- Sebastjan Bele
- Updated: July 24, 2025
- Reading time: 6 min
Market Correction, Record ETH Inflows & LetsBonk Domination
After last week’s rally, the market slid in a broader correction, with Bitcoin now trading at $118,000 and Ethereum at $3,600.
LetsBonk’s market share of Solana meme token launches has grown to 64%, while Pump.fun co-founder Alon confirmed that an airdrop will not happen in the immediate future.
Ark Invest offloaded $90 million worth of Coinbase shares, but also purchased $175 million worth of Ether treasury firm Bitmine, showing shifting exposure. Strategy has acquired 6,220 Bitcoin for $739.8 million, bringing its total stash to approximately $71.8 billion and total holdings to 607,770 BTC.
Meanwhile, the U.S. President’s Working Group on Digital Assets has completed its 180-day report, which is scheduled to be released publicly on July 30.
News
- ARK Invest offloads $90 million in Coinbase shares
- Trump’s Crypto Working Group to deliver report – what experts expect
- LetsBonk’s market share of Solana meme token launchpad grows to 64%
- FTX schedules next creditor payout for September 30
- Polymarket plans U.S. re-entry with acquisition of derivatives exchange QCEX
- Tokenized equities face resistance from Citadel Securities in SEC letter
- Ethereum rally continues as demand picks up
- Sharplink lifts Ether stash after share sale
- Coinbase launches perpetual futures for retail
- Strategy buys 6,220 Bitcoin worth $739.8 million
Table of Contents
Markets
Best Performers
Conflux (CFX) leads the chart with an impressive 81.79% weekly gain. The Chinese Layer 1 blockchain is gaining traction after announcing plans for a yuan-pegged offshore stablecoin and a Conflux 3.0 upgrade aimed at improving scalability and regulatory alignment. Tezos (XTZ) followed with a 35.97% rise, continuing to attract interest despite a dip in the last 24 hours.
Pudgy Penguins (PENGU) remains strong with a 33.29% weekly gain, keeping momentum from last week as NFT interest resurges. Ethena (ENA) posted a solid 22.20% gain. The move comes as Ethena Labs announced a $260 million ENA token buyback, equivalent to 8% of the total circulating supply, which will take place over six weeks via its subsidiary. Flare (FLR) rounds out the list, up 21.22% on the week.
Sector Performance
The last two days saw a dip across the board, with every major crypto sector turning red.
- Layer 1 (L1) chains held up the best, recording the smallest losses.
- Layer 2 (L2) and DeFi sectors led the drop, falling close to -8%.
- Meme coins, AI, and Gaming followed closely in the red.
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $151.88 billion
Weekly Inflows = – $2.01 billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $16.57 billion
Weekly Inflows = $3.29 billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin dropped to $118K and has been ranging between $117K and $120K. On higher timeframes the chart still looks bullish with no major cause for concern. Ethereum has also been performing well and is eyeing a new all-time high, supported by strong institutional interest.
Altcoins had a strong run over the past week but saw a pullback over the last two days.
Since last week:
- S&P 500 is up 1.53%
- NASDAQ is down 0.57%
- Gold is up 1.16%
The total crypto market cap now stands at $3.86 trillion, up approximately 0.78% from $3.83 trillion last week. Bitcoin dominance dropped slightly to 61.2%, while the Fear & Greed Index remains elevated at 71 (Greed).
What’s Next?
Despite the recent dip, the overall market structure remains bullish. Since April 23, Ethereum has outperformed Bitcoin by over 70%, and it’s no surprise that institutions are piling in. On Tuesday alone, U.S.-listed Ethereum ETFs saw $533.9 million in net inflows. BlackRock’s iShares Ethereum Trust led with $426.2 million, followed by Grayscale’s Mini Trust with $72.6 million.
Institutions are increasingly copying Strategy’s playbook—but this time they’re betting on Ethereum treasuries. Firms like SharpLink, BitMine, Coinbase Global, and Bit Digital have all added Ethereum to their balance sheets. Still, it’s clear that institutions are leading the charge, while retail interest remains muted.
As mentioned in previous editions, Bitcoin is increasingly behaving as a separate asset, moving independently of altcoins and the broader crypto market. Traders are searching for Bitcoin beta plays and alternative ways to outperform BTC. Meanwhile, lending and borrowing protocols are gaining traction, suggesting that traders are leveraging capital to rotate into higher-risk opportunities.
Overall in our opinion we are still in bullish environment.
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.
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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.
