CZ: Storing cryptocurrencies on exchanges is safer than self-custody.

New York District Judge Jed S. Rakoff today dismissed an emergency temporary restraining order (TRO) application from the U.S. Commodity Futures Trading Commission (CFTC), which sought to block New York State from advancing its enforcement case against prediction platform Kalshi. The judge ruled that the CFTC failed to demonstrate a likelihood of success on the merits of its case, nor did it prove a risk of irreparable harm. The dismissal was issued without prejudice, meaning the CFTC can refile the relevant motion by August 7. New York Attorney General Letitia James sued Kalshi last Friday, alleging the platform operated an unlicensed prediction business by offering contracts on events including sports and elections. New York State had already sent a cease-and-desist order to Kalshi back in October 2025. The core dispute in the case centers on whether federal commodity law preempts state law: state authorities argue event contracts are predictions subject to state regulation, while the CFTC and Kalshi maintain they are derivatives under the CFTC’s exclusive jurisdiction.

South Korean President Lee Jae-myung said today that AI-driven industrial transformation is reshaping the global industrial landscape, stressing that South Korea needs to take "bold" and "swift" investment actions to address this shift. Lee made the remarks at the opening ceremony of a policy briefing meeting hosted by South Korea’s Ministry of Trade, Industry and Energy and other government agencies. "With the advent of artificial intelligence, the world is undergoing a major transformation, and industrial structures are being reshaped. At such a time, what we need are bold decisions, investments, and swift actions," he said. He also emphasized the importance of enhancing South Korea’s competitiveness, noting that the government’s role is to identify trends, plan for the future, and lay the foundation for innovation. Lee added that ensuring solid industrial growth potential and a robust energy security system is key to building a country resilient to external environmental changes. The South Korean government should make unremitting efforts to diversify its export markets and supply chains.

South Korean crypto analyst Crypto Dan stated that Bitcoin is currently in a very cheap price range. From a cyclical standpoint, Bitcoin has reached a level similar to historical bottoms of past cycles. While it remains uncertain whether the lowest point has been hit, indicators show market participants’ interest in the crypto market is as low as it was during previous bottoms. Given the next bull cycle expected to start around 2027, the current price range is undoubtedly a bargain. A chart released by Crypto Dan reveals that Bitcoin’s Realized Market Cap to UTXO Ratio is currently at a historical low of around 5%, matching the lows seen in prior cycle bottoms. This indicates extremely low activity among short-term holders and weak market interest, mirroring typical historical bottom regions.

According to Yu Jing Monitoring, crypto investment firm The Spartan Group has transferred three tokens worth approximately $3.92 million to Coinbase Prime, including 2,045,000 PENDLE (valued at $2.74 million), 5,377,000 SYRUP ($860,000), and 813,000 ETHFI ($320,000). All the tokens are from the vested unlocked allocations of its invested projects.

According to GMGN market data, the on-chain meme token TENDIES on Robinhood has surpassed a $20 million market cap, with a 64% 24-hour increase and $2 million in 24-hour trading volume. TENDIES is derived from the internet meme "tendies" (chicken nuggets), popular among U.S. retail investors and the Reddit community, symbolizing the grassroots sense of victory when ordinary retail investors celebrate by eating chicken nuggets after making profits. BlockBeats Note: Meme coin trading is highly volatile, driven largely by market sentiment and concept hype, with no actual value or practical use cases. Investors should exercise caution regarding associated risks.

Decentralized exchange BBX has launched Unitree’s pre-IPO perpetual contract, offering up to 20x leverage under the trading pair UNITREEUSDT. Unitree, a leading Chinese civilian robotics firm, is set to hold its initial public offering (IPO) on the Shanghai Stock Exchange’s STAR Market.