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

Korea Exchange Triggers Circuit Breaker After KOSPI Plunges 8%

According to Odaily, the Korea Exchange said a circuit breaker was triggered after the KOSPI index fell 8%, halting trading for 20 minutes.

A circuit breaker is a mechanism that temporarily suspends trading to help stabilize the market when the index moves sharply.

U.S. Spot Bitcoin ETFs See $266 Million in Daily Net Inflows

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net inflows of $266 million on July 6, Eastern Time.

BlackRock's IBIT posted the largest inflow of the day at $209 million. IBIT's cumulative net inflows reached $60.203 billion.

Grayscale Bitcoin Mini Trust BTC saw net inflows of $42.25 million, while Grayscale GBTC recorded net outflows of $44.45 million.

Total net assets of spot Bitcoin ETFs stood at $77.318 billion, accounting for 6.04% of Bitcoin's total market capitalization. Cumulative net inflows were tallied at $51.345 billion.

U.S. Bitcoin ETFs Record Net Inflow of 4,026 BTC in a Day

According to Odaily, Lookonchain reported that U.S. Bitcoin ETFs recorded a net inflow of 4,026 BTC on the day.

Over the past seven days, Bitcoin ETFs saw net outflows of 1,661 BTC. Ethereum ETFs posted net inflows of 11,955 ETH on the day and 20,570 ETH over the past seven days.

Spot ETF fund flows are widely used as a key indicator to gauge institutional buying and selling demand.

U.S. Crypto Clarity Bill Must Complete Passage Process by August 7

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

The bill is designed to clarify regulatory authority and standards for the digital asset market, drawing attention amid broader discussions around integrating cryptocurrencies into the U.S. financial system.

Iran's Revolutionary Guard Takes Action on Oil Tanker in Omani Waters of Strait of Hormuz

Iran's Islamic Revolutionary Guard Corps took action on an oil tanker in Omani waters of the Strait of Hormuz on the 7th, according to Odaily, citing China Central Television.

The report said satellite monitoring data showed that U.S. air forces were providing aerial cover in the area when the tanker was intercepted.

The Strait of Hormuz is a critical route for Middle Eastern oil shipments, and military tensions in the area can affect international oil prices and risk-asset sentiment.

Tether Plans Native USDT Issuance on the Bitcoin Network

Tether plans to issue USDT natively on the Bitcoin network through RGB Protocol v0.11.1, PANews reported, citing Bitcoin Magazine.

The rollout will be led by UTEXO. The RGB protocol combines client-side validation with the Lightning Network to provide instant payments and privacy features, while its security is based on Bitcoin's UTXO model.

Users will be able to process USDT using Bitcoin addresses and send or receive USDT over the Lightning Network through compatible wallets. The service is expected to launch in the coming weeks, with a possible release in July also being mentioned.

Coinbase Bitcoin Premium Index Stays Negative for 50 Consecutive Days

According to CoinGlass, the Coinbase Bitcoin Premium Index remained in negative territory for 50 consecutive days starting May 19. The latest reading was -0.0742%, marking the longest negative streak since the indicator was introduced.

Previously, the index recorded 40 consecutive negative days from January 16 to February 24 this year. A prolonged negative premium is generally associated with U.S. institutional outflows or short-term market correction pressure.

Bitcoin Suisse Obtains Financial Services License from Abu Dhabi Global Market

Crypto financial services firm Bitcoin Suisse has obtained a financial services license from Abu Dhabi Global Market.

According to Odaily, Bitcoin Suisse said its subsidiary BTCS Middle East received the license from the Financial Services Regulatory Authority of Abu Dhabi Global Market.

With this license, the entity can provide regulated digital asset financial services to eligible institutions and professional investors. Its service scope includes custody, spot trading, derivatives execution, and hedging services.

Visa Dashboard Shows Adjusted Stablecoin Volume Reached $1.79 Trillion in June

Visa's on-chain dashboard shows that adjusted stablecoin transaction volume reached $1.79 trillion in June. In the first half of the year, USDC accounted for about 70% of total transaction volume.

According to CoinDesk, Circle's USDC made up about 70% of adjusted stablecoin transaction volume in the first half of the year, widening the gap with Tether's USDT, which accounted for about 25%.

Adjusted transaction volume in June rose 63% from May, while total volume for the first half of the year came to $8.82 trillion.

U.S. District Court in Connecticut to Rehear DCG Fraud Claims in Genesis Yield Lawsuit

A U.S. district court in Connecticut has decided to rehear common-law fraud claims against Digital Currency Group (DCG), its founder Barry Silbert, and others in the Genesis Yield lawsuit.

According to Odaily, Judge Stefan Underhill partially revised a decision issued in February this year and accepted the plaintiffs' argument that state-law claims can be brought under the Class Action Fairness Act. Federal securities law claims will also continue.

The lawsuit centers on the now-bankrupt Genesis Yield lending program. Investors allege that Genesis misled customers about its financial condition and risk management issues before it froze withdrawals and filed for bankruptcy in early 2023.

However, the court dismissed or stayed certain consumer protection claims from some states. The ruling brings the question of fraud liability for DCG and Silbert back into focus.