Firi Weekly: All-Time High Ahead of U.S. ‘Crypto Week’

Firi Weekly: All-Time High Ahead of U.S. ‘Crypto Week’

  • Bitcoin Breaks Records:
    • Bitcoin soars to new all-time high of $122,900 as tech stocks rally and exchange-traded funds (ETFs) see massive $3.38 billion July inflows.
  • Trump's Tariff Bombshell:
    • European Union (EU) and Mexico face 30% tariffs by August 1st, escalating trade tensions as European leaders scramble for solutions.
  • Memecoin Mania:
    • Pump.fun raises eye-popping $600 million in just 12 minutes, highlighting crypto market's speculative fever.
  • Congress Goes Crypto:
    • U.S. House launches "Crypto Week" with stablecoin regulation and cryptocurrency markets bills on the agenda, signaling regulatory breakthrough.

Last Week’s Big Three

New All-Time High: Bitcoin shattered records Friday, hitting $118,850 before surging to $119,300 over the weekend. The leading cryptocurrency gained approximately 8.5% for the week, closing at $118,600 from $109,300. Ethereum followed suit with a substantial 15.5% jump from roughly $2,567 to $2,966. The rally continues today, with Bitcoin touching $122,900 and Ethereum reaching $3,077.

In our view, three key drivers have fueled crypto's impressive performance. First, surging U.S. technology stocks have lifted sentiment across risk assets, reflecting market confidence in corporate earnings and economic fundamentals. Second, corporations with Bitcoin treasury strategies—including MicroStrategy and Metaplanet—and SharpLink Gaming, with its Ethereum treasury strategy as discussed later, have maintained steady buying pressure. Third, U.S. Bitcoin and Ethereum spot ETFs have attracted substantial net inflows, as our chart later illustrates.

Trump Announces 30% Tariff on the European Union: However, economic uncertainty spiked over the weekend when President Donald Trump announced 30% tariffs on the EU and Mexico—two of America’s largest trading partners—effective August 1st. European Commission President Ursula von der Leyen responded that the Union stands ready to negotiate, while French President Emmanuel Macron urged the Commission to defend European interests.

This escalation follows the expiration of Trump’s 90-day tariff pause last Wednesday, as noted in last week’s report. While weekend markets showed limited reaction, the move recalls the tariff-driven volatility seen in March and April. It is possible with a negotiated settlement before August 1st, though markets will likely experience heightened uncertainty until then.

Pump.fun Raises $600 Million: The Solana-based memecoin launchpad Pump.fun completed a remarkable $600 million public sale Saturday, selling 15% of its PUMP token supply at a $4 billion fully diluted valuation. The entire allocation sold out in just 12 minutes.

While impressive, this fundraising frenzy underscores the market's speculative fervor—few things exemplify crypto speculation more than a memecoin platform raising $600 million in minutes.

Behind the Charts

Chart 1: Monthly U.S. Bitcoin and Ethereum ETFs Net Flow

July is shaping up as one of the strongest months for U.S. crypto ETFs. Bitcoin spot ETFs have already attracted $3.38 billion in net inflows, while Ethereum ETFs pulled in $1.1 billion. Notably, Bitcoin ETFs crossed the $50 billion total net inflow milestone last week since their January 2024 launch.

Chart 2: Daily U.S. REX-Osprey™ SOL + Staking ETF Net Flow

The newly launched REX Shares Solana ETF also deserves attention. Since its debut just a week and a half ago, it has attracted $69.7 million in net inflows, demonstrating strong interest.

A Number to Remember

$4 Trillion

NVIDIA became the world’s first company last week to reach a market capitalization of $4 trillion. The milestone for the producer of graphics processing units (GPUs) and artificial intelligence (AI) hardware reflects investor optimism in the stock market, which is positively impacting correlated digital assets.

On Our Radar

  • ‘Crypto Week’ in the U.S. House: Congress kicks off its self-proclaimed "Crypto Week" today. The House is expected to vote on the GENIUS Act for stablecoin regulation and may advance the Digital Asset Market Clarity Act, which would establish a framework dividing cryptocurrency oversight between the U.S. Securities and Exchange Commission (SEC, the federal agency that regulates financial markets) and the Commodity Futures Trading Commission (CFTC, which oversees derivatives markets). The CBDC Anti-Surveillance State Act, preventing the Federal Reserve (Fed, the U.S. central bank) from issuing a central bank digital currency, also awaits discussion. This legislative push signals progress toward comprehensive U.S. crypto regulation, potentially accelerating mainstream adoption.
  • Trump’s Tariffs Are the Gift That Keeps On Giving: We are closely monitoring the EU tariff situation. It is likely that significant developments on this matter will emerge this week, potentially moving markets in either direction as negotiators work toward the August 1st deadline.
  • SharpLink to Overtake the Ethereum Foundation? SharpLink Gaming, Ethereum's answer to MicroStrategy, launched its Ether treasury strategy on June 2, 2025. The company has already accumulated 216,000 ETH worth $663 million. With the Ethereum Foundation holding 242,500 ETH, SharpLink will likely surpass the Ethereum Foundation itself soon, perhaps as early as this week.
Mads Eberhardt14/07/2025
Should not be considered financial advice. Crypto may involve high risk.