ChainCatcher reports that, according to 4E observations, the global crypto industry is entering a deep-water period of synchronized policy, capital, and market structure evolution, with institutional holdings reaching new highs, stablecoin expansion, and top projects launching IPOs, highlighting the industry's entry into a new mainstream integration cycle.
The latest data from Bitwise shows that 46 new listed companies purchased Bit in the second quarter of 2025, with a total corporate holding of 84,700 BTC, accounting for 4.03% of the total Bit supply, with a total market value of $91 billion, reflecting institutions' continued strategic layout of crypto assets.
Meanwhile, Bullish, incubated by Silicon Valley investor Peter Thiel and owning exchanges and media businesses, has formally submitted an IPO application to the SEC, planning to list on the New York Stock Exchange. This will be another crypto unicorn going public in the US after Coinbase, further strengthening the integration trend between primary and secondary markets.
On the policy front, the White House is expected to release its first crypto policy report on July 22, and Treasury Secretary Besent has openly stated that the "dollar is about to go on-chain," affirming that the GENIUS bill will solidify the dollar's dominant position in the new financial system. Federal Reserve Chairman Powell and ECB President Lagarde will give speeches this week, with the market focusing on their responses to tariffs, interest rates, and digital asset regulation.
In the market, USDT's market value has exceeded $160 billion for the first time, with Tether CEO Paolo Ardoino calling this a "milestone in global financial liquidity". Ethereum contract positions also rose to $52 billion on July 20, reaching a new historical high, reflecting continued growth in on-chain leverage and capital activity.
Additionally, the Altcoin season index has risen to 52, indicating that more than half of the top 100 crypto assets have outperformed BTC in the past 90 days, showing a significant increase in market risk appetite. However, according to Santiment data, Bit social media discussion accounts for over 43%, and analysts warn of short-term pullback risks due to overheated sentiment.
4E reminds investors: Although the mainstreaming process is promising, market sentiment still needs calm judgment, and one should avoid blindly chasing highs at high levels, rationally assessing risk and reward structures.
