Floodgates About to Open

GM Anon! 

What a week it’s been. 🚀

Markets have been swinging between macro jitters and bullish momentum, with policy shifts, whale accumulation, and fresh regulatory moves keeping traders on edge. Trump’s executive order opening 401ks to crypto lit a fire under long-term adoption narratives, while ETH stole the spotlight — smashing through $4K on heavy institutional and whale buys. 

BTC held its ground despite one of the largest ETF outflows on record, as whales stepped in to scoop up billions. Altcoins saw pockets of explosive gains, stablecoins hit a fresh ATH, and smart money rotated fast across ecosystems, chasing the week’s hottest narratives. Let’s break it down!

TLDR

• Trump signs EO allowing crypto in 401ks, boosting long-term adoption potential.

• ETH breaks above $4K, +15.2% on week, with heavy whale and treasury accumulation.

• BTC holds key support despite 2nd-largest ETF outflow; whales buy $18B from short-term sellers.

• XRP +9.5% after SEC case ends, announces $200M Rail acquisition.

• Stablecoin market cap hits ATH $268.7B, adding $2.2B in a week.

• MNT leads large-cap gains at +52%, followed by REKT +43.7%, FLUID +37.9%.

• QUBIC (-13.7%), XMR (-11.4%), and PI (-9.2%) top weekly losers.
  DeSci narrative +25% leads mindshare, with Game-Fi, Oracles, Lending, Launchpads also strong.

• Smart money in Solana rotates into high-beta plays like Fartcoin (+157%) and TROLL (+66%).

• EVM smart money cautious; selective buys in CULT, SHRUB, AP, while trimming MOG and SBET.

Market Update

Crypto markets have been navigating a volatile macro backdrop, with sentiment whipsawed by fresh regulatory headlines, shifting Fed signals, and institutional flows. Tariff concerns eased slightly after the initial shock of a 21.6% levy on BTC mining machines, giving mining stocks a bounce, while broader risk assets stayed choppy. 

Trump signed an executive order opening the door for crypto allocations in 401k plans — a significant structural win that could expand retail retirement demand. This came alongside reports that crypto-friendly economist Miran is set for the Fed board, reinforcing a more open stance toward digital assets within policy circles. Macro uncertainty still lingers, but Fed pivot bets have been building, feeding into renewed upside across select crypto sectors.

ETH has been at the center of attention, breaking above $4K on the back of aggressive accumulation from mega whales and institutional treasuries. The odds of ETH holding above this level for the month sit at 87%, with inflows now coming from major players like BMNR — which bought 200K ETH in the past week — Galaxy Digital’s $300M OTC purchase, Sharplink’s $304M buy, and Fundamental Global’s plan to raise $5B for ETH acquisitions. Cosmos Health announced a $300M ETH treasury, while StanChart publicly favored ETH-linked treasury stocks over ETFs.

Vitalik proposed multidimensional fee structures to optimize scalability, and the ETH Foundation pledged $500K toward Storm’s legal defense. Daily transactions are nearing record highs, ETF volumes have flipped positive even as outflows from BTC products persist, and tokenization experiments around ETH remain active — from Animoca’s joint RWA marketplace launch to Provenance’s tokenized markets initiative.

BTC performance was steadier, with the benchmark holding key support while absorbing the second-largest daily ETF outflow on record. Short-term holders offloaded $18B worth of BTC into whale accumulation, with fresh treasury moves from Metaplanet (planning a $3.7B raise), Parataxis’ $640M BTC strategy, and Bakkt’s setup of a Japanese BTC treasury vehicle. 

Union Jack Oil revealed plans to deploy BTC mining facilities, while Winklevoss-backed investments in Trump’s American Bitcoin kept political narratives active. Lummis called to “Sell Gold, Buy BTC,” Brazil and Indonesia both evaluated BTC reserves, and Michigan’s pension fund tripled BTC ETF exposure. Still, the ETF bid has softened, with July’s record $12.8B inflow fading under current macro headwinds.

In the altcoin space, XRP was a clear standout — surging 10% after the SEC officially ended its legal battle and announcing a $200M acquisition of payments firm Rail. LTC also outperformed majors on renewed adoption headlines, while SOL led the broader rally at points in the week, boosted by the launch of tradeable pre-IPO stocks on its network and resilient ecosystem activity. ENA topped altcoin gains as TVL passed $9B. Meanwhile, DeFi saw sector-specific developments, with Pendle introducing speculation on crypto funding rates, Chainlink launching US equity data streams and a LINK reserve, and BNB outlining a new infrastructure roadmap.

The regulatory front was particularly busy. The SEC declared liquid staking activities are not securities, issued guidance on stablecoin accounting, and announced nationwide crypto roundtables. The CFTC opened the door to crypto futures exchanges and launched a joint “crypto sprint” with the SEC. Japan’s SBI filed for multiple crypto ETFs, the UK FCA prepared to allow retail access to crypto ETNs, and China once again cracked down on mainland trading while testing Yuan stablecoins. In the US, new rules are expected to fine banks for crypto discrimination.

Corporate and exchange activity remained intense. Binance expanded BTC options writing to all users and partnered with BBVA for off-exchange asset custody. Coinbase and PayPal teamed up to offer stablecoin yield, while Coinbase shares slid 19% over the week. Thiel-backed Bullish filed for an IPO, Hyperliquid claimed 35% of July’s total blockchain revenue, and BitBridge announced plans to go public as a BTC treasury firm. Metamask hinted at a stablecoin launch, Sheetz began offering discounts on crypto payments, and Nomura moved to launch crypto options in Dubai.

Market Data Points

The net asset value of crypto treasury companies has been going from strength to strength — climbing steadily since early April and now sitting near all-time highs above $90B. This sustained growth signals increasing confidence from institutions allocating crypto on balance sheets, and reflects the broader trend of digital assets being treated as strategic reserves, not speculative punts. Momentum hasn’t slowed, suggesting corporate crypto exposure is becoming more normalized as we head deeper into the cycle.

Ethereum's on-chain activity surged in July 2025, recording a massive $238.21 billion in volume — its highest level in over a year. This sharp spike marks a major rebound in network usage, nearly doubling the figures seen just two months prior. After a sluggish spring, July's volume confirms a renewed wave of capital rotation, ecosystem engagement, and broader transactional demand on the Ethereum network.

Ethereum continues to dominate net inflows, with this past week once again seeing it pull in the most capital of any chain. These steady, week-after-week inflows have consistently outpaced every other network, reinforcing Ethereum’s position as the primary destination for on-chain capital currently.

Despite a few standout performers like TROLL, overall activity on the Solana network has cooled. Daily active addresses peaked above 5 million in June but have since dropped steadily, now hovering around 2.9 million as August begins. The decline suggests growing user fatigue around the broader memecoin trend, even as isolated tokens continue to make noise.

The stablecoin market cap has pushed to yet another all-time high, now sitting at $268.7B after adding $2.2B in the past week. This steady climb shows the ongoing demand for dollar-pegged liquidity across both DeFi and centralized platforms. USDT remains firmly in the lead with 61.2% dominance.

Majors & Memes

Over the past seven days, the majors have seen a decisive tilt back to the upside, led by ETH’s breakout above $4K — a milestone that’s reenergized market sentiment and positioned ETH as the week’s standout. ETH gained +15.2%, outpacing BTC’s +2.8% climb and solidifying its dominance in both spot and derivatives flows. 

Among other top caps, XRP rallied +9.5% on renewed retail inflows, SOL climbed +7.0% as ecosystem momentum steadied, and DOGE added +10.4% in a bounce from recent lows. ADA gained +8.6%, TRX saw a modest +3.9%, and BNB rose +4.7% on continued L1 rotation. 

In the broader market, MNT stole the spotlight as the best performer in the large-cap space, surging +52% on rising ecosystem activity. REKT (+43.7%) extended its rally, while FLUID (+37.9%) and PENDLE (+37.4%) both benefited from heightened DeFi sector flows. 

KTA (+35.5%) and AERO (+35.1%) gained traction on speculative momentum, with smaller names like TOSHI (+28.3%) and SNEK (+26.6%) drawing niche attention. PUMP rebounded +26.6%, lifting back above key market cap thresholds, while MATIC and BEAM both advanced +21.9% on steady accumulation.

On the downside, QUBIC led weekly losers with a -13.7% drop, followed by XMR (-11.4%) and PI (-9.2%), which saw fading liquidity. TON lost -7.1% as bullish momentum cooled, while XDC slipped -4.6%. Lower-cap names like TKX, TFUEL, and VENOM posted smaller declines in the -2% to -3% range. BONK eased slightly (-0.3%) after strong prior-week gains, signaling a pause in certain Solana meme momentum.

ETH’s breakout above $4K is the clear headline, with large-cap rotation favoring assets tied to strong narratives, while losers were mostly defined by profit-taking and thinning volumes.

Narrative Mindshare

Over the past week, DeSci has been the clear leader in overall narrative price appreciation, posting gains of nearly 25% and significantly outpacing the rest of the field. Game-Fi followed with a solid ~15% rise, while Oracles, Lending, and Launchpads each delivered double-digit advances in the 11–13% range. 

Mid-tier performers like Memecoins, DeFi, and AI-Agents all logged steady 10–11% growth, reflecting broad interest across both speculative and infrastructure-driven themes.

Over the past seven days, narrative mindshare in the Solana ecosystem has been dominated by TROLL, which held the top spot consistently, reinforcing its role as one of the most attention-heavy plays right now. This aligns with smart money accumulation data, clear confirmation that attention and capital have been moving in tandem here.

Other high-visibility names like Tokabu and URANUS maintained meaningful slices of the attention share early in the week, but their trajectories diverged from an accumulation standpoint. Tokabu remained a major allocation in dollar terms (~$2.43M) but saw net trimming in positions (-11.65%), suggesting that while traders are still watching, some capital has rotated elsewhere. URANUS followed a similar pattern — present in the mindshare charts but seeing reduced holdings, highlighting that not all attention translates into fresh buying.

Interestingly, Fartcoin and Memecoin, both of which saw strong smart money inflows (+157.36% to $2.35M and +28.26% to $362.32K, respectively), did not dominate the mindshare chart in the same way. On the flip side, LIZARD featured prominently in mindshare mid-week, making it one of the few tokens where attention and accumulation moved in lockstep beyond TROLL.

Smart Money Accumulation 

Smart money activity in the Solana ecosystem over the past week shows a clear shift toward higher-risk, faster-moving plays — the kind of rotation that often marks the early stages of a risk-on phase. Capital isn’t sitting still; it’s moving aggressively between narratives, favouring tokens with momentum over established positions.

NYAN held steady at around $482.68K in value, but the standout moves came from elsewhere. Tokabu remains one of the largest allocations at roughly $2.43M, though positioning has been trimmed as funds rotated into higher-beta names. Fartcoin saw the sharpest build, with holdings jumping 157.36% to about $2.35M, while TROLL climbed 66.53% to $1.39M — both signalling renewed appetite for tokens that can move quickly when attention spikes.

Mid-tier names like Memecoin ($362.32K, +28.26%) and LIZARD ($373.04K, +23.89%) also drew fresh interest, suggesting targeted accumulation in smaller caps that could benefit from spill-over flows if market momentum builds.

At the same time, prior favourites such as URANUS ($1.18M), TRENCHER ($542.85K), and MACROHARD ($120.86K) saw reductions, reinforcing that this is active rotation, not broad-based buying.

Overall, the pattern points to a market positioning for quick, narrative-led rallies. If Solana liquidity picks up, the current allocation mix could fuel sharp moves across the ecosystem in the weeks ahead.

Smart money accumulation in the EVM ecosystem over the past week paints a picture of caution rather than conviction. While there were pockets of targeted buying, the broader tone remains restrained — a sign that traders are waiting for clearer cues, likely from Ethereum’s next major move, before committing more aggressively.

CULT saw modest inflows, lifting its balance to $457.62K (+4.23%), while SHRUB rose to $106.73K (+10.07%) and AP to $186.84K (+11.83%). BUSINESS also ticked higher to $87.26K (+9.13%), and COCORO climbed to $107.50K (+8.87%), reflecting selective rotation into smaller plays.

On the other side, larger positions in SBET ($272.50K, -12.4%) and Mog ($279.04K, -13.41%) were trimmed, suggesting profit-taking or reduced exposure in higher-volatility names. PEPE continues to remain the standout in dollar terms at $28.44M, though accumulation has temporarily stalled (-0.28%).

Overall, the data shows that while some capital is testing opportunities, the bulk of smart money is still in wait-and-see mode. Ethereum’s performance from here — whether it can sustain upward momentum or falters at resistance — will be the key driver of positioning shifts in the coming weeks.

That wraps up this post—we hope you found the insights valuable. See you next week, anon! 🚀