PA Daily | The UK plans to sell seized Bitcoin worth up to $7 billion; some on-chain addresses accumulated about $1.4 billion in ETH this week.

Today’s Headlines:

1. Macroeconomic Outlook for Next Week: “Cryptocurrency Week” has concluded perfectly, and Powell will make an appearance under heavy pressure.

2. The UK plans to sell seized Bitcoin to fill the fiscal gap, with the sale size potentially reaching $7 billion.

3. Insiders: U.S. Treasury Secretary Basentelli urged Trump not to dismiss Federal Reserve Chairman Powell.

4. Shanghai announced a case of cross-border illegal currency exchange using stablecoins as a medium, involving an amount of 6.5 billion yuan.

5. Indian cryptocurrency exchange CoinDCX is suspected of being hacked for $44.2 million, but the officials claim that customer funds are unaffected.

6. Binance Alpha will launch Yala (YALA) on July 22.

7. Analysis: This week, some on-chain addresses have accumulated 391,000 ETH, valued at approximately $1.4 billion.

8. The NFT trading volume in the past 7 days increased by 29% month-on-month, reaching $159.6 million, with Pudgy Penguins seeing a trading volume increase of 247.32%.

Regulation/Macro

Mainland virtual currency scams have arrived in Hong Kong, with over a hundred Hong Kong residents deceived and 4 people arrested by the police.

According to Caixin, cryptocurrency investment scams from mainland China have spread to Hong Kong, with at least 118 people falling victim to the scam, resulting in total losses of approximately HKD 3.2 million. On July 16, Hong Kong police revealed that four local residents were arrested on July 15 for “conspiracy to defraud”. They are suspected of organizing promotional dinners for the mainland cryptocurrency scam, attracting victims and collecting scam funds totaling HKD 3.89 million. Except for a small amount that was withdrawn, the remaining approximately HKD 3.2 million has not yet been recovered.

The Chief Inspector Yuan Haoting of the Second Team of the Major Crime Unit in the New Territories North District of Hong Kong stated that since the end of June 2025, the police have gradually received reports from citizens suspecting they have fallen into cryptocurrency investment scams, with victims aged between 33 and 80 years old. Police investigations revealed that since the beginning of 2025, several victims attended an investment promotional dinner at a restaurant in Tai Po called “DGCX Xin Kang Jia.” The Hong Kong police investigation confirmed that DGCX Xin Kang Jia is a fraudulent trading platform, and the victims’ funds were not used for any real investments; part of the funds was used to maintain the operation of the platform, and some funds are believed to have been used to pay off withdrawals from other victims. Industry lawyers indicated that due to DGCX Xin Kang Jia settling in the stablecoin USDT, this has brought many difficulties to the investigation of the case, the recovery of funds, and the protection of victims’ rights.

Macro Outlook for Next Week: “Cryptocurrency Week” has ended on a perfect note, and Powell will take the stage under heavy pressure.

As the Federal Reserve is about to enter its quiet period, Waller, a current board member and a popular candidate for the next Fed chair, reiterated support for a 25 basis point rate cut in July, and data shows that consumer expectations for inflation have improved. Meanwhile, trade tensions between the U.S. and the EU continue, with Trump pushing for a minimum tariff of 15%-20% on all EU goods and planning to announce a tariff plan for specific industries by August 1. Additionally, the rollercoaster “Cryptocurrency Week” came to a perfect close after Trump signed the stablecoin bill as expected. Bitcoin surpassed its historical high of over $123,000 this week, while Ethereum briefly reached $3,600 on Friday, outperforming Bitcoin for the fourth consecutive week. Here are the key points the market will focus on in the new week:

Monday 22:00, US June Conference Board Leading Economic Index MoM

On Tuesday at 20:30, Federal Reserve Chairman Powell delivered a welcome speech at a regulatory meeting;

At 1:00 PM on Wednesday, Federal Reserve Governor Bowman will host a fireside chat at the Federal Reserve’s large bank capital framework meeting.

On Wednesday, pending, U.S. President Trump will speak at an event titled “Winning the AI Race”;

Thursday 20:30, Initial Jobless Claims in the U.S. for the week ending July 19;

For the United States, price levels and employment sub-indicators may attract additional attention. Analysts at ABN Amro believe that “since the final form of the U.S. tariff system is still undecided, the recent moderate inflation trend clearly does little to reduce the uncertainty regarding the ultimate impact of Trump’s trade policy on inflation.”

Caixin: Qian Fenglei’s stablecoin investment and financing project is suspected of publicly selling multiple unregulated collective investment schemes in Hong Kong.

According to Caixin, Qian Fenglei, known as a “billionaire tycoon”, has a stablecoin investment and financing project that combines secondary market operations, drawing money from both the stock market and the cryptocurrency market, and is suspected of selling multiple unregulated collective investment schemes to the public in Hong Kong.

According to reports, Qian Fenglei, a wealthy businessman from Zhejiang who was injured and hospitalized in Hong Kong’s city center over four years ago, is making a high-profile return to the public eye in early 2025 with a viral video shot in Central Hong Kong, where he is referred to as a “billionaire boss.” Six months have passed, and recent disclosures from people close to Qian reveal that he and several companies under his actual control, including Hengfeng International, are suspected of selling multiple collective investment schemes to the public in Hong Kong without the approval of the Hong Kong Securities and Futures Commission. When Alibaba went public in the U.S., Qian was seen standing next to Jack Ma and was regarded as a “friend of Jack Ma.” In the past, due to his charitable contributions, he was once dubbed “Qian Duoduo” by actor Li Yapeng.

The UK plans to sell seized Bitcoin to fill the fiscal gap, with the sale scale potentially reaching $7 billion.

According to The Daily Telegraph, the UK Home Office is working with the police to sell a batch of seized cryptocurrencies to fill a financial gap. The total amount of cryptocurrencies currently seized by the police is not yet clear. However, a raid in 2018 confiscated 61,000 bitcoins from a Ponzi scheme case. Last week, the value of bitcoin reached $123,000, making its value exceed £5.4 billion (approximately $7 billion), which is a 20-fold increase since it was seized.

The Ministry of Interior plans to establish a “cryptocurrency storage and monetization framework” that allows law enforcement to securely store frozen digital currencies and sell them. According to a tender announcement issued by BlueLight Commercial, a procurement company under the police on behalf of the Ministry of Interior, the UK government will also provide a contract to operate a centralized service responsible for holding and selling seized cryptocurrencies. The contract is worth up to $53.7 million and will be valid for at least four years. However, the proposal has not yet received acceptable bids. The time between the police seizing digital assets and clearing them for sale is usually quite long. The tender announcement acknowledges: “The average time between asset seizure and the conclusion of legal proceedings (monetization) is within 1 year, and for more complex cases, it may take 3 to 4 years.”

The Minister of Finance of El Salvador stated in a letter to the IMF that no Bitcoin has been purchased since February, contradicting his government’s claims.

A letter signed by two senior finance officials in El Salvador states that the country has not purchased any Bitcoin since signing a financing agreement with the International Monetary Fund (IMF) in February 2025. This is in stark contrast to statements made by the country’s president, Nayib Bukele, and his Bitcoin office. The letter is part of the IMF’s first project review on July 15, which states that “the amount of Bitcoin held by the public sector remains unchanged.” The attached document indicates that El Salvador has provided all addresses of its hot and cold wallets to the IMF for review and monitoring.

However, since President Bukele announced this initiative in November 2022, his government has repeatedly claimed to purchase 1 Bitcoin daily. The country’s Bitcoin office claims that the country’s Bitcoin reserves amount to approximately 6,242 Bitcoins (BTC), valued at around $737 million. Blockchain intelligence company Arkham supports the daily transfer of 1 Bitcoin, with these transfers primarily coming from addresses marked as Binance or Bitfinex hot wallets.

President Bukele previously stated that although the agreement with the International Monetary Fund (IMF) provided El Salvador with a loan of 1.4 billion dollars and requested the country to reduce its Bitcoin activities, it will not stop purchasing Bitcoin.

Shanghai announced a case of illegal cross-border currency exchange using stablecoins as a medium, with an amount involved reaching 6.5 billion yuan.

The People’s Court of Pudong New District, Shanghai, announced on July 16 a case of illegal foreign exchange involving virtual currencies, which was adjudicated in March this year. The case revealed that Yang and Xu, among others, operated domestic shell company accounts to provide stablecoins (with Tether as the trading medium) for unspecified clients’ overseas accounts, thereby facilitating cross-border fund transfers for profit. Over the past three years, the amount involved in illegal foreign exchange transactions reached 6.5 billion yuan. Among them, Yang was responsible for attracting clients and allocating foreign exchange funds overseas, while Xu managed the public accounts of 17 shell companies domestically, with daily fund flows exceeding 10 million yuan, indicating a clear division of labor and close collaboration.

The disclosed case details show that at the end of 2023, Ms. Chen, a Shanghai resident, needed to remit money to her daughter overseas. Limited by China’s annual foreign exchange quota of $50,000 per person, she reached out to an overseas “currency exchange company” (the domestic shell company A controlled by the aforementioned Yang and others). Following the instructions, Ms. Chen transferred RMB to the account of company A, and subsequently, her daughter’s overseas account received the equivalent foreign currency, while the “currency exchange company” charged a certain percentage of the transaction as a fee. For a long time, this criminal gang provided illegal foreign exchange services to clients with foreign currency and RMB exchange needs, both domestically and internationally, under the guise of “collection and payment” through cross-border “matching” methods.

Informed sources: U.S. Treasury Secretary Yellen advised Trump not to dismiss Federal Reserve Chairman Powell.

According to a report by CCTV News, a reporter learned on the 19th that informed sources indicated that U.S. Treasury Secretary Mnuchin recently privately advised President Trump against attempting to fire Federal Reserve Chairman Powell. Mnuchin believes that aside from current overall economic factors, Federal Reserve officials have signaled that they may cut interest rates twice before the end of the year. Mnuchin warned that firing Powell could have economic, political, and legal consequences. Informed sources stated that Mnuchin’s comments differ from those of other senior officials in the Trump administration.

Opinion

Greeks.Live: Some traders believe BTC has peaked, with the main disagreement in the community centered around the resistance level of $112,000.

Greeks.Live macro researcher Adam released an English community briefing on platform X, noting that: there is serious division within the community, with multiple traders believing that the Bitcoin market has peaked, while others maintain a strong bullish stance, expecting prices to continue rising. The main divergence focuses on the resistance level of $112,000, with bears holding put options with strike prices of $100,000-$110,000, while bulls are selling more put options and preparing for higher prices. Traders are constructing December call spread and ladder structure, with strike prices set at $115,000/$150,000 and $140,000/$170,000/$190,000, expecting significant volatility before the end of the year.

CZ responds with another post: “The crypto market is volatile”: no need to over-research.

Binance co-founder CZ posted on X platform this week that “the crypto market is volatile,” as he had previously tweeted the same content on January 19 this year, stating “cryptocurrency volatility is extreme (this volatility can be both a risk and an opportunity).” The second post attracted market attention, to which CZ clarified: “I just post casually, and everyone doesn’t need to overanalyze.”

U.S. Deputy Treasury Secretary: The demand for stablecoins will reach trillions of dollars.

According to Cointelegraph, U.S. Deputy Treasury Secretary Michael Faulkender stated that the demand for stablecoins will reach trillions of dollars.

Project Dynamics

WLFI: Tokens from any co-founders, teams, or advisors will not be unlocked at launch, and there will be no new round of presale.

The Trump family’s crypto project WLFI clarified community concerns in a post on platform X, stating that no tokens belonging to co-founders, team members, or advisors will be unlocked at launch. WLFI has been committed to fairness and building trust from day one. WLFI will not initiate a new round of presales; instead, it will collaborate with mainstream exchanges to create a WLFI rewards program, allowing existing users and trusted platforms to earn benefits. This is a new way for everyone to join the freedom movement.

About unlocking: In the public sale, only a portion of the tokens purchased at $0.015 and $0.05 will be prioritized for unlocking, which is intended to directly reward early retail supporters, rather than anyone else. Additionally, the treasury tokens are purely for fostering liquidity, making the community the main focus and driving force for the next steps. After going live, a vote will be submitted for the community to decide on the unlocking schedule for the remaining tokens purchased at $0.015 and $0.05, as well as the unlocking schedule for over-the-counter trading. The final vote will only be submitted once the unlocking schedule is determined, with the community deciding on the unlocking schedule for the founder, team, and advisor tokens. WLFI reiterates that it is not in a hurry to unlock the founder, team, and advisor tokens, and it is important to build for the future. Furthermore, WLFI has stated that it is working with major CEX partners to ensure WLFI’s listing on exchanges, which also provides DeFi options for users who prefer a decentralized environment, and complete details of the launch plan will be released soon.

Indian cryptocurrency exchange CoinDCX is suspected of being hacked for $44.2 million, but officials claim that customer funds have not been affected.

According to a disclosure by ZachXBT, the Indian centralized exchange “CoinDCX” appears to have been hacked, with losses amounting to approximately $44.2 million. The attacker’s address initially obtained 1 ETH in funds from Tornado Cash, and then bridged part of the stolen funds from Solana to Ethereum. The affected CoinDCX hot wallet has not been publicly flagged and is not included in the current proof of reserves, requiring manual attribution through counterparty analysis.

In response, CoinDCX CEO Sumit Gupta tweeted that an internal operational account (used only to provide liquidity on partner exchanges) was compromised due to a complex server vulnerability. The CoinDCX wallets used for storing customer assets were unaffected and are completely secure. He emphasized that no customer funds were impacted, and user assets remain absolutely safe in secure cold wallet infrastructure, with all trading activities and INR withdrawals continuing normally. The official internal security and operations teams are working around the clock with cybersecurity partners to investigate the matter, patch any vulnerabilities, and track the flow of funds. CoinDCX is cooperating with exchanges to freeze and recover assets, including an upcoming vulnerability bounty program.

Binance Alpha will launch Yala (YALA) on July 22.

According to the official announcement, Binance Alpha will launch Yala (YALA) on July 22. Eligible users can visit the Alpha event page to claim the airdrop using Binance Alpha points after trading opens. Further details will be announced separately.

Binance Alpha has now launched UPTOP (UPTOP), and you need to hold 180 points to claim 1500 UPTOP airdrop.

According to the official announcement, Binance Alpha has now launched UPTOP (UPTOP). Users holding at least 180 Binance Alpha points can claim airdrop of 1,500 UPTOP tokens. First come, first served, until the airdrop pool is exhausted or the event ends. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim on the Alpha event page within 24 hours, otherwise it will be considered as giving up the airdrop.

Important Data

ETH broke through $3,700, up 4.16% during the day

The OKX market shows that ETH has just broken through 3700 dollars, currently quoted at 3700.00 dollars per coin, with a daily increase of 4.16%.

Data: If Bitcoin is purchased with the price of each generation of iPhone, the return could reach 242 million dollars.

Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy), retweeted a post on platform X, which shows that if Bitcoin were purchased at the price of each new generation of iPhone, the current profit could reach $242 million.

Analysis suggests that the BTC price of the iPhone has been used by the crypto community as a benchmark for measuring Bitcoin’s purchasing power, with investors comparing the Bitcoin prices of iPhones from previous years to understand the value proposition of cryptocurrencies.

DFG founder James Wo’s related address deposits 1700 MKR to Binance.

According to on-chain analyst Ai Yi (@ai_9684xtpa), 3 hours ago, DFG founder James Wo’s associated address deposited 1,700 MKR to Binance, worth 3.47 million USD. He previously withdrew 5,419.66 MKR (6.56 million USD) at an average price of 1,210 USD between March and April 2025, and has cumulatively deposited 3,700 MKR to the exchange since yesterday. If sold at the deposit price of 2,094 USD, he would make a profit of 3.27 million USD, with a return rate of 73% over four months.

A certain whale/institution accumulated 47,121 ETH in the last day, worth approximately $169 million.

According to on-chain analyst Yu Jin’s monitoring, a certain whale/institution has accumulated 47,121 ETH (169 million USD) through FalconX in the past day, with an average price of 3,545 USD.

In the past 7 days, NFT trading volume increased by 29% to $159.6 million, with Pudgy Penguins trading volume rising by 247.32%.

CryptoSlam data shows that the NFT market trading volume increased by 29% in the past week, reaching $159.6 million. Market participation has rebounded, with the number of NFT buyers increasing by 89.32% to 176,807 people; the number of NFT sellers increased by 86.08% to 112,430 people. The number of NFT transactions also grew by 20.61%, reaching 1,627,841 transactions.

The Ethereum network sales reached $79.7 million, soaring 61.83% compared to the previous week; the Bitcoin network transaction volume reached $24.8 million, with an increase of 60.58%; the Polygon network transaction volume reached $16.8 million, down 9.44%; the Mythos Chain network transaction volume reached $11.1 million, down 20.71%.

Courtyard on Polygon firmly holds the top spot on the collectibles leaderboard with a sales volume of $14.1 million, despite a 13.07% decline in sales. Pudgy Penguins reached a sales volume of $9.3 million, with an increase of 247.32%. The trading volume of this collection more than doubled (115.31%), with a significant increase in the number of buyers (45%) and sellers (51.72%).

This week’s high-value sales include:

• Uncategorized Ordinals sold for 68.9989 BTC (8,193,864 USD)
• V1 CryptoPunks Wrapped #5822 sold for 200 ETH ($725,130)
• Autoglyphs #157 sold for 380,000 USDC.
• Autoglyphs #480 sold for 75 WETH ($252,448)
• Pudgy Penguins #4039 sold for 65 ETH ($201,661)

Analysis: This week, some on-chain addresses accumulated 391,000 ETH, worth approximately $1.4 billion.

According to on-chain analyst Yu Jin’s monitoring, this week, driven by massive net inflows into ETFs and the ETH reserve plans of U.S. companies, the price of ETH rose from $3,000 to $3,600. Just the on-chain addresses that I noticed have accumulated as much as 391,000 ETH (1.4 billion USD) through various channels this week.

A certain whale closed an ETH position an hour ago, making a profit of 1.7 million USD. Over the past 4 days, all 6 of its ETH long trades have been profitable.

According to monitoring by Lookonchain, whale 0xd5ff closed its ETH long position an hour ago, securing a profit of 1.7 million dollars. Over the past 4 days, this whale executed 6 ETH long trades, all of which were profitable, achieving a win rate of 100%, with total profits approaching 3 million dollars.