After a brutal process to get the "big beautiful bill" passed, the GOP is moving right back into the only other topic that has really focused Congress this year: cryptocurrency.

The big picture: With all the wrangling that the budget bill took, these two pieces of crypto legislation look easier.

State of play: The Senate Banking Committee will hold a hearing on market structure legislation tomorrow, featuring speakers from across the cryptocurrency world.

• A source with knowledge of the matter tells Axios that the Senate will release its own draft market structure legislation shortly.

House leadership, meanwhile, made it clear what they'll be focused on next week, declaring it Crypto Week.

• "The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act as part of Congress' efforts to make America the crypto capital of the world," the announcement says.

Between the lines: It doesn't say that they plan to hold a vote, but it seems like a fair read.

• Additionally, the House release quotes senators, which seems like a way of signaling party unification.

Zoom out: The question is, which of these two topics — stablecoins or a broader market structure bill — would be more impactful for most Americans.

• Jason Allegrante of Fireblocks, a crypto infrastructure firm, tells Axios that market structure is bigger for the crypto industry. But he also says that stablecoin legislation will do more for the whole U.S. economy.
• "Stablecoins represent the fastest way digital assets can deliver direct, meaningful value to consumers, businesses, and the overall economy," Allegrante says.
• Veronica McGregor, chief legal officer of the wallet company Exodus, thinks they are both better together. "By themselves, each would have a rather limited — albeit positive — impact on the U.S. economy. But together, their potential is immense."

The bottom line: If Republicans get these laws passed and they work out economically anywhere close to as well as they hope it will, Republican lawmakers will be able to dine out on that win for a long, long time.

¹ Cue the Tom Petty song.

Around $8.6 billion in bitcoin moved over the Fourth of July weekend, bitcoins that hadn't been touched for 14 years.

Why it matters: This was by far the biggest move ever made with long-dormant coins from bitcoin's early era, adding rocket fuel to the inevitable questions around who is moving them now, and why.

Catch up quick: On-chain monitors flagged the activity on July 4, when eight crypto wallets moved 10,000 bitcoins each in relatively quick succession to eight newly created addresses.

Threat level: A few billion dollars worth of bitcoin would be more than enough to dislocate the market if the owner started selling.

• Though there's no indication that they plan to do so just yet.

Between the lines: Most of the transfers moved the coins to new kinds of bitcoin addresses that allow more functionality, so the holder could simply have been updating to better security.

Reality check: One might wonder, how could anyone afford to sit on billions of dollars like this for so long?

• The answer: It's quite possible the holders of these wallets have more assets.
• The other activity on their addresses suggests they continued to participate in bitcoin since the original wallets were created in 2011, so they could easily have earned more than enough to live on or operate on without touching these massive stashes.

Fun fact: The holder of these coins also moved bitcoin cash (BCH) holdings.

• Bitcoin Cash resulted from a fork in Bitcoin in 2018. Everyone who had bitcoin got BCH when it happened.
• BCH is worth much, much less than bitcoin. Still, those holdings amount to tens of millions.

Ego Death Capital has closed a $100 million second fund to focus on scaling bitcoin-focused companies.

Why it matters: Software companies building out the economy of the world's oldest cryptocurrency are achieving positive cash flow.

What they're saying: "We're in bitcoin, investing in true companies ... that are solving real world problems," Nico Lechuga, one of the founding partners, tells Axios.

Zoom in: Ego Death focuses on software companies building businesses that rely on the Bitcoin protocol.

• The fund's typical target company has $1 million to $3 million in revenue, and its growth is constrained by its capital on hand.
• The fund is focused primarily on Series A rounds, when companies move from proving concepts to scaling their business model. A small portion is set aside for promising earlier stage seed investments.

Behind the scenes: The investors in the second fund are primarily family offices that are invested in bitcoin and are eager to see its economy built out.

• Lechuga said the space lacked a lead Series A investor, so that's what Ego Death is looking to do.

Catch up quick: The second fund has already made a few investments, including Roxom, a bitcoin-based exchange; Relai, a bitcoin saving tool; and Breez, a payments infrastructure built on the Lightning network.

• It does not invest in hardware companies (such as those making wallets) or in bitcoin mining or its infrastructure.

Zoom out: Unlike a lot of crypto funds, Ego Death isn't interested in crypto tokens.

The intrigue: Many investors have been burned by supporting crypto companies when they would have done better just buying and holding bitcoins.

• Lechuga argues that not only can a bitcoin-based company see massive early growth, but many of these firms generate cash flow in bitcoin, which helps them outperform the underlying cryptocurrency.

The bottom line: "We see bitcoin as the only decentralized and secure base to be able to build on," Leshuga said.

📋 Dueling polls emerge over whether voters are aware of President Trump's crypto profits. (Decrypt)

🏹 Robinhood says it has engaged with European regulators over its tokenized equity plans. (Bloomberg)

📈 Crypto treasury company ReserveOne is going public in a $1 billion SPAC deal. (Reuters)