Trading Desk Insights
BTC hit $110,000 for the first time since June 11 and is now within striking distance of its $112,000 all-time high, which was recorded on May 22.
U.S. equity and bond markets will be closed tomorrow, July 4, for Independence Day, with traders bracing for lighter volumes and positioning ahead of the holiday.
Fresh economic data this morning showed Non-Farm Employment rising by 147K and Unemployment Claims falling to 233K, pointing to a resilient labor market. The stronger payrolls print makes it less likely the Fed will move to cut rates at its next FOMC meeting, as policymakers remain focused on sticky inflation and robust employment. Looking at the futures market, the market is now pricing in a lower probability of a rate cut for the July 30th meeting as the likelihood dropped from 23.8% to 4.7%.
Ethereum (ETH) is making big moves as it trades near $2,600, fueled by stronger risk sentiment. At 9 a.m., ETH traded at $2,591.16 following the release of employment data, up 5.90% over 24 hours, with daily trading volume rising more than 83% to $25.4 billion. Bitcoin (BTC) held firm at $109,333, gaining 1.67%, while Solana (SOL) climbed to $152.95, up 3.01%.
The rally comes as Tom Lee, the well-known Wall Street strategist, takes over as chairman of Bitmine Immersion Companies and unveils a $250 million plan to build an Ethereum treasury, positioning the miner as a leveraged ETH proxy similar to Michael Saylor’s Strategy Bitcoin play.
Moving on with price action, XRPUSDT looks like it’s about to break above a triangle pattern, advocating for further upside. A break above $2.4 would trigger bullish implications, sending prices higher towards $2.65 and $2.9 in extension. BTC is less than 2% away from record highs but there’s no doubt that we should be able to break that barrier
Looking at the options market, the top strikes for BTC for the end of July expiry remain 115,000 and 120,000. Moving on with XRP, the $3 call strike is the most active. The increased activity in the higher strike calls follows strengthening expectations for a spot ETF debut in the U.S.
With the holiday pause ahead, markets now look to next week’s labor and inflation prints for clues on the Fed’s next move as the second half of 2025 kicks off.
The News Room
Tom Lee Joins Bitmine, Unveils $250 Million Ethereum Treasury Strategy
Prolific Wall Street strategist and perma bull Tom Lee has stepped in as chairman of Bitmine Immersion Companies (NYSEMKT: BMNR), a Bitcoin mining firm aiming to replicate Strategy’s famed crypto treasury model but with a twist. Instead of Bitcoin, Bitmine will deploy a $250 million private placement to accumulate Ethereum (CRYPTO: ETH), the world’s second-largest cryptocurrency. Lee, known for his bold market calls and early crypto advocacy, plans to position Bitmine as a leveraged Ethereum proxy, tapping capital markets to expand its ETH reserves much like Michael Saylor’s Strategy did with Bitcoin. The move highlights a broader shift as crypto-native treasury strategies diversify beyond Bitcoin, setting the stage for Ethereum to gain fresh institutional exposure.
Bitwise CIO Sees Ethereum ETFs Surging in H2 2025
Bitwise CIO Matt Hougan is forecasting strong momentum for spot Ethereum ETFs in the second half of 2025, pointing to June’s $1.17 billion in net inflows as a sign of growing institutional interest. The bullish outlook comes as Ethereum cements its role at the center of tokenized finance, with Robinhood recently announcing plans to build “Robinhood Chain” on Arbitrum to power asset ownership. As staking locks nearly 30% of ETH’s supply and Layer-2 adoption surges, analysts say Ethereum’s positioning as a base layer for stablecoins, tokenized stocks, and staking is resonating with traditional investors. ETH climbed 6.49% in the last 24 hours to $2,601, breaking out after 16 hours of tight consolidation. Market watchers now see $2,800 as the next key level, with flows into Ethereum ETFs expected to accelerate as real-world asset tokenization gains pace.
JD.com and Ant Group Back Yuan Stablecoins to Challenge Dollar
China’s tech giants JD.com and Ant Group are lobbying regulators to approve yuan-pegged stablecoins in a bid to counter the U.S. dollar’s lead in digital payments. Both firms have urged the People’s Bank of China to greenlight offshore yuan stablecoins in Hong Kong to boost the yuan’s global use and efficiency in cross-border trade. Ant Group plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg to expand its blockchain payments network, while JD.com aims to launch its own Hong Kong dollar-backed stablecoin by year-end. The push comes as Chinese exporters increasingly rely on dollar stablecoins like USDT for overseas payments, raising concerns among industry leaders that China risks falling behind if yuan payment rails do not keep pace.
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