- Sebastjan Bele
- Updated: July 17, 2025
- Reading time: 6 min
New BTC ATH, GENIUS Stablecoin Bill Advances, ETH on the Rise
What a start to the week. Bitcoin hit a new all-time high of $123,000 before cooling off slightly and is now trading around $118,000. Meanwhile, Ethereum is waking up, outperforming BTC and currently trading at $3,400.
On the regulatory front, the U.S. House voted to advance the GENIUS stablecoin bill, which could be headed to President Trump’s desk before the end of the week. Polymarket received formal notice earlier this month from both the Justice Department and the Commodity Futures Trading Commission that their investigations had ended.
In corporate moves, Ark Invest sold 34,207 Coinbase shares on Tuesday, worth approximately $13.3 million. Pump.fun kicked off a multimillion dollar buyback of its PUMP token, using platform revenue. Coinbase launched the Base App, rebranding its wallet into an all in one social and trading platform, aiming for broader consumer adoption.
News
- Bitcoin becomes world’s fifth-largest asset
- Ether rises as spot ETH ETFs post highest-ever net inflows
- Coinbase unveils Base App, rebrands wallet as social trading platform
- US House votes to advance GENIUS stablecoin bill
- Ark Invest sells $13.3M in Coinbase shares
- PumpFun initiates buyback of PUMP token using platform fees
- DOJ and CFTC close probes into Polymarket
- Coinbase hits $100B market cap for the first time
- Crypto market maker B2C2 said to be raising up to $200M
- WLFI holders approve trading, potentially boosting Trump’s crypto wealth
Table of Contents
Markets
Best Performers
Curve DAO (CRV) is leading the charts this week with an impressive +73.91% gain.
BONK follows closely, rallying +66.34% as institutional appetite rises and a trillion-token burn plan fuels scarcity-driven momentum. Notably, LetsBONK.fun revenue in the past 7 days outpaced Ethereum, Phantom, and Pump.fun, signaling strong ecosystem traction.
Stellar (XLM) is up +60.90% after PayPal announced the launch of its USD-backed stablecoin (PYUSD) on the Stellar blockchain, reinforcing the network’s real-world use case.
Pengu (PENGU) gained +56.53%, driven by ETF buzz. Coinbase updated its X profile to a Penguin NFT, while Canary Capital’s ETF filing for PENGU is now under SEC review, alongside more than two dozen other altcoin ETF proposals.
Algorand (ALGO) closes out the top five, up +51.73%, and continuing to build quietly during the broader market rally.
Sector Performance
Everything is up this week with memes leading the charge, posting nearly +28% gains. Close behind are L2 and DeFi, both gaining over +20% as bullish sentiment spreads across the market. Even the typically slower AI and Gaming sectors joined the rally, pushing above +15%, while L1 saw steady but more modest gains.
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $153.89 billion
Weekly Inflows = $16.33 billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $13.28 billion
Weekly Inflows = $1.86 billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin printed another all-time high on Monday, briefly surpassing $123,000. One could argue the rally was partly driven by optimism surrounding the U.S. House vote to advance the GENIUS stablecoin bill. While the hype may have cooled, funding remains elevated, especially on Hyperliquid, where it was hovering around 35% at the time of writing.
From a price action perspective, BTC remains bullish until proven otherwise. A weekly close below $104,000 could signal potential weakness, but until then, the chart continues to show strength.
Since last week:
- S&P 500 is flat
- NASDAQ is down 0.46%
- Gold is also unchanged
The total crypto market cap stands at $3.83 trillion, up approximately 10.4% from $3.47 trillion last week. Bitcoin dominance remains steady at 61.6%, while the Fear & Greed Index sits at 74 (Greed) — suggesting continued bullish momentum in the market.
What’s Next?
Despite making headlines, BTC is starting to show weakness against some altcoins, particularly ETH, which is finally gaining momentum. Often referred to as the “sleeping giant,” Ethereum is now trading at $3,500. While the narrative still centers on Bitcoin, stablecoins, and memecoins, there are early signs of a broader altcoin bull market emerging.
According to Wintermute’s H1 2025 Report, retail and institutional flows have diverged for the first time this cycle. Institutions continue to hold exposure in Bitcoin and Ethereum, while retail investors are rotating into a wider range of altcoins — another signal that the altcoin season might be underway.
U.S. inflation appears to have stalled at 2.5%, with little evidence of further softening. The Federal Reserve still guides toward potential rate cuts next quarter, while Trump continues to publicly pressure “Sleepy Joe” for more aggressive monetary easing. If the Fed adjusts its stance and aligns with Trump’s push for lower rates, crypto could benefit from renewed capital inflows and a continuation of the current bullish momentum.
That said, macro events remain a major influence on markets and should not be ignored.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on LinkedIn and X (Twitter) for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
