1. Coinbase executives undergo frequent reshuffling, accelerating its transition into a "full-category exchange"
Coinbase is currently undergoing its largest executive reshuffle in recent years: Chief People Officer Lawrence Brock has stepped down and moved into an advisory role; co-head of the Institutional business Greg Tusar has moved to a policy position; General Counsel Paul Grewal plans to leave; and Jesse Pollak, head of Base, has already stepped down. Previously, Coinbase laid off about 14% of its workforce in May, and the company is now accelerating its shift from a single cryptocurrency trading platform toward a "full-category exchange" business lineup spanning crypto assets, stocks, and prediction markets.
2. Tensions in the Middle East remain high. A Pakistani official: stopping attacks by the Houthis on Saudi Arabia is a prerequisite for a U.S.-Iran ceasefire. Iran says it attacked a U.S. Amazon data center.
3. “The Big Short” Michael Burry warns to watch long-term U.S. Treasuries; he is facing multiple pressures, including a surge in AI debt and oil prices nearing $100.
Multiple factors are putting pressure on the U.S. Treasury market, including the rapid expansion of AI-related debt, rising inflation volatility, unstable conditions in basis trading, and oil prices rebounding to nearly $100.
4. Strategy’s digital credit product STRC has become the largest single holding in U.S. stock preferred-share ETFs.
Strategy’s issued digital credit product STRC has become the largest holding across three U.S. preferred stock ETFs, with a total holdings size of approximately $756 million, distributed among BlackRock’s PFF, Virtus InfraCap’s PFFA, and VanEck’s PFXF.
5. Futu Securities opens BNB spot trading to professional investors in Hong Kong.
According to a filing by Futu Securities, Futu Securities International (Hong Kong) has taken the lead in providing compliant BNB spot trading services to eligible professional investors in Hong Kong, becoming the first licensed securities firm locally to offer an order-book trading pair for BNB. The platform provides investors with transparent, real-time trading data. As of July 24, the virtual currencies available for retail and professional investors on the Futu Bull platform have expanded to 21, including major cryptocurrencies such as Bitcoin, Ethereum, Solana, and USDT. Futu states that with the addition of BNB trading in Hong Kong, it relies on the group’s self-built virtual asset platform, PantherTrade, to list assets in compliance with standards set by the Hong Kong Securities and Futures Commission, and it is seamlessly integrated with Futu Securities’ trading system—forming a complete closed loop from upstream compliant listing to downstream instant trading. In the future, Futu will continue to follow the SFC’s A-S-P-I-Re roadmap, and within a compliant framework, gradually bring more mainstream coins and innovative products into Hong Kong, injecting new momentum into the Hong Kong Web3 market and helping Hong Kong build an Asia-leading virtual asset hub.
6. Southeast Asian crypto scam networks suffer annual losses exceeding $100 billion. A UNODC report shows that in 2025, cyber scam losses in East Asia, Southeast Asia, and Australia/NZ reached $8.83 billion to $11.41 billion, about three times that of 2023. On the TRON blockchain, USDT has become the top money-laundering tool of scam groups.
7. NVIDIA and SK hynix have reached a $500 billion AI collaboration. The two sides will cooperate on an “AI program,” with NVIDIA gaining access to SK hynix’s memory resources. Driven by the news, NVIDIA’s share price rose.
8. SpaceX’s Starship new-stage test flight target was a perfect success, and Pony Ma has begun buying into SpaceX.
9. Musk says he is currently a “pre-trillionaire” (doge