Market highlights
- Strategy introduced new bitcoin valuation metrics, including "net bitcoin per share".
- BlackRock, Coinbase, Strategy and six other firms launched the Bitcoin Security Consortium.
- Ethereum's staking ratio reached a record 33.9%, with 40.7 million ETH locked in validators.
- Grayscale filed with the U.S. SEC to launch the first Worldcoin exchange-traded fund.
- CLARITY Act's path to becoming law before the August Senate recess is narrowing.
- Stablecoin banking startup, Augustus, raised US$180 million in a Series B round.
Macro market overview
It was another week of risk-off sentiment due to mixed performance across technology, artificial intelligence (AI), defence and semi-conductor stocks, as well as Middle East tensions. However, U.S. futures moved higher into the new week as the U.S. and Iran refrained from launching attacks over the weekend. The halt in strikes follows almost two weeks of escalating tensions. Oil declined to around US$81 as a result.
A quiet week in economic data saw the European Central Bank keep rates on hold at 2.4%. Meanwhile, flash manufacturing and services purchasing manager index (PMI) updates from France, Germany and the U.K. all came in above forecast, with the exception of France's manufacturing PMI, which came in below forecast at 50.
This week, the U.S. Federal Open Market Committee (FOMC) meets on July 29. CME Group's FedWatch Tool puts the likelihood of rates staying on hold at 63.7%. The Bank of England and Bank of Japan also meet this week. Plus, the U.S. advance gross domestic product (GDP) and core personal consumption expenditures index updates will be released. These updates should provide an indication of how the country's production is faring, and whether inflation is still elevated for consumers.
Several megacap technology firms and major companies report their Q2 earnings this week, including Apple, Microsoft, Meta Platforms, Visa, Exxon Mobil, Starbucks, Ford, and PayPal.
Weekly performance: S&P 500 -0.6%, Dow Jones -0.4%, Nasdaq -2.1%.
Looking ahead:
- U.S. Federal Reserve rate decision - Wednesday, July 29
- Bank of England rate decision - Wednesday, July 29
- U.S. advance GDP; core PCE index - Wednesday, July 29
- Bank of Japan rate decision - Friday, July 31
Crypto Market Performance
Market Cap: $2.21T (+0.23%)
Most crypto sectors saw gains this week. Consumer and culture was the standout, presumably due to Shiba Inu's 23% gain on South Korean retail speculation and a liquidity squeeze on exchanges. Other sectors made minor gains, with the exception of AI, which saw declines as market participants rotated out of the sector. The crypto fear and greed index remains in fear territory at 38.
Past performance is not a reliable indicator of future results.
Bitcoin (BTC)
- Opened the week at US$64,689, gained to a high of US$66,921 on Tuesday, July 21 and retreated throughout the remainder of the week due to geopolitical uncertainty. The U.S. and Iran's respective pauses on strikes presumably aided a bid throughout Sunday, though bitcoin later retreated on persistent risk-off sentiment and is now trading around US$63,600 (-2.6% 7D).
- BTC dominance ranged between 59.1% and 59.6% this week.
- Bitcoin investment products saw inflows of US$33.9 million.
Strategy introduced new bitcoin valuation metrics, including "net bitcoin per share," to better reflect the bitcoin attributable to common shareholders after accounting for the firm's US$22.3 billion in debt and preferred stock. The overhaul follows its shift toward "digital credit" financing and aims to provide investors with clearer measures of shareholder value and balance-sheet risk. For example, Strategy's net reserve is around US$35 billion. With this amount divided by new fully diluted shares, net bitcoin per share is around US$95 (~143,000 SATS).
BlackRock, Strategy and several other firms launched the Bitcoin Security Consortium, pledging a combined US$15 million over three years to fund bitcoin security research, including quantum-resistant cryptography. The initiative aims to prepare the network for future quantum computing threats while remaining independent of bitcoin's governance and protocol decisions.
In bitcoin buying news:
- Zhibao Technology signed a non-binding term sheet for a financing deal to receive 3,500 BTC (US$220 million) in a preferred stock sale. A key term of the deal is that the buyer, Joyertech, will designate the majority of board members at the close of the sale, meaning they will effectively take control of the company.
- Satsuma Technology shareholders voted for the company to sell its 668 BTC (US$43.5 million), cancel its London Stock Exchange listing and shut down the business. Over 90% of the U.K. bitcoin treasury company's shareholders voted for the move, overruling four of the company's six board members.
Past performance is not a reliable indicator of future results.
Ethereum (ETH)
- Opened the week at US$1,871, gained throughout the start of the week, sold off in the second half of the week, and later rebounded on Sunday, July 26 to a weekly high of US$1,965. Ethereum is now trading around US$1,880 (-1.4% 7D).
- Ethereum dominance ranged between 10.3% and 10.7% this week.
- Ethereum-focused funds saw inflows of US$103.8 million.
Ethereum's staking ratio reached a record 33.9%, with 40.7 million ETH locked in validators despite annual staking yields falling to 1.74%. The milestone reflects strong long-term confidence, but growing concentration among major staking providers such as Lido is renewing concerns about network centralisation and validator dominance.
In Ethereum buying news:
- BitMine bought 9,946 ETH (US$19.4 million). The company now holds almost 5.8 million ETH, worth US$11.2 billion, or around 4.8% of supply.
Past performance is not a reliable indicator of future results.
Altcoins
The altcoin season index is currently 51, which is leaning toward altcoin season, although not the conditions of a broad-based rally.
The beginning of a beautiful friendship
- Kaito gained 37%. The AI-powered crypto intelligence and search platform gained on news that it had secured official access to X data. It follows earlier API restrictions limiting the data that the platform could use, which saw the Kaito token drop 20%.
HYPEd up
- Hyperliquid's price was unchanged on the week. However, in a promising development for the network, real-world assets (RWAs), including tokenised stocks and commodities, accounted for more than half of Hyperliquid's weekly trading volume for the first time, surpassing crypto. ARK Invest says the milestone signals a new era for DeFi, with tokenised equities increasingly driving activity.
Crypto ETF News
Digital asset investment products saw inflows of US$154 million as crypto saw another week of modest gains, presumably as Middle East tensions have not escalated further while markets await the U.S. FOMC's rate decision on July 29.
In altcoins, Solana and XRP saw inflows of US$8.1 million and US$8.2 million, respectively. HYPE saw outflows of US$10.8 million.
Grayscale filed with the U.S. Securities and Exchange Commission to launch the first spot exchange-traded fund (ETF) tracking Worldcoin's WLD token. The proposed Grayscale Worldcoin ETF would trade on Nasdaq under the ticker GWLD, offering traditional investors regulated exposure to Sam Altman's biometric crypto project without holding WLD themselves. WLD gained 8% on the news.
Past performance is not a reliable indicator of future results.
Other crypto news
- The CLARITY Act's path to becoming law is narrowing as Senate Republicans and Democrats remain divided over ethics provisions tied to President Trump's crypto ventures. Republicans suggested new wording this week, but only two Democrats have expressed public support for the changes — short of the 7 to 9 votes needed to pass. Majority Leader John Thune (R-SD) is reportedly filing cloture on a motion to proceed, setting up a potential August 3 vote before the Senate's August 7 recess. Goldman Sachs CEO David Solomon broke from other TradFi players this week, stating he is "very supportive of moving the Clarity Act forward".
- Augustus, a stablecoin-focused banking startup, raised US$180 million in a Series B round led by Tiger Global, valuing the company at US$1 billion. The firm is building a federally chartered "Global Dollar Bank" that gives financial institutions programmable access to US dollar accounts and payment rails, aiming to modernise cross-border settlements using stablecoin infrastructure.
- UK lawmakers launched a parliamentary inquiry into whether banks are unfairly restricting crypto firms' access to banking services and limiting crypto-related payments. The cross-party review will examine the impact on businesses, consumers, innovation and competition, with findings expected to inform future government policy on banking access for the digital asset sector.
from Caleb & Brown Cryptocurrency Brokerage.
