Crypto Market

BTC and ETH Market Insight

Bitcoin surged to $117.5k following Trump's executive order allowing 401(k)s and private equity firms to invest in cryptocurrencies. The SEC has declared that liquid staking operations and staking receipt tokens are not securities. Tradifi is pouring into Ethereum through ETFs and treasury companies, with $BMNR and $SBET leading weekly purchases of approximately $500 million. While various altcoins like $SUI, $BNB, $TON, and $LTC have launched treasury companies following ETH and BTC's lead, only $ENA has maintained strong performance post-launch.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

ETH outperformed BTC, with its spot price surpassing $4,000 for the first time since December 2024, driven by robust institutional inflows. The ETH/BTC ratio rose above 0.035, marking a yearly high. Implied volatility increased as the spot price rallied, with skew favoring calls across the curve. In contrast, BTC experienced a lackluster trading week, with realized volatility declining and one-month implied volatility dropping toward 30. BTC's skew returned to neutral as market sentiment stabilized.

Altcoins and Blockchain News

• Harvard Endowment Fund invests approximately $116 million in BlackRock's Bitcoin ETF, surpassing its investment in Google's parent company Alphabet.
• El Salvador plans to establish the world's first Bitcoin bank.
  
  
• US SEC and Ripple conclude legal dispute: Both parties withdraw appeals, XRP-related ruling remains unchanged.
  
  
• Ukraine to hold first reading of cryptocurrency market regulation bill by end of August.
  
  
• Trump signs executive order to halt unfair "de-banking" of the crypto industry.
  
  
• Trump nominates pro-crypto Stephen Miran to the Federal Reserve Board of Governors.
  
  
• US SEC issues new guidance: Certain liquid staking activities are not subject to securities law regulation.
  
  
• Philippine SEC names ten crypto exchanges violating new digital asset regulations.
  
  
• According to Bloomberg, World Liberty Financial (WLFI), backed by the Trump family, is in talks with major investors to establish a publicly listed company to hold its WLFI tokens, aiming to join the growing trend of digital asset reserve companies.
  
  
• USDe's market capitalization rises to $9.293 billion, an increase of over 75% in the past month.

Macro

The major benchmarks finished the week with solid gains: the DJIA added +1.3%, the S&P 500 +2.4%, and the Nasdaq +3.9%. Chinese stocks also marked a strong week: the Shanghai Composite Index advanced +2.11%, the CSI 300 added +1.23% and the Hang Seng index +1.43%.