Markets Surge as Bitcoin Breaks to New All-Time High

Market Highlights

• Bitcoin enters price discovery: BTC broke above its previous all-time high at US$111K and closed the week at US$118K, its highest weekly close on record.
• Ethereum surges past US$3,000: ETH rallied +15.5%, driven by record ETF inflows and growing institutional interest.
• Altcoins rally: Major altcoins like ADA and XRP posted +25% gains, hinting at a brewing altcoin season.
• Memecoins regain momentum: MOG and PENGU led the week’s gains as Pump.fun’s US$500M ICO reignited speculative interest across the sector.
• Crypto Week kicks off in U.S. Congress: Lawmakers will debate three major bills that could reshape the regulatory landscape for digital assets in the U.S.

Market Overview

It was a historic week across crypto markets, headlined by Bitcoin (BTC) breaking out of its recent range to post new all-time highs and record its strongest weekly close ever. The rally was driven in part by renewed macro optimism after U.S. President Donald Trump reiterated his calls for interest rate cuts—fueling risk-on sentiment across asset classes. Institutional demand followed, with spot Bitcoin ETFs recording their second-largest day of inflows on record, highlighting the continued influx of traditional capital into crypto.

Ethereum (ETH) couldn’t let BTC steal all the spotlight. ETH rallied double digits on the week, crossing US$3,000 for the first time since February and extending its recent trend of outperformance against BTC. This strength, combined with broad gains across large-cap altcoins and early signs of a local top in BTC dominance, hints at the early stages of a potential altcoin season.

Memecoins also reclaimed the spotlight. Pump.fun’s US$500 million ICO—one of the largest in crypto history—sparked fresh retail excitement as its PUMP token prepares to go live this week. Meanwhile, all eyes are on Washington D.C. as “Crypto Week” gets underway in the U.S. House of Representatives, where lawmakers will debate three landmark bills that could help shape the regulatory framework for digital assets.

Bitcoin (BTC)

Bitcoin (BTC) began the week in consolidation before surging midweek, fuelled by dovish remarks from U.S. President Donald Trump, who reiterated calls for the Federal Reserve to cut interest rates. The rally gained momentum on Wednesday as BTC broke above its previous all-time high of US$111,000, pushing into price discovery and setting fresh record highs on both Thursday and Friday. BTC closed the week at ~US$118,000, up +8.60%, marking its highest weekly close on record.

Institutional demand remained the primary driver, with U.S. spot Bitcoin ETFs recording over US$1.17 billion in inflows on Thursday alone—the second-largest daily total to date. BlackRock’s IBIT led the way with US$448.5 million, followed by Fidelity’s FBTC (US$324.3 million) and ARK’s ARKB (US$268.7 million), according to data from Farside Investors. 

Ethereum (ETH)

Ethereum (ETH) delivered another stellar performance this week, rallying +15.51% to cross US$3,000 for the first time since early February. The move underscores ETH’s continued outperformance relative to Bitcoin and rising institutional interest.

Investor conviction is clearly strengthening. U.S. spot Ethereum ETFs saw their highest single-day inflow on record on Thursday, with US$383.1 million added, according to Farside data. Total net inflows for the week reached US$908 million, reinforcing investor conviction in Ethereum’s long-term value proposition.

In corporate news, Sharplink Gaming disclosed it had acquired 10,000 ETH—worth approximately US$30 million—from the Ethereum Foundation, further signalling institutional alignment with Ethereum’s ecosystem.

Altcoins

Altcoins posted strong performances across the board, buoyed by renewed optimism following Bitcoin’s breakout to new all-time highs. Among the largest altcoins by market cap, Cardano (ADA) surged +25.79% and XRP (XRP) gained +24.90%, both hitting multi-month highs on rising retail interest. Dogecoin (DOGE) climbed +15.49%, lifted by fresh momentum in the memecoin sector. While Solana (SOL) and Tron (TRX) also delivered steady gains of +6.12% and +5.67% respectively.

Biggest Gainers:

• Mog Coin (MOG) +89.11%: MOG surged to a six-month high, driven by intense buying pressure. While there are no specific catalysts of note, the token has seen renewed online attention and is benefiting from a broader resurgence in the memecoin sector.
• Pudgy Penguins (PENGU) +88.53%: PENGU extended its rally to over +250% since 23 June, fuelled by news that the U.S. SEC acknowledged Canary Capital’s filing for a spot PENGU ETF. The token also gained traction from a wave of crypto platforms and influencers adopting Pudgy Penguin NFTs as their profile pictures across X over the past week.
• Stellar (XLM) +87.74%: XLM hit its highest level since January after the release of Stellar Core v23.0.0rc2, a major upgrade that improved performance and scalability. The technical milestone helped spark a wave of buying interest.

Biggest Losers:

• Hashflow (HFT) -17.76%: HFT was the week’s biggest decliner, falling sharply without a clear trigger. The drop may reflect waning momentum after recent gains.
• Maple (SYRUP) -12.06%: SYRUP pulled back after several weeks of strong performance, with the decline driven by profit-taking as the token approached recent highs.
• GMX (GMX) -7.84%: GMX declined following news of a $40 million exploit earlier in the week. Although the attacker has begun returning funds, the breach has undermined short-term confidence in the protocol.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• Pump.fun ICO Raises $500 Million in 12 Minutes: Memecoin launch platform Pump.fun sold out its ICO on Saturday, raising one of the largest amounts in ICO history with $500 million allocated in under 12 minutes.
• Phantom Adds Perpetuals Trading via Hyperliquid: Non-custodial wallet Phantom has introduced direct perpetual futures trading within its interface, powered by Hyperliquid’s decentralised exchange.
• Maple Becomes Largest Onchain Asset Manager: Maple Finance (SYRUP) surpassed BlackRock’s BUIDL to become the largest asset manager onchain.
• Story and Worldcoin Partner to Combat AI IP Infringement: Story Network and Worldcoin announced they are integrating World ID into Story’s IP-focused Layer 1 to verify digital identity and curb AI-generated content that infringes on intellectual property rights.
• Upexi Raises $200 Million to Boost Solana Holdings: Consumer products brand Upexi announced a major treasury expansion, raising $200 million to fund business growth and increase its SOL reserves.
• Rumble Teams Up with MoonPay to Launch Crypto Wallet: Bitcoin treasury firm Rumble is launching a new crypto wallet in partnership with MoonPay, signalling an expansion of its fintech offerings.
• GMX Exploited for $40 Million, Funds Being Returned: Cross-chain decentralised exchange GMX suffered a $40 million exploit this week. However, the attacker has begun returning the stolen assets after accepting a $5 million white hat bounty offered by the GMX team.

Looking Forward - The Week Ahead

Key upcoming events to watch:

• Crypto Week in the U.S. House: The House of Representatives will debate three key bills—GENIUS (stablecoins), CLARITY (market structure), and anti-CBDC legislation—in what could become a landmark moment for U.S. crypto regulation.
• Sonic Airdrop Claims Begin (15 July): The first phase of the Sonic (S) token airdrop will begin between 15–22 July, with claim windows opening at random as announced by the team. The event could spark increased trading activity and short-term price volatility as tokens enter circulation.
• Coinbase's Base Event (16 July): Coinbase will unveil “A New Day One” for Base, with a major announcement anticipated. A wallet rebrand and potential social app are rumoured.
• TRUMP Token Unlock (July 18): Approximately $865 million worth of Official Trump (TRUMP) tokens—representing 45% of the circulating supply—will unlock on 18 July. The size of the event poses a risk of increased sell-side pressure. Speculation is mounting that the TRUMP team may time a major announcement to coincide with the unlock in an effort to shift attention and attract new buyers.
• PUMP Token Launch: Following its $500 million ICO sell-out, the PUMP token is set to go live early this week. Tokens purchased during the sale will become transferable 48–72 hours post-sale, with full transferability expected by 18 July.

Thanks for reading this week’s Market Pulse. We’ll be back next week with more insights from the crypto markets!