Daily Report 8 July 2025

Global markets declined as President Trump renewed tariff threats against several countries, sparking concerns over trade tensions. The Dow Jones (-0.94%), S&P 500 (-0.79%), and Nasdaq (-0.92%) all closed lower. Trump warned 14 countries of tariffs of at least 25% on August 1 if agreements are not reached, with Japan and South Korea facing potential 25% tariffs. The move has put trading partners on edge, with BRICS nations criticizing the US president's "irresponsible" stance. Meanwhile, China is rerouting exports via southeast Asia to dodge US tariffs, and the EU remains divided over its response to Trump's tariff deadline. The global crypto market cap decreased 0.85% in the past 24h to $3.34tn while the 24h volume increased 12% to $99bn.

• In the past 24 hours, crypto liquidations decreased by 7% and totaled $167.74m, with 72% of them long positions.

• According to data from SoSo Value, Bitcoin ETFs recorded $216.6 million in net inflows on July 7, maintaining positive institutional demand despite a more moderate pace compared to recent days. BlackRock's IBIT dominated with $164.6 million in inflows while Fidelity's FBTC contributed $66.1 million, together accounting for over 100% of the day's total as Grayscale's GBTC posted $10.2 million in outflows and Ark's ARKB saw $10.1 million in redemptions. All Bitcoin ETFs declined around 1.2% as the cryptocurrency pulled back, with total assets falling to $135.7 billion while cumulative net inflows reached $49.9 billion since launch. The solid but measured inflows suggest institutional appetite remains strong but more selective, with the ETFs having attracted over $1.2 billion across the first three trading days of July despite experiencing some selling pressure.

• According to data from SoSo Value, Ethereum ETFs recorded $62.1 million in net inflows on July 7, moderating from the $148.6 million recorded on July 3. BlackRock's ETHA dominated with $53.2 million in inflows while Fidelity's FETH contributed $8.9 million, as both Grayscale products—ETHE and ETH—recorded zero flows for the day. All Ethereum ETFs declined between 1.15% and 1.25%, with total assets falling to $10.7 billion while cumulative net inflows reached $4.46 billion since launch. Trading volume decreased to $397.2 million from recent higher levels, with the inflows bringing the month-to-date total to over $250 million across the first three trading days of July.

• Five countries including the Cayman Islands, UAE, El Salvador, Germany, and Portugal still offer tax-free cryptocurrency treatment in 2025 through various mechanisms ranging from complete tax exemption to long-term holding benefits, providing rare havens as global authorities increasingly scrutinize digital asset taxation.
• Bit Digital has become the second-largest publicly traded Ethereum holder, surpassing others to position itself behind Coinbase.
• Vietnam is implementing cryptocurrency regulations to meet Financial Action Task Force standards, combat digital asset fraud, and rebuild its international financial reputation by enhancing oversight and enforcement capabilities to prevent illicit activities involving digital currencies.
• Bitcoin derivatives data suggests traders are abandoning bearish positions and reducing demand for downside protection, with analysts pointing to a potential rally to $120,000 as the cryptocurrency holds above $107,000 despite broader recession fears and maintains futures premiums above neutral levels.
• Cleanspark reached an operational hashrate of 50 EH/s in June, and despite significant monthly bitcoin sales, the company was able to increase its total bitcoin holdings to 12,608 BTC.
• Robinhood's tokens for OpenAI and SpaceX have sparked controversy as the fine print reveals they provide indirect exposure to these companies through derivatives, rather than direct investment or ownership, potentially misleading investors about the nature of their investment.
• Japan's Metaplanet has become the world's fifth-largest corporate Bitcoin holder after acquiring 2,204 Bitcoins and bringing its total holdings to 15555 BTC.
• France's The Blockchain Group purchased 116 Bitcoin for $12.55 million while UK-based Smarter Web Company acquired 226.42 BTC for $24.34 million on Monday, adding to a growing trend of European companies adopting Bitcoin treasury strategies amid favorable market conditions.
• The TON Foundation clarified Monday that it has no official UAE government backing for a Golden Visa program and is only in "early stages of development" with a licensed partner to explore such an initiative, distancing itself from weekend claims that prompted swift denials from UAE authorities.
• CoreWeave has acquired Core Scientific, a leading bitcoin mining company, in a $9 billion all-stock deal, significantly expanding its data center capacity to enhance artificial intelligence and high-performance computing capabilities.
• According to Bitcoin researcher Axel Adler Jr., Bitcoin futures are experiencing increased long-side buy pressure alongside a surge in open interest, indicating growing bullish sentiment among investors and potential upward price movement for the cryptocurrency.
• Roman Storm, the developer of Tornado Cash, had charges against him dismissed just days before he was scheduled to face them in US federal court, in a significant turn of events in the highly watched case involving the cryptocurrency privacy technology.
• The SEC officially acknowledged Trump Media's application for a Bitcoin and Ethereum ETF with 75% Bitcoin and 25% Ether allocation, starting the regulatory clock for approval or rejection of the fund that would be custodied by Crypto.com and sponsored by Yorkville America Digital.
• Solana's newest memecoin launchpad, LetsBonk, has shaken up the memecoin space by doubling Pump.fun's daily revenue, generating $1.04 million and significantly altering the leaderboard in this rapidly evolving market.