Memecoins Lead the Charge as Majors Consolidate

Key Takeaways:

• Tariff uncertainty and holiday lull weigh on markets: Crypto traded in tight ranges as investors braced for the July 9 U.S. tariff deadline. Activity slowed further around the July 4th holiday, reinforcing a cautious market tone.
• Bitcoin holds near highs: BTC ended the week up +0.81% after rebounding midweek. Spot Bitcoin ETFs saw their strongest daily inflows in over a month, totalling US$601.8 million.
• Ethereum outperforms: ETH gained +2.87% for the week, driven by US$194 million in ETF inflows and treasury adoption by BitMine and Sharplink Gaming.
• Bonk ecosystem surges: BONK rallied +46.67% amid ETF speculation and growing momentum behind Bonk Fun. Meanwhile, USELESS led all gainers with a +58.42% jump, extending its rise as a standout in the memecoin space.
• Big headlines stir the market: Trump’s tax bill passed the House, the first US Solana ETF began trading, and a dormant whale moved US$8.6B in Bitcoin—the largest transfer of old coins in history.

Market Overview

It was a relatively subdued week for crypto markets, marked by compressed trading ranges and cautious sentiment. Most major assets remained range-bound as investors adopted a wait-and-see approach ahead of the anticipated July 9 deadline for Trump’s proposed trade tariffs. However, overnight news that the tariff decision has been delayed until August 1 provided a modest boost to risk appetite, potentially offering markets a few more weeks of breathing room.

Trading activity was further dampened by reduced liquidity heading into the July 4 holiday in the U.S. Nonetheless, institutional demand remained firm. Spot Bitcoin ETFs recorded their strongest daily inflow in over a month on Thursday, indicating that investors continue to allocate capital despite the uncertain macro backdrop.

Ethereum followed a similar path, rebounding midweek after an early dip and ultimately outperforming Bitcoin. ETH ETFs attracted robust inflows, reinforcing the trend of increasing institutional interest across both majors.

While the broader market remained largely in consolidation mode, a select group of memecoins broke out. The Bonk ecosystem led the charge, with tokens like BONK and USELESS posting outsized gains and capturing attention amid a relatively muted backdrop.

Bitcoin (BTC)

Bitcoin (BTC) began the week on the back foot, briefly retesting the US$105,500 support level before bouncing strongly on Tuesday. The rally pushed BTC toward US$110,000 midweek, just shy of its all-time high. However, bullish momentum faded on Thursday after a hotter-than-expected US jobs report dampened expectations for a July rate cut. BTC finished the week up +0.81%, with weekend trading largely muted amid reduced U.S. market participation.

On the institutional front, U.S. spot Bitcoin ETFs recorded their largest single-day inflows in over a month. According to Farside data, Thursday saw US$601.8 million flow into Bitcoin ETFs, led by BlackRock’s IBIT and Fidelity’s FBTC. The inflows mark the strongest daily total since June 24 and suggest that investors are positioning ahead of potential macro shifts tied to Trump’s upcoming tax and spending package. 

Ethereum (ETH)

Ethereum (ETH) followed a similar early-week decline, retesting the US$2,400 support level before rebounding midweek to challenge US$2,600 resistance. Like BTC, it pulled back on Thursday following U.S. jobs data news but staged a solid recovery over the weekend to close the week up +2.87%, outperforming BTC.

Institutional interest in Ethereum continues to grow. Spot ETH ETFs recorded net inflows of 76,892 ETH this week, worth US$194.54 million. BlackRock’s iShares Ethereum Trust led with 32,987 ETH (US$83.46 million), while Grayscale’s Mini Trust added 3,105 ETH. Across all spot ETFs, more than US$4.57 billion in ETH is now held, underscoring Ethereum’s rising profile among institutional investors.

In corporate news, BitMine announced a US$250 million private placement to accumulate ETH as its primary treasury asset, spearheaded by newly appointed chairman Tom Lee. Lee has publicly positioned BitMine to become the “MicroStrategy of ETH.” Meanwhile, Sharplink Gaming became the first publicly listed firm to formally adopt ETH as its treasury reserve, disclosing holdings of 198,478 ETH, valued at over US$500 million.

Altcoins

Major altcoins delivered mixed results, with relatively modest price action across the board. Solana (SOL) dipped -0.95% despite strong onchain activity and ecosystem news. Dogecoin (DOGE) rose +1.49%, while XRP (XRP) gained +2.94% on steady interest and broader market support. Cardano (ADA) and Tron (TRX) posted gains of +1.47% and +3.57% respectively, extending their upward trend from the previous week.

Biggest Gainers:

• Useless Coin (USELESS) surged +58.42% this week, extending its strong outperformance from June. The meme coin continues to gain traction, buoyed by rising community engagement and strong support from prominent crypto KOLs.
• Osaka Protocol (OSAK) jumped +56.56% with momentum driven by continued speculative interest in low-cap meme coins. With no specific catalysts, it likely benefited from spillover demand in the broader meme coin rally.
• Bonk (BONK) gained +46.67% amid buzz around a possible BONK ETF. A recent post-effective filing suggests July 16 as a potential launch date, pending SEC approval. The token also benefited from the rising popularity of Bonk Fun, a new meme coin launchpad that has been capturing market share and diverting liquidity from rivals like Pump Fun. With 50% of Bonk Fun’s revenue allocated to buying and burning BONK, the platform’s growth has contributed to sustained upward pressure on the token.

Biggest Losers:

• CHEX Token (CHEX), Zebec Network (ZBCN), and Bitcoin SV (BSV) earned the unfortunate titles of this week’s biggest losers, dropping -23.26%, -23.16%, and -20.54% respectively. While there were no major catalysts behind the moves, the declines appear to reflect broader market rotation, low liquidity, and profit-taking in lower-performing assets.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• Trump’s ‘Big Beautiful’ tax bill passes: The Republican-led House approved a sweeping tax and spending package projected to cut revenues by $4.5 trillion and add $3.4 trillion to the US national debt. 
• $8.6B in dormant BTC reawakens: A long-dormant Bitcoin whale moved 80,000 BTC—worth over $8.6 billion—in the largest daily transfer of old coins ever recorded. The wallet had been inactive since 2010. 
• First US Solana staking ETF debuts: The REX-Osprey Solana Staking ETF began trading on the Cboe BZX Exchange, recording $33 million in first-day volume and attracting $12 million in inflows. The launch marks a major milestone in Solana’s push into traditional finance.
• Ripple applies for US banking licence: XRP issuer Ripple Labs formally applied for a banking charter in the US, expanding its regulatory footprint as it seeks to bridge crypto and traditional finance.
• Chainlink unveils ACE compliance suite: Chainlink launched its Automated Compliance Engine (ACE), a suite of tools designed to support regulatory compliance across decentralised applications and tokenised assets.
• Robinhood enters onchain stocks, preps Ethereum L2: Robinhood launched support for tokenised stocks on Arbitrum and revealed it is building its own Ethereum Layer-2 network, signalling a deeper pivot into Web3 infrastructure.
• Figma reveals surprise Bitcoin bet: Design software firm Figma disclosed it has held $69.5 million in Bitcoin ETFs for over a year, accounting for 4.5% of its cash reserves, as it prepares for a potential public listing.
• Peter Thiel-backed bank to serve crypto, AI sectors: Billionaires including Peter Thiel are launching “Ererbor,” a bank tailored to firms in crypto, defence, and artificial intelligence, aiming to fill gaps left by traditional finance.
• Jupiter Exchange launches Jupiter Studio: Jupiter Exchange unveiled Jupiter Studio, a new platform for creating memecoins and experimental tokens, positioned as a rival to Pump Fun.
• Jupiter enables tokenised stock trading on Solana: The exchange also added support for trading tokenised stocks on Solana, expanding access to traditional assets via decentralised rails.
• Velodrome enables cross-chain swaps: The launch of Superswaps lets users execute cross-chain trades across the Optimism Superchain in a single transaction, streamlining access to liquidity.
• PancakeSwap launches on Solana: Multichain DEX PancakeSwap deployed v3 liquidity pools on Solana, extending its reach into the high-speed Layer 1 network.

Looking Forward - The Week Ahead

Key upcoming events to watch:

• Senate hearing on crypto regulation (July 9): The US Senate Banking Committee will examine the Market Structure Bill, which aims to clarify whether tokens fall under SEC or CFTC oversight. The hearing could influence the regulatory direction for digital assets in the U.S.
• Fed FOMC meeting minutes (July 9): The Federal Reserve will release minutes from its latest policy meeting, offering fresh insight into inflation views and interest rate plans—factors closely watched by risk markets including crypto.
• Moo Deng’s birthday (July 10): The famous pygmy hippo that inspired the Solana-based memecoin turns one this week, with her zoo hosting a three-day celebration.
• Aerodrome Pool Launcher goes live: Aerodrome will debut its Pool Launcher, allowing permissionless creation of liquidity pools to foster open DeFi development on Base.
• Kaito to launch token capital platform: Kaito (KAITO) is expected to roll out a launchpad platform supporting token sales and early-stage crypto fundraising.

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