According to BlockBeats, on July 18th, Farside monitoring showed that the US spot Ethereum ETF saw a net inflow of $36.7 million yesterday, with ETHA seeing a net inflow of $31.7 million and FETH seeing a net inflow of $5 million.

According to BlockBeats, on July 18, Piero Cipollone, a member of the Executive Board of the European Central Bank (ECB), stated that with the increasing adoption of stablecoins, European commercial banks may face the risk of retail deposit outflows in the future, and a digital euro will be a long-term solution to this challenge.

Cipollone points out that mobile payments have already caused banks to lose some fee income and transaction data, and the development of stablecoins may further weaken banks' most core source of funding—retail deposits—thereby affecting their lending capacity. He states that the global stablecoin market is currently worth approximately $300 billion, and the vast majority is pegged to the US dollar.

To address these challenges, the European Central Bank (ECB) is advancing its digital euro plan. Under the proposed scheme, commercial banks will be responsible for account management of the digital euro, with no interest accrued and holding limits imposed to mitigate the risk of large-scale capital outflows from the banking system. The ECB has selected 36 payment service providers to participate in a digital euro pilot program, scheduled to launch in the second half of 2027 and last for 12 months.

In addition, the European Parliament approved the launch of legislative negotiations for a digital euro in early July, with the goal of reaching an agreement on the relevant legislation by the end of 2026, and the digital euro is expected to be officially issued as early as 2029.

According to BlockBeats, on July 18, Julio Moreno, head of research at CryptoQuant, stated that Strategy's newly launched digital credit capital framework has largely resolved the company's short-term liquidity issues, but a more disciplined Bitcoin buying and selling mechanism still needs to be established.

CryptoQuant points out that since the new framework was announced, Strategy has sold 3,588 BTC (approximately $216 million) to replenish its dollar reserves and raised $466.7 million through the sale of MSTR shares, increasing its dollar reserves from $1.44 billion to approximately $3 billion. The preferred stock dividend coverage period has also been extended from approximately 14 months to 29 months. As of now, the company's Bitcoin holdings remain unchanged at 843,775 BTC.

However, CryptoQuant believes that Strategy has not yet solved two key issues: First, when to resume buying Bitcoin. The current framework only regulates financing methods and has not established a systematic position-building model based on valuation. In the future, the situation of "continuous buying at high levels" may still be repeated. Second, how to sell some Bitcoin in the next bull market. The existing framework allows the sale of BTC to replenish reserves, pay dividends and buybacks, but has not yet formulated a long-term capital management strategy for phased reduction of positions or hedging risks at cyclical highs.

CryptoQuant states that establishing trading disciplines that span bull and bear cycles will be an important component of Strategy's active capital management system.