6.30 AI Daily Report: Global digital asset landscape reshaping: stricter regulations, innovation upgrades, rise of new forces

1. Headline

1. Hong Kong releases the "Digital Asset Development Policy Declaration 2.0" to promote the diversification of digital asset products.

The Hong Kong Special Administrative Region Government released the "Digital Asset Development Policy Declaration 2.0" on June 26, aiming to further consolidate Hong Kong's position as a global digital financial hub. The new declaration focuses on enhancing the liquidity of digital asset trading and promoting a more diversified supply of digital asset products.

The "Declaration 2.0" proposes several new measures, including researching the launch of a digital asset trading platform to provide institutional investors with more investment channels; exploring the development of a digital asset derivatives market to enrich the variety of products; and researching convenient settlement channels for digital asset trading.

Industry insiders believe that Hong Kong's move is beneficial for attracting more digital asset companies to establish regional headquarters in the region, and it will promote the development of the digital asset ecosystem. At the same time, a diversified product supply will also bring more choices to investors.

However, the formulation of regulatory policies still needs to be cautious, balancing innovation and risk management. Experts point out that Hong Kong should learn from international experience and establish a sound regulatory framework to ensure the orderly operation of the market.

2. The migration wave of Bitcoin miners may reshape the global hash power landscape.

With the advancement of the U.S. GENIUS Act, global Bitcoin miners are facing a new wave of large-scale migration. The act aims to restrict energy-intensive cryptocurrency mining activities, which may lead to a loss of miners in the U.S.

Analysts expect that regions such as Central Asia, Russia, and Canada are likely to become new hubs for miners. These areas offer cheap electricity and a relaxed regulatory environment, which is conducive to attracting miners to settle.

At the same time, countries such as Iran are also increasing regulatory efforts, requiring miners to operate in compliance. This may further drive miners to relocate to other regions.

The changes in the global computing power landscape will affect the decentralization of the Bitcoin network. If the computing power is overly concentrated, it may increase the risk of the network being attacked. Therefore, the industry calls for strengthened regulatory coordination to maintain network security.

3. The Ethereum ecosystem is facing a trust crisis, and Vitalik needs to clarify the development direction.

Ethereum is undergoing unprecedented scrutiny. Since the launch of the ETF, Ethereum has seen a net outflow of funds exceeding $1.2 billion. From core researchers to the developer community, and extending to commercial companies and investors, there is a significant crisis of trust emerging.

Analysts believe that Ethereum has become a large decentralized business entity in the cryptocurrency market. Vitalik Buterin needs to better guide different participants in terms of direction and goals, otherwise he will face a dilemma of not breaking and not establishing.

At the same time, the Ton ecosystem has attracted a lot of attention at the TOKEN2049 conference. However, Western funds generally have a pessimistic view of Ton and Web2 platforms, and the future development prospects are uncertain.

Experts point out that the Ethereum ecosystem needs to regain its innovative drive and launch more real application scenarios in order to rebuild market confidence and overcome the current predicament.

4. Cryptocurrency exchanges face bans under new Singapore regulations.

The Monetary Authority of Singapore recently issued an ultimatum, demanding that major cryptocurrency exchanges operating in Singapore without a local license exit swiftly.

This measure is aimed at addressing the reputational damage caused by the collapse of 3AC and Terraform Labs, on the grounds that there is a high risk of money laundering and insufficient regulation in the cryptocurrency industry.

Analysts point out that the new regulations will have a significant impact on cryptocurrency exchanges. On one hand, compliance costs will increase significantly; on the other hand, it will accelerate industry reshuffling and promote further concentration among leading exchanges.

However, there are also views that the new regulations may drive exchanges to innovate, providing more utility and governance token services to circumvent regulation.

Overall, the new regulations in Singapore will reshape the local cryptocurrency ecosystem, and their impact may radiate globally.

5. The resurgence of meme coins, can coin BULL become the next hundredfold myth?

Accompanied by a short-term rebound in Bitcoin, various meme coins have recently experienced drastic fluctuations, reigniting market interest. As a brand new presale token, coin BULL(BTCBULL) has quietly become a hot topic of discussion.

Analysts believe that meme coins are driven by investors' pursuit of the next hundredfold myth. From Dogecoin to SHIB, BONK, each success story responds to this demand.

However, the high-risk, high-reward characteristics of meme coins also deserve caution. Experts advise investors to be rational and fully understand the risks.

At the same time, the industry is undergoing a new round of reshuffling. The innovation track has been discredited, and entrepreneurs and investors are beginning to turn to the Meme-related fields. AI may become the next trend, but for now, it mostly remains at the conceptual level.

Overall, the performance of meme coins may be worse than expected, prompting the industry to reassess innovation and real use cases.

2. Industry News

1. Bitcoin is fluctuating at a high level, with on-chain accumulation resonating with macro signals in the market.

As of June 30, 2025, 15:00 (UTC+8), Bitcoin (BTC) is priced at $107,631, fluctuating within the range of $106,300 to $108,700 for nearly 72 hours, with volatility stabilizing. Ethereum (ETH) has risen slightly to $2,500, while Solana and Cardano have also increased, with the total market capitalization of the cryptocurrency market rising to approximately $3.28 trillion.

On-chain data shows that the exchange's Bitcoin balance has fallen to a historical low, indicating that long-term funds continue to accumulate, supporting the market's bottom structure. Meanwhile, the options expiration on Deri last Friday did not have a significant impact on the market, and short-term pressure has been somewhat relieved. On the macro front, the latest statements from Federal Reserve officials remain dovish, reinforcing the market's expectation for a rate cut in July or September. The weakening of the US dollar index and the decline in US Treasury yields provide some support for crypto assets.

Overall, BTC is at the intersection of technical consolidation and macro policy games, with the market direction still unclear, but strong bottom support and a stabilizing funding environment. 4E reminds investors: short-term market volatility still exists, and operations should pay attention to policy dynamics and fund flows, maintaining prudent position management.

2. Ethereum mirrors the pre-increase structure of 2017, $2.2K support is solid.

The price trend of Ethereum in 2024-2025 is similar to the upward breakout of 2016-2017, showing similar range consolidation and structure. Current levels indicate the potential for a significant upward move akin to past trends.

Analysis suggests that this strong performance benefits from the regulatory clarity of the "GENIUS Act" and the inflow of funds into ETH spot ETFs. At the same time, a bullish trend is forming on-chain, with traders expecting ETH to potentially reach $3000. Additionally, the transformation of the Ethereum validator structure will also enhance its popularity as a programmable asset.

Technical indicators show potential price recovery. If it can maintain above $2,400, it may lead to further price increases, while a drop below $2,130 faces a deeper adjustment risk around $1,730.

3. The notional value of Bitcoin options plummeted by 33%, with traders quietly shifting from bearish to bullish.

According to the 10x Research report, the Bitcoin options market has evaporated $13 billion in just a few days, accounting for about 33% of the total notional value. Market volatility is quietly converging, and traders' strategies are gradually shifting from put options to call options. With institutional funds flowing in, macro signals, and position adjustments intertwining, the market may be brewing a new round of key movements.

Last week, the Bitcoin spot ETF once again recorded a net inflow of funds, totaling $2.2 billion, highlighting the continued demand from large investors. Heavyweight institutions like Strategy and Metaplanet have maintained their accumulation pace, further consolidating the bullish tone in the market. As the Bitcoin spot price approaches $108,000, we are beginning to see the accumulation of leveraged long positions, with the funding rates for perpetual contracts on major trading platforms shifting from neutral to positive. Market positioning seems to be chasing this upward momentum, with participants inclined to directional bets ahead of the quarter-end.

4. Predicting the prices of the top three cryptocurrencies: BTC approaching historical highs, ETH and XRP ready to explode.

Bitcoin ( BTC ) is currently hovering around $108,500, less than 3% away from its all-time high on Monday morning, indicating that market sentiment is gradually warming up. Meanwhile, Ethereum ( ETH ) has closed above a key resistance level, opening the door for a continued strong upward trend. It is worth noting that Ripple ( XRP ) has also welcomed new opportunities following the conclusion of its lawsuit with the Securities and Exchange Commission.

In terms of popular tokens, Arrum( ARB) benefited from DeFi activities within the ecosystem and recent new stimulus measures, rising by 16.39%; Aave( AAVE) was supported by strong user stickiness, market donations, and record loan volume and income, rising by 7.3%; the emerging meme coin SPX rose by 6.62% in the context of improving economic data and warming market sentiment.

In addition, the Babylon Genesis Chain will adopt a dual virtual machine model of EVM and CosmWasm to enhance the applicability of BTCFi; the CBDC project led by the Bank of Korea has been suspended, shifting focus to the Korean won stablecoin; Metaplanet issued 30 billion yen zero-interest ordinary bonds to purchase additional Bitcoin.

5. AI siphoning, shanzhai slump, capital flight: The crypto market is being squeezed by three forces.

The cryptocurrency industry is currently facing a downturn similar to those in 2018 and 2022, influenced by the disappearance of altcoin seasons, the rapid development of AI, and competition in the "coin-stock" sector. Although there are many challenges, there are also opportunities, such as the rise of stablecoins which may bring new users and market opportunities. Blockchain will gradually realize its potential in combination with AI, becoming a key factor in future development. In the face of these changes, practitioners should adjust their mindset and embrace future possibilities.

The performance of altcoins may be worse than expected, forcing industry participants to reevaluate innovation and real application cases. Overall, entrepreneurial projects are trending into a tunnel, where a small number of high-configured, elite projects find it easy to secure funding, while most projects from ordinary entrepreneurial teams face significant challenges in financing. Once a top-tier project is launched, active users can drop to single digits; community content platforms transitioning from Web2 to Web3 often see a large number of founders/advisors/investors cashing out and lying flat right after launch. This business model is harming retail investors in the community and draining liquidity from the entire industry.

3. Project News

1. Pi Network launches AI-driven application studio and ecological rights staking feature.

Pi Network is a We ecosystem with tens of millions of globally verified users. At Pi2Day in 2025, Pi Network announced two major upgrades: an AI-driven application generation tool that requires no coding, and a community-led new staking model.

This AI-driven application studio integrates artificial intelligence technology, aiming to allow users to easily create decentralized applications without programming skills. Users only need to input their ideas, and the AI will generate the corresponding application code. This innovation significantly lowers the development threshold and is expected to promote the vigorous growth of the Pi Network ecosystem.

The new staking model allows users to stake Pi tokens into the ecosystem in exchange for ecological rights and benefits. This not only provides users with new revenue channels but also helps to enhance the decentralization of the Pi Network and community participation.

The two upgrades of the Pi Network are seen as an important step towards the popularization of We. By lowering the barriers to application development and providing new incentive mechanisms, Pi Network is striving to involve more ordinary users in the We world. Analysts believe that if these initiatives succeed, they will help drive the mass adoption of We.

2. The Sui network welcomes a V-shaped rebound, with the SUI token soaring 80% within a week.

Recently, tokens in the Sui ecosystem such as Sudeng, Super Suiyan, Loffi, and BLUB have experienced a surge of over 80% in the past week. This strong rebound is primarily driven by a spike in developer activity rather than speculation, indicating that a network ecosystem driven by real developer activity is healthier.

Sui is a brand new Layer 1 blockchain developed by engineers who previously worked on Ethereum and Diem(, the former Facebook cryptocurrency). It features an innovative parallel execution engine that enables high throughput and low latency, and is seen as a powerful solution to the current scalability issues of blockchains.

With the launch of the Sui mainnet, developers are flocking to this new ecosystem. More and more projects and applications are beginning to be deployed on the Sui network, driving ecological prosperity. At the same time, the demand for Sui tokens has also increased, leading to a significant rise in prices.

Analysts point out that the rebound of the Sui network highlights the importance of real use cases and developer activity for the long-term development of cryptocurrency projects. Compared to hype and speculation, real demand is the fundamental driving force behind ecological development. If the Sui network can continue to attract developers, its token price is expected to maintain an upward trend.

3. Animoca Brands launches Moca Chain, creating a cross-chain identity verification system.

Animoca Brands is a well-known developer of blockchain games and virtual worlds. Recently, the company announced the launch of a new blockchain platform called Moca Chain, aimed at giving users control over their own data and avoiding personal information collection by large enterprises.

Moca Chain is a decentralized blockchain platform, compatible with the Ethereum Virtual Machine ( EVM ), providing secure digital identity management and employing zero-knowledge proof technology to enhance privacy protection. It will become the new standard for enterprise data processing, allowing users to have complete control over their personal information.

In the current internet environment, users' personal data is often collected and utilized by large tech companies. The emergence of Moca Chain aims to reverse this situation, allowing users to regain control of their digital identities. Users can create their digital identities on Moca Chain and independently decide how to use and share their personal data.

Animoca Brands stated that Moca Chain will provide a new solution for digital identity management in the We era. It not only protects user privacy but also facilitates the free flow of data between different applications and platforms, thereby promoting the development of the We ecosystem.

Industry insiders believe that Moca Chain represents a significant innovation in the field of digital identity management. If this system gains widespread adoption, it will help reshape the current data management model and provide users with greater data autonomy.

4. AI companies such as Gensyn and Hyperbolic join the We track

At this TOKEN2049 conference, we saw more and more traditional AI companies beginning to join the We track. Companies like Gensyn and Hyperbolic, representing the Computing sector, as well as Schelling AI, which is an All in player from the Web2 type, have all demonstrated their ambition to enter the We space.

In addition, some companies are dedicated to applying artificial intelligence technology to the We scene. For example, Title.xyz focuses on developing image and video generation models similar to Midjourney, bringing richer digital content creation capabilities to the We world.

Analysts believe that AI+We is becoming a new track for active industry funding layout. Artificial intelligence technology is expected to inject new vitality into the We ecosystem, giving rise to more innovative applications and business models. Traditional AI companies joining We will also promote the integrated development of the two fields.

Currently, the world is still facing many technical challenges, such as scalability and user experience. The introduction of artificial intelligence technology is expected to provide new solutions for these problems. At the same time, the decentralized concept of Gate will also promote the development of AI towards a more fair and transparent direction.

Therefore, the combination of AI and us is seen as a win-win situation. More and more funds and talents in the industry are starting to focus on this emerging track, which may give birth to more revolutionary innovative results in the future.

4. Economic Dynamics

1. The Federal Reserve signals a dovish stance, and the market expects a rate cut in July.

Economic Background: The U.S. economy showed weak performance in the first half of 2025, with GDP growth slowing to 1.8%. Although the inflation rate has fallen somewhat, it remains above the target level of 2%. The unemployment rate rose slightly to 4.2%, reflecting a moderate slowdown in the job market.

Important event: Federal Reserve Chairman Powell signaled a dovish stance in his speech on June 30, suggesting that interest rate cuts may be considered at the July meeting. He noted that although inflationary pressures have eased, the risks of an economic slowdown are rising. To support the economy, the Federal Reserve may need to implement further easing policies.

Market Reaction: Powell's speech immediately triggered a market reaction. U.S. stocks closed higher, with the S&P 500 index rising by 1.2%. The dollar index fell by 0.6%, reflecting the market's response to interest rate cut expectations. Bond yields decreased, with the 10-year Treasury yield sliding to 3.5%. Investors generally expect the first rate cut to occur in July.

Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated that Powell's wording reflects the Federal Reserve's concerns about the economic outlook. He expects the Fed to cut interest rates by 25 basis points in July and to cut rates again later this year. Morgan Stanley Chief Economist Chetan Ahya believes that the Fed may pause rate cuts in July, waiting for more economic data before taking action.

2. Breakthrough in China-US trade negotiations, tariff threats temporarily paused.

Economic Background: China and the United States are the two largest economies in the world, with bilateral trade exceeding 600 billion dollars. In recent years, the differences between the two countries in trade, technology, and other fields have intensified, negatively impacting the global economy.

Important Event: In the high-level trade negotiations between China and the United States that ended on June 30, both sides reached an agreement on some controversial issues, postponing the imposition of new tariffs on each other. The Chinese side agreed to expand imports of American agricultural and energy products, while the American side promised to ease export controls on Chinese technology companies such as Huawei.

Market Reaction: The shadow of the trade war has temporarily dissipated, and global financial markets reacted positively. The three major U.S. stock indices rose by more than 1%, with tech stocks leading the way. The人民币兑美元汇率 increased by nearly 200 basis points. Commodity prices generally rose, with international oil prices increasing by 2%. Investor confidence in the global economic outlook has been boosted.

Expert Opinion: Bloomberg economist Yelena Shulyatyeva stated that although the partial agreement reached between China and the United States is limited, it helps ease the tensions between the two countries and paves the way for a comprehensive agreement in the future. She expects a slight recovery in global economic growth. JPMorgan's chief economist Bruce Kasman warned that the trade dispute has not been fully resolved, and both sides may confront each other again in the future.

3. The European Central Bank keeps interest rates unchanged, pledging to continue tightening policies.

Economic background: The Eurozone economy shows weak growth in the first half of 2025, with an annualized GDP growth rate of only 0.9%. Inflation rate rose to 2.7% in June, significantly above the European Central Bank's target of 2%. The job market remains stable, with the unemployment rate hovering around 6.5%.

Important event: The European Central Bank decided to maintain interest rates at its monetary policy meeting on June 30. ECB President Lagarde reiterated at the press conference that it will continue to tighten monetary policy to combat inflation. She hinted at another interest rate hike in the coming months.

Market reaction: The euro to US dollar exchange rate rose slightly by 0.2%, reflecting the market's recognition of the European Central Bank's determination. European stock markets generally fell, with the STOXX 600 index dropping by 0.6%, reflecting concerns over interest rate hike expectations. Eurozone government bond yields rose, with the yield on Germany's 10-year bond rising to 2.6%.

Expert Opinion: David Folkerts-Landau, Chief European Economist at Deutsche Bank, stated that it is reasonable for the European Central Bank to maintain a hawkish stance, as inflationary pressures persist. He expects the ECB to raise interest rates by another 50 basis points in September. Goldman Sachs believes that the ECB may raise rates to a high of 4% before the end of the year.

5. Regulation & Policy

1. Hong Kong releases the "Digital Asset Development Policy Declaration 2.0" to promote the development of the digital asset ecosystem.

The Hong Kong Special Administrative Region Government released the "Digital Asset Development Policy Declaration 2.0" on June 26, (, hereinafter referred to as "Declaration 2.0" ), marking a strategic upgrade for Hong Kong in the digital asset sector. As a global financial center, Hong Kong reaffirms its commitment to establishing a digital asset innovation center through this policy.

The "Declaration 2.0" continues to support innovation and balance regulation as its core principles, focusing on enhancing the liquidity of digital asset trading and promoting a more diversified supply of digital asset products. In particular, regarding the tokenization of physical assets, the policy declaration has proposed specific measures to direct the development of the tokenization market for physical assets in Hong Kong.

The policy statement proposes the "LEAP" framework, which stands for Legitimization, Empowerment, Management, and Promotion. Among them, legitimization refers to establishing a legal framework for digital asset activities; empowerment refers to providing infrastructure and talent support for the industry; management refers to establishing a prudent regulatory system; and promotion refers to strengthening Hong Kong's status as a digital asset center.

Industry insiders generally believe that "Manifesto 2.0" injects new momentum into the development of the digital asset industry in Hong Kong. The chairman of the Hong Kong FinTech Association, Chan Sau-sin, stated that the policy declaration provides a clear roadmap for the digital asset industry, which is conducive to attracting more innovative companies to settle in Hong Kong. He believes that Hong Kong's advantages in regulation, talent, and infrastructure will help build a diverse and sustainable digital asset ecosystem.

2. The U.S. Senate passes the "Big and Beautiful" tax cut bill, which may promote the development of the U.S. dollar stablecoin.

The U.S. Senate passed a procedural vote on June 29, approving the "Big and Beautiful" tax reduction bill. The bill includes a provision that adjusts the subsidy policies for green energy and electric vehicles.

Analysts point out that the bill is expected to increase the U.S. fiscal deficit by more than $4 trillion over the next decade, potentially boosting the development of U.S. dollar stablecoins, increasing domestic financial repression, pressuring the Federal Reserve to cut interest rates, and possibly leading to a significant weakening of the dollar.

Yihan, the chief macroeconomist of Huatai Securities, stated that measures such as relaxing bank regulation and promoting the issuance of stablecoins may increase the demand for and liquidity supply of U.S. Treasury bonds in the short term, to some extent alleviating the contradiction between supply and demand for U.S. Treasury bonds. However, this practice of "creating" demand for U.S. Treasury bonds may actually amplify the long-term risks associated with them.

The U.S. government has been promoting the development of central bank digital currency ( CBDC ), while also cautiously assessing the impact of stablecoins on financial stability. Some experts believe that the development of stablecoins may become an important component of the U.S. digital currency strategy, helping to enhance the position of the U.S. dollar in international payments and settlements.

3. Turkey introduces new cryptocurrency regulatory system to enhance industry compliance requirements

The Financial Crimes Investigation Board of Turkey ( MASAK ) recently announced a new regulatory framework for crypto assets, aimed at strengthening the oversight of cryptocurrency exchanges and service providers.

According to the new regulations, cryptocurrency exchanges must meet specific capital requirements and primarily protect assets through local custodians. Exchanges are also required to comply with strict anti-money laundering and customer identification procedures. Furthermore, the new rules focus on wallet security and reporting obligations to regulatory authorities.

The Turkish government stated that the new regulatory system aims to improve transparency and compliance in the cryptocurrency industry, protect investors' rights, and prevent illegal activities such as money laundering and terrorist financing.

Industry analysts believe that the new regulations will have a profound impact on Turkey's cryptocurrency ecosystem. On one hand, the increase in compliance costs may force some small exchanges to exit the market; on the other hand, stricter regulations help to enhance the overall trust in the industry and attract more institutional investors to participate.

Arda Akartuna, the CEO of a Turkish cryptocurrency exchange, stated that the new regulations will contribute to the long-term healthy development of the cryptocurrency industry. He said: "While it may bring some challenges in the short term, in the long run, it will benefit the maturity and development of the entire ecosystem."

4. Singapore strengthens regulations requiring offshore crypto companies to obtain licenses.

The Monetary Authority of Singapore ( MAS ) recently issued a notice requiring all offshore cryptocurrency companies operating in Singapore without a local license to either obtain a license or cease operations.

MAS stated that this measure is to address the high money laundering risks and regulatory shortcomings in the cryptocurrency industry, as well as to respond to the reputational damage caused by the collapse of 3AC and Terraform Labs.

According to the new regulations, any provider offering digital payment token or capital market product token services to customers in Singapore must obtain a license from MAS. MAS will set high standards for the license and will generally not issue licenses.

The announcement pointed out that licensed providers who have offered digital payment tokens or capital market products tokens to clients in Singapore can simultaneously provide services to overseas clients. Providers that only offer services related to utility and governance tokens are not bound by the new regulatory system.

Industry insiders believe that Singapore's move aims to strengthen regulation of the cryptocurrency industry and increase transparency, but it may also lead to some companies being forced to exit the Singapore market. Some companies may choose to relocate their operations to other countries and regions with relatively loose regulations.

Overall, this regulatory move by Singapore reflects the regulators' high concern for the risks associated with the cryptocurrency industry, and it highlights Singapore's determination to attract cryptocurrency companies and talents.