July 22 News According to 4E observation, the global crypto industry is entering a deep-water period in which policies, capital and market structures are evolving simultaneously. Institutional positions have reached new highs, stablecoins have expanded, and IPOs have been launched on top projects, highlighting that the industry is entering a new round. Mainstream integration cycle. Bitwise's latest data shows that in the second quarter of 2025, 46 new listed companies purchased Bitcoin. The total positions held by companies have reached 847,000 BTC, accounting for 4.03% of the total supply of Bitcoin, and the total market value reached US$91 billion, reflecting that institutions are continuing to strategically deploy crypto assets. At the same time, Bullish, which was incubated by Silicon Valley investor Peter Thiel and owns exchange and media businesses, has officially submitted an IPO application to the SEC and plans to list on the New York Stock Exchange. This will be another crypto unicorn listing in the United States after Coinbase, marking a further enhancement of the integration trend between the primary and secondary markets. At the policy level, the White House is expected to release its first crypto policy report on July 22. US Treasury Secretary Basent also publicly stated that "the US dollar is about to be launched", affirming that the GENIUS bill will stabilize the US dollar's dominant position in the new financial system. Federal Reserve Chairman Powell and European Central Bank President Christine Lagarde will deliver speeches this week, and the market will focus on their responses to tariffs, interest rates and digital asset supervision positions. In addition, the altcoin seasonal index rose to 52, indicating that more than half of the top 100 crypto assets have outperformed BTC in the past 90 days, and market risk appetite has increased significantly. However, according to Sanitation data, Bitcoin social media discussions account for more than 43%, and analysts caution against the risk of short-term corrections caused by overheated emotions. 4E reminds investors: Although the mainstreaming process is promising, market sentiment still needs to be judged calmly. Avoid blindly chasing gains at high levels and rationally evaluate the risk and return structure.