On July 31, according to 4E Observation, Robinhood (HOOD.O)'s crypto business revenue in the second quarter of 2025 was US$160 million, slightly lower than the market expectation of US$162.1 million. The number of monthly active users was 12.8 million, lower than the expected 14.25 million, indicating that the growth of its platform users was weak. At the same time, the cumulative market value of listed companies holding crypto assets around the world has soared to US$160 billion, an increase of nearly 80% compared with the beginning of 2024, highlighting the trend of companies incorporating crypto assets into their financial strategies. Companies often allocate digital assets with significant stock prices rising, and the concept of encrypted treasury is becoming a new trend. At the macro level, the Federal Reserve kept interest rates unchanged at 4.25%-4.50% for the fifth consecutive time, in line with market expectations. The initial annualized quarterly rate of real GDP in Q2 in the United States was 3%, and the initial core PCE was 2.5%, both higher than expectations, strengthening market expectations to maintain high interest rates in the short term. In terms of supervision, the White House released a digital asset strategy report. Although it did not add new bitcoin reserve measures, it proposed legislation to require U.S. taxpayers to declare overseas encryption accounts to curb capital flight. The move marks the inclusion of crypto assets in a more comprehensive tax and compliance system in the United States. Chain data shows that whales have reduced their holdings of bitcoin and increased their holdings of Ethereum in the past two weeks, indicating that funds tend to shift. Sanitation noted that the number of wallets holding at least 1,000 BTC dropped by 1.61%, while wallets holding 10,000 ETH increased by 8%. 4E reminds investors: Against the background of institutional entry and strengthened supervision, encrypted assets are rapidly being financialized, and paying attention to capital flows and policy signals is the key to grasping the future market.