[News Brief] Jul 7, morning | U.S. Crypto Clarity Bill Must Clear Senate Process by August 7

U.S. Crypto Clarity Bill Must Clear Senate Process by August 7

According to Watcher.Guru, the U.S. crypto clarity bill must complete the Senate passage process by August 7, before the chamber enters its summer recess.

The bill contains provisions aimed at clarifying regulatory authority and standards for the digital asset market, and it is attracting attention amid broader discussions over integrating cryptocurrencies into the U.S. institutional and regulatory framework.

BonkDAO Loses About $20 Million in BONK After Malicious Governance Proposal Attack

According to Wu Blockchain, BonkDAO, the governance body of the Solana-based memecoin BONK ecosystem, suffered a malicious governance proposal attack that drained approximately $20 million worth of BONK from its treasury.

BonkDAO said it has identified the exchange account used by the attacker to purchase BONK prior to the proposal and is currently coordinating with the exchange, bridge operators, and the Solana Foundation in response.

U.S. Spot SOL ETFs See $8.3598 Million in Net Inflows on July 6

According to SoSoValue data, U.S. spot SOL ETFs recorded daily net inflows of $8,359,800 on July 6 (local time).

The day’s inflows came solely from the Bitwise Solana Staking ETF (BSOL). BSOL’s cumulative net inflows stood at $907 million.

Total net assets of spot SOL ETFs currently stand at $957 million, with net assets equal to 2.00% of SOL’s market capitalization. Cumulative net inflows were recorded at $1.144 billion.

U.S. Spot HYPE ETFs Log $8.4266 Million in Daily Net Inflows

U.S. spot HYPE ETFs posted net inflows of $8,426,600 during the July 6 U.S. Eastern Time trading day.

According to PANews, citing SoSoValue data, the day’s inflows came exclusively from the Bitwise Hyperliquid ETF (BHYP). BHYP’s cumulative net inflows were recorded at $130 million.

As of the time of reporting, total net assets of spot HYPE ETFs stood at $371 million, representing 2.35% of HYPE’s market capitalization. Total cumulative net inflows were recorded at $307 million.

Empery Digital Buys 200 More BTC, Bringing Six-Day Total to 1,200 BTC

According to Odaily, Onchain Lens reported that Nasdaq-listed Empery Digital has purchased an additional 200 BTC.

The latest purchase was valued at approximately $12.84 million. Over the past six days, Empery Digital has accumulated a total of 1,200 BTC, worth about $72.65 million.

Grayscale Says Strategy’s Bitcoin Sale Helps Reduce Downside Tail Risk

Grayscale said Strategy’s recent Bitcoin sale could help restore confidence in the company’s funding structure and reduce Bitcoin’s downside tail risk.

According to PANews, citing The Block, Grayscale Head of Research Zach Pandl wrote in a report that Strategy holds about $52 billion worth of Bitcoin while carrying roughly $7 billion in debt.

He said the company appears to have sufficient resources to service its debt and pay preferred stock dividends. He also noted that the rebound in the price of preferred shares STRC signals improving investor confidence.

Strategy previously announced that it sold about 3,588 BTC last week for roughly $216 million. Grayscale said that following the sale, the company’s cash reserves rose to about $2.55 billion, enough to cover roughly 17 months of dividend payments.

ETH Breaks Above $1,800

According to PANews, Ethereum (ETH) rose above $1,800 based on OKX market data.

ETH traded at $1,800.04, with an intraday gain of 0.64%.

Whale Buys 572,929 LIT With 850 WETH Over the Past 24 Hours

According to Onchain Lens, a whale spent 850 WETH, worth about $1.52 million, over the past 24 hours to purchase 572,929 LIT.

The whale has now accumulated 1.358 million LIT valued at about $3.03 million, with an average purchase price of $2.23.

190.68 Million USDC Transferred to Aave

According to Whale Alert, a large wallet transferred about 190.68 million USDC, worth approximately $190.729472 million, to Aave on July 7.

The transaction was confirmed on the Ethereum network. Aave is a major DeFi protocol that allows users to deposit or borrow digital assets.

150 Million USDC Transferred to Ethena

According to Whale Alert, an anonymous wallet transferred 150 million USDC to Ethena.

The transfer was worth approximately $150.03 million. Large stablecoin transfers are closely watched by the market for potential implications on exchange and protocol liquidity.