Gate Daily｜Trump Media Company submits Bitcoin ETF application; Putin's government uses Crypto Assets for cross-border payments; Tether holds 8 billion USD in gold.

Today (9) in the Asian early session, Bitcoin (BTC) ended the pullback and rebounded, currently reported at around 108,880 USD. The media platform Truth Social, owned by former U.S. President Trump, released ETF documents holding BTC, ETH, SOL, XRP, and CRO. The Russian government, led by President Putin, stated that Russian companies use net settlement, gold, and encryption in cross-border payments. Tether holds 8 billion USD worth of gold in a secret vault in Switzerland.

Today's Outlook

1. China's foreign exchange reserves at the end of June amounted to ( billion USD ), with a previous value of 3285.00.

2, The change in API crude oil inventories in the US last week was ( million barrels )( as of 0704), with a previous value of 68.

3, The official cash rate in New Zealand, the previous value was 3.25%

4, The change in US EIA crude oil inventories last week was ( million barrels ) as of 0704(, with a previous value of 384.5.

Macroeconomic Events & Crypto Circle Hotspots

1. The media platform Truth Social, owned by Trump, has submitted a new application for a spot Crypto Assets exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). The proposed instrument is named Truth Social Crypto Blue Chip ETF and aims to directly invest in a basket of leading digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO). According to the documents submitted to the U.S. Securities and Exchange Commission on July 8, the structure of the ETF portfolio will consist of approximately 70% Bitcoin by value, 15% Ethereum, 8% Solana, 5% Cronos, and 2% XRP.

2. According to Reuters, the head of Russia's financial regulatory agency told President Vladimir Putin on Tuesday that Russian companies are successfully utilizing net settlement, gold, and cryptocurrencies to facilitate international payments. Net settlement refers to banks managing export and import payments through verified agents and centralizing transaction balances to ensure counterparties receive funds. Yuri Chikanchin, head of the Russian financial regulatory agency, told Putin: "As for cross-border financial flows... our focus has shifted, and now it is the Middle East, Southeast Asia, and the broader Asian region. We are actively using alternative settlement methods, including gold and cryptocurrencies. Now, net settlement and clearing business has also emerged, and we are studying it."

3. The Japanese company Metaplanet plans to ultimately use its Bitcoin reserves to acquire cash flow strong companies, possibly including Japanese digital banks. CEO Simon Gerovich recently stated in an interview with the Financial Times (FT) that the company is competing to accumulate as much Bitcoin as possible. The goal is to expand its scale before converting its holdings into expansion leverage.

Market Trend

1. $BTC has ended its pullback and is rebounding, currently reporting around 108,880 USD, with 23.99 million USD liquidated in the past 24 hours, mainly from short positions, and the liquidation volume lags behind $ETH;

On Tuesday, the U.S. stock market closed slightly lower, with the Dow Jones Industrial Average falling by 165.60 points, a decrease of 0.4%, closing at 44,240.76 points; the S&P 500 index dropped by 4.46 points, a decline of 0.1%, closing at 6,225.52 points; the Nasdaq Composite Index rose by 5.95 points, an increase of 0.03%, closing at 20,418.46 points; the Philadelphia Semiconductor Index surged by 1.8%.

3. In the Gate BTC/USDT settlement map, based on the current 108,868.20 USDT, if it drops to around 107,748 USD, the cumulative long position liquidation amount will exceed 117 million USD; if it rises to around 109,905 USD, the cumulative short position liquidation amount will exceed 199 million USD. The short liquidation amount is significantly higher than the long, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

![])https://img.gateio.im/social/moments-87a9b3933a-1f3efa8dd6-153d09-7649e1(

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 1.17 billion USD, outflow was 1.32 billion USD, with a net outflow of 150 million USD.

![])https://img.gateio.im/social/moments-87a9b3933a-12398ad078-153d09-7649e1(

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $XRP, $SOL, $FARTCOIN, and $SUI have seen net outflows, indicating trading opportunities.

![])https://img.gateio.im/social/moments-87a9b3933a-cdbfdd148d-153d09-7649e1(

(Source: Coinglass)

News Updates

1. Eigen Labs announced a reorganization and layoffs, focusing on the development of EigenCloud.

2. Tether holds $8 billion worth of gold in a secret vault in Switzerland.

3. The U.S. Department of Justice has charged two men in connection with a $650 million foreign exchange and Crypto Assets fraud case.

4. Analysis: As the US SEC considers accelerating the review framework, the cryptocurrency ETF "gate" is about to open.

5. a16z Crypto has liquidated its COMP holdings and today transferred another 400,000 COMP to the CEX.

6. A certain whale/institution sold 33,582 ETH in the early morning for 85.38 million USDC.

7. Phantom has launched perpetual contract trading functionality within the wallet, supported by Hyperliquid.

X KOL Selected Insights

Phyrex Ni (@Phyrex_ni): "The main reason for the slight rebound in the market today is that Trump has once again executed TACO. Previously, he said that he would absolutely not extend the signing of tariffs, but this time it was still postponed from July 9 to August 1. From the current situation, it seems that at least one major trading country that is difficult to tackle has not confirmed, or it is related to the Federal Reserve. Regarding Bitcoin, I won't say much more. Data-wise, everything is still normal, and there are no signs of systemic risk. As mentioned yesterday, in the big picture, U.S. stocks and $BTC are still highly correlated. As long as the U.S. stock market does not have major issues, the stability of BTC will also be relatively high."