The Weekly Wrap

Crypto markets found some relief this week. Total market cap climbed 8.30% to $2.18T, bouncing off last Wednesday's yearly low of $1.99T.

The Fear and Greed Index ticked up to 27, still firmly in fear territory.

ETF flows stayed negative: BTC saw outflows of $526.64m, ETH $13.64m.

Bitcoin's bounce off the $60,000 level helped steady the broader market, and the recovery flowed through to altcoins, with SOL rallying over 30% last week.

Australian interest rate: Since the hold in June the next meeting is not until August where we see a 19% chance of a rate hike as of July 3rd.

SPCX (SpaceX) check: Its nearly been 3 weeks since the most hyped launch of the year. SPCX is now down 28.88% from its June 16 high of $225, SPCX is now back near its opening day price. It could range here for a while before its next move.

Source: Tradingview.com SPCX/USD

Bitcoin vs Gold vs Nasdaq YTD

🟡 Gold: -4.07% 

🔵 NASDAQ: +16.25% 

🟠 Bitcoin: -26.96%

Crypto and gold both clawed back ground this week, while the Nasdaq eased off its recent highs.

Bitcoin posted the strongest recovery of the three, narrowing its year-to-date loss from -33.36% to -26.96%. The bounce off recent lows has eased some of the pressure from weak ETF demand and cautious sentiment, though BTC remains firmly the weakest performer of the year.

Gold also recovered, improving from -7.79% to -4.07% year-to-date. The metal is edging back toward flat after losing momentum through the back half of last month.

The Nasdaq gave back some gains, slipping from +19.05% to +16.25% year-to-date. Even with the pullback, it remains the clear leader for the year, still well ahead of both gold and Bitcoin.

For now, the gap between traditional markets and crypto has narrowed slightly, with Bitcoin and gold both staging a recovery while equities take a breather.

Source: Tradingview, BTC, GOLD, NASDAQ

BTC

On-chain order flow shows big whale buying showing up at current levels, echoing similar green clusters seen at prior cycle lows and consolidation zones going back to 2017. Historically, these big whale buying clusters have often lined up with periods where price was building a base rather than breaking down further.

Source: cryptoquant.com whale buys

Bitcoin's realised price, currently sitting around $52,643, is also worth watching. Realised price is essentially the average price at which every BTC in circulation last moved on-chain, giving a rough read on the aggregate cost basis of the market. In previous cycles, BTC price has dipped below its realised price before eventually turning higher, so it's a level some watch as a broader cycle marker. BTC is currently trading around $63,551, still comfortably above that realised price line.

Strategy adjusted its public Bitcoin treasury dashboard, confirming the sale of 3,588 BTC over the past week, in two tranches: 1,363 BTC on June 30 and 2,225 BTC on July 6. Executive Chairman Michael Saylor said the roughly $216 million raised was to satisfy dividend obligations on the company's Digital Credit securities, rather than a broader shift in strategy. This saw some relief in both MSTR and STRC stocks seeing a green week for both.

Source: coinglass.com BTC realized priceBUY BTC 

ETH

ETH has put in a nice bounce off its range low around $1,522, climbing back to sit near $1,767 and closing in on the top of its recent range. Whether it breaks through or slips back into consolidation is the one to watch this week.

Source: Tradingview- ETH/USD

Vitalik Buterin has laid out a major new roadmap for Ethereum, calling it the network's biggest rebuild since the 2022 Merge. Dubbed "Lean Ethereum," the plan would replace almost every core piece of the protocol over the next three to four years without forcing existing apps to migrate. The centrepiece is a shift toward recursive STARK proofs, letting nodes verify a compact cryptographic proof of the chain rather than re-executing every transaction. Buterin also flagged a simpler consensus model, multidimensional gas pricing, and a possible long-term move beyond the EVM.

Quantum safety is a big part of the plan too, with anything cryptographically vulnerable set to be swapped for quantum-safe alternatives. Privacy has also been elevated to what Buterin called a first-class goal rather than an afterthought. On the data side, he sketched out a 2030 network holding a mix of today's flexible state alongside a new, more scalable but more restrictive storage type, well suited to tokens and NFTs, that could cut fees on things like ERC-20 tokens by more than tenfold. None of this lands immediately. The Hegotá fork will likely be the last before the "Lean" era begins, with a large gas-limit boost coming sooner via the Glamsterdam upgrade.

BUY ETH

ALTCOINS

Meme coins are having a moment, up 12.12% this week and clearing every other category by a wide margin. Whatever's driving the rally, degens are eating well right now. 

DeFi wasn't far behind, up 9.21%, showing the sector still has legs when risk appetite returns. AI tokens followed at 7.82%, GameFi at 6.77%, and RWA rounded out the list at 3.28%, still positive but clearly the laggard of the group this week.

The chart tells the real story though. Memes have been the standout performer for most of the past week, holding a clear lead over the pack before the gap narrowed slightly in the last day or two as DeFi and AI closed in. RWA has largely tracked along the bottom the whole time, steady but unspectacular.

Source: https://defillama.com/narrative-tracker

ADA

Cardano is showing signs of life after a brutal June. ADA hit a multiyear low near $0.14 late last month before rallying 32.5% over the past seven days, touching $0.199 on July 5 and settling near $0.19. Santiment data shows 14,783 new non-empty wallets added since the June 23 bottom, suggesting some retail buyers stepped back in once price stabilised.

Source: Tradingview- ADA/USD

The rebound comes off the back of a rough stretch. Failed treasury funding votes and warnings from founder Charles Hoskinson about strain on the project had pushed ADA down to levels last seen in 2020. Hoskinson has since opened a governance overhaul reviewing thousands of DAOs tied to the treasury system, following a cancelled 2026 summit and ongoing funding disputes. That friction hasn't gone away, so sentiment remains fragile even with price well off the bottom. The Leios scalability upgrade is still on the roadmap, aimed at lifting network throughput ahead of a planned mainnet push later this year.

SOL

Solana's network activity keeps humming along regardless of price. Weekly non-vote transactions climbed back above 900 million, within striking distance of the record levels seen in late 2025. This metric strips out validator consensus messages, so it's a cleaner read on actual user activity across DeFi, NFTs, gaming and payments rather than pure speculation.

Source: Tradingview- SOL/BTC

That strength is showing up against Bitcoin too. The SOL/BTC pair (chart above) has clearly favoured SOL since the start of June, with SOL outperforming Bitcoin by 33% to the highs before a slight retrace. 

On the flip side, BonkDAO, a project built on Solana, was hit with a governance attack this week. An estimated $20 million worth of BONK tokens was drained from the treasury after what the project described as a malicious governance proposal. The stolen tokens have been tracked moving toward exchanges, and South Korean exchange Upbit has suspended BONK deposits and withdrawals in response. BONK is down over 9% following the incident. Law enforcement has been notified and the team is working to recover funds.

THIS WEEKS INSIGHTS

The State of NFTs Part Two

NFTs are entering a quieter, more grounded phase. Instead of chasing hype, the next wave is attaching itself to things people already collect, think Pokémon cards, sports memorabilia and digital art, with the blockchain working as the ownership layer rather than the headline act. We break down how Pudgy Penguins is building a real consumer brand beyond the floor price, why artists like XCOPY, Tyler Hobbs and Beeple still matter post 2021, and why provenance could become more valuable than ever in an AI-saturated world.

Read the full article here: The State of NFTs Part Two