Glassnode: Bitcoin RHODL Ratio Indicates Market Structure is Shifting, Signaling Cycle Transition and Speculative Fervor Cooling Off

On July 9th, as per The Block, Ripple announced on Wednesday that it has chosen BNY Mellon to hold the U.S. dollar cash and U.S. Treasury bond reserves for its stablecoin RLUSD. The circulation of RLUSD has exceeded $500 million. As one of the largest custodian banks in the United States with approximately $52 trillion in assets under management, BNY Mellon will safely custody the reserve assets for RLUSD and assist in liquidity management. This action is intended to ensure that RLUSD holders can redeem dollars on a 1:1 basis. The redemption mechanism complies with regulatory standards similar to those of traditional money market funds. BNY Mellon established a dedicated digital asset unit in 2021 and officially started providing services to institutional-grade crypto clients in 2022.

On July 9th, Bitget declared a strategic partnership with the stock tokenization platform xStock. It launched six tokenized stocks, namely TSLAx, NVDAx, MSTRx, SPYx, CRCLx, and AAPLx, on Bitget's Onchain for on-chain trading. This characteristic has accomplished the integration of the traditional stock market and the crypto ecosystem, enabling 24/7 real-time trading and instant settlement, thereby breaking the trading hour limitations and access barriers of the traditional stock market.

On July 9th, as per Cointelegraph, the information on the Bybit platform indicates that the platform is set to officially launch the pump.fun native token PUMP public sale on July 12, 2025, at 10:00 PM (local time). This sale will make available 150 billion tokens at a price of 0.004 USDT per token, which constitutes 15% of the total supply (1 trillion tokens). This leads to a valuation of 40 billion USD and a fundraising amount of 6 billion USD.

July 9th - The cryptocurrency exchange platform Kraken and the tokenized stock issuance platform Backed have announced a strategic partnership with the globally preeminent blockchain BNB Chain today. By means of this partnership, BNB Chain has become a part of the rapidly growing xStocks Alliance, thereby further expediting the global access for users to on-chain tokenized US stocks. In the forthcoming weeks, Kraken will enable eligible customers to deposit and withdraw xStocks on its platform through BNB Chain. As a component of the collaboration, Backed will issue xStocks in the form of BEP-20 tokens on BNB Chain, allowing users to have seamless access to the tokenized assets of US stocks and ETFs. This encompasses assets like AAPLx, TSLAx, SPYx, and NVDAx. By expanding to BNB Chain, xStocks is continuously fulfilling its mission - meeting the demands wherever users are, bringing traditional equities onto the blockchain, and opening up channels to the globally underserved markets.

On July 9th, with major platforms like Robinhood and Kraken successively launching tokenized US stock products, global users are now able to trade assets of Tesla, Apple, and other US stocks directly on the blockchain in an unprecedentedly convenient manner, ushering in a new wave of financial innovation. However, in Hong Kong, due to regulatory and institutional constraints, the tokenization of Hong Kong stocks is still in a blank state with no substantial corporate progress. Nevertheless, ordinary users can still utilize the BiyaPay platform to directly participate in US and Hong Kong stock trading using USDT without the need to open an offshore account or go through cumbersome bank procedures, truly achieving "global capital free flow." BiyaPay has established a connection channel between digital currency and the traditional financial market, enabling users to instantly purchase US and Hong Kong stocks with USDT, including popular companies such as AAPL, TSLA, GOOGL, as well as Ho

On July 9th, as per Cointelegraph, the DeFi asset management protocol Velvet Capital declared the accomplishment of a funding round amounting to $3.7 million. The investors comprised YZi Labs, Blockchain Founders Fund, FunFair Ventures, Selini Capital, Mucker Capital, PAKA, LucidBlue, Mindfulness Capital, SkyVision Capital, Gate Labs, Poolz Ventures, NexGen, Cointelegraph Accelerator, Gains Associates, Rarestone, Echo, DWF Ventures, and others. It is reported that this funding will offer frictionless portfolio management and trading for funds, DAOs, and individual traders while facilitating its governance and utility token.