Today's crypto brief highlights significant on-chain activity and shifts in corporate treasury strategy, alongside escalating regulatory focus on stablecoins. Robinhood Chain is experiencing rapid growth in DEX volume and user adoption, while MicroStrategy (Strategy) has paused Bitcoin purchases for a third consecutive week, opting to increase cash reserves. Meanwhile, Hyperliquid Perps saw a massive fee surge driven by on-chain stock trading, and global regulators are intensifying efforts to combat illicit finance via stablecoins. In AI news, Apple has filed a trade secrets lawsuit against OpenAI.
The newly launched Robinhood Chain has rapidly gained traction, hitting $3.1 billion in weekly DEX volume and attracting 65,000 users since July 1, according to Bernstein. Early momentum is primarily driven by meme coin trading, with BitMine accumulating 27,801 ETH and its chairman, Tom Lee, noting that users are "starting to see Ethereum as money" due to the Layer 2's everyday adoption.
Hyperliquid Perps experienced a significant 167.76% increase in 24-hour fees, reaching $2.29 million. This surge is attributed to the rapid growth of on-chain stock trading, with HIP-3 markets now accounting for nearly 50% of Hyperliquid's total perpetual volume, up from approximately 2% at the beginning of the year.
Strategy, a major corporate Bitcoin holder, sold $467 million in MSTR shares and increased its cash reserves to $3 billion, marking the third consecutive week without a Bitcoin purchase. Analysts view this as a sign of "greater balance-sheet discipline," maintaining their Buy ratings on the company. Strategy's total Bitcoin holdings remain at 843,775 BTC.
The Bank of Thailand is auditing high-volume stablecoin trades, particularly USDT, and flagging abnormal transfers to the securities regulator as part of a "grey economy" crackdown. Simultaneously, Chinese prosecutors are advocating for a more proactive approach to investigating crypto money laundering, suggesting that the use of crypto mixers and privacy coins should be treated as a sign of money laundering intent.
Apple has filed a blockbuster lawsuit against OpenAI, accusing the AI startup of stealing confidential documents, spying on hardware prototypes, and tricking job candidates into revealing Apple's intellectual property. The complaint includes allegations that OpenAI's hardware head asked Apple employees to bring unreleased product samples to job interviews.