Author: 0xkyle Translation: Shan Ouba, Golden Finance
The term "Internet Capital Market" can have multiple meanings. In the current context, it typically refers to the "alchemical" results brought about by blockchain technology: financial technology that transcends geographical boundaries. You can use "magical internet currency" for collateralized lending, tokenized government bonds and private credit, and the widespread use of stablecoins—everything in today's world where traditional finance and digital assets merge is collectively referred to as the "Internet Capital Market."
But for traders who have been active on the chain for the past few years, its implications go far beyond this. The Internet capital market is not just "on-chain government bonds"—it also includes various speculative instruments such as NFTs, DeFi, ICOs, and the tradable tokens that have emerged alongside them. This all began with the deployment of the first smart contract on Ethereum in 2015.
In this article, I would like to delve into the Internet.

The regulations for the issuance and reserve management of Hong Kong stablecoins came into effect on August 1, emphasizing that only the issuance of HKD stablecoins is permitted and must obtain a regulatory license. Stablecoins have now become an extension of sovereign currency. The United States, the European Union, and Hong Kong adopt different regulatory models, representing market-driven, regulation-inbuilt, and license-preceding paths, reflecting the trend of stablecoin issuance and circulation rights being attributed to sovereignty and regulation. In the future, competition in the stablecoin market will be restructured based on the degree of embedding into the Compliance payment system.

Source: Decentralized Finance Investor; Translated by AIMan@Golden Finance
So far, 2025 is a great year for Decentralized Finance.
We have shifted from a hostile regulatory environment under Gary Gensler's leadership at the SEC to a crypto-friendly one. Moreover, DeFi adoption is thriving by almost all metrics.
Therefore, I think it's a good time to carefully study some charts that can show the current market conditions and industry trends.
The following seven charts reveal the current state of Decentralized Finance:

Author: Jack Inabinet, Source: Bankless, Translated by: Shaw, Golden Finance
Ethereum has just celebrated its tenth anniversary. To commemorate this milestone, Ethereum founder Vitalik Buterin appeared on the Bankless podcast hosted by Ryan and David, reflecting on the development of Ethereum over the past decade and discussing the future direction of the network.
This nearly two-hour interview is rich in content, filled with bold predictions, candid reflections, and philosophical insights.

The fundamental restructuring of the global economic framework forces Central Banks in various countries to adjust their policies to meet challenges. Central Banks are faced with issues such as geopolitical fragmentation, the risk of monetary tightening, the impact of artificial intelligence, and competition from Digital Money, making policy innovation and market stability the focal points of attention. Central Banks need to play a greater role in monetary policy, financial regulation, and technological disruption to enhance system resilience and respond to future uncertainties.

Author: KarenZ, Foresight News
A capital battle over $12.5 trillion in retirement funds is about to begin.
This policy aims to allow alternative assets such as private equity, real estate, and cryptocurrencies to enter 401 (k) retirement accounts. It is not only a key step for the Trump administration in reshaping the rules of capital markets but also reflects the deeper logic of the American financial industry.
Trump will allow alternative assets such as cryptocurrencies to enter 401(k) plans.
On August 7, Bloomberg reported that U.S. President Trump will sign an executive order on Thursday aimed at allowing private equity, real estate, cryptocurrencies, and other alternative assets to enter the approximately $12.5 trillion 401(k) plan.
Bloomberg cited a knowledgeable person who wished to remain anonymous before the executive order was officially issued, stating that the order will instruct the Department of Labor to re

1. Tom Lee Interview: ETH is like BTC in 2017, it will have a rise in the future.
In the past month or two, the Ethereum treasury company BitMine has become quite popular on Wall Street. On August 6, 2025, Bankless interviewed BitMine Chairman Tom Lee. Tom Lee shared his views on several issues, including BitMine's goal of acquiring 5% of the total ETH supply, the reasons behind the rise of Ethereum treasuries, who is buying Ethereum treasury companies, the source of the mNAV premium for crypto treasury companies, why the ETH price is still below $4000 despite the large ETH purchases by the treasury, the price prediction for ETH by the end of 2025, and whether there is a bubble in crypto treasuries. Click to read.
2. Bitcoin is quietly brewing a significant change.
While ordinary investors are distracted by political noise or chasing tech stocks, savvy investors are quietly accumulating.

The market generally expects the Fed to cut interest rates by 25 basis points in September, with a probability as high as 91%. Meanwhile, the European Central Bank has continuously cut rates and lowered inflation expectations, while the Bank of England has kept interest rates unchanged. Fed Chair Powell stated that it is necessary to follow economic data, as the labor market situation is complex, and it is still necessary to observe future developments.

Introduction
On the evening of August 6, Jinse Finance's Twitter Space focused on the topic "With the probability of interest rate cuts soaring in September, can Bitcoin break the downward curse of August and surpass 150,000?" Several industry guests were invited to engage in in-depth discussions on hot topics such as interest rate cut expectations, Bitcoin trends, global inflation risks, U.S. regulatory trends, and stablecoin policies.
The guests participating in this discussion include: Kiki, the head of Twinkle Market, senior trader Crypto Monkey, industry veteran Jessie, and digital banking professional Sicheng.
Rising Expectations for Interest Rate Cuts: Is the August Market Reacting Early? Or Waiting for Confirmation?
According to the FedWatch tool, the market currently expects a 94.4% probability of a 25 basis point rate cut in September. Has such a high expectation already been reflected in market sentiment? This topic has become the focus of the opening.
Monkey King stated that, although the current data and opportunities...

Author: Lin Wanwan, Rhythm BlockBeats
In the world of cryptocurrency, the loudest isn't the transactions that make a lot of noise, but rather the connections that can quietly secure 9 billion dollars.
In July 2025, 80,000 Bitcoins that had been dormant for 14 years suddenly moved, marking one of the largest nominal Bitcoin transactions in history. A transfer of this scale should have triggered a 30% drop in the market, but the reality is—there was no significant crash, no panic, and this batch of Bitcoins was quietly absorbed by the market.
$9 billion worth of chips have been "quietly" consumed by the market. The operator is neither an exchange nor a hedge fund, but rather a somewhat obscure Wall Street player: Galaxy Digital.
During the latest Q2 earnings call on the evening of August 5th, someone asked the CEO: How did you secure 80,000 BTC from the client? There was a formal bidding process.