In today's crypto news, India's intensified efforts to penalize crypto tax evaders through the use of AI and international data-sharing agreements is a noteworthy development. The Central Board of Direct Taxes (CBDT) is enhancing its data analytics capabilities to track digital asset transactions, a move that demonstrates the increasing sophistication of regulatory oversight in the crypto space. This approach could serve as a model for other jurisdictions looking to improve tax compliance within their digital asset markets.
Meanwhile, the downturn in the meme coin market, following Pump.fun's announcement of no immediate PUMP airdrop, highlights the volatility and speculative nature of these tokens. This serves as a reminder for institutional investors to exercise caution and conduct thorough due diligence when considering investments in such assets.
The upcoming report from the crypto task force established by President Trump is expected to provide valuable insights into stablecoin oversight, token classification, and enforcement reforms. The potential proposal for a Bitcoin reserve using seized assets could signal a shift in the US government's approach to digital assets, potentially influencing other nations' strategies.
Lastly, the delay in crypto policy initiatives due to the US House of Representatives' early adjournment underscores the ongoing challenges in establishing comprehensive regulatory frameworks for digital assets. This delay could impact the pace of institutional adoption and innovation in the crypto space. However, the continued inflow into Ethereum ETFs, surpassing Bitcoin funds, indicates a growing institutional interest in alternative digital assets, a trend worth monitoring for strategic investment decisions.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
India is intensifying its efforts to identify and penalize crypto tax evaders by utilizing artificial intelligence and international data-sharing agreements. The Central Board of Direct Taxes (CBDT) is enhancing its data analytics capabilities and cross-border information exchange to track digital asset transactions, according to Chairman Ravi Agrawal. The department has access to over 6.5 billion domestic digital transactions and is actively participating in the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF), which mandates crypto platforms to collect and share user transaction data with tax authorities.
The Indian Income Tax Department is using AI to match tax deducted at source (TDS) data submitted by crypto exchanges with income tax returns filed by individuals. Automated notices are issued when discrepancies exceed $1,200. However, Agrawal clarified that digital access powers are strictly applicable only during search and survey operations and are not meant to infringe on taxpayer privacy. The recent crackdown follows India's 2022 overhaul of its crypto tax regime, which imposes a flat 30% tax on all crypto profits and a 1% TDS on transactions above a certain threshold. Since introducing the tax rate in 2022-23, the Indian government has collected $818 million in crypto taxes.
The meme coin market has experienced a significant drop in the past 24 hours, with most major meme coins, including Dogecoin, Shiba Inu, and Pepe, decreasing in value by approximately 7%. This downturn follows the announcement by Alon Cohen, co-founder of Pump.fun, that the much-anticipated PUMP airdrop will not be happening in the immediate future. This news led to a 17.7% drop in the token's value, causing it to fall out of the top 100 cryptocurrencies by market capitalization. Pump.fun-created tokens such as GOAT, Moo Deng, and Peanut the Squirrel were among the biggest losers, all experiencing double-digit drops.
Pump.fun, which raised $600 million in just 12 minutes during its initial coin offering earlier this month, has seen a 55% drop in its market cap since its launch. The platform has also lost market share to rival LetsBonk, which has dominated Solana token creations for 16 of the last 17 days. Despite the overall downturn, a few meme coins have managed to stay in the green, with REKT, a brand coin linked to a drink company, experiencing a 21.7% increase following a collaboration announcement with Binance.US. Predictions on Myriad Markets now suggest a 71% chance that Binance or Coinbase will list the token for perp or spot trading before September.
The crypto task force established by President Donald Trump is set to release a 180-day report on July 30, according to Bo Hines, the group's executive director. The report is expected to provide insights into stablecoin oversight, token classification, and enforcement reforms following the GENIUS and CLARITY Acts. Some experts predict that the report may propose the creation of a Bitcoin reserve using seized assets, while dismissing the idea of a retail Central Bank Digital Currency (CBDC) due to concerns about privacy and trust.
The task force, which was established by Trump's first executive order in January, was designed to deliver recommendations on digital asset regulation, including the feasibility of a “strategic national digital assets stockpile.” The group includes top officials from various federal agencies such as the Treasury, SEC, CFTC, and DOJ, and is led by David Sacks, known as the "AI and crypto czar." The report could potentially mark the beginning of a "more structured and secure sovereign approach to crypto exposure" without directly competing in volatile markets, according to Monica Jasuja, chief expansion and innovation officer at Emerging Payments Association Asia.
The executive order required agencies to identify existing digital asset regulations within 30 days, recommend changes within 60 days, and consolidate their findings into a 180-day report that included legislative and regulatory proposals. The success of the report will be determined by its ability to provide regulatory clarity and position the U.S. as a global leader in digital finance infrastructure, Jasuja added.
The US House of Representatives has adjourned a week ahead of schedule, halting all floor activity until after Labor Day due to a standoff over a proposed amendment related to Jeffrey Epstein. The amendment, which would mandate the Justice Department to release Epstein files within 30 days, was attached to the stablecoin GENIUS Act by Rep. Ro Khanna. The House Rules Committee rejected the amendment in a narrow 6–5 vote, leading to Democrats threatening further procedural action. This dispute led Speaker Mike Johnson to announce that no further votes would occur before September, concluding the chamber’s session a week earlier than scheduled.
This early adjournment will delay work on additional crypto policy initiatives, most notably tax legislation. During a July 16 House Ways and Means Oversight Subcommittee hearing, members discussed the need for updates to digital asset taxation frameworks. Proposals included establishing a de minimis exemption for small transactions, clarifying staking reward treatment, and revising wash-sale rules. Lawmakers expressed intentions to introduce a draft bill “in the near future,” though any such legislative movement will now be deferred until after the recess. One crypto-adjacent measure directly affected by the shutdown is the Veterans Affairs Distributed Ledger Innovation Act of 2025 (H.R. 3455). The bill, introduced by Rep. Nancy Mace, would direct the Department of Veterans Affairs to evaluate how blockchain technology could improve benefits claims processing. The proposal passed a subcommittee hearing on June 11 but still awaits full committee markup and a House floor vote. As a result of the recess, no further action on the bill is possible until at least the week of September 8.
Ethereum exchange-traded funds (ETFs) in the US have surpassed Bitcoin ETFs in terms of performance for the third consecutive day, coinciding with the first anniversary of their launch. Data from SoSoValue indicates that spot Ethereum ETFs drew a combined net inflow of $332 million on July 23, underlining the ongoing wave of institutional interest in ETH. Over the last three trading days, these products have attracted more than $1 billion in inflows. BlackRock’s ETHA led the inflows with $324.6 million, followed by VanEck’s ETHV with $4 million, and Fidelity’s FETH with $3.6 million.
In contrast, Bitcoin ETFs struggled to maintain momentum. Among the 12 major spot Bitcoin ETFs, only BlackRock’s IBIT recorded net inflows on July 23, drawing in $142.6 million. Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB collectively experienced $238.9 million in outflows. This led to Bitcoin funds seeing cumulative outflows of over $84 million on the day, extending the ETFs’ outflow streak to three consecutive days, with over $280 million exiting. Despite this short-term divergence, Nate Geraci, President of The Nova Dius Wealth, emphasized that both Bitcoin and Ethereum products have compelled the traditional financial industry to pay attention to the crypto industry.
Solana developers have increased the network's block limit by 20%, from 50 million to 60 million compute units (CUs), in a bid to support higher transaction volumes and enhance overall performance. The update, announced by Helius Labs CEO Mert Mumtaz on July 23, is part of a broader effort to address execution constraints observed during periods of high network activity. Mumtaz likens compute units on Solana to fuel for a vehicle, with each transaction consuming a certain number of CUs depending on its complexity.
The team at Solana has plans to eventually double the block capacity to 120 million CUs, which would allow developers to build more expressive applications and reduce transaction fees, particularly as demand increases. Brennan Watt, Vice President of Core Engineering at Anza, confirmed that he has merged a Solana Improvement Document proposing a further increase to 100 million CUs. However, the possibility of uncapping Solana's block capacity is still under debate among core developers. While unlimited execution could enhance flexibility, it also raises concerns about potential abuse, hence the need for execution to be bound to protect from abuse. The block capacity increase comes as Solana's price recently hit a five-month high of over $200, driven by institutional interest and rising adoption in corporate treasuries.
An abrupt sell-off of XRP by more than -15% on 23 July was primarily caused by aggressive market selling on South Korean exchange Upbit, according to independent analyst Dom (@traderview2). Dom published multi-venue order book heatmaps and cumulative volume delta (CVD) data, revealing that over 75 million XRP were sold at market over the last 24 hours. The spot CVD chart shared by Dom showed net market buying and selling across major venues. While other exchanges like Binance, Coinbase, Bybit, OKX, Kraken, and Bitstamp had relatively flat to slightly negative CVD lines, Upbit's CVD line plunged, mirroring the intraday decline in the average spot price.
Order book heatmaps for Binance, Coinbase, Binance USDⓈ‑M perpetuals, and Kraken showed a sharp drop from recent highs above $3.5 towards the mid-$3.1 area. Liquidity pockets were thin above price, with bids clustering just below, which is consistent with Dom’s observation that depleted depth amplified the impact of the concentrated Upbit flow. Dom is currently monitoring the bid interest around $3, which he believes needs to hold to maintain the shorter-term bull structure.
The same source noted that the Korean venue also dominated the preceding upside phase. On 11 July, Dom attributed the earlier surge to localized demand, stating that the "XRP pump was brought to you mainly by the Koreans on Upbit." This burst of concentrated buying was later offset by a wave of concentrated selling, leading to a "pump AND dump" sequence centered on Upbit’s order flow. CoinGlass data shows that XRP futures long positions suffered approximately $82.8 million in liquidations yesterday, reinforcing the rapid downside extension initiated on Upbit. At press time, XRP traded at $3.09.
Arkham Intelligence has clarified that the US government holds more than 198,000 Bitcoin (BTC), worth approximately $23.4 billion, spread across various agencies. This clarification comes after a public spreadsheet showed only 28,988.356 BTC under the control of the Marshals Service, causing a brief panic among traders. However, when the holdings of the FBI, IRS, DEA, and Justice Department are taken into account, the total number of BTC held by the US government is significantly higher.
The Marshals Service reportedly controls 28,988.356 BTC, worth roughly $3.45 billion, as of July 15, 2025. Other agencies, which manage coins from crime investigations and prize auctions, do not publicly share their data. Arkham Intelligence gathered on-chain data and linked addresses to each agency, revealing that the total BTC holdings of the US government amount to at least 198,012. A significant portion of these holdings comes from major cases like the 2016 Bitfinex hack and Silk Road-related seizures. Despite some sales, the core supply from these cases remains untouched. The revelation of the real BTC figure held by the US government could help stabilize the market and reduce speculation.
The price of Ethereum appears to be following a similar trend to that seen in 2016-2017, which led to a 5,000% breakout, according to an analysis by NewsBTC. After recently reaching above $3,800, the cryptocurrency's price trend is mirroring the pattern seen before the 2017 surge that resulted in new all-time highs. In 2017, Ethereum's price struggled to keep pace with Bitcoin, leading to a period of stagnation with two false breakouts before the eventual surge. The current trend has seen Ethereum's price range for the past year, with several false breakouts keeping the price low.
Crypto analyst Merlijn The Trader has pointed out these similarities, suggesting that the next phase of the trend could also follow the 2017 playbook. After the false breakouts and eventual surge in 2017, Ethereum's price rallied by 5,000%, from under $8 to over $250 within a year. If a similar breakout structure were to occur in 2025, Ethereum's price could rise as high as $40,000. However, considering the current market cap, a more conservative estimate suggests that Ethereum's price could cross the $10,000 level, representing a 200% increase from its current level, within the next six months.
A key difference between the current situation and 2017 is the increased institutional backing for Ethereum. The cryptocurrency is becoming a favorite among institutional investors, with ETH treasury companies investing over $7 billion in the altcoin, according to data from The Block. In July 2025 alone, over $2 billion was invested in Spot Ethereum ETFs, indicating a significant increase in institutional interest. Merlijn The Trader suggests that these institutional investors are now driving the Ethereum price trend, which could lead to higher liquidity and potentially influence the price of ETH in this cycle.
Apple Farm Season 2 has officially launched on Etherlink, offering over $3 million in rewards aimed at bolstering the layer 2 network's DeFi ecosystem. This follows a highly successful Season 1 that attracted more than $47 million in total value locked (TVL) and awarded $3 million in XTZ incentives. The new season introduces the applXTZ token, a reward mechanism that allows users to immediately access 20% of their rewards, with the remaining 80% being unlocked over a six-month period. This is designed to encourage active participation in DeFi applications on Etherlink, including trading, lending, and liquidity provision.
David Relkin, Head of DeFi at Nomadic Labs, expressed his optimism about the new season, stating that Season 1 demonstrated a strong demand for smart, well-structured incentives. He added that Season 2 is set to level up with more partners, more flexibility, and reward mechanics designed to keep users active and engaged over time. The expanded protocol roster includes Jumper.Exchange, Lombard, Curve, OKU, Gearbox, Stacy.fi, Hanji, Superlend, Uranium.io, and IguanaDEX, with more protocols expected to join throughout the season. The incentive opportunities will be updated bi-weekly based on activity and demand. Pablo Veyrat, co-founder of Merkl, which powers the Apple Farm platform, also expressed his excitement about the continued partnership with Etherlink through Apple Farm Season 2.
Ripple co-founder Chris Larsen's wallet has transferred 50 million XRP, equivalent to approximately $175 million, to four different addresses since July 17, according to on-chain investigator ZachXBT. A significant portion of these funds, around $140 million, has ended up on various cryptocurrency exchanges. This activity was initiated just as the value of XRP began to surge, reaching a historic peak of $3.6 on July 18 and temporarily surpassing American Express and McDonald's in size. XRP currently holds the position of the third-largest crypto asset by market value.
This isn't the first time Larsen's wallet has seen significant activity. In January 2025, a group of wallets linked to Larsen transferred $109 million in XRP to exchanges. These wallets had been inactive for at least six years, leading to speculation about whether Larsen still had access to them. This activity follows a major security breach in January 2024, where Larsen lost $112 million in XRP due to a hack associated with a LastPass security breach from 2022. The stolen funds were swiftly distributed across various crypto exchanges, with most of the funds already laundered or converted before any action could be taken.
Bitcoin's price fell to $117,100 during the Asian trading session on Thursday due to escalating geopolitical tensions in Southeast Asia, continued outflows from US spot ETFs, and increased selling pressure from long-term investors. US spot Bitcoin ETFs have seen net outflows for three consecutive days, with Wednesday alone witnessing approximately $86 million withdrawn from these funds. This brings the week's cumulative net outflows to over $285 million. However, not all ETFs experienced losses. BlackRock’s iShares Bitcoin Trust (IBIT) attracted nearly $143 million in net inflows on Wednesday, while Fidelity’s Bitcoin fund shed around $227 million.
The Spent Output Profit Ratio (SOPR) for long-term holders has reached its highest level this year, indicating increased profit-taking among investors who have held Bitcoin for more than 155 days. The current SOPR reading, around 3.2, suggests that coins are being sold at a significant profit. This level remains below the historical SOPR peaks, typically above 4.0, which have marked the euphoric final stages of previous bull markets. This uptick in SOPR reflects growing confidence and moderate distribution, but it does not yet suggest a market top. Instead, it points to a more mature phase of the cycle where long-term holders are beginning to realize gains.
Bitcoin's recent decline coincided with rising tensions on the Thailand–Cambodia border. Cambodian troops reportedly fired Russian-made rockets into Thailand’s Surin province, escalating the conflict to a level not seen in decades. While the Thailand-Cambodia conflict is regional and unlikely to disrupt global trade, markets often react to geopolitical flashpoints with short-lived volatility. Historically, Bitcoin has shown a pattern of reacting swiftly to geopolitical tensions, but it also tends to recover just as quickly once the immediate uncertainty subsides. The price of Bitcoin was $118,000 at the time of publication, recovering slightly from an early drop.
