Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 6 - July 12, 2025

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Market Movers & Institutional Inflows

• Bitcoin Hits $118,909 as ETF Inflows Top $15B; BlackRock's IBIT Achieves $80B in Record Time

Political, Regulatory & Legal News

• Elon Musk Launches "America Party" Emphasizing Bitcoin and Deregulation
• Trump's Truth Social Files for Crypto ETF to Track Top 5 Coins
• Pump.fun's PUMP Token Sale Aims for $1.32B with 150B Tokens, Faces Criticism Over Centralized Tokenomics and Regulatory Hurdles

Security & Exploits

• GMX V1 Exploit Results in $42M Loss, Partial Fund Recovery, and DeFi Security Concerns
• Phishing Attack Targets Mt. Gox Wallet Holding 79,957 BTC via Fake Salomon Brothers Site

Crypto Exchange & Platform Developments

• Kraken Expands xStocks to BNB Chain, Unlocking Global Access to Tokenized US Equities
• OpenSea Acquires Rally to Launch Unified "Onchain Everything App" and Enhance Mobile Token Management

Industry Trends & Reports

• Grayscale Reveals Q3 2025 Altcoin List: 31 Tokens, Including New Addition BONK, Trims Previous Selections
• NFT Sales Reach $2.82B in H1 2025 Despite Trading Volume Decline

Crypto Weekly Recap

Total crypto market cap: 3.61T

Crypto Fear & Greed Index: 79 (Extreme Greed)

BTC.D: 64.73%

Bitcoin:

• Weekly performance: +8.18%
• US Spot BTC ETFs: +$2.72B
• Bitcoin set a new all-time high of $118,900 on Friday amid tariff news from President Trump. 
• At the current price, it is the 6th largest asset globally, standing above silver and tech giants like Alphabet (Google) and Meta.
• US Spot Bitcoin ETFs reported $1.18 billion in net inflows on Thursday, with BlackRock's IBIT leading at $448.5M. With the current speed, BlackRock’s holdings are on track to surpass Satoshi Nakamoto’s by next year.
• Coinglass data detected the largest short liquidation event in 4 years on Thursday, wiping out over $2.42 billion in crypto positions, primarily from BTC shorts.
• Corporate Bitcoin holdings increased significantly in Q2 2025, with companies acquiring a record 159,107 BTC, totaling over 847,000 BTC, about 4% of Bitcoin's capped 21 million supply. 
• Bitcoin long-term holders (LTHs) now control 80% of all circulating Bitcoin, a historical signal indicating potential price rallies.
• Analysts anticipate Bitcoin could test the $120K–$125K range, but overbought signals may introduce short-term volatility.

Ethereum:

• Weekly performance: +16.20%
• US Spot ETH ETFs: +$907.99M
• Ether performed strongly this week, with significant ETF inflows and renewed institutional interest.
• ETH broke through the $2,800 resistance due to market sentiment, high ETF inflows and liquidations and topped $3,000 for the first time since February.
• The market anticipates regulatory clarity due to upcoming “crypto week” from July 14–18.
• Ethereum mega whales have increased their holdings by 9.31%, surpassing the accumulation rates before the 2022 price rally. The total ETH held by these mega whales has risen from 37.56 million ETH in October 2024 to over 41.06 million ETH.
• Analysts see potential for ETH to reach $3,800–$5,000 if ETF flows and network upgrades continue, with a 70% probability of closing above $3,000 in July.

Others:

• Bitcoin treasuries surged as Ethereum and Solana saw increased activity.
• TradFi and crypto partnerships accelerated adoption this week.
• Bitcoin ETFs broke records while Solana ETF approval appeared imminent.
• Crypto policy updates included new bills, asset seizures, and ATM bans.
• Circle tapped OKX to boost USDC liquidity for over 60 million users via direct dollar ramps.
• Binance disputed allegations of involvement in a Trump-related stablecoin.
• Bitcoin Depot disclosed a breach that exposed data of 27,000 customers.
• Tether deprecated its stablecoin on five blockchains: Algorand, Bitcoin Cash, EOS, Kusama, and Omni.
• Coinbase acquired Opyn’s leadership team to expand onchain derivatives.
• Inception, a liquid restaking platform, shut down after failing to find product-market fit.

Bitcoin Hits $118,909 as ETF Inflows Top $15B; BlackRock's IBIT Achieves $80B in Record Time

Bitcoin reached a record high of $118,909 on July 11, 2025, driven by $15 billion in inflows into U.S. spot Bitcoin ETFs—significantly spurred by institutional buying. As of publication, Bitcoin was trading at $118,018, up 0.18%. Ethereum and XRP experienced 8% gains. BlackRock’s iShares Bitcoin Trust (IBIT) became the fastest ETF to hit $80 billion in AUM in just 374 days. Analysts predict continued growth, potentially targeting $125,000 if inflation remains low. Key dates to monitor include the U.S. inflation report on July 15 and Bitcoin options expiration on July 25 for potential market shifts.

Elon Musk Launches "America Party" Emphasizing Bitcoin and Deregulation

Elon Musk has launched the "America Party," emphasizing Bitcoin, deregulation, and a centrist governance vision. This move follows the controversial “One Big Beautiful Bill Act,” which Musk criticized for cutting social programs. The party aims to secure 2-3 Senate and 8-10 House seats, targeting swing races. Musk's party idea has generated mixed reactions; Trump dismissed it as a “train wreck,” while crypto advocates see potential. Tesla holds 11,509 BTC valued at approximately $1.26 billion, highlighting Musk's commitment to digital assets. Despite lacking formal structure, themes like fiscal conservatism and free speech shape the party's emerging ideology.

Pump.fun's PUMP Token Sale Aims for $1.32B with 150B Tokens, Faces Criticism Over Centralized Tokenomics and Regulatory Hurdles

Pump.fun is launching its PUMP token sale on July 12, 2025, aiming to raise $1.32 billion by selling 150 billion tokens. The sale offers 33% of its 1 trillion total supply at $0.004 each, with no vesting period and trading commencement in 48–72 hours post-ICO. Concerns arise over tokenomics, as over 40% will go to insiders, sparking criticism for lack of transparency and community rewards. Despite significant revenue of $715 million since launch, user engagement has dropped sharply. Regulatory constraints prevent participation from the U.S., U.K., and EU, highlighting ongoing compliance challenges in the crypto space.

GMX V1 Exploit Results in $42M Loss, Partial Fund Recovery, and DeFi Security Concerns

A critical vulnerability in GMX V1 led to a $42 million exploit on July 9, 2025, due to a smart contract re-entrancy flaw. The attacker manipulated GLP token prices and drained assets through flash loans, subsequently laundering $32 million into 11,700 ETH. GMX offered a 10% bounty for fund returns, leading the attacker to return $37.5 million, including 9,000 ETH. Following the exploit, GMX's total value locked dropped from $480 million to $409.27 million, and its token price fell by 30%. This incident highlights weaknesses in DeFi security, with broader implications across the crypto ecosystem.

Trump's Truth Social Files for Crypto ETF to Track Top 5 Coins

Truth Social, linked to Donald Trump, has filed for a spot cryptocurrency ETF called the Truth Social Crypto Blue Chip ETF, submitted to the SEC on July 8, 2025. The ETF aims to track a portfolio comprising 70% Bitcoin, 15% Ethereum, 8% Solana, 5% Cronos, and 2% XRP, with plans to list on NYSE Arca. This non-leveraged, passive fund will focus on transparency and simplicity, avoiding complex trading. It seeks to enhance yield through staking rewards on certain cryptocurrencies, with assets held by Foris DAX Trust Company, reflecting a trend of political engagement in the digital asset space.

Phishing Attack Targets Mt. Gox Wallet Holding 79,957 BTC via Fake Salomon Brothers Site

A phishing operation targeting the Mt. Gox wallet containing 79,957 BTC is underway, involving a website mimicking Salomon Brothers. This site is capturing personal information from the wallet's owner through OP_RETURN messages. The webpage claims the wallet is abandoned and requests details to verify ownership. The messaging, riddled with errors, raises suspicion, as the wallet was notorious for its 2011 theft. Despite its historical significance, the authenticity of salomonbros.com is questionable, with previous connections to Salomon Encore. Experts urge caution against accessing the site, given potential legal risks and social engineering threats.

Kraken Expands xStocks to BNB Chain, Unlocking Global Access to Tokenized US Equities

Kraken has expanded its xStocks product to the BNB Chain, enabling global investors outside the U.S. to trade tokenized equities like AAPLx and TSLAx as BEP-20 tokens. This initiative aims to create a “chain-neutral” capital market, facilitating instant global transfers and integration with DeFi platforms. With the tokenization market projected to reach $30 trillion by 2030, Kraken's move reflects a broader industry trend toward decentralized trading. As traditional exchanges face pressure from this shift, they must adapt to the new landscape of continuous trading and tokenized asset ownership to maintain market dominance and revenue sources.

Grayscale Reveals Q3 2025 Altcoin List: 31 Tokens, Including New Addition BONK, Trims Previous Selections

Grayscale recently released its Q3 2025 "Assets Under Consideration" list, featuring 31 altcoins, a decline from 40 in Q2. Notable removals include TRON, VeChain, and Immutable, with a new category for AI tokens introduced. The list reflects significant trimming, particularly in "Smart Contracts" and "Utilities & Services," reducing their counts dramatically. BONK has been added following notable price surges, although Grayscale did not clarify the rationale behind its selections or removals. Overall, the update showcases Grayscale's shifting focus within the altcoin landscape and a renewed emphasis on promising digital assets.