MEXC Exchange/Learn/Market Insights/Others/MEXC Daily News (July 7)｜BTC Unrealized Profits Hit $1.2 Trillion; Ethereum Lending Activity Reaches Record High
MEXC Daily News (July 7)｜BTC Unrealized Profits Hit $1.2 Trillion; Ethereum Lending Activity Reaches Record High
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1. Market Overview
According to MEXC data, BTC is currently trading at 109,064.00 USDT, marking a 24-hour increase of 0.14%.
For more updates on cryptocurrency prices and macroeconomic trends, visit MEXC Markets.
2. Industry Data Analysis
2.1 Data: BTC Unrealized Profits Total Around $1.2 Trillion
According to a tweet from glassnode, the unrealized profit for Bitcoin holders has reached approximately $1.2 trillion. This figure not only highlights the significant value appreciation experienced by BTC investors, but also suggests that if market sentiment shifts, sellers could come under pressure.
2.2 Data: Active Loans on Ethereum Lending Protocols Hit Record $22.6 Billion
Data from Token Terminal shows that active loans on Ethereum lending protocols have reached a new all-time high of $22.6 billion. Major players driving this market include Aave, Spark, Morpho, Maple, Fluid, Compound, and Euler.
3. Industry Analyst Insights
3.1 Hong Hao: BTC Likely to Hit New Highs in H2, Highly Sensitive to Liquidity
Hong Hao, Chief Economist at GROW Investment Group, shared in a Weibo video (as reported by Phoenix Finance) that Bitcoin is expected to reach new highs in the second half of the year. He emphasized that market liquidity will remain abundant and that Bitcoin’s price is extremely sensitive to changes in liquidity. Hong also mentioned that US stocks are likely to continue hitting new highs as well.
3.2 Analyst: Bitcoin Bull Market May End by October
Analyst Rekt Capital noted that the current Bitcoin bull market may only have 2-3 months of upside remaining. Based on the 2020 cycle pattern, the market could peak around October 2024, which is approximately 550 days after the April 2024 halving event.
While many expect the cycle to extend into 2026, Rekt Capital cautioned investors not to disregard “time-tested principles.” He warned that some investors are ignoring halving-cycle indicators in favor of new narratives—such as the correlation between Bitcoin and global M2 money supply—which he considers an “emotional” approach.
4. Industry News
4.1 US House Subcommittee to Hold Hearing on “Making America the Global Crypto Hub”
According to crypto journalist Eleanor Terrett, the US House Ways and Means Oversight Subcommittee will hold a hearing on July 9 titled “Making America the Global Crypto Hub.” The focus will be on establishing a 21st-century tax policy framework for digital assets.
4.2 Hong Kong Aims to Issue Stablecoin Licenses Within This Year
According to Ming Bao, Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, stated that the Hong Kong Monetary Authority is currently consulting the market on the implementation guidelines for the new regulations, which are expected to be released within this month. The guidelines will cover anti-money laundering and other relevant requirements. Hui noted that the number of stablecoin licenses issued will be limited to single digits, with the goal of receiving applications and issuing licenses within the year. Regarding whether license holders can issue stablecoins pegged to the RMB, Hui said that if other jurisdictions’ currencies are involved, further discussions with relevant authorities will be required.
5. Market Hot Topics
5.1 UAE Officials Clarify: Crypto Investors Not Eligible for Golden Visa
The UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have jointly issued a statement clarifying that reports circulating on certain websites and social media platforms—claiming that the UAE grants Golden Visas to cryptocurrency investors—are false. The Golden Visa is issued based on clear, officially approved criteria, which do not include crypto investors. Eligible applicants include real estate investors, outstanding talents, scientists and experts, top students and graduates, humanitarian pioneers, and frontline workers.
The SCA reiterated that financial activities are regulated according to international standards, and crypto investment is governed by specific regulations that are unrelated to the Golden Visa program. Investors are reminded to obtain information only from official channels. VARA also refuted claims that Dubai grants Golden Visas to virtual asset investors and urged the public to work only with regulated companies. It further clarified that TON has not been licensed or regulated by VARA. All three authorities called for public caution and advised referencing official sources for accurate information.
Previously, TON announced a partnership with the UAE to offer Golden Visas to eligible TON token stakers, valid for up to 10 years. According to the TON website, users could obtain a 10-year Golden Visa by paying a one-time fee of $35,000 and staking $100,000 in TON for three years.
5.2 Vitalik Co-Proposes EIP-7983 to Strengthen Network Against DoS Attacks
Ethereum co-founder Vitalik Buterin and Toni Wahrstätter have jointly proposed EIP-7983, which recommends setting a per-transaction gas limit of 16.77 million (independent of the block gas limit). The proposal aims to enhance Ethereum’s resilience against denial-of-service (DoS) attacks, address issues such as uneven load distribution, state bloat, and block verification delays caused by high-gas transactions, and improve zkVM compatibility and parallel execution efficiency. The proposal is currently in draft stage.
5.3 Turkey Bans PancakeSwap and 45 Other Crypto Platforms
According to Financefeeds , the Turkish Capital Markets Board (CMB) has taken legal action to block access to 46 crypto-related websites, including the major decentralized exchange PancakeSwap, citing the provision of “unauthorized crypto asset services” to Turkish residents. Since March this year, the CMB has fully regulated crypto asset service providers operating in Turkey, establishing a new licensing and compliance framework. In February, new rules were introduced requiring users to provide identification for crypto transactions exceeding 15,000 Turkish lira (about $425). While the purchase and holding of cryptocurrencies remain legal in Turkey, the use of digital assets for payments has been prohibited since 2021.
6. Project Updates
1）Jack Dorsey Launches Decentralized Chat App “bitchat” with Offline Encrypted Messaging Support.
2）BONK Overtakes TRUMP to Become the Highest Market Cap Meme Coin on Solana.
3）FLOKI’s Blockchain Game Valhalla Goes Live on opBNB Mainnet.
4）Sonic: Season 1 Airdrop Claim Opens from July 15 to 22.
5）Zama Co-Founder: No Token Has Been Launched—Beware of Scams.
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