Dear reader,
Good morning and happy July 4th. As U.S. markets prepare for the holiday, investors are reflecting on a week shaped by a surprisingly strong jobs report and evolving expectations around Federal Reserve policy.
The June employment report revealed that non-farm payrolls increased by 147,000, surpassing economists’ forecasts, while the unemployment rate edged down to 4.1 percent from 4.2 percent in May. Wage growth slowed somewhat to 3.7 percent year-over-year. This robust labor market has significantly reduced the likelihood of a Fed rate cut in July, with traders now assigning less than a 5 percent chance to such a move. Treasury yields rose and the dollar strengthened as investors digested the data. Equities initially rallied on the report but have since pulled back, reflecting caution about the path of monetary policy.
U.S. stock markets are slightly lower today, with the S&P 500 index down 0.45 percent to 6,251. Earlier in the week, the S&P 500 and Nasdaq Composite both hit all-time highs, buoyed by optimism over trade negotiations and solid corporate earnings. The Dow Jones Industrial Average gained more than 300 points on Thursday but remains just shy of its record peak. Despite the strong labor data, concerns linger about trade tensions and the sustainability of economic growth.
Crypto markets are also experiencing a pullback. Bitcoin is trading around $108,836, down about 0.4 percent, while Ethereum has declined 2.1 percent to roughly $2,547. Dogecoin has seen a notable drop of 4.4 percent, making it one of the worst performers among major tokens today. Tron bucks the trend with a modest gain of 0.4 percent.
The week began on a positive note for crypto after the SEC approved Grayscale’s proposal to convert its Digital Large Cap Fund into an ETF. This fund includes Bitcoin, Ethereum, XRP, Solana, and Cardano, and the regulatory nod sparked renewed enthusiasm, especially for XRP, SOL, and ADA, which are now viewed as potential outperformers in July. However, volatility remains elevated, and today’s broad declines reflect ongoing uncertainty.
Among smaller tokens, Pudgy Penguins stands out, rising 1.8 percent today and nearly 10 percent yesterday. The NFT-themed project has gained momentum through new partnerships, including a NASCAR collaboration, and fresh exchange listings. Meanwhile, DeFi Development Corp. shares jumped 17 percent after announcing a significant Solana acquisition for its treasury, underscoring institutional interest in crypto assets.
ETF inflows remain strong despite price weakness. U.S. spot Bitcoin ETFs recorded their largest inflow in six weeks, totaling over $600 million, while Ethereum ETFs attracted nearly $150 million. This suggests that institutional investors continue to build positions even as prices fluctuate.
In the meme coin space, Pepe has fallen sharply by 8.3 percent. In contrast, Little Pepe is generating significant excitement. The token, currently in its presale phase, has raised over $3.5 million and is positioning itself as a meme-themed Layer 2 blockchain on Ethereum, promising ultra-low fees and scalability. The presale is in its fourth stage at $0.0013 per token, with rapid sellouts and strong community engagement, though it has yet to debut on public exchanges.
In summary, markets are recalibrating after strong employment data lowered expectations for imminent Fed easing. Stocks and crypto are modestly lower today, but institutional interest remains evident through ETF inflows and select token rallies. As always, volatility and uncertainty around trade policy and monetary decisions continue to shape investor sentiment.
This Week’s Headlines
Swiss Bank AMINA Introduces Custody, Trading With Ripple’s RLUSD Stablecoin: The crypto-friendly financial services firm claims to be the first global bank to support Ripple’s stablecoin.
US Republicans declare ‘Crypto Week’ to mull 3 crypto bills: US Republican leaders say the House will look to pass bills on stablecoins, crypto market structure and CBDCs in mid-July in what they’ve dubbed “Crypto Week.”
Arbitrum transaction ordering system Timeboost generates $2 million in fees within three months of launch
Green Bitcoin Miner IREN Eyeing Triple-Digit Sales Growth: Bitcoin and cryptocurrency mining requires a large amount of energy and computing power, which has caused environmental concerns. Australia-based IREN (IREN) has turned the current model on its head, by using renewable energy sources, including solar and wind, to power bitcoin mining.
Ripple Seeks a U.S. Banking License, Adding to List of Crypto Companies: A national banking charter would make the OCC a regulator of Ripple’s stablecoin
Wall Street strategist Tom Lee is aiming to create the MicroStrategy of Ethereum
Bitstamp granted MAS license to operate in Singapore: The license was granted after a new policy from Singapore’s Monetary Authority required all crypto firms based in the country to register.
Bitcoin ETF Inflows Surge Past $600 Million for First Time Since May: BlackRock’s IBIT and Fidelity’s FBTC led Thursday’s inflows as investors repositioned around Trump’s tax bill and shifting market conditions.
Notable Deals and Fundraising
Limitless raise $4M strategic funding, launch points ahead of TGE: The largest prediction market on Base, limitless.exchange, announces the closure of $4M in fresh funding in a strategic round and welcomes Arthur Hayes as an advisor alongside an investment from his family office, Maelstrom.
$250M Ondo Catalyst fund signals ‘arms race’ for RWA tokenization: Ondo Finance and Pantera Capital are launching a $250 million fund to fuel tokenized real-world asset projects.
Little Pepe Raises Over $3,500,000 as It Becomes Ethereum’s Hottest Meme Token of 2025
Amber International raises $25.5 million to fuel $100 million crypto reserve strategy: Amber said that the funding drew participation from institutional investors including CMAG Funds, Mile Green, Pantera Capital, Choco Up and Kingkey Financial International. The American Depository Shares (ADS) for Amber were priced at $10.45 each, reflecting a 5% discount to the three-day volume-weighted average price of its stock. Each ADS represents five Amber’s Class A shares.
Bitkraft and Brevan Howard lead $30 million round in EverQuest co-creator’s gaming studio:The capital will support the development and launch of AAA-style shooter “Reaper Actual,” slated for release on Steam and the Epic Games Store.
TON developer The Open Platform raises $28.5 million Series A at $1 billion valuation: Ribbit Capital led the round and Pantera Capital provided support, helping TOP reach a $1 billion valuation and unicorn status among TON-focused startups.
Solana treasury firm DeFi Development Corp disclosed $112.5 million private placement deal to fund SOL purchases: The firm will use approximately $75.6 million to fund a “prepaid forward” stock purchase transaction and the remainder for “general corporate purposes, including the acquisition of SOL.”
Have a great week!
The SPIRIT Blockchain Team
