Dear reader,
Crypto and tech stocks are showing resilience this morning, despite the high-profile clash between Elon Musk and Donald Trump. Tesla, which saw a sharp 14 percent drop yesterday and lost over $150 billion in market value following concerns about federal contracts and Musk’s public criticism, has rebounded in premarket trading with a gain of more than 5 percent. Reports of a potential reconciliation effort involving the White House appear to have reassured investors and renewed buying interest.
U.S. equity futures are steady to slightly positive, signaling a return of risk appetite after Thursday’s selloff. Crypto markets are also holding firm. Ethereum has surged more than 8 percent in the past 24 hours, while Bitcoin is consolidating above $103,000. Speculative activity in memecoins and altcoins remains elevated, despite recent volatility.
Leading Performers
• Ethereum (ETH)
Ethereum has outpaced the broader market, rising over 8 percent in 24 hours and drawing $500 million in net ETF inflows. Institutional demand and elevated on-chain activity are contributing to its relative strength.
• Sui (SUI)
SUI recovered swiftly following a DEX security incident and is now approaching the $4 mark. Renewed investor confidence is evident in increased trading volumes and market interest.
• Hyperliquid (HYPE)
Hyperliquid continues to deliver strong performance, supported by sustained volume and user growth on its decentralized perpetuals exchange.
• Toncoin (TON)
Toncoin recorded another positive week, driven by continued adoption in messaging-based payments and its integration within Telegram’s ecosystem.
• Kaito AI (KAITO)
Kaito AI has gained attention for its position at the intersection of AI and crypto infrastructure. Rising engagement and innovation in the space have increased institutional interest.
High-Risk Momentum Trades
• SPX6900
SPX6900 has emerged as a notable speculative asset this week, climbing 19 percent in recent days and over 100 percent for the month. Its narrative-driven growth is appealing to younger retail investors.
• KILL BIG BEAUTIFUL & VICE
These newer memecoins have seen outsized price swings as traders pursue short-term volatility and rapid returns. Risk appetite remains elevated in this segment of the market.
Stability Among Large-Cap Tokens
Despite market noise, several leading tokens demonstrated price stability:
• Bitcoin (BTC) remains steady above $103,000 following its recent all-time high
• BNB, SOL, XRP, DOGE, ADA, AVAX, SHIB, and DOT have traded within narrow bands
These tokens continue to serve as key structural components of the market, retaining investor confidence even amid low short-term volatility.
Macro Events to Watch
Attention is turning to the U.S. employment report due this morning. Any deviation from expectations could influence broader risk sentiment across equity and digital asset markets. Developments in the Musk–Trump dispute are also being closely monitored, with potential implications for tech equities and sentiment in crypto.
Summary Outlook
Ethereum, SUI, and Hyperliquid led this week’s digital asset performance, supported by institutional flows and strong user activity. Speculative tokens continued to attract retail interest, while large caps remained resilient. With macroeconomic data and political developments in focus, markets may see further movement as the week concludes.
This Week’s Headlines
Bitcoin ETFs bleed on Trump-Musk fallout as sentiment turns to fear: While Bitcoin ETFs flipped to $278 million of outflows amid the Trump-Musk feud, Ether ETFs saw inflows, continuing a 14-day streak.
How Circle’s IPO Stacks Up Against Other Crypto Market Debuts: Circle closed with an $18.4 billion valuation, well below Coinbase’s IPO but ahead of newer entrants like Fold and eToro.
Baby boomers worth $79T are finally getting on board with Bitcoin: Wealthier and highly financially literate Baby Boomers are having a big impact on Bitcoin markets, but the majority remain skeptical.
Trump Media files for spot Bitcoin ETF approval from SEC: Trump Media & Technology Group filed an S-1 registration form with the US regulator to launch the Truth Social Bitcoin ETF.
BlackRock Moves Over $560 Million of Bitcoin to Coinbase, Buys $95 Million of Ethereum: The world’s largest asset manager’s moves could signal a potential institutional pivot toward Ethereum.
USDC issuer Circle debuts public trading on New York Stock Exchange: Circle’s public trading launch follows multiple IPO upsizings in response to massive demand from investors.
Bitcoin reserve, stablecoin regulations big 2025 market catalysts, says VC: Crypto policy developments may result in a Bitcoin cycle top of over $150,000, according to the head of US at Foresight Ventures.
US Seizes Crypto and 145 Domains Linked to Dark Web Marketplace: BidenCash served 117,000 users and trafficked over 15 million stolen credit cards and personal data before being taken down.
Amazon to Spend $10 Billion on North Carolina Data Centers for AI Expansion: Amazon’s AI expansion may boost jobs, but it risks concentrating innovation in Big Tech’s hands, an expert told Decrypt.
Notable Deals and Fundraising
Solana-based AI Platform Assisterr secures $2.8M to decentralize AI development
Zebec buys compliance firm Gatenox ahead of MiCA, FCA regulatory push: Zebec’s move reflects a shift toward embedding compliance at the protocol level, with firms facing more stringent regulatory requirements.
Circle IPO hits $1.1 billion as the firm sells shares above marketed range: Circle and its backers, including the firm’s CEO Jeremy Allaire, sold 34 million shares at about $31 each to net the firm about $1.1 billion, Bloomberg reports.
Elon Musk’s xAI reportedly looks to raise $300M in tender offer: Billionaire Elon Musk’s AI startup, xAI, is reportedly launching a $300 million share sale that values the company at $113 billion.
Momentum Raises Strategic Round Led By OKX Ventures, Coinbase Ventures, Protagonist and DNA Fund: Momentum, one of the fastest-growing decentralized exchanges (DEX) on the Sui blockchain, has raised a new strategic funding round at a $100 million valuation led by OKX Ventures with participation from Coinbase Ventures, Gate Ventures, MEXC Ventures, KuCoin Ventures, and strategic partners Protagonist and DNA Fund.
Founders Fund has led another, enormous round for defense tech startup Anduril with a $1 billion investment as part of a new $2.5 billion raise, the largest check the firm has ever written. Existing investors also piled in, an Anduril spokesperson tells TechCrunch.
Have a great week!
The SPIRIT Blockchain Team
