Daily Report 9 July 2025

Global markets were mixed as US President Trump renewed tariff threats against several countries, setting an August 1 deadline for trade agreements. The Dow Jones (-0.37%) and S&P 500 (-0.07%) fell, while the Nasdaq (+0.03%) edged higher. Trump's expansive view of trade deals and new tariff threats sparked a global scramble, with 14 countries facing potential tariffs of at least 25%. Meanwhile, inflation expectations have drifted back down to pre-tariff levels, according to a New York Fed survey. The US dollar and global markets remain on edge as the tariff deadline approaches. The global crypto market cap increased 1% in the past 24 hours to $3.37tn.

• In the past 24 hours, crypto liquidations decreased by 17% and totaled $138.9m, with 69.5% of them short positions. ETH positions made up over 33% of all liquidated positions, of which more than 82% were short positions as ETH gained 3.17% over the past day.

• According to data from SoSo Value, Bitcoin ETFs recorded $80.1 million in net inflows on July 8, moderating from the previous day's $216.6 million as institutional demand remained positive but at a slower pace.

• According to data from SoSo Value, Ethereum ETFs recorded $46.6 million in net inflows on July 8, also moderating from the previous day's $62.1 million but maintaining positive institutional demand.

• Long-term bitcoin investors now hold 80% of all bitcoin in circulation, a level that, based on historical trends, could trigger the next significant price increase as the market enters a new phase of price discovery.
• Shares of Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea rose by 10% to 19% after the banks filed stablecoin trademark applications.
• Truth Social filed an S-1 registration with the SEC for a "Crypto Blue Chip ETF" that would track five major cryptocurrencies with 70% allocated to Bitcoin, 15% to Ethereum, 8% to Solana, 5% to Cronos, and 2% to XRP, seeking to list on NYSE Arca after regulatory approval.
• Huione-linked wallets moved $943 million in USDT to centralized exchanges despite US FinCEN sanctions designating the transnational crypto crime network as a primary money laundering concern, with the group operating cryptocurrency exchanges, payment platforms, and illicit marketplaces across Cambodia, China, and Poland while using complex transaction layering to continue operations as over 30 new darknet marketplaces emerged after Huione's Telegram-based marketplace shutdown.
• Falcon USD (USDf), a $540 million stablecoin backed by controversial market maker DWF Labs, lost its dollar peg and fell to $0.98, sparking fears of a Terra LUNA-style collapse amid concerns about reserve transparency and the fact that only $25 million of its $635 million in backing assets are held on-chain.