Trading Desk Insights
BTC extended its rally Monday, breaking above $123,000 for the first time, supported by strong ETF inflows and a renewed push from U.S. policymakers to bring regulatory clarity to the crypto sector. Sunday’s move during the Asia session was largely perp-driven, with BTC open interest hitting all-time highs across several venues and over $550 million in shorts liquidated overnight. Given the parabolic nature of the move and the lack of a meaningful pullback in over a month, a period of short-term consolidation wouldn't be surprising.
That said, the broader trend appears underpinned by long-term institutional flows. Corporate treasuries continue to accumulate not just BTC, but also ETH, SOL, and HYPE, as digital asset exposure becomes a strategic allocation. Momentum has been building ahead of what’s being labeled “Crypto Week” in Washington, with the U.S. House set to review several bills aimed at establishing a formal regulatory framework for digital assets and stablecoins. The combination of long-term holders locking up supply and a policy tailwind has boosted investor confidence and capital inflows.
Elsewhere, U.S. equity futures opened weaker after Trump reignited trade tensions over the weekend, announcing 30% tariffs on the EU and Mexico starting August 1. Futures have since recovered from session lows as markets price in the likelihood of eventual negotiation. Focus now shifts to Q2 earnings season, which kicks off this week, with investors looking for signs of economic resilience amid geopolitical noise.
The News Room
Bitcoin ETF Demand Drives $3.7B Inflow as Crypto AUM Breaks $200B for First Time
Last week saw investor inflows into crypto investment products surge to $3.7 billion—the second biggest weekly inflow on record and the highest in 2025. That push lifted total crypto AUM past $200 billion for the first time, reaching $211 billion. Bitcoin products dominated, pulling in around $2.7 billion and raising Bitcoin-related AUM to $179.5 billion. Volume across crypto investment products was $29 billion—more than double the annual average—and net inflows have now totaled $22.7 billion YTD across 13 straight weeks of inflow.
Sonnet Pivots to a $888 Million Hyperliquid‑HYPE Treasury Venture
Biotech company Sonnet BioTherapeutics is transforming via a strategic merger into a new entity named Hyperliquid Strategies Inc. (HSI), backed by investors like Paradigm, Galaxy Digital, Pantera, and more. The entity is capitalized at $888 million—holding about 12.6 million HYPE tokens (valued at ~$583 million) and $305 million in cash. HSI will trade on Nasdaq, offering indirect equity exposure to HYPE and positioning itself as a major publicly listed holder, signaling strong institutional demand for access to the token.
Crypto Charts
ETF Flow
Disclaimer
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.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
Start trading with Secure Digital Markets today by e-mailing:
trading@securedigitalmarkets.com