News linked to both this project and an event.
Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.
According to TechFlow Research, Goldman Sachs' July 16 energy storage report pointed out that electricity demand from data centers is surging, traditional grid expansion requires four to eight years, and energy storage has become the fastest solution with a 12 to 18-month deployment cycle. Goldman Sachs estimates that by 2030, behind-the-meter energy storage opportunities in the US will bring about 50GWh of increment, plus 11GWh from 800V DC data centers, total US energy storage deployment will reach 172GWh, significantly upwardly revised from the previous 112GWh. Globally, annual energy storage installations are expected to reach 2100GWh by 2040. Goldman Sachs believes energy storage is transitioning from renewable energy supporting equipment to a necessity for AI infrastructure, which will change the industry valuation logic. In terms of targets, FLNC (Buy) secured exclusive battery partner qualification for Nvidia DSX Vera Rubin, data center pipeline projects reached 12GW, up 30% sequentially; CATL (Buy) has about 30% global energy storage market share, already used in Shanghai SenseTime data center; Tesla (Neutral) 2025 energy storage deployment 46.7GWh, energy business 2028 estimated revenue 29 billion USD; Energy Vault (Neutral) received 6x EV/EBITDA valuation; LGES (Buy) North America ESS capacity expected to reach 50GWh by end of 2026. Canadian Solar, Ford, Samsung SDI, Shoals, Sungrow are also worth watching. Goldman Sachs emphasizes the need to distinguish those with real order support
Crypto KOL Phyrex published a systematic analysis of rToken issued by Reality under Bitget, arguing that rToken should not be merely understood as "tokenized stocks." Its core value lies in achieving asset composability upon integration with a unified account, breaking the limitations of RWA liquidity silos. Phyrex provided an in-depth breakdown of three directly implementable trading strategies: amplifying US stock directional exposure, Delta Neutral arbitrage, and staking-borrowing loops. For institutions, the core value of rToken lies in three major mechanisms: direct order connection to the US stock order book to eliminate de-pegging risk, UTA unified account cross-margining to improve asset efficiency, and weekend collateral valuation pegged to Friday's closing price to ensure controllable risk. This ultimately enables managing Crypto, stock tokens, and derivative positions within a single account, reducing costs associated with multi-platform rebalancing and fund transfers.
Odaily News, Strive Vice President Joe Burnett posted on X platform, stating that BTC's break-even annualization is often difficult to understand, and it's important to grasp why. The market generally holds three types of views on Bitcoin: Bullish Bitcoin investors believe Bitcoin will appreciate significantly; if they can borrow long-term capital at a cost below 20% and anticipate Bitcoin's future compound annual growth rate will exceed that level, they are willing to finance the purchase of more Bitcoin. Neutral Bitcoin investors require a much lower hurdle rate of return for Bitcoin. According to Michael Saylor's post, if Bitcoin grows by only 3.3% annually, they could sustainably pay current dividends through Bitcoin capital gains. This is a different bet from expecting Bitcoin to grow at a compound rate of over 20%. For context, the historical annual growth rate of the US dollar M2 money supply is around 7%. BTC is a scarce monetary asset with a long-term supply growth rate of 0%. Therefore, buyers of digital credit don't need to be extremely bullish on Bitcoin; they primarily need to believe that Bitcoin won't die out and will roughly keep pace with dollar inflation. This audience is much broader. Joe Burnett stated this might already be the current global consensus view on Bitcoin. Bearish Bitcoin investors can also express their views by shorting Bitcoin or shorting Amplified Bitcoin. Currently, capital has three clear ways to express its view: Bullish on Bitcoin can hold Bitcoin and Amplified Bitcoin; Neutral on Bitcoin can hold Digital Credit; Bearish on Bitcoin can short Bitcoin or Amplified Bitcoin. Every major capital allocator now has a Bitcoin-related tool matching their worldview, and this is how over $1 quadrillion in global capital begins to flow into Bitcoin.
Ethlabs posted on X platform to address its non-profit positioning and funding situation. It stated that the choice to operate as a non-profit structure is to focus on the long-term development needs of Ethereum as a "public good" and to maintain the organization's independence and neutrality in research and development.Regarding governance structure, Ethlabs pointed out that its funding comes from large ETH holders and builders within the Ethereum ecosystem. These funders are closely aligned with the long-term success of Ethereum but will not receive any governance control, nor will they participate in roadmap formulation or project priority decisions. Ethlabs emphasized that this arrangement is a deliberate design aimed at preventing external capital from influencing its core direction.Meanwhile, Ethlabs indicated that the future continuous fundraising mechanism itself acts as a "accountability mechanism." Only by consistently creating real value for the Ethereum ecosystem can it secure subsequent funding support, thereby forming a long-term feedback loop.In terms of funding, Ethlabs revealed that it is currently in the final stages of fundraising and has not yet disclosed the specific amount. However, the pledged funding commitments are expected to support an operational cycle of 2 to 3 years and cover the needs for recruiting top-tier talent. Ethlabs emphasized its positioning as a long-term project, not a one-time grant program.
稳定币基础设施初创公司 Boundary Labs 宣布完成 200 万美元 Pre-Seed 轮融资，Galaxy Ventures 领投，First Block Capital、BlackWood 等机构参投，该公司计划于 2026 年夏季在以太坊主网上线机构级稳定币 USBD 及质押版本 sUSBD。据介绍，USBD 将支持每日链上披露储备状态、净资产价值（NAV）以及协议运行数据，并采用超额抵押与 Delta Neutral（市场中性）对冲策略，以降低市场波动与方向性风险。Boundary 强调，其协议不会使用递归杠杆，并要求所有收益来源保持 Delta Neutral 结构。（The Block）