Trading Desk Insights
BTC has been on a relentless run. The rally picked up steam on Wednesday after the release of the Fed meeting minutes, which revealed a divide among officials on how aggressively to cut rates. Since July 9, BTC has surged from $108,000 with barely any pullbacks, a sign of strong momentum behind the move. It is now up 60% from the April lows when tariff fears shook risk assets. For the first time since February, BTC has overtaken gold in year to date performance, climbing 27% versus gold’s 26%. In the last 24 hours alone, liquidations spiked to $1.3 billion with over 230,000 traders caught on the wrong side.
BTC’s breakout to new highs is fueling increased liquidity and attention across large cap altcoins like ETH and SOL. We're already seeing capital rotate into smaller cap names. ETH's decisive move above $3,000 sparked sharp rallies across ETH native memecoins and ecosystem tokens, supported by strong ETF inflows and institutional positioning. SOL remains the high beta major to watch with a retail friendly narrative and growing developer traction.
Thursday was the most active day of 2025 so far for US spot ETFs. BTC spot ETFs posted record daily inflows of $1.18 billion, while ETH spot ETFs saw their second largest inflow day at $383.1 million.
Equity markets continue to trade at all time highs despite renewed tariff threats from President Trump, who announced a 35% tariff on Canadian imports starting August 1, citing fentanyl as a justification. Nvidia’s rally to a $4 trillion market cap on renewed AI optimism has been a key driver of recent equity gains.
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Bitcoin treasury adoption up 3× YoY
Corporate Bitcoin holdings have surged, with companies accumulating around 725,000 BTC—roughly 3.6% of the total supply—in 2025, marking a more than threefold increase compared to last year. Treasury firms, led by Strategy, now account for average daily Bitcoin price moves of about 0.59%, thanks to deep OTC orders and structured acquisition strategies that minimize market impact.
Circle eyes China market via Alipay/Ant Group
Circle is exploring a collaboration with Ant Group to integrate USDC into Alipay through Ant International. This initiative could unlock over a billion users in China and beyond, contingent on US regulatory clarity—particularly aligning with the provisions of the GENIUS Act. Integration would significantly expand USDC’s global footprint amid a booming cross-border payments landscape.
Ethena rockets to $290 M in revenue, seeks SEC clarity on USDe
Ethena Labs has generated a whopping $290.2 million in protocol revenue by July 9, making it the second-fastest to hit $100 million behind Tether. Its flagship product, USDe, is gaining traction—but remains in a regulatory gray zone. Ethena is actively seeking SEC guidance and has beefed up its on‑chain integrations and financial transparency, including hedging via Coinbase International.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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