Analysis: Binance and Bybit recorded over $2.3 billion in stablecoin outflows over the past 30 days, while Bitcoin (BTC) liquidity continues to contract.

ARK Invest Research Director Lorenzo Valente published a post stating that stablecoins have clear network effects. Though thousands of stablecoins exist in the market, the number of projects capable of reaching corresponding scales drops rapidly as the market capitalization threshold rises. Valente pointed out that the count of stablecoins with a market cap exceeding $1 billion has only grown from single digits since 2021 to 12 currently, marking very limited growth. The number of stablecoins with a market cap over $10 billion hit a peak of 4 in 2022, but now only Tether and Circle’s stablecoins remain. Valente believes that breaking into the $10 billion market cap tier is already extremely difficult, and the stablecoin segment above $100 billion may remain dominated by Tether and Circle for the long term. He added that only one stablecoin is likely to reach a market cap exceeding $500 billion in the next two years or more.

According to Bitget market data, WTI crude oil has broken through $101 per barrel, rising 5.16% intraday. Brent crude oil has surpassed $107 per barrel, gaining 5.72% on the day.

According to Polymarket data, the probability that the U.S. will pass an artificial intelligence security bill this year has doubled to 30%, amid growing warnings from researchers about AI risks.

According to TradingBeats monitoring, whale address 0xfc...59d9d is currently heavily long on two crude oil assets, with a total position value of approximately $47.16 million and a combined floating profit of around $3.29 million. This address is the largest holder of WTI and Brent crude oil long positions on Hyperliquid. Specifically, it holds about 189,600 units of WTI crude oil xyz:CL 20x long positions, with a position value of roughly $18.8 million, an average entry price of approximately $92.07, and a current floating profit of about $1.3475 million. Meanwhile, it holds around 272,500 units of Brent crude oil xyz:BRENTOIL 20x long positions, with a position value of approximately $28.36 million, an average entry price of roughly $96.94, and a current floating profit of around $1.9465 million. Additionally, the address also holds about 248.03 BTC in 10x short positions, with a position value of approximately $19.12 million, an average entry price of about $78,456, and a current floating profit of roughly $336,000.

Crypto ATM operator Bitcoin Depot (BTM) has completed the sale of some of its assets after filing for bankruptcy protection in May. Publicly traded digital asset infrastructure firm Bitcoin Bancorp (BCBC) acquired 2,547 ATMs for just $620,750, representing more than a quarter of Bitcoin Depot’s over 9,200 total devices. Key factors behind Bitcoin Depot’s bankruptcy include a 49% year-over-year drop in first-quarter revenue, and a swing from a $12.2 million profit in the year-ago period to a $9.5 million loss. The company attributed its unsustainable business model to increasingly strict regulatory requirements.

Uniswap Labs has launched the "StablePair Hook", a new Uniswap v4 hook built exclusively for stablecoin trading pairs including USDC/USDT and USDC/USDG. The StablePair Hook uses dynamic fees instead of fixed fees, with fees adjusting based on the degree of deviation between the liquidity pool’s price and its reference price. When the price is near the reference level, the mechanism adjusts per-trade fees to maintain a fixed spread between bid and ask prices. Uniswap Labs notes that if the price moves outside this range, trades that push prices further away from the range will incur no fees, as these trades already provide a favorable price for the liquidity pool. Trades that pull prices back toward the reference price operate via a Dutch auction: fees start at a high level and decrease with each subsequent block until a trader accepts the terms, enabling liquidity providers (LPs) to capture more gains from price pullbacks. The first StablePair Hook pools will launch on Ethereum, supporting the USDC/USDG and USDC/USDT pairs. Uniswap Labs also reported that stablecoin-to-stablecoin swap volume on the Uniswap platform reached $43.4 billion in the second quarter, exceeding the combined total of the second and third-ranked on-chain trading platforms.