Trading Desk Insights
BTC remains rangebound below the $120K mark, struggling to build momentum as price action consolidates. While Bitcoin posts modest, steady gains, the real action is happening in the altcoin space, where Layer 1s and DeFi tokens are seeing outsized breakouts.
SOL is leading the market today, outperforming majors with a sharp move to $204.70, its highest level since March. Notably, SOL's trading volume is running 40% above XRP despite its smaller market cap. The rally follows the announcement of Jito Labs’ new Block Assembly Marketplace (BAM), aimed at mitigating MEV exploits like front-running and sandwich attacks.
ETH is hovering near key resistance, lacking strong follow-through. RSI levels were recently stretched, now matching the March 2024 highs when ETH was trading around $4,100. While the broader narrative remains bullish and a breakout to new all-time highs looks inevitable, short-term exhaustion may trigger a pullback before the next leg higher.
PENGU, a memecoin on Solana tied to Pudgy Penguins, is stealing headlines, rallying over 25% in the last 24 hours and outperforming every top-100 token. Its market cap has now surpassed $2.4 billion, with the token up 165% since July.
On the macro side, investors are bracing for a heavy week of Q2 earnings, with particular focus on corporate commentary around economic uncertainty, tariffs, and AI-driven spending trends. With equities already on a tear, some market participants are starting to question how much more runway is left, as valuation concerns begin to resurface.
The News Room
ARK Invest pivots heavily into Ethereum via BitMine Immersion
Cathie Wood’s ARK Invest reallocated approximately $175 million, offloading Coinbase, Robinhood, and Roblox shares to acquire 4.4 million shares of BitMine Immersion Technologies—a crypto miner now holding over $500 million in ETH—as part of a strategic shift toward Ethereum-focused assets.
NFT resurgence could drive ETH above its all-time high
Animoca Brands co-founder Yat Siu said a renewed wave in NFTs—particularly blue-chip collections like CryptoPunks, which recently saw strong floor‑price recovery—could propel Ethereum past its November 2021 peak (~$4.8K), fueled by cultural adoption as much as financial hype.
SEC Chair Atkins: "Ethereum is not a security," and is central to the digital asset ecosystem
At a CNBC interview, SEC Chair Paul Atkins reaffirmed that ETH is not classified as a security, likening it to Bitcoin and reaffirming its foundational role within the broader crypto landscape; he emphasized that whether companies hold ETH in treasury reserves remains their own decision.
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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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