead, it is used to adjust traders’ holding costs or profits for the contracts, helping keep the contract price close to the underlying asset price.
BlockBeats message, July 12: According to on-chain analyst Ai Yi (@ai_9684xtpa), a trader bought $1,190 CASHCAT at an average price of $0.00664 six days ago. Eight hours ago, they exited the market by fully selling at an average price of $0.17585. They ultimately made a profit of $14,400.
BlockBeats message: On July 12, Strategy founder Michael Saylor posted that Bitcoin is a network system that has evolved spontaneously. In it, the influence of wallets is determined by the number of satoshis held, the influence of nodes is determined by commercial activity, and the influence of miners is determined by computing power, while capital, consensus, and network security together maintain a dynamic balance.
BlockBeats messages. On July 12, according to DefiLlama data, on the Robinhood Chain, the Launchpad platform NOXA.Fun yesterday recorded protocol fees of $2.33 million, while Pump.fun recorded protocol fees of $575,500.
NOXA.Fun is a launch platform for CASHCAT, and its total number of active user addresses reached 248,562.
BlockBeats message, July 12, according to data from a survey by The Wall Street Journal, the probability of an economic recession in the United States has fallen to 25%, below the 33% in April.
BlockBeats messages. On July 12, according to a report by CCTV News, after Iran announced once again the closure of the Strait of Hormuz, the commercial shipping traffic through the strait fell sharply.
According to commercial shipping tracking data cited by Iran, in the past 24 hours, only 11 commercial vessels passed through the Strait of Hormuz, including 8 oil tankers and 3 cargo ships.
BlockBeats message, July 12. According to Yu Jin’s monitoring, two hackers purchased Ethereum today. The hackers who stole funds from Coinbase users spent 7,378,000 DAI early this morning to buy 4,049.7 ETH at an average price of $1,822.
Another address that received ETH from Tornado Cash last November spent 4.34 million DAI to repurchase 2,405 ETH about two hours ago, at an average price of $1,804.
BlockBeats news, July 12: According to DefiLlama data, Robinhood Chain’s DEX trading volume over the past 24 hours reached $877.6 million, ranking second on the full chain, only behind Solana’s $1.133 billion. Meanwhile, the Ethereum mainnet recorded $778 million in trading volume, ranking third.
BlockBeats messages, July 12, according to Defillama data, Polymarket's revenue this week has exceeded $11 million, setting a historical high. The protocol's cumulative revenue has surpassed $97 million.
Analysts: The four-year cycle, inflation, and leverage liquidations have pushed Bitcoin into a bear market; it may rebound to $100,000 by year-end
BlockBeats report: On July 12, according to (Caijing), Bitcoin is still in a bear market stage. Several industry analysts believe the three main reasons for Bitcoin’s continued slump are the four-year cycle, inflation pressure, and market leverage liquidations. However, some analysts expect that as the interest-rate environment improves, Bitcoin could rebound to $100,000 by the end of the year. Bitwise Chief Investment Officer Matt Hougan said the Bitcoin four-year cycle still influences investors’ psychology. Over the past decade or more, Bitcoin has typically seen three consecutive years of gains followed by one year of declines. The market adjustments after the 2014 Mt. Gox collapse, the 2018 ICO bubble burst, and the 2022 FTX crash all fit this pattern. Hougan said that by late 2025, some long-term Bitcoin holders have begun trimming their positions.
BlockBeats message, July 12: According to Token Terminal data, over the past week, the amount of ETH bridged from the Ethereum mainnet (L1) to Robinhood Chain (L2) has increased by about 10 times, with the scale already exceeding $100 million.
According to reports, Robinhood Chain uses ETH as its native gas token. Token Terminal indicates that if adoption of this chain continues to grow, it could become a new important source of demand for ETH.
BlockBeats message, July 12, DigiTimes reports that driven by a surge in AI demand and structural production capacity bottlenecks, the price of next-generation HBM4 in the second half of 2026 may rise from $2 per kilobit to $4–5 per kilobit or higher. This is partly because the HBM4 manufacturing process is extremely complex: its production cycle lasts four to six months, and its initial yields are significantly lower.
On the other hand, the wafer capacity consumed by HBM production is about three times that of standard DDR5 DRAM, severely limiting the total memory volume that manufacturers can produce with existing facilities. (Jin 10)
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