Bitcoin and Risk Assets Show Strength

Crypto markets kicked off the week with strong bullish momentum, as Bitcoin surged from a low of $100K to a high of $110K. The rally spread across the board, with Ethereum notably outpacing BTC climbing from $2.4K to $2.8K.

On Thursday in UpTrade Alpha, while BTC was trading around $105K, we called for a pullback to $100K followed by a ideal sharp V-shape reversal, a necessary flush to reset market conditions and clear out excess leverage before retesting all time highs again. This move played out over the weekend but was likely accelerated by the Trump vs Musk social media feud, which triggered instant market turbulence. With tensions now cooled, the drama looks unlikely to have any lasting impact on the market.

Weekly Price Update

Solana ETF Arrival

Solana is in the spotlight today, with reports surfacing that US regulators may approve spot Solana ETFs within the next month. The rumour drove SOL up 5% as markets quickly priced in the significance of Solana potentially joining Bitcoin and Ethereum in the ETF club.

Approval would mark a major milestone for the Solana ecosystem, opening the door to institutional and retail inflows that could materially improve liquidity and sentiment. A significant difference is that unlike BTC and ETH ETFs, which faced substantial supply overhangs at ETF launch due to Grayscale related redemptions ($29 billion and $10 billion dollars respectively) that contributed to large early outflows, Solana enters with just $83 million dollars in supply from fund held sources, meaning it is unlikely to suffer the same early outflows.

Despite SOL being one of the strongest coins of 2024, it has been a largely under owned trade since Q1. A reversal now, sparked by ETF tailwinds, could catch an underweight market offside and likely bring its ecosystem tokens with it.

Ethereum Outperformance Update

Ethereum is showing significant strength in the current market, a trade and reversal we have been covering since its ETH/BTC chart put in a likely bottom in April. Today, ETH is breaking above the key $2,700-$2,800 resistance level, which has capped its breakout multiple times this year.

Beyond price action, Ethereum’s fundamentals are strengthening. Institutional demand is climbing steadily, with 17 consecutive days of inflows into ETH ETFs. On chain, staked ETH has reached an all time high of 34.8 million, likely catalysed by the recent Pectra upgrade. Clearing $2,800 is not just a chart level, it is a shift in mindshare and potential dominance for ETH.

Hyperliquid Breaks To A New All Time High

Hyperliquid (HYPE), one of our top conviction tokens, has surged to new all time highs, trading above $40 and reaching as high as $42. The token has climbed 14.9% over the past week, an impressive 65% over the past month, and 220% since our call in UpTrade Alpha.

A significant driver behind HYPE's momentum is its commitment to reinvesting its revenue into the token ecosystem. The platform allocates 97% of its daily revenue, averaging approximately $3 million of buy backs, directly for the HYPE tokens from the market.

HYPE has officially entered price discovery and it has yet to show any signs of slowing down, but after such a sharp rally, short term volatility is always on the table. Congrats to those already positioned, it’s been a strong move so far.

Institutional Adoption Grows Bigger

Wall Street’s embrace of Bitcoin is in the headlines once again. A report from The Wall Street Journal revealed that over 60 companies have now adopted Michael Saylor’s Bitcoin treasury model, adding BTC to their balance sheets as a macro hedge. What began with MicroStrategy has evolved into a global trend, with firms of all sizes treating Bitcoin as “digital gold” against inflation and currency risk.

The biggest news this week is Japan’s Metaplanet taking things a step further, announcing plans to raise $5.4 billion US dollars to purchase up to 210,000 BTC, or roughly 1% of total supply. Already holding 8,888 BTC, they aim to reach 100,000 by 2026 and the full 210,000 by 2027.

ETF Growth Performance

Adding to this wave of adoption, BlackRock’s spot Bitcoin ETF has just become the fastest in history to reach $70 billion US dollars in assets, surpassing the milestone in only 341 days. For context, it took GLD, the gold based ETF, 1,691 days to achieve the same. This remarkable pace not only breaks records but also reinforces the accelerating institutional interest in Bitcoin as a legitimate and desirable macro asset.

Corporate America Is Going On Chain

Coinbase’s Q2 report revealed that a massive 56% of Fortune 500 companies are actively working on blockchain projects. A clear signal that the largest players in the US economy see on-chain infrastructure as part of their long term strategy. What is more interesting, 90% of Fortune 500 executives are calling for regulatory clarity to unlock the next wave of innovation. This shows just how ready these firms are to lean in once the rules of the game are clearly defined.

It’s not just the top end companies. One-third of U.S. small and medium sized businesses now use crypto, double the adoption rate from last year. At the institutional level, over 80% of investors plan to increase their crypto exposure in 2025, the momentum is hard to ignore. Whether it’s payments, custody, tokenisation, or on-chain loyalty programs, there is a shift happening. We believe that we're only just scratching the surface, this isn’t a hype cycle, it’s a structural shift. Those still on the sidelines risk being left behind as blockchain becomes part of the default operating system for businesses across the board.

Retail adoption is also accelerating fast in 2025. According to Gemini’s latest global survey, in the UK, crypto ownership jumped to 24%, up from 18% last year, while the U.S. climbed to 21% and Singapore leads developed markets at 28%. Confidence is growing alongside this adoption, 23% of non-crypto U.S. investors said the government’s strategic reserve announcement increased their trust in the space. Memecoins are also proving to be a powerful on-ramp, with 31% of U.S. investors, 30% in Australia, and 28% in the UK entering the market through them. Globally, 94% of memecoin holders go on to own other crypto assets, highlighting how memes are playing a key role in broadening participation.

Circle IPO Marks Stablecoin Milestone

The company behind the USDC stablecoin completed a hugely successful IPO last week, marking a major milestone for the crypto industry. Trading under the ticker CRCL on the NYSE, Circle’s stock opened at $69, more than double its IPO price of $31, and surged as high as $138. This impressive debut reflects the market’s strong vote of confidence in Circle’s business and the broader crypto sector.

This marks the first time a major stablecoin issuer has gone public in the US, and investor demand was overwhelming. The move is likely to encourage other crypto firms to explore public listings, signalling that public markets are eager for exposure to digital asset companies. Circle’s IPO has major implications for the stablecoin space and overall market sentiment. As the issuer of a leading dollar backed stablecoin, Circle’s transition to a public company brings added transparency, regulatory oversight, and credibility to the sector.

UpTrade New Token Listings

• Cronos $CRO
• Coti $COTI
• MoonRiver $MOVR
• Supra $SUPRA
• Ethereum Name Service $ENS
• Orca $ORCA

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