4E: Robinhood's encryption revenue slightly missed expectations, the market capitalization of the encryption treasury company soared, and the White House is pushing for overseas encryption tax reporting legislation.

ChainCatcher news, according to 4E observation, Robinhood (HOOD.O) is expected to generate $160 million in encryption revenue in the second quarter of 2025, slightly below the market expectation of $162.1 million. The monthly active user count is 12.8 million, lower than the expected 14.25 million, indicating a lack of rise in platform users. At the same time, the total market value of publicly listed companies holding encryption assets has soared to $160 billion, an increase of nearly 80% compared to the beginning of 2024, highlighting the trend of companies incorporating encryption assets into their financial strategies. Companies that allocate digital assets often experience significant stock price rises, and the concept of encryption treasury is becoming a new trend. On a macro level, the Federal Reserve has maintained interest rates at 4.25%-4.50% for the fifth consecutive time, in line with market expectations. The Q2 annualized quarter-on-quarter real GDP in the U.S. was initially reported at 3%, and the core PCE was initially reported at 2.5%, both higher than expected, reinforcing market expectations for maintaining high interest rates in the short term. In terms of regulation, the White House released a digital asset strategy report, which, while not introducing new Bitcoin reserve measures, proposed legislation requiring U.S. taxpayers to declare overseas encryption accounts to curb capital flight. This move marks the U.S. inclusion of encryption assets into a more comprehensive tax and compliance system. On-chain data shows that in the past two weeks, whales have reduced their Bitcoin holdings and increased their Ethereum holdings, indicating a shift in capital. Santiment pointed out that the number of wallets holding at least 1,000 BTC has decreased by 1.61%, while the number of wallets holding 10,000 ETH has increased by 8%. 4E reminds investors: Against the backdrop of institutional entry and strengthened regulation, encryption assets are rapidly being financialized. Paying attention to capital flows and policy signals is key to grasping future market trends.