TL;DR

Bitcoin tops $109K on tariff delay; SEC fast-tracks Solana ETFs; MicroStrategy plans $4.2B BTC raise.

Highlights

• • Bitcoin rallied past $109,000, nearing record highs after the U.S. Treasury delayed new tariffs; Dogecoin (+6%), Ether , and Solana also advanced 1.
• • MicroStrategy launched a $4.2B share sale to fund further Bitcoin purchases, potentially exceeding 600,000 BTC holdings 6.
• • The SEC accelerated its review of spot Solana ETFs, requiring S-1 amendments by end of July, after the Rex-Osprey Solana + Staking ETF debuted with strong inflows 312.
• • U.S. Treasury ended its Tornado Cash sanctions appeal after OFAC’s reversal, closing a major DeFi legal dispute 2.
• • Hyperliquid processed $1.57T in annual perpetuals volume, with daily fees surpassing Ethereum , reflecting growing decentralized derivatives demand 9.
• • LetsBonk overtook Pump.fun as Solana ’s leading memecoin launchpad; Pump.fun’s $600M PUMP token sale set for July 12–15 718.
• • BBVA enabled direct Bitcoin and Ether trading for Spanish retail clients, the first major Spanish bank to do so under MiCA 13.
• • Large on-chain transfers included an $8B Bitcoin address migration (not a selloff), a Coinbase hack wallet buying $13M in ETH , and significant staking activity 1115.
• • The Trump administration will release its first crypto regulatory report by July 22, potentially proposing a strategic Bitcoin reserve and guaranteed Fed access for crypto firms 19.
• • TON Foundation retracted claims of a UAE Golden Visa for Toncoin staking after regulators denied endorsement, causing a 5% TON price drop 8.
• • Paradigm led an $11.6M Series A for Kuru Exchange, a Monad-based CLOB DEX; Threshold’s tBTC launched on Sui , targeting $500M in BTC liquidity migration 1016.
• • CoreWeave agreed to acquire Core Scientific in a $9B all-stock deal, consolidating AI and Bitcoin mining infrastructure 5.

Commentary

Crypto markets opened the week with strong momentum, led by Bitcoin ’s recovery above $109,000 following the U.S. Treasury’s tariff delay and renewed political attention from Elon Musk’s America Party 120. Altcoins followed, with Dogecoin outperforming, as traders positioned ahead of upcoming U.S. inflation data and potential Fed policy shifts 1. MicroStrategy ’s $4.2B capital raise for further BTC accumulation and Semler Scientific ’s continued treasury allocation underscore persistent institutional demand 617.

Market structure developments remain in focus. The SEC’s fast-tracked review of spot Solana ETFs, following the launch of the Rex-Osprey Solana + Staking ETF, signals growing regulatory engagement with crypto investment products 312. The official end of the Tornado Cash legal dispute removes an overhang from the DeFi sector, though broader regulatory questions persist 2. BBVA ’s retail crypto rollout in Spain highlights mainstream adoption trends under MiCA, while Hyperliquid’s record on-chain derivatives volumes point to rising non-custodial trading activity 913.

On-chain flows were notable: a major Bitcoin address migration was confirmed as a format upgrade, not a selloff 15; meanwhile, a Coinbase hack wallet returned to market with a $13M ETH buy, and staking activity across platforms remained elevated 11. In the Solana ecosystem, LetsBonk’s rise over Pump.fun and the imminent $600M PUMP token sale reflect shifting memecoin launchpad dynamics 718, while cross-chain Bitcoin liquidity is expanding via Threshold’s tBTC on Sui 10.

Traders should monitor SEC ETF developments, institutional capital deployment, and regulatory headlines, particularly the Trump administration’s upcoming policy report 19. Watch for volatility around the Pump.fun token sale and continued large-scale on-chain movements, as both regulatory clarity and technical flows are driving short-term sentiment.