Trading Desk Insights
Good news hit the wires out of the White House Sunday: President Trump agreed to push back the planned 50% tariff on European goods until July 9, giving European Commission President Ursula Von der Leyen more time to hammer out a deal. While the threat of a full-blown U.S.–EU trade escalation isn’t off the table, the immediate pressure has eased.
BTC sold off hard over the weekend, sliding to 106,500 on the back of Trump’s tariff saber-rattling. But by Sunday afternoon, the market caught a relief bid, clawing back toward 110,000 as the temporary trade truce sparked a broad rebound in U.S. and European equity indices. We tracked heavy short flows hitting the tape Sunday morning — but by 6 p.m. ET, a sharp squeeze ripped through the market, wiping out a chunk of leveraged traders as open interest fell 5% despite CVD pushing higher.
Even with BTC notching fresh all-time highs, traders are noticeably more cautious this cycle. Back in January 2021, perpetual funding rates were screaming at ~180% when BTC hit highs. Today, with BTC near 110,000, funding rates hover closer to 20% on some venues — risk appetite is still alive, but the euphoria of the last bull run just isn’t there yet.
Meanwhile, MicroStrategy (MSTR) has sharply diverged from Bitcoin’s surge, with traders moving to capitalize by putting on put spreads, aiming to profit from MSTR’s weakening momentum despite steady institutional and sovereign fund accumulation of BTC. The growing disconnect between Bitcoin’s strength and MSTR’s lagging price action is becoming a key trade for sharp desks.
And on the whale-watching front: James Wynn, aka “moonpig,” the hyperliquid BTC trader, just closed a $1.2 billion Bitcoin position at a $17.5 million loss — only to flip and open a fresh $1 billion short. Not stopping there, moonpig has now taken a $1 million leveraged punt (10x) on PEPE, drawing the gaze of every major crypto desk tracking big-ticket flows.
The News Room
Former IMF Chief Economist Warns of Crypto's Threat to U.S. Dollar Dominance
Kenneth Rogoff, former chief economist at the International Monetary Fund, has expressed concerns that the rise of cryptocurrencies poses a significant threat to the U.S. dollar's global dominance. He argues that as digital assets gain traction, they could undermine the dollar's role as the world's primary reserve currency, potentially leading to reduced U.S. influence in global financial markets.
Tether Plans U.S.-Specific Stablecoin Amid Regulatory Developments
Tether, the issuer of the USDT stablecoin, announced plans to launch a separate stablecoin tailored for the U.S. market. Despite expressing comfort with the proposed GENIUS Act—a legislative effort to regulate stablecoins—Tether's CEO stated that USDT will continue to focus on serving unbanked populations outside the U.S., while the new stablecoin will address domestic regulatory requirements.
Pakistan Allocates 2,000 MW for Bitcoin Mining and AI Data Centers
Pakistan's finance ministry has allocated 2,000 megawatts of electricity to support Bitcoin mining and artificial intelligence data centers. This initiative, led by the government-backed Pakistan Crypto Council, aims to utilize the country's surplus electricity, create high-tech employment opportunities, and attract foreign investment, marking a significant step in Pakistan's digital infrastructure development.
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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.
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