ARP's Crypto Digest

General Digital Asset Market View:

U.S. spot Bitcoin ETFs recorded $601.8 million in net inflows on July 3, marking their strongest single-day showing since June 24’s $588.6 million. The surge came as investor sentiment toward risk assets improved following a stronger-than-expected U.S. jobs report, which helped ease recession fears.

BlackRock’s IBIT and Fidelity’s FBTC led Thursday’s flows, attracting $224.5 million and $237.1 million, respectively. Ark Invest’s ARKB followed with $114.2 million, while Grayscale’s GBTC and Franklin Templeton’s EZBC reported no net movement.

Despite recent trade uncertainties, U.S. Bitcoin ETFs have maintained momentum. For the week, net inflows totaled $769.5 million even after a $342.2 million outflow on July 1, highlighting continued institutional demand. The July 3 inflow helped push Bitcoin to a session high of $110,583.

Macro:

The week ahead will be shaped by the end of the 90-day reciprocal tariff extension on July 9, including whether there are new deals (the mooted letters lead me to think limited deals) or any further extensions, and what the tariff rates will be. In other releases, highlights include the FOMC minutes in the US, RBA/RBNZ/BoK meetings, inflation in China as well as growth and inflation indicators in Europe. There will be the BRICS summit in Rio de Janeiro on July 6–7 and OPEC+ members are expected to decide on August production on Sunday as oil prices hover around $65/bbl. OPEC will also hold its international seminar on July 9–10. In Europe, France’s President Macron will be in the UK on July 8–10 for a state visit and will co-chair the UK-France summit with UK Prime Minister Starmer.

More Crypto:

Solana’s stablecoin supply dipped 6.5% in June, ending the month at $10.8B.

USDC dropped by nearly $1B, while FDUSD surged almost 200%, climbing from $104M to $304M — signaling shifting preferences on the network.

The US Dollar Index (DXY) just hit its lowest point since 2022 — a clear sign that confidence in the greenback is eroding.

Investors are starting to look elsewhere.

Ethereum-based stablecoins hit an ATH, surpassing 750,000 weekly unique addresses.

The shift from speculation to real use cases is accelerating, and growing competition is pushing the market toward better products and lower costs.

What Happened This Week:

• Eight dormant Satoshi-era wallets moved $8.6B in BTC after 14 years.

• OndoFinance to acquire SEC-regulated Oasis Pro to launch tokenized stocks in the U.S.

• Japan’s first digital bank, Minna Bank, teams up with Solana and Fireblocks to test stablecoins.

• First spot solana staking ETF is officially live.

• Fidelity buys 10,283 $ETH for $25.7M.

What to Look Out For:

• US House declares July 14–18 as “Crypto Week”.

• FTX may exclude users in 49 countries from payouts due to crypto bans.

• Ripple applies for U.S. banking license.

• Figma filed to go public, revealing $70M in Bitcoin ETFs and board approval to buy $30M more BTC via USDC.

• DeFi Development Corp. to raise $100M via convertible notes for more $SOL and stock buybacks.

• SEC exploring token-based ETF listing standards to streamline approvals.

What we enjoyed reading and listening to:

• The Great Differentiation — Link

• What Could Go Right?: The Upside of Optimistic Future Outlooks in an Increasingly Nihilist Present — Link

• The End of Serious Business Models — Link

• Meta’s AI Strategy — Link

• The future of DeFAI (DeFi x AI) — Link

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