最新报道：According to 4E Observation, Robinhood (HOOD.O) reported on July 31st that its crypto business revenue in the second quarter of 2025 was $160 million, slightly below the market expectation of $162.1 million. Monthly active users reached 12.8 million, below the expected 14.25 million, indicating sluggish user growth on its platform. Meanwhile, the cumulative market capitalization of publicly listed companies globally holding crypto assets has soared to $160 billion, a nearly 80% increase from the beginning of 2024, highlighting the trend of companies incorporating crypto assets into their financial strategies. Companies allocating digital assets often experience significant stock price increases, and the concept of crypto treasury is becoming a new trend. At the macro level, the Federal Reserve maintained interest rates at 4.25%-4.50% for the fifth consecutive time, in line with market expectations. The preliminary estimates of the annualized quarterly rate of real GDP in the second quarter of the United States were 3%, and the preliminary estimate of core PCE was 2.5%, both above expectations, reinforcing market expectations of maintaining high interest rates in the short term. On the regulatory front, the White House released a digital asset strategy report. While it didn't include new measures for Bitcoin reserves, it did propose legislation requiring US taxpayers to report overseas crypto accounts to curb capital flight. This move signals the US's integration of crypto assets into a more comprehensive tax and compliance system. On-chain data shows that whales have been reducing their Bitcoin holdings and increasing their Ethereum holdings over the past two weeks, indicating a shift in capital. Santiment noted that the number of wallets holding at least 1,000 BTC decreased by 1.61%, while wallets holding 10,000 ETH increased by 8%. 4E reminds investors: With institutional investors entering the market and increasing regulation, crypto assets are rapidly becoming financialized. Monitoring capital flows and policy signals is key to understanding future market trends.