4E: Tether's market value exceeds 160 billion dollars, Bullish applies for a U.S. stock market listing, and the structure of the crypto market is undergoing deep reshaping

ChainCatcher message indicates that based on 4E observations, the global cryptocurrency industry is entering a deepwater period where policy, capital, and market structure are evolving synchronously. Institutional holdings have reached new highs, stablecoins are expanding, and leading projects are launching IPOs, highlighting that the industry is entering a new round of mainstream integration.

According to the latest data from Bitwise, in the second quarter of 2025, 46 new publicly traded companies purchased Bitcoin, bringing the total corporate holdings to 847,000 BTC, which accounts for 4.03% of the total Bitcoin supply, with a total market value of $91 billion. This reflects that institutions are continuously making strategic allocations in crypto assets.

Meanwhile, Bullish, incubated by Silicon Valley investor Peter Thiel and owning trading and media businesses, has officially submitted an IPO application to the SEC, intending to list on the NYSE. This will be another crypto unicorn going public in the U.S. after Coinbase, marking an enhancement of the integration trend between the primary and secondary markets.

On the policy front, the White House is expected to release its first cryptocurrency policy report on July 22. U.S. Treasury Secretary Janet Yellen has also publicly stated that "the dollar is about to go on-chain," affirming that the GENIUS Act will solidify the dollar's dominant position in the new financial system. Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde will deliver speeches this week, with the market paying attention to their responses regarding tariffs, interest rates, and regulatory positions on digital assets.

In the market, the market cap of USDT has surpassed $160 billion for the first time, with Tether CEO Paolo Ardoino calling this a "milestone in global financial flows." The Ethereum contract open interest also rose to $52 billion on July 20, setting a new historical high, reflecting the continued increase 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, Bitcoin social media discussions account for over 43%, and analysts remind that caution is needed regarding the short-term correction risk due to overly enthusiastic sentiment.

4E reminds investors: While the mainstreaming process is promising, market sentiment should still be judged calmly, avoiding blind chasing during high points, and rationally assessing risk and return structures.