Maximilien Fenk

June 30, 2025  ·  4 mins

Weekly Rollup - July 1, 2025

Weekly Rollup - July 1, 2025

Market Highlights

  • The NYSE filed a proposed rule change to list Truth Social’s Bitcoin and Ethereum ETF.
  • UAE-based Aqua 1 Foundation invested US$100 million in World Liberty Financial tokens.
  • Grayscale’s Space and Time Trust (SXT) launched, providing exposure to the layer-1 blockchain.
  • First-ever staking-enabled Solana ETF to go live this week.
  • U.S. banks are considering accepting crypto for mortgage-related payments.

Markets Overview

Risk assets shook off recent uncertainty this week due to the Iran-Israel ceasefire, and the U.S. and China finalising a trade framework. These factors, combined with companies’ upbeat earnings expectations, saw the S&P 500 and Nasdaq finish the week at record highs.

Purchasing Manager’s Index (PMI) updates around the world came in at or above forecast, except for the French flash manufacturing and services PMIs, which came in below forecast at 47.8 and 48.7, respectively. In the U.S., May’s core Personal Consumption Expenditures (PCE) index came in slightly above forecast at 2.7%. These data points didn’t adversely impact risk assets as broader macro certainty and company performance spurred this week’s gains.

Weekly performance: S&P 500 +3.4%, Dow Jones +3.8%, Nasdaq +4.3%.

Looking ahead:

  • U.S. Federal Reserve Chair Jerome Powell speaks on July 1.
  • U.S. June non-farm employment change on July 3.

Crypto Market Sector Performance

Many sectors saw gains this week as risk assets began to recover from recent uncertainty.

  • NFT applications: Pudgy Penguins (+44.3%) gained on news that Canary Capital submitted a 194-b request to the Cboe to launch a Pudgy Penguins ETF (PENGU ETF).
crypto market sector performance chart - july 1, 2025
crypto market sector performance chart - july 1, 2025

Bitcoin (BTC)

  • Opened the week at US$100,996 and gained on easing global macro risks (+1.8% on the week).
  • US$2.2 billion inflows to bitcoin asset investment products this week, with Bitcoin ETFs reaching their longest inflow streak since December 2024 (+100%).

Decentralised exchange (DEX) Flashnet and Bitcoin layer-2 network Spark have partnered to issue the first dollar-backed stablecoin, USDB, on Bitcoin’s base layer. The introduction of USDB will enable users to trade BTC-stable pairs without relying on custodial bridges or off-chain settlements.

Following the announcement of a US$5.9 billion lawsuit brought against Strategy, at least five other law firms have brought similar class actions against the company. In such situations, firms typically compete to become the lead plaintiff in a consolidated class-action lawsuit. A law professor at the University of Michigan stated that the fees on these types of cases “can be very lucrative,” potentially explaining the flurry of cases brought against Strategy in recent weeks.

Arizona’s House of Representatives passed House Bill (HB) 2324 with a 34-22 vote to establish a State bitcoin and digital asset reserve capitalised with assets seized in criminal investigations. HB 2324 failed its first final vote in May. This marks the second digital asset reserve bill to be passed in Arizona this year.

In bitcoin buying news:

  • Strategy bought 4,980 BTC, bringing its holdings to 597,325 BTC.
  • Anthony Pompliano’s ProCap bought 3,724 BTC to establish its BTC treasury.
  • Metaplanet purchased 1,005 BTC, increasing its holdings to almost US$1.3 billion worth of BTC. surpassing CleanSpark to become the fifth-largest corporate holder of BTC.
  • GameStop raised an additional US$450 million, which can be used to buy more BTC.

Bitcoin chart - July 1, 2025
Bitcoin chart - July 1, 2025
Past performance is not a reliable indicator of future results.


Ethereum (ETH)

  • Opened the week at US$2,228, regained some of the prior week’s losses and then traded sideways (+3% on the week).
  • US$429 million inflows into Ethereum ETFs this week (+246%).

Major Ethereum validators have begun testing OptimumP2P, a new high-performance memory layer designed to address Ethereum's networking bottlenecks. Early tests indicate that OptimumP2P achieves ten times lower latency under high-traffic conditions compared to the current system.

SharpLink Gaming bought 12,207 ETH, increasing its ETH holdings to 188,479, valued at approximately US$461 million.

BitMine’s stock gained 400% as it announced the appointment of Fundstrat’s Tom Lee as BitMine’s Chair and successfully raised US$250 million to establish an Ethereum treasury.

Ethereum chart - July 1, 2025
Ethereum chart - July 1, 2025
Past performance is not a reliable indicator of future results.


Altcoins

This week, many crypto assets saw gains. However, with the altcoin season index at 20, it’s still bitcoin season.

DeFi to the moon

DEXcellent

  • DexTools (DEXT) gained 21.6%. The DeFi trading app gained over 80% on news that it has integrated Bybit’s DEX, byreal, into its network.

In the game

  • Sei (SEI) gained 20.7%. The layer-1 blockchain, built for trading applications, saw over 1.6 million transactions in a single day on June 24, as new Web3 gaming titles on the Sei network gained popularity.

This week’s biggest losers

  • LTO Network (LTO) declined by 45%. The hybrid blockchain that facilitates RWA tokenisation declined due to the announcement that Binance will delist the asset on July 4.
  • StormX (STMX) declined by 43.8%. The crypto cashback platform filed for Chapter 7 bankruptcy this week following a failed merger with EarnM.

Past performance is not a reliable indicator of future results.

Crypto ETF News

Digital asset investment products saw US$2.7 billion of inflows this week. This marks the eleventh consecutive week of inflows, bringing the total for H1 2025 to US$17.8 billion.

Rex Shares confirmed its staking-enabled Solana ETF, which will be run in partnership with Osprey Funds, will go live later this week.

Bitwise amended its Dogecoin and Aptos ETF filings this week, indicating that the U.S. SEC has been engaging with the firm on its application. This is typically a positive sign for applicants.

Invesco Galaxy submitted an application to the U.S. SEC to launch a Solana ETF. And the New York Stock Exchange filed a proposed rule change to allow the listing of the Truth Social Bitcoin and Ethereum ETF. It follows Trump Media filing its investment prospectus the prior week.

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Other crypto news

  • United Arab Emirates-based Aqua 1 Foundation invested US$100 million in World Liberty Financial's digital tokens ($WLFI), which are backed by the Trump family. It follows recent scrutiny over a US$2 billion investment from an Abu Dhabi sovereign wealth fund, MGX, being settled via World Liberty Financial’s stablecoin, USD1.
  • Former Tether co-founder Reeve Collins and ex-Blackstone executive Chinh Chu have partnered to raise US$1 billion for a publicly traded digital asset treasury. The company will go public through their SPAC with M-3 Brigade Acquisition V Corp. The company’s crypto treasury will hold several digital assets, including bitcoin, Ethereum, and Solana.
  • Grayscale introduced the Space and Time Trust (SXT) on June 24. SXT gives investors exposure to the Space and Time Trust’s native token. Space and Time is a layer-1 blockchain that provides real-time database processing for smart contracts, dApps and AI tools. It’s backed by Microsoft’s M12 Ventures Fund.
  • Mastercard has partnered with Fiserv to integrate the FIUSD stablecoin into its global payments network, enabling over 150 million merchants to accept stablecoin payments. The collaboration includes the issuance of stablecoin-linked cards, allowing consumers and businesses to transact using FIUSD wherever Mastercard is accepted.
  • The Federal Housing Agency (FHA) ordered U.S. banks Fannie Mae and Freddie Mac to prepare to start accepting crypto as a form of mortgage-related payment. It’s the first major development that would see crypto incorporated into the country’s mortgage system. Some praised the FHA’s directive as it expands what homebuyers can use as a qualifying asset, while others criticised that the directive only includes crypto held on centralised exchanges.
  • The European Union is expected to issue formal guidance on allowing stablecoins issued outside the EU to enter European markets. It follows the passage of the GENIUS Act in the U.S. Senate and requests from the European Central Bank that the EU not use foreign-issued stablecoins in the bloc. The EU’s guidance may also alter current digital asset rules, which require stablecoin issuers in the EU to hold the majority of their reserves in a European bank.
  • Kazakhstan’s central bank is planning to establish a state-managed cryptocurrency reserve, presumably funded by seized digital assets and state-run mining operations. It follows President Tokayev’s May announcement about launching a “CryptoCity” where crypto can be used to pay for goods and services as part of a pilot project.
  • Ripple announced plans to drop its appeal in its long-standing legal battle with the U.S. SEC. It follows a federal judge's rejection on June 27 of the proposed settlement, which would have reduced Ripple’s US$125 million penalty to US$50 million or removed an injunction against the firm. The move comes amid speculation that BlackRock will file to launch an XRP ETF.

Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. Past performance is not a reliable indicator of future results. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.

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