4E: Tether Market Cap Surpasses $160 Billion, Cryptocurrency Market Structure Deepens and Reforms

July 22nd report: According to 4E Insights, the global cryptocurrency industry is entering a deep-water phase where policy, capital, and market structure are evolving in tandem. Institutional holdings have reached new highs, stablecoin expansion continues, and leading projects are initiating IPOs, indicating that the industry is entering a new round of mainstream integration cycle. According to the latest data from Bitwise, 46 listed companies added Bitcoin in Q2 2025, with total institutional holdings reaching 847,000 BTC, accounting for 4.03% of the total Bitcoin supply, and a total market value of $91 billion, reflecting that institutions are continuously making strategic allocations to crypto assets. Meanwhile, Bullish, a company incubated by Silicon Valley investor Peter Thiel and which owns exchange and media operations, has officially submitted an IPO application to the SEC, planning to list on the NYSE. This will be another crypto unicorn from the US following Coinbase, marking further strengthening of the integration trend between primary and secondary markets. On the policy front, the White House is expected to release its first cryptocurrency policy report on July 22nd. US Treasury Secretary Beyoncé also publicly stated that "the dollar is about to be on the blockchain," affirming that the GENIUS Act will solidify the dollar's dominant position in the new financial system. Fed Chair Powell and ECB President Lagarde will both deliver speeches this week, with the market closely watching their responses regarding tariffs, interest rates, and digital asset regulation. Additionally, the altcoin season index has risen to 52, indicating that more than half of the top 100 cryptocurrencies have outperformed BTC over the past 90 days, showing a significant increase in market risk appetite. However, according to Santiment data, Bitcoin's social media discussion accounts for over 43%, and analysts remind investors to be cautious of the short-term correction risks caused by excessive sentiment. 4E reminds investors: Although mainstream adoption is promising, market sentiment still needs to be carefully evaluated. Avoid blindly chasing high prices, and rationally assess the risk and return structure.