TL;DR

Bitcoin hits $112K ATH on ETF inflows; Pump.fun raises $500M; Trump announces major global tariffs.

Highlights

• Bitcoin hit a new all-time high above $112,000, driven by record ETF inflows and over $1B in short liquidations 1.
• Ether rose 6% to $2,780, with new Ether ETF inflows nearly matching Bitcoin’s, marking the second-largest combined intake day 1.
• Solana-based Pump.fun raised $500M in minutes during its PUMP token sale; over 95% of subscriptions were on-chain, and secondary derivatives trading is active ahead of exchange listings 1.
• U.S. President Trump announced 30% tariffs on all EU and Mexican imports and 50% on Brazilian goods, escalating global trade tensions; the EU, Mexico, and Brazil are preparing countermeasures 319.
• U.S. job cuts in H1 2025 reached 744,308, the highest since 2020, with sharp increases in retail and tech layoffs; bankruptcies and credit stress are rising 7.
• SpaceX invested $2B in Elon Musk’s xAI as part of a $5B capital raise, highlighting continued AI sector momentum 5.
• Nvidia ’s CEO emphasized robotics as a major new growth area, with robotics revenue up 72% YoY 6.
• North Korea supplied Russia with up to 12M artillery shells and reportedly prepared 30,000 troops for Ukraine, deepening military ties 10.
• Ukraine and Russia escalated drone and missile attacks; Trump is considering the first U.S. weapons package for Ukraine since taking office 1215.
• OpenAI is piloting a “Study Together” mode for ChatGPT, expanding its educational features 20.

Commentary

Crypto markets remain in a strong risk-on phase, with Bitcoin setting new highs above $112,000 amid record ETF inflows and the largest short liquidations in four years 1. Ether ’s strong performance and robust ETF demand confirm institutional interest is broadening beyond BTC, while the Solana ecosystem is attracting significant speculative capital, as shown by Pump.fun’s rapid $500M raise and heavy derivatives activity 1. These flows indicate traders are seeking higher-beta opportunities across Layer 1s and new token launches, with on-chain participation surging 1.

However, macroeconomic risks are mounting. The U.S. has announced sweeping new tariffs on the EU, Mexico, and Brazil, raising the likelihood of retaliatory measures and potential disruptions to global trade 319. Combined with U.S. labor market weakness—elevated layoffs, rising bankruptcies, and increased credit stress—there is a risk of volatility spilling over into crypto, particularly if risk sentiment deteriorates or liquidity tightens 7.

Geopolitical tensions continue to escalate, with North Korea’s direct military support for Russia and increased drone warfare in Ukraine 1012. Any further escalation or new sanctions could impact cross-border flows and market stability, although crypto has historically seen inflows during periods of geopolitical stress. Meanwhile, AI and robotics remain strong investment themes, with major capital raises and corporate focus from SpaceX , xAI, and Nvidia , which could continue to drive interest in related crypto sectors 56.

Traders should monitor ETF inflow trends, macro headline risk from tariffs and labor data, and developments in Ukraine for potential volatility triggers. The current environment favors active risk management and close attention to cross-market correlations.