Dear reader,
This Week: Equities Rally as Crypto Retreats
Global equity markets closed the week on a high note. The S&P 500 and Nasdaq reached new record highs, powered by strong earnings from mega-cap tech and AI leaders like Alphabet, Nvidia, and GE Vernova. The Dow Jones trailed early in the week but caught up as investor appetite broadened beyond technology.
Over one-third of S&P 500 companies reported earnings, with more than 85 percent beating expectations. Optimism was tempered by uncertainty surrounding US trade negotiations with the EU and Japan. A deal with Japan was finalized, but key details remain unclear. The EU agreement is still pending, with the threat of 20 percent tariffs by August hanging over markets.
The European Central Bank left rates unchanged at 2 percent and adopted a neutral tone. Market focus now turns to the upcoming US Federal Reserve meeting. Meanwhile, jobless claims in the US continued to fall for a sixth straight week, reinforcing economic resilience. Mixed PMIs and a drop in the Conference Board’s Leading Economic Index, however, kept recession risks on the table.
Despite strong equity performance, crypto markets pulled back sharply.
Bitcoin Weakens. Ethereum Holds. Speculation Shifts.
The crypto market took a risk-off tone this week. The total market cap slipped roughly 0.9 percent, with lower volume and broad-based weakness in altcoins. Bitcoin fell below $116,000, losing more than 2 percent in 24 hours by Friday morning. Nearly $1 billion in positions were liquidated as traders took profits and repositioned ahead of upcoming macro events. Bitcoin remained relatively more resilient than altcoins, suggesting investors are still seeking safety in size.
Ethereum was the exception. ETH climbed over 2 percent on the week to about $3,705. Speculation around upcoming ETF products and a rotation out of smaller coins helped fuel demand. Its steady performance reflects investor preference for high-liquidity majors in uncertain conditions.
Solana fell between 3 and 8 percent. XRP traded in a narrow band around the $3.11 to $3.50 range. Dogecoin mirrored broader declines before regaining some ground midweek.
Bitcoin ETFs saw net outflows. Ethereum products experienced modest inflows as capital rotated tactically between majors.
Meme Coins and Microcaps Take Center Stage
Even with broader market caution, meme coins and microcaps delivered eye-catching gains. Traders chased low-cap tokens with viral stories and momentum, while majors remained under pressure.
Dogecoin built bullish momentum following a midweek rebound. MemeCore jumped 441 percent over the month. Fartcoin reclaimed the $1 mark and continued climbing, helped by speculative chatter. Wall Street Pepe surged 600 percent in July, fueled by strong community engagement and activity on DEXTools.
NFT-meme crossover token Pudgy Penguins rose more than 140 percent in under two weeks. VINE gained over 110 percent, driven by social media buzz.
Maple Finance’s token SYRUP hit new highs as technical traders piled in. Microcaps like TOKEN6900 and Snorter Bot showed strong outperformance as capital rotated into high-volatility plays.
The altcoin rotation theme was clear. As Bitcoin consolidated, traders hunted for rapid returns in newer tokens with social momentum, leaving established names behind.
In Summary
Equity markets remain strong, driven by corporate earnings and steady labor data. Crypto told a different story this week.
Bitcoin softened under macro pressure. Ethereum outperformed as a safe major. Most altcoins struggled. At the same time, speculative interest in meme coins and small caps surged again, highlighting a growing divergence in digital asset market behavior.
This week captured a familiar push and pull. On one side, cautious capital is retreating to the majors. On the other, high-risk momentum continues to drive outsized moves in the margins. Expect both trends to collide as central banks and trade headlines take center stage next week.
This Week’s Headlines
Bitcoin Slides to $115K as Dow Jones’ Rally Stalls at December-January High: The broader cryptocurrency market, including ether and solana, also experienced losses of 2% to 3%
Bitcoin Whale Bets $23.7M on BTC Rally to $200K by Year-End: Bitcoin’s price has stabilized between $116,000 and $120,000, while options market activity remains high, with open interest nearing record levels.
Crypto Exchange WOO X Loses $14M After Team Member Falls for Phishing Attack: Cryptocurrency exchange WOO X suffered a $14 million security breach on July 24, 2025, after a team member’s device was compromised in a targeted phishing attack that allowed unauthorized access to nine user accounts and the platform’s development environment.
Michael Saylor’s Strategy Boosts Latest Preferred Share Raise to $2B From $500M: Bloomberg: The company announced the STRC offering on Monday, originally planning to issue 5 million shares at $100 each.
Satoshi-era $9.7B Bitcoin OG: Galaxy moves another $1.1B to exchanges. According to blockchain analysts, the $9.7 billion sale may be absorbed by crypto markets without a significant market impact.
Ether ETFs outpace Bitcoin for 6 straight days in rare flip: Spot Ether ETFs recorded nearly $2.4 billion in the past six trading days. BlackRock’s ETHA was the biggest beneficiary of the inflow.
Christie’s offers $1 billion in luxury real estate to buyers paying with crypto: Luxury brokerage Christie’s International Real Estate has launched a new division to handle property sales made with cryptocurrency, according to a New York Times report.
Notable Deals and Fundraising
Crypto Exchange OSL Group Raises $300M Ahead of Hong Kong’s Stablecoin Regulation Plan: OSL also plans to use the capital to support acquisition plans and bolster its balance sheet.
Bloom raises $1.6 million to build the social front-end for onchain finance: Bloom, an all-in-one social app for crypto traders and highly-visible industry key opinion leaders (KOLs), today announced it has raised a $1.6 million pre-seed round led by Lightspeed Faction, with participation from Stani Kulechov, Outlier Ventures, Delta Blockchain Fund, Cointelegraph, APX (Axel Springer and Porsche), Plassa Capital, Henry Chen, and Paul Taylor.
Freename secures $6.5M Series A to advance domain names & digital identity future: Freename, a leading domain registrar bridging DNS and Blockchain technologies, today announced the closing of a $6.5 million Series A funding round.
How Pump.fun raised $500M in 12 minutes, and what it says about retail FOMO: A record-breaking public sale, strategic acquisitions and ecosystem expansion mark Pump.fun’s rise, highlighting user-driven token distribution.
Windtree secures over $500M equity line of credit to build BNB treasury, taps Kraken for custody: Kraken will provide custody, trading, and OTC services for Windtree’s crypto treasury as more firms disclose their plans to acquire altcoins.
Have a great week!
The SPIRIT Blockchain Team
