Uncategorized
Crypto Daybook Americas: Forex Markets Signal Bitcoin Upside Amid Tariff-On/Tariff-Off Trading

By Omkar Godbole (All times ET unless indicated otherwise)
If you follow financial markets, you’ve probably come across the terms «risk-on» and «risk-off.» Now we seem to be entering a new era of «tariffs on/tariffs off.»
In a risk-on environment, growth-sensitive assets like stocks and cryptocurrencies tend to rise due to expectations of economic expansion or accommodative monetary policy. Conversely, risk-off situations reflects a lack of investor confidence, leading to sell-offs and a preference for safer assets.
But this week, President Trump’s tariffs announcement have single-handedly guided markets. Early Monday, bitcoin (BTC) plummeted to nearly $91,000 as Canada and Mexico retaliated against Trump’s tariffs. That was «tariffs on» trading.
Later, it rebounded above $100,000 after Trump paused the Mexico tariffs for the 30 days and announced the creation a sovereign wealth fund, which generated hopes of potential investments in BTC. That was «tariffs off.»
The bullish momentum ran out of steam early Tuesday as China retaliated against Trump’s import tax, reviving «tariffs on» trading. BTC fell over 3% to $98,000, dragging altcoins lower. Nasdaq futures dropped over 0.5% and the dollar drew haven bids.
Bitcoin and the broader crypto market will likely rebound should Trump announce an 11th-hour deal with China, just as he did with Mexico and Canada on Monday. Foreign-exchange market activity suggests that’s likely. The AUD/CAD is down just 0.3% for the day, a sign traders don’t expect a prolonged tariff war between the U.S. and China. (The Australian dollar is widely seen as a proxy for China).
«A cross like AUD/CAD should trade sharply lower in this situation given Canada has dodged tariffs and China has not, but it is only 0.5% lower on the day. That signals markets are pricing in a good chance that the US and China will also strike a deal and delay tariffs,» ING said in a note to clients.
That said, you can never be sure of Trump. So, expect heightened volatility and stay alert!
What to Watch
Crypto:
Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.
Feb. 6, 8:00 a.m.: Shentu Chain network upgrade (v2.14.0).
Feb. 13: Start of Kraken’s «gradual» delisting of the USDT, PYUSD, EURT, TUSD, UST stablecoins for EEA clients. The process ends March. 31.
Macro
Feb. 4, 10:00 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases December’s Job Openings and Labor Turnover Survey (JOLTS) report.
Job Openings Est. 7.88M vs. Prev. 8.098M
Job Quits Prev. 3.065M
Feb. 4, 2:30 p.m.: White House AI and Crypto Czar David Sacks, along with four congressional leaders, hold a press conference on digital assets cooperation. Livestream link.
Feb. 4, 7:30 p.m.: Fed Vice Chair Philip N. Jefferson is giving a speech titled «U.S. Economic Outlook and Monetary Policy.»
Feb. 5, 9:45 a.m.: S&P Global releases January’s US Services PMI (Final) report.
Est. 52.8 vs. Prev. 56.8
Feb. 5, 10:00 a.m.: The Institute for Supply Management (ISM) releases January’s Services ISM Report on Business.
Services PMI Est. 54.3 vs. Prev. 54.1
Services Business Activity Prev. 58.2
Services Employment Prev. 51.4
Services New Orders Prev. 54.2
Services Prices Prev. 64.4
Feb. 5, 10:00 a.m.: U.S. Senate Banking Committee hearing on “Investigating the Real Impacts of Debanking in America,” featuring four witnesses including Nathan McCauley, co-founder and CEO of Anchorage Digital. Livestream link.
Feb. 5, 3:00 p.m.: Fed Governor Michelle W. Bowman is giving a speech titled “Brief Economic Update and Bank Regulation.”
Earnings
Feb. 5: MicroStrategy (MSTR), post-market, $-0.09
Feb. 10: Canaan (CAN), pre-market, $-0.08
Feb. 11: HIVE Digital Technologies (HIVE), post-market, $-0.11
Feb. 11: Exodus Movement (EXOD), post-market, $0.14 (2 ests.)
Feb. 12: Hut 8 (HUT), pre-market, break-even
Feb. 12: IREN (IREN), post-market
Feb. 12 (TBA): Metaplanet (TYO:3350)
Feb. 12: Reddit (RDDT), post-market, $0.25
Token Events
Governance votes & calls
Compound DAO is discussing the creation of Morpho-powered lending vaults on Polygon curated by Gauntlet. Polygon Labs is set to offer $1.5 million in POL, matched with $1.5 million in COMP to incentivize usage.
Arbitrum DAO is voting on whether to transfer 1,885 ETH in Nova transaction fees to its Treasury through the modernized fee collection infrastructure outlined in the ova Fee Router Proposal.
Aave DAO is nearing the end of a vote on deploying Aave v3 on Sonic, a new layer-1 Ethereum Virtual Machine (EVM) blockchain with a high transaction throughput.
Lido DAO is discussing distributing rewards to LDO stakers based on the protocol’s net revenue, as well as the use of a percentage of its annual revenue to buyback LDO tokens.
Feb. 4, 1 p.m.: TRON DAO and CryptoQuant to host a network review diving into performance, adoption and key metrics.
Feb. 4, 12 p.m.: Stellar to host its Q4 quarterly review.
Unlocks
Feb. 5: XDC Network (XDC) to unlock 5.36% of circulating supply worth $81.58 million.
Feb. 5: Kaspa (KAS) to unlock 0.67% of circulating supply worth $17.29 million.
Feb. 9: Movement (MOVE) to unlock 2.17% of circulating supply worth $31.60 million.
Feb. 10: Aptos (APT) to unlock 1.97% of circulating supply worth $68.20 million.
Token Launches
Feb. 4: Vine (VINE), Bio Protocol (BIO), Swarms (SWARMS), and Sonic SVM (SONIC) to be listed on Kraken.
Conferences:
Feb. 5-6: The 14th Global Blockchain Congress (Dubai)
Feb. 6: Ondo Summit 2025 (New York).
Feb. 7: Solana APEX (Mexico City)
Feb. 13-14: The 4th Edition of NFT Paris.
Feb. 18-20: Consensus Hong Kong
Feb. 19: Sui Connect: Hong Kong
Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)
Feb. 25: HederaCon 2025 (Denver)
Token Talk
By Shaurya Malwa
Entities behind President Donald Trump’s memecoin TRUMP amassed nearly $100 million in trading fees within two weeks of its Jan. 17 introduction.
The fees were generated on Meteora, a DeFi exchange where the initial TRUMP coins were traded. Here, fees are charged for liquidity provision, which benefits the coin’s creators by allowing them to earn from trading activities indefinitely, according to Reuters.
A marketwide drop on Monday sent the token spiraling further down, bringing losses from the peak to a staggering 75%.
The president continues to endorse the token on his social media platform, Truth Social, where he posted «I LOVE $TRUMP!!» alongside a link to purchase the token over the weekend.
Derivatives Positioning
Perpetual funding rates for SOL, DOGE, ADA, LINK and AVAX remain negative, indicating a bias for short positions. These coins may see outsized gains on the back of a short-squeeze should the market environment flip back to «tariffs off» during the American hours.
Deribit’s ETH volatility index has retreated to 70% from above 100%. BTC’s volatility has faded from Monday’s spike to 61%.
The perpetual futures open interest-adjusted cumulative volume delta for most large-cap tokens, excluding TRX, is negative for the past 24 hours. That raises a question on the sustainability of the price recovery.
Deribit’s BTC, ETH options expiring this month continue to exhibit downside fears. The broader bias for bullish calls remains intact.
Block flows featured a bear call spread in SOL, a calendar spread in BTC and long positions in the ETH $3K and $3.2K calls.
Market Movements:
BTC is down 1.85% from 4 p.m. ET Monday at $99,347.23 (24hrs: +4.4%)
ETH is up 2.3% at $2,777.08 (24hrs: +7.45%)
CoinDesk 20 is down 2.21% at 3,154.76 (24hrs: +5.33%)
CESR Composite Staking Rate is up 88 bps at 3.91%
BTC funding rate is at 0.0035% (3.76% annualized) on Binance
DXY is down 0.39% at 108.57
Gold is down 0.16% at $2,814.16/oz
Silver is up 0.18% at $31.65/oz
Nikkei 225 closed +0.72% at 38,798.37
Hang Seng closed +2.83% at 20,789.96
FTSE is down 0.12% at 8,572.97
Euro Stoxx 50 is up 0.13% at 5,224.71
DJIA closed on Monday -0.28% at 44,421.91
S&P 500 closed -0.76% at 5,994.57
Nasdaq closed -1.2% at 19,391.96
S&P/TSX Composite Index closed -1.14% at 25,241.76
S&P 40 Latin America closed +0.25% at 2,376.48
U.S. 10-year Treasury is up 2 bps at 4.58%
E-mini S&P 500 futures are down 0.16% at 6012.75
E-mini Nasdaq-100 futures are unchanged at 21,398.50
E-mini Dow Jones Industrial Average Index futures are down 0.21% at 44,472.00
Bitcoin Stats:
BTC Dominance: 61.70 (1.06%)
Ethereum to bitcoin ratio: 0.02750 (-3.27%)
Hashrate (seven-day moving average): 833 EH/s
Hashprice (spot): $57.5
Total Fees: 6.1 BTC / $592,574
CME Futures Open Interest: 164,925 BTC
BTC priced in gold: 35.0 oz
BTC vs gold market cap: 9.94%
Technical Analysis
Bitcoin’s daily chart shows a classic «stair step» bull run, characterized by price rises followed by consolidations, representing accumulation periods.
The latest consolidation between $90,000 and $110,000 is the third such pattern since 2023. A breakout would mean continuation of the uptrend.
Note, however, that gains seen after the second consolidation between $50,000 and $70,000 were significantly less than those seen after the first breakout in late 2023.
Crypto Equities
MicroStrategy (MSTR): closed on Monday at $347.09 (+3.67%), down 1.35% at $342.40 in pre-market.
Coinbase Global (COIN): closed at $284.41 (-2.38%), down 0.47% at $283.08 in pre-market.
Galaxy Digital Holdings (GLXY): closed at C$28.02 (-1.62%)
MARA Holdings (MARA): closed at $17.95 (-2.13%), down 1.23% at $17.73 in pre-market.
Riot Platforms (RIOT): closed at $11.99 (+0.93%), down 0.58%% at $11.92 in pre-market.
Core Scientific (CORZ): closed at $12.33 (+0.49%), down 1.05% at $12.20 in pre-market.
CleanSpark (CLSK): closed at $10.59 (+1.44%), down 0.85% at $10.50 in pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.69 (+0.62%).
Semler Scientific (SMLR): closed at $50.46 (-2.89%).
Exodus Movement (EXOD): closed at $59.59 (+19.47%), unchanged in pre-market.
ETF Flows
Spot BTC ETFs:
Daily net flow: -$234.4 million
Cumulative net flows: $40.26 billion
Total BTC holdings ~ 1.177 million.
Spot ETH ETFs
Daily net flow: $83.6 million
Cumulative net flows: $2.84 billion
Total ETH holdings ~ 3.648 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Google trends for the worldwide search query «how to buy crypto» shows retail investor interest in digital assets has cooled since hitting a peak of 100 last month.
While You Were Sleeping
Ethereum Raises Gas Limits for First Time Since 2021, Boosting ETH Appeal (CoinDesk): Ethereum’s gas limit rose to nearly 32 million units, which should help increase the network’s throughput and potentially lower transaction costs during periods of high demand.
Lending Protocol Aave Processes $200M in Liquidation Without Adding to Bad-Debt Burden (CoinDesk): Aave processed $210 million in liquidations on Monday, the most since August, without adding new debt. Strong risk controls reduced existing liabilities by 2.7% amid market volatility.
TRON, Movement Labs Deny ‘Token Swap’ Deal for World Liberty Financial Inclusion (CoinDesk): Representatives from TRON and Movement Labs rejected allegations of token swap deals for treasury inclusion with World Liberty Financial (WLFI).
Yuan Extends Loss With China Proxies as US Trade War Reignites (Bloomberg): China’s retaliatory tariffs on U.S. coal, LNG, oil and agricultural equipment spooked Asia-Pacific markets, pressuring offshore Chinese yuan. Talks between the U.S. and China could help deescalate the trade war.
Stocks Erase Gains After China Retaliates Against U.S. (Financial Times): Shortly after Trump’s 10% tariff on all Chinese goods took effect on Tuesday, Beijing hit back by imposing import tariffs on various U.S. goods, causing global stocks to give back some of Monday’s gains.
Euro Stays Weaker Amid Tariff Risks (The Wall Street Journal): Danske Bank’s Stefan Mellin says Trump’s threats of tariffs on EU imports are likely to keep the euro under pressure over the next several weeks even though these might just be «primarily a negotiating tool.»
In the Ether
Uncategorized
Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan

The Bitcoin (BTC) network monthly average hashrate fell about 3% in June, Wall Street bank JPMorgan (JPM) said in a research report Tuesday.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. It is measured in exahashes per second (EH/s).
«Our sense is the decline was driven by seasonal weather-related curtailment in the U.S., and note that Cipher, IREN and Riot alone operate >80 EH/s in Texas,» analysts Reginald Smith and Charles Pearce wrote.
Bitcoin mining profitability continues to improve. The bank’s analysts estimated that miners earned an average of $55,300 per EH/s in daily block reward revenue last month, a 7% increase from April.
Daily block reward gross profit rose 13% month-on-month to the highest level since January, the analysts noted.
The total market cap of the 13 U.S.-listed bitcoin miners the bank follows rose 23%, or around $5.3 billion, from the previous month, the report said.
Operators with high-performance computing (HPC) exposure outperformed pure-play miners due to speculation of a deal between Core Scientific (CORZ) and CoreWeave (CRWV).
IREN (IREN) outperformed the group with a 67% gain, while Bitfarms (BITF) was the worst performer with a 19% decline, the report added.
Read more: U.S.-Listed Bitcoin Miners’ Share of Network Hashrate Hit Record High in June: JPMorgan
Uncategorized
Crypto Daybook Americas: Bitcoin Posts Record Monthly Close, but Euro Steals the Show

By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin (BTC) ended June above $107,000 at a record monthly close. Still, the largest crypto’s 2.5% monthly gain failed to match the euro’s advance against the dollar, the most liquid FX pair in the world.
The eurozone currency rose nearly 4% against the greenback last month, hitting its highest since September 2021. That prompted some traders to switch to euro-pegged stablecoins, resulting in a notable increase in their market values.
The euro’s momentum highlights the continued broad-based decline in the U.S. currency, which means financial conditions will likely remain easy, even though the weakness hasn’t done much to lift a directionless BTC.
The prolonged range play has been widely attributed to selling by wallets with a history of holdings coins for over a year. The profit-taking continued on Monday, with on-chain realized gains hitting the $2.4 billion mark.
BTC was recently trading 0.6% lower over 24 hours at $106,500. Other tokens, including XRP, DOGE, SOL and ETH, followed suit, while BCH, ALGO, and PAXG stood out.
Some analysts called for patience in the wake of continued institutional adoption. On Monday, Germany’s savings bank network said it will enable crypto trading for clients within a year. Strategy disclosed another major BTC purchase last week, acquiring $531 million worth of BTC.
«While short-term momentum has faded, medium-term signals remain bullish, especially with corporate treasuries accelerating their accumulation pace. We slightly reduced exposure to protect capital but remain constructive — especially on altcoins with room to catch up,» Valentin Fournier, lead research analyst at BRN.
That said, the third quarter has historically been bitcoin’s weakest. Moreover, liquidity tends to be weaker as well due to summer holidays, which raises the likelihood of exaggerated price moves. Remember the yen-led crash in BTC from $70,000 to $50,000 in late July to early August last year? This calls for caution even as analysts maintain the long-term constructive outlook.
In other news, American Bitcoin, a crypto firm backed by Eric Trump, raised $220 million to buy bitcoin and mining equipment. An FTX creditor posted on X that claims under $50,000 received 120% payouts in February and May 2025.
Bloomberg ETF analysts James Seyffart and Eric Balchunas said that there’s a 95% chance the U.S. SEC will approve spot ETFs for LTC and XRP this year.
In traditional markets, analysts awaited the Fed Chairman Jerome Powell’s speech later Tuesday and Friday’s nonfarm payrolls. Stay alert!
What to Watch
- Crypto
- July 2: Shares of the REX-Osprey Solana Staking ETF (tSSK) are expected to begin trading on the Cboe BZX Exchange, making this the first U.S.-listed ETF to combine SOL price exposure with on-chain staking rewards.
- Macro
- Day 2 of 3: ECB Forum on Central Banking (Sintra, Portugal)
- July 1, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity.
- Manufacturing PMI Prev. 49.4
- July 1, 9:30 a.m.: “High Level Policy Panel” discussion chaired by Fed Chair Jerome H. Powell at the ECB Forum on Central Banking in Sintra, Portugal. Livestream link.
- July 1, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity.
- Manufacturing PMI Est. 52 vs. Prev. 52
- July 1, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data.
- Manufacturing PMI Est. Est. 48.8 vs. Prev. 48.5
- July 1, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data (i.e. the JOLTS report).
- Job Openings Est. 7.3M vs. Prev. 7.391M
- Job Quits Prev. 3.194M
- July 2, 9:30 a.m.: S&P Global releases June Canada data on manufacturing and services activity.
- Manufacturing PMI Prev. 46.1
- July 3, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June employment data.
- Non Farm Payrolls Est. 110K vs. Prev. 139K
- Unemployment Rate Est. 4.3% vs. Prev. 4.2%
- Government Payrolls Prev. -1K
- Manufacturing Payrolls Est. -6K vs. Prev. -8K
- July 3, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended June 28.
- Initial Jobless Claims Est. 240K vs. Prev. 236K
- Continuing Jobless Claims Est. 1960K vs. Prev. 1974K
- July 3, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity.
- Composite PMI Prev. 49.1
- Services PMI Prev. 49.6
- July 3, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity.
- Composite PMI Est. 52.8 vs. Prev. 53
- Services PMI Est. 53.1 vs. Prev. 53.7
- July 3, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data.
- Services PMI Est. 50.5 vs. Prev. 49.9
- Earnings (Estimates based on FactSet data)
- None in the near future.
Token Events
- Governance votes & calls
- GnosisDAO is voting on renewing its partnership with Nethermind for Gnosis Chain maintenance and development, proposing 750,000 DAI funding for the first year from June, with 4% annual increases. Voting ends July 2.
- Radiant DAO is voting on potentially compensating users whose wallets were drained via unlimited token approvals in the October 2024 hack. If passed, a follow-up plan would outline stablecoin conversions, claim contracts on Arbitrum, and phased repayments. Voting ends July 2.
- Arbitrum DAO is voting on lowering the constitutional quorum threshold from 5% to 4.5% of votable tokens. This aims to match decreased voter participation and help well-supported proposals pass more easily, without affecting non-constitutional proposals, which remain at a 3% quorum. Voting ends July 4.
- Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to “to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.” Voting ends July 9.
- Unlocks
- July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $122.75 million.
- July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $10.59 million.
- July 11: Immutable (IMX) to unlock 1.31% of its circulating supply worth $10.65 million.
- July 12: Aptos (APT) to unlock 1.76% of its circulating supply worth $52.7 million.
- July 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $14.42 million.
- July 15: Sei (SEI) to unlock 1% of its circulating supply worth $15.73 million.
- July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $30.33 million.
- Token Launches
- July 4: Biswap (BSW), Stella (ALPHA), Komodo (KMD), LeverFi (LEVER), and LTO Network (LTO) to be delisted from Binance.
Conferences
The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17.
- Day 2 of 4: Ethereum Community Conference (Cannes, France)
- Day 2 of 6: World Venture Forum 2025 (Kitzbühel, Austria)
- Day 1 of 6: Bitcoin Alaska (Juneau, Alaska)
- July 4-5: The Bitcoin Paradigm 2025 (Neuchâtel, Switzerland)
- July 4–6: ETHGlobal Cannes (Cannes, France)
- July 10-13: Mallorca Blockchain Days (Palma, Spain)
- July 16: Invest Web3 Forum (Dubai)
- July 20: Crypto Coin Day 7/20 (Atlanta)
- July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
- July 25: Blockchain Summit Global (Montevideo, Uruguay)
- July 28-29: TWS Conference 2025 (Singapore)
Token Talk
By Francisco Rodrigues
- While all eyes were on the introduction of Robinhood’s tokenized stocks and on Kraken and Bybit’s xStocks debut, a layer-2 network built to streamline DeFi quietly launched its mainnet yesterday.
- Katana’s mainnet went live after it saw pre-deposits near $250 million, according to DeFiLlama data. The blockchain is backed by GSR and Polygon Labs.
- The non-profit Katana Foundation says the chain attacks three chronic pain points: thin liquidity, erratic yields and capital flight. It does so by folding yield generation into the base layer.
- When users bridge USDC, ETH, WBTC, AUSD or USDT, Katana’s VaultBridge pushes those funds into lending pools such as those on Morpho and Sushi, then sends the earnings back to depositors and app builders.
- A separate mechanism called chain-owned liquidity captures transaction fees to bankroll the network over time.
- Katana is distributing its native token, KAT, through liquidity mining. KAT is non-transferable for now, but the team expects an exchange listing by next year. Holders will be able to lock tokens for vKAT and share in staking rewards.
Derivatives Positioning
- Perpetual funding rates for most tokens major tokens, including BTC and ETH, held marginally positive. XRP led with near 10% rates while XLM and ADA showed bias for shorts with sub-zero readings.
- On the CME, BTC and ETH futures basis remained locked in the annualized 7% to 10% range.
- On Deribit, risk reversals out to August-end expiry showed a bias for protective puts, with subsequent tenors showing a mild bias for calls. In ETH’s case, bearishness in the short-term tenors was more pronounced.
- Block flows over the OTC desk Paradigm showed demand for the September expiry BTC $180K call option.
Market Movements
- BTC is down 0.91% from 4 p.m. ET Monday at $106,629.81 (24hrs: -0.96%)
- ETH is down 1.81% at $2,458.53 (24hrs: +0.15%)
- CoinDesk 20 is down 2.37% at 3,010.77 (24hrs: -0.17%)
- Ether CESR Composite Staking Rate is up 7 bps at 2.96%
- BTC funding rate is at 0.0048% (5.3042% annualized) on Binance
- DXY is down 0.47% at 96.42
- Gold futures are up 1.49% at $3,357.10
- Silver futures are up 1.81% at $36.50
- Nikkei 225 closed down 1.24% at 39,986.33
- Hang Seng closed down 0.87% at 24,072.28
- FTSE is down 0.17% at 8,745.89
- Euro Stoxx 50 is down 0.30% at 5,287.47
- DJIA closed on Monday up 0.63% at 44,094.77
- S&P 500 closed up 0.52% at 6,204.95
- Nasdaq Composite closed up 0.47% at 20,369.73
- S&P/TSX Composite closed up 0.62% at 26,857.11
- S&P 40 Latin America closed up 1.41% at 2,694.58
- U.S. 10-Year Treasury rate is down 2.9 bps at 4.197%
- E-mini S&P 500 futures are down 0.26% at 6,237.50
- E-mini Nasdaq-100 futures are down 0.33% at 22,817.75
- E-mini Dow Jones Industrial Average Index are down 0.13% at 44,331.00
Bitcoin Stats
- BTC Dominance: 65.34% (0.19%)
- Ethereum to bitcoin ratio: 0.02307 (-0.6%)
- Hashrate (seven-day moving average): 869 EH/s
- Hashprice (spot): $57.97
- Total Fees: 4.22 BTC / $455,433
- CME Futures Open Interest: 147,470 BTC
- BTC priced in gold: 32.2 oz
- BTC vs gold market cap: 9.12%
Technical Analysis
- BTC fell 1% Monday, narrowly missing the bull flag breakout. The decline produced a bearish outside day candle, with a price range wider than the preceding day’s candle.
- Bearish outside day candles appearing after notable price gains, as in BTC’s case, signal renewed bearish trends.
Crypto Equities
- Strategy (MSTR): closed on Monday at $404.23 (+5.3%), -1.64% at $397.59 in pre-market
- Coinbase Global (COIN): closed at $350.49 (-0.83%), -1.53% at $345.12
- Circle (CRCL): closed at $181.29 (+0.48%), +1.98% at $184.88
- Galaxy Digital (GLXY): closed at $21.90 (+9.66%), +3.47% at $22.66
- MARA Holdings (MARA): closed at $15.68 (+4.32%), -1.85% at $15.39
- Riot Platforms (RIOT): closed at $11.3 (+7.11%), -1.59% at $11.12
- Core Scientific (CORZ): closed at $17.07 (+2.52%), -1.52% at $16.81
- CleanSpark (CLSK): closed at $11.03 (+3.37%), -1.81% at $10.83
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.74 (+4.74%)
- Semler Scientific (SMLR): closed at $38.74 (+0.62%), +0.15% at $38.80
- Exodus Movement (EXOD): closed at $28.83 (-3.42%), +1.14% at $29.16
ETF Flows
Spot BTC ETFs
- Daily net flows: $102.1 million
- Cumulative net flows: $48.95 billion
- Total BTC holdings ~1.25 million
Spot ETH ETFs
- Daily net flows: $31.8 million
- Cumulative net flows: $4.23 billion
- Total ETH holdings ~4.1 million
Source: Farside Investors
Overnight Flows
Chart of the Day
- The dollar value of the total stablecoin transactions crossed above the $4 trillion mark in June, the most since January, according to data source Artemis.
- The data shows that while BTC’s price didn’t do much in the month, adoption of stablecoin continued unabated.
While You Were Sleeping
- Mexico and Brazil Seek Deeper Trade Ties to Expand Beyond US and China (Financial Times): Trump-era tariffs and new leftist governments have created a rare opening for Latin America’s two largest economies to revisit a limited trade pact and explore deeper commercial integration.
- Trump Crypto Venture Raises $220 Million for Bitcoin Mining (Bloomberg): American Bitcoin raised $220 million from private investors including $10 million in bitcoin. Majority owner Hut 8 Corp. plans to take it public through a merger with Gryphon Digital Mining.
- XRP, TRX, DOGE Lead Majors With Positive Funding Rates as Bitcoin’s Traditionally Weak Quarter Begins (CoinDesk): Perpetual funding rates indicate a bullish sentiment for top altcoins, with XRP showing the strongest demand, while rates for market leaders bitcoin and ether are marginally positive.
- Robinhood, Kraken-Backed Global Dollar (USDG) Comes to Europe (CoinDesk): USDG is regulated by the EU’s Markets in Crypto-Assets (MiCA) framework, Finland’s Financial Supervisory Authority and Singapore’s Monetary Authority. MiCA requires issuer Paxos to hold reserves with European banking partners.
- The Dollar Has Its Worst Start to a Year Since 1973 (The New York Times): Trump’s tariff policy, rising national debt, and the moves toward de-dollarization have reduced the dollar’s appeal, even amid high interest rates and a booming stock market.
- ARK Invest Sold $95M of Coinbase Shares After COIN’s Surge to Record Highs (CoinDesk): Monday’s $43.8 million sale brings ARK’s total to 270,984 COIN shares offloaded over three sessions, as the stock’s surge above $380 triggered sales to keep COIN under 10% in its ETFs.
In the Ether
Uncategorized
The Blockchain Group Raises $13M to Advance Bitcoin Treasury Vision

The Blockchain Group (ALTBG), listed on Euronext Growth Paris has secured roughly 11 million euros ($13 million) in fresh funding as it doubles down on becoming Europe’s first bitcoin (BTC) treasury company.
This strategic move underscores the firm’s commitment to growing its bitcoin holdings relative to its share count, aiming to deliver long-term value to investors through exposure to digital assets.
Part of the fundraising included $1.18 million capital increase at 5.251 euro per share, completed under an “ATM-type” agreement with asset manager TOBAM.
In parallel, the company’s wholly owned Luxembourg subsidiary issued 10 million euros ($11.8 million) in convertible bonds, priced at 5.174 euro per share, reflecting a 30 percent premium over the June 27 closing price. TOBAM subscribed for 5 million euros while bitcoin pioneer Adam Back invested around 5 million euros.
The Blockchain Group currently hold 1,794 BTC, while the share price is up 1% on Tuesday.
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