Bitcoin has reached a new all-time high above $118,000, and for two consecutive days, US Bitcoin ETF inflows have surpassed a record $1 billion. Updates on tariffs continue, and speculation mounts around the future of the Federal Reserve Chair.

Market Overview

US equities closed with corrections across all three major indices on Friday, July 11th, with the Dow Jones experiencing the largest decline at 0.63%. Oil futures saw a slight increase to $68.75 per barrel. Gold held at $3370 per ounce.

Bitcoin surged to a new peak of $118,000, later settling around $117,000. Many major altcoins saw more gains than losses. The overall crypto market capitalization reached $3.748 trillion.

US Bitcoin spot ETFs continued to see massive inflows, totaling $1.029 billion on Friday. ETH spot ETFs also attracted significant inflows of $204 million. These record-breaking inflows highlight an unprecedented institutional appetite for digital asset exposure.

BlackRock's iShares Bitcoin ETF (IBIT) just became the fastest ETF in history to reach the $80 billion milestone, achieving it in just 374 days—five times faster than the previous record held by Vanguard's S&P 500 ETF (VOO), which took 1814 days. IBIT currently holds $83 billion, ranking 21st among over 4,000 ETFs in the US. The total assets under management for all Spot Bitcoin ETFs also surpassed the $140 billion mark for the first time, with over $1 billion flowing in overnight. Ethereum ETFs also recorded a record daily inflow of $383.1 million, the highest in the history of ETH ETFs.

Rumors of Fed Chair's Resignation Swirl

William J. Pulte, Chairman of the Federal Housing Finance Agency (FHFA), expressed optimism regarding rumors that Federal Reserve Chairman Jerome Powell is considering resignation, viewing it as the correct move to stimulate the US economy. Pulte has previously called for an investigation into Powell, not only due to his interest rate policies but also suspecting the Fed of misreporting expenditures to Congress.

This development intensifies political and public pressure on the Fed to cut interest rates, especially as actual US inflation (according to Trueflation) has dropped to 1.67%, below the Fed's 2% target. However, some voices remain cautious, suggesting that the impact of President Trump's tariffs could cause temporary price increases.

Despite the Fed not having cut interest rates yet, financial markets have reacted positively, with the S&P 500, Nasdaq, and Bitcoin consistently reaching new highs. This indicates strong market expectations that interest rates will soon decrease, and if that happens, the asset growth surge could continue even more robustly.

"Crypto Week" in the US: A Battle for Regulatory Narrative

In response to "Crypto Week" initiated by Republicans in the House of Representatives next week, Representatives Maxine Waters and Stephen Lynch will launch "Anti-Crypto Corruption Week." They are urging Democratic members to oppose the GENIUS (stablecoin), CLARITY (market infrastructure), and Anti-CBDC bills, warning that these legislations would pave the way for what they term "Trump-era crypto corruption." This suggests that crypto opponents in Congress are employing a new tactic: attempting to link crypto and President Trump together to incite anti-Trump sentiment into anti-crypto sentiment. This political maneuvering highlights the increasing politicization of digital asset regulation.

Jamie Dimon Warns: Democratic Policies Threaten US Economy and Markets

Jamie Dimon, CEO of JPMorgan Chase—the largest bank in the United States—has issued a series of criticisms aimed at Democratic Party policies, warning that current directions could pose serious risks to the US economy and financial markets. In a notable statement, he remarked: "I have many Democratic friends, and they are idiots."

Dimon expressed concern that the Democratic Party is overly focused on ideological issues such as diversity, equity, and inclusion, while neglecting fundamental economic principles. According to him, many current policies are idealistic but lack practicality, failing to consider factors such as cost, resources, productivity, and competitiveness—which are core to an economy's efficient operation. He argues that most recent policies have failed because they do not accurately reflect how the real world operates. The enactment of complex regulations, uncontrolled public spending, and ill-conceived income redistribution measures could weaken businesses, stifle investment, and exert inflationary pressure.

Dimon also warned that if this trend continues, markets will face increased instability, including slower economic growth, persistently high interest rates, and a severe decline in business confidence. Dimon's statement comes as a surprise, given his history of donating to the Democratic Party. He is also known for his opposition to cryptocurrencies, despite JPMorgan itself becoming increasingly involved in the sector. This further underscores the depth of his concern regarding current policies and their potential impact on the US business and investment environment. This candid critique from a prominent traditional finance figure reveals the growing tension between different political and economic ideologies shaping the market.

Ethereum Gathers Priority on Wall Street

A new wave is strongly pushing interest in Ethereum (ETH), led by Tom Lee, a renowned investor who previously championed Bitcoin. He is now making a strong pivot towards ETH, establishing BitM and investing $250 million to accumulate ETH.

Tom Lee argues that Ethereum is not just a cryptocurrency but the core technological platform of the digital asset ecosystem. Major institutions like JPMorgan are issuing their stablecoins on the Ethereum network. Similarly, Robinhood is building its asset tokenization segment based on this network.

Currently, over 60% of real-world assets that are tokenized reside on Ethereum, and this market share continues to grow. Additionally, Circle, the issuer of USDC, is currently trading at an extremely high valuation (100x EBITDA), indicating that the market highly values the potential of stablecoin infrastructure and Ethereum.

Meanwhile, many financial institutions and corporations continue to publicly acquire ETH. The Ethereum Foundation has sold 10,000 ETH (valued at approximately $25.7 million) to SharpLink Gaming via an OTC transaction at an average price of $2,572.37/ETH. This marks the first time a publicly listed company has directly purchased ETH from the Foundation. SharpLink affirms this is a long-term commitment to Ethereum, not merely a financial transaction. The company will hold ETH as a primary reserve asset in its treasury, while also staking and restaking all of its ETH to reduce the circulating supply in the market.

This narrative extends beyond individual investors, having captured the attention of major companies in the crypto space, even though the market still features numerous other coins like BNB, Solana, Cardano... Crucially, even traditional financial news channels are beginning to speak more about Ethereum and its standout features like staking and asset tokenization—issues that have been discussed since 2020-2021, but are now gaining greater prominence.

Furthermore, Fidelity, a financial company managing $4.9 trillion, recently published an analytical report likening Ethereum to a "digital national economy." The report points out that Ethereum's activity closely resembles the GDP of a real nation, comprising four main components: consumption (gas fees as consumption tax, application and NFT revenue as digital goods value), government spending (ecosystem subsidies and validator rewards), investment (staking and liquidity pools supporting transactions), and imports/exports (blockchain bridges and stablecoins). ETH is not just a token but functions as Ethereum's national currency, used for transaction fees, as a medium of exchange, and a store of value, similar to gold in a traditional economy.

According to data, in 2023, ETH accounted for 68% of decentralized exchange (DEX) trading volume and 31% of lending deposits, while in 2024, the DEX trading ratio increased to 74%, but lending deposits decreased to 21%. Fidelity concludes that Ethereum is truly a digital economy, and increasing interest from traditional investors indicates significant efforts to shape perceptions of coins beyond Bitcoin. This growing institutional and analytical focus underscores Ethereum's evolving role beyond a mere cryptocurrency to a foundational layer of future digital finance.

Institutions Continue to Accumulate Bitcoin

The wave of BTC and crypto acquisition and accumulation among corporations is accelerating.

The Smarter Web Company (UK) recently acquired an additional 275 BTC, bringing its total Bitcoin holdings to 1,275 BTC. The company maintains approximately £31 million in cash reserves. This company operates in website development and digital solutions in the UK.

Universal Digital (Canada) made its first allocation of treasury assets into Bitcoin with a purchase of 10 BTC. The company specializes in providing blockchain infrastructure and digital asset-related services in Canada.

Digital Commodities (Canada) continues to expand its holdings by acquiring an additional 6.29 BTC, bringing its total Bitcoin ownership to 8.69 BTC. The company operates in digital asset mining and digital commodity trading.

ANAP recently purchased an additional 28.74 BTC, increasing its total holdings to 229.23 BTC.

These continuous positive moves from companies demonstrate that the trend of diversifying investment portfolios and expanding Bitcoin holdings remains strong in the market. This broad-based corporate accumulation further reinforces Bitcoin's legitimacy as a treasury asset.

Overall, the wave of BTC accumulation is expanding and accelerating. In Q2 2025, corporations collectively purchased 159,000 Bitcoin totaling over $17 billion. The amount of BTC held by companies now stands at 847,000 BTC, accounting for approximately 4.03% of the total supply and with an estimated market value of $91 billion. The number of publicly listed companies owning Bitcoin has increased by 58% compared to the previous quarter, reaching 125 enterprises.

Among these, the top BTC holders include Strategy (597,325 BTC), MARA Holdings, Riot Platforms, Metaplanet, and notably Twenty One—a new market entrant that has already invested $450 million in Bitcoin. The wave of aggressive corporate BTC accumulation is a powerful force driving market dynamics, leading to a tightening of available supply and contributing to Bitcoin's price surges.

Other Key Crypto & Policy Updates

The US Treasury Department has withdrawn regulation TD 10021, which previously required crypto platforms, including DeFi, to report user transactions to the IRS. This regulation faced criticism because DeFi platforms do not store user data or control wallets, making compliance impossible. Congress strongly opposed it, using the Review Act to repeal it, and President Trump signed it into law, officially abolishing it. The regulation no longer applies to DeFi, but centralized exchanges like Coinbase and Binance US must continue to report. This is a significant win for the DeFi sector, promoting innovation without undue regulatory burden.

The Robinhood trading platform has officially launched staking services for Ethereum (ETH) and Solana (SOL) in the United States, aiming to expand its cryptocurrency product portfolio for users. Depending on network participation rates and applicable fees, ETH staking rewards can range from 50% to 100%. Starting October 1, 2025, Robinhood will charge a 25% fee on users' staking rewards. However, this staking service is currently unavailable in some states, including California, Maryland, New Jersey, New York, and Wisconsin. This move enhances the utility of popular altcoins for mainstream users.

The US House Financial Services Committee announced it will host "Crypto Week" from July 14th to 18th to advance digital asset policy, in line with President Trump's vision of making the United States a global crypto capital. This week, the House will review three important bills: the CLARITY Act on digital asset market infrastructure, the Anti-CBDC Oversight Act, and the GENIUS Act related to stablecoins. This concentrated effort signals a serious legislative push to provide clarity for the crypto industry.

Justin Sun, founder of Tron, announced he will invest $100 million to bridge the "TRUMP" token from Solana to the Tron ecosystem via the LayerZero bridge, aiming to make it a core asset within the ecosystem. Previously, he invested $75 million in the Trump family's projects and became an advisor. Sun expects the token to spread widely in Asia and Africa due to Trump's influence and the US administration's pro-crypto policies. This highlights the intersection of political figures, memecoins, and blockchain technology.

CZ's family office is supporting 10X Capital in establishing a "BNB Treasury Company," specializing in acquiring and holding BNB, with the goal of listing it on a US stock exchange. The objective is to create a publicly traded investment vehicle that allows retail and institutional investors easy access to BNB without directly purchasing crypto. This indicates a new trend of creating traditional financial products for specific altcoins.

Rumble has partnered with MoonPay to launch the Rumble Wallet in Q3, allowing users to buy, sell, and swap crypto directly on the platform. The wallet enables creators to freely receive payments and supports BTC, USDT, and XAUT. Rumble has also purchased additional Bitcoin. This integration signifies a growing trend of social media and content platforms incorporating crypto functionalities to empower creators and users.

Bank of America (the second-largest bank in the US) recently published a ranking of asset performance year-to-date, notably classifying Bitcoin within the "currency" category. Bitcoin also showed one of the best growth performances in their ranking. This classification by a major bank marks a significant shift in how Bitcoin is perceived within traditional financial circles.

Emirates will allow customers to pay for flights and services using crypto starting next year. The airline has partnered with Crypto.com to implement the payment solution, showcasing the increasing real-world utility and adoption of cryptocurrencies in everyday transactions.

Ant Group—the fintech company backed by Jack Ma—is negotiating with Circle to integrate USDC stablecoin into its private blockchain platform, AntChain, as soon as the legal framework in the US is finalized. Ant Group expects that with the US passing the GENIUS Act stablecoin bill, USDC will become a key liquidity source on AntChain, supporting cross-border payments, treasury management, and asset digitization, while attracting more businesses and large organizations to the platform. This massive integration by a Chinese fintech giant could significantly boost stablecoin adoption globally.

Bitcoin mining company IT Mining (NYSE-listed) is shifting its focus to Solana after the halving, planning to raise $200–300 million to acquire SOL and operate validator nodes. The goal is to diversify revenue streams, leverage Solana's advantages, and attract investors. The company's stock rose after this news, highlighting the evolving strategies within the crypto mining sector.

LQWD Technologies has raised $10 million CAD through a stock offering. The funds will be used to purchase Bitcoin, support Lightning Network operations, and for general business needs. This further emphasizes the strategic investments being made into Bitcoin's scalability layer.

El Salvador now holds a total of 6233.18 BTC, valued at over $700 million, and continues to buy 1 BTC daily. After these purchases, they are sitting on over $400 million in unrealized profit. El Salvador's consistent Bitcoin accumulation as a sovereign nation continues to be a bold experiment and a significant case study for national crypto adoption.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• White House Press Office
• CryptoQuant
• Glassnode
• JPMorgan Chase
• Federal Housing Finance Agency (FHFA)
• Representative Maxine Waters
• Senator Elizabeth Warren
• Senator Cynthia Lummis
• Tom Lee (Fundstrat Global Advisors)
• SharpLink Gaming Investor Relations
• The Smarter Web Company Investor Relations
• Universal Digital
• Digital Commodities
• ANAP
• Bank of America Research
• Emirates Airline
• Ant Group
• IT Mining Investor Relations
• LQWD Technologies
• El Salvador's Treasury

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.