Trading Desk Insights
Nasdaq surged to fresh all-time highs while oil prices collapsed over the last two sessions, both acting as tailwinds for crypto. Markets appear to have brushed off geopolitical tensions from the recent Israel-Iran escalation. Despite lingering concerns around inflation re-emerging through tariffs and questions around consumer strength, equities have consistently bounced back from dips in recent months. The focus now shifts to the upcoming tariff deadline. If resolved ahead of July 9, it opens the door for a potential Fed rate cut as early as July 30, with inflationary risks contained.
BTC is testing a key resistance zone aligned with the upper bound of the trend channel established since mid-May. Odds favor a short-term pullback here, but a confirmed breakout and close above $109,000 would be technically significant and likely drive momentum toward new highs near $112,000. Spot ETF flows reinforce the bullish tilt. BTC products pulled in approximately $940 million over the past two sessions, while ETH posted $172 million in inflows.
In the options market, bullish positioning is intensifying with call buying targeting $110,000 and $120,000 strikes for July expiry and $120,000 and $150,000 for August. That said, the put-call ratio has ticked higher ahead of Friday's massive expiry, pointing to increased hedging. Over 141,000 BTC option contracts, worth more than $14 billion and representing over 40 percent of total open interest, are set to expire on Deribit. Meanwhile, the annualized futures basis has recovered slightly to 5 percent, still well below last year’s double-digit levels.
On the corporate front, Japanese firm Metaplanet executed 10 percent of its $555 million bitcoin acquisition plan on the first day, raising $515 million. In France, The Blockchain Group secured $4.8 million to support its bitcoin accumulation strategy.
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Chainlink surges after Mastercard deal
Chainlink’s oracles jumped ~14% following a partnership with Mastercard to enable over 3 billion cardholders to make on‑chain crypto purchases directly, using Chainlink’s interoperability tech and Mastercard’s global network. This integration aims to smooth the fiat-to-crypto bridge via infrastructure providers like Zerohash, Shift4, Swapper Finance, and XSwap, removing friction for mainstream users entering DeFi.
XRP holders nearly double, rear overtakes Solana
From October 2024 to May 2025, the share of XRP holders rose from 1.29% to 2.42% of wallet addresses—effectively doubling in just six months—while Solana’s share dropped from 2.72% to 1.76%. The shift appears driven by improved sentiment around XRP amid its favorable regulatory outlook, especially as its lengthy SEC battle winds down.
Spot ETH ETFs hit $1B inflows in record stretch
Spot Ethereum ETFs in the U.S. have surpassed $4 billion in total net inflows, with over $1 billion added in the past 15 trading days—just over six weeks post-launch. BlackRock’s ETHA led the wave with $5.3 billion in gross inflows. This $1 billion momentum accounts for roughly 25% of total inflows in just 6.5% of trading sessions, signaling accelerating institutional demand.
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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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