Trading Desk Insights
Markets attempted a rebound following Monday’s sharp selloff after President Trump once again delayed the tariff deadline and suggested flexibility for countries willing to engage in negotiations. Traders appear to be pricing in a more tempered trade stance, with sentiment leaning toward the idea that the worst of the trade war may be behind us.
Crypto remains tightly correlated with equities, as the BTC to SPX correlation hovers near local highs. We are entering a seasonal stretch typically marked by subdued volatility, which is likely to persist absent a meaningful catalyst. BTC and ETH are holding positive funding rates, while many altcoins continue to flip between positive and negative territory intraday, likely due to BTC dominance holding firm around 65%.
Since the launch of spot ETFs just 18 months ago, the sector has pulled in $50 billion in net inflows. BlackRock’s IBIT leads the pack, now holding 700,000 BTC and managing $76 billion in AUM. That puts it ahead of both the iShares Core S&P 500 ETF (IVV) and the iShares Russell 2000 ETF (IWM), which track large and small cap US equities respectively.
On the derivatives front, demand for higher strike calls on Deribit continues to rise, reflecting growing expectations for a bullish move. Implied vols remain anchored near historical lows, but a breakout above the $110,000 level could trigger a sharp repricing, with some positioning for a move toward $130,000.
Meanwhile, Bonk.fun has overtaken Pump.fun to become the dominant token launchpad on Solana, capturing over 55% of market share. This shift is fueling renewed interest in BONK as speculative flows rotate back into memecoins.
The News Room
Truth Social files for ETF holding BTC, ETH, SOL, XRP and CRO
Truth Social, Donald Trump’s affiliated media platform, has submitted an SEC application for the “Truth Social Crypto Blue Chip ETF”—a spot fund designed to include Bitcoin, Ethereum, Solana, XRP, and Cronos. The proposal also integrates staking for increased yield. While the filing had little impact on major assets (BTC, ETH, SOL, XRP), it boosted Cronos (CRO) by over 12%, pushing it to a monthly high of $0.09202.
Solana’s tokenized stock market more than triples in two weeks to hit $48 M
Solana’s tokenized stock market has surged from $15.28 M on June 20 to $48.53 M by July 4—an over 200% jump in just two weeks—according to data from rwa.xyz. This boom is driven by 61 assets tokenized on-chain by Switzerland’s Backed Finance, with Solana’s share now making up 11.4% of total tokenized stock supply across blockchains. These tokens, issued as 1‑for‑1 equity-backed SPL assets, can be redeemed for their underlying shares after KYC verification.
Bit Digital converts entire 280 BTC reserve to $172 M worth of Ethereum
Bitcoin mining firm Bit Digital announced it has sold its entire 280 BTC treasury and used the proceeds—plus $172 M from a gross-share offering—to pivot fully to Ethereum. The company’s ETH holdings surged from 24,434 on March 31 to approximately 100,603 today. CEO Sam Tabar emphasized ETH’s programmability and staking yield as superior value drivers, and Bit Digital plans to stake the newly acquired ETH to generate yield and fund future operations, effectively positioning itself as a public Ethereum treasury vehicle.
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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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