News
Back to menu
News
Prices
Back to menu
Prices
Data
Back to menu
Data
Indices
Back to menu
Indices
Research
Back to menu
Research
Events
Back to menu
Events
Sponsored
Back to menu
Sponsored

Videos
Back to menu
Videos
Podcasts
Back to menu
Podcasts
Newsletters
Back to menu
Newsletters
Webinars
Back to menu
Webinars

News
Prices
Research
Events
Data & Indices
Sponsored

Sign In
Sign Up

Ad

Back to Research

Share this article

X (Twitter)LinkedIn Facebook Email

[Research story test]

Test dek

By CoinDesk Data

Updated Aug 12, 2025, 3:39 p.m. Published Jul 16, 2025, 8:30 a.m.

Commissioned byCLS GLOBAL

test_Bull

About

About Us
Masthead
Careers
Blog
Investor Relations

Contact

Contact Us
Accessiblility
Advertise
Sitemap
System status

News

Markets
Finance
Tech
Policy
Focus

Videos

CoinDesk Daily
Editors Picks
Shorts
Spotlight

Podcasts

CoinDesk Podcast Network
Markets Daily
Gen C
Unchained with Laura Shin
The Mining Pod

Cryptocurrencies

Prices
Bitcoin (BTC)
Ethereum (ETH)
XRP
Solana (SOL)

Data

Trade Data
Deriviatives
OrderBook Data
On-Chain Data
API
Data Catalogue
AI & Machine Learning

Indices

Mult-Asset Indices
Reference Rates
Strategies & Services
Insights & Announcements
Documentation & Governance

Events

CoinDesk: Policy & Regulation
Consensus Hong Kong
Consensus Miami
Webinars

Sponsored

Thought Leadership
Press Release
MEXC
Phemex
Stellar

Research

Research Reports

Ethics Privacy Terms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.