Quick Take

• Crypto.com secures $400 million strategic investment from Citadel Securities.
• Last week, U.S. spot BTC and ETH ETFs recorded net inflows of US$76 million and $106 million, respectively.
• U.S. equities experienced a sharp downward correction, snapping a multi-week winning streak. Heavy liquidations in high-flying AI stocks and mega-cap tech dragged down broader benchmarks. Despite welcome news of cooling inflation, sentiment was rattled by escalating Middle East tensions and growing skepticism over immediate AI infrastructure returns.
• • Nasdaq Composite was penalized by tech liquidations, plunging 2.9%. S&P 500 decreased 1.6% to close the week at 7,475.69, slipping below its 50-day moving average. Dow Jones Industrial Average showed relative stability but still fell 0.9%.
  • Key Market Drivers: 
  • • AI Capex Skepticism: AI investor fatigue peaked; despite strong fundamentals, Nvidia faced heavy selling and the SOX index dropped nearly 10% into a technical bear market. TSMC's rising infrastructure spending heightened fears that hyperscaler capex may outpace near-term monetization.
    • Strait of Hormuz Tensions: A reinstated U.S. naval blockade amid conflict with Iran sent Brent crude oil up roughly 20% in ten days, stoking global inflation anxieties and triggering a defensive equity pivot.
    • Sticky Inflation & Hawkish Fed: June CPI slowed to 3.5% headline and 2.6% core. However, Fed Chairman Warsh dampened rate-cut hopes, affirming the central bank's commitment to a restrictive policy until inflation reaches its 2% target.
    • Strong Start to Q2 Earnings: The season opened strong — JPMorganChase posted record segment revenue and double-digit earnings growth, though macro and tech headwinds largely eclipsed these results.
  • Sector and Style Dynamics: Technology and semiconductors bore the brunt of the weekly rotation as growth-focused investors scrutinized valuations and trimmed momentum leaders. Driven by surging crude oil prices, the energy sector outperformed, serving as an effective hedge against Middle East geopolitical instability.

Research Dashboard

According to our research dashboard, the price and volatility indices grew +0.58% and +16.19%, respectively, while the volume index dropped -5.86% last week.

Index tokens delivered a mixed performance. BTC and ETH prices increased by +1.45% and +3.62%, respectively. Chainlink (LINK), Cronos (CRO), and Ondo (ONDO) led the price and volume gains, with ONDO also leading the volatility surge. Crypto.com, the key supporter of Cronos blockchain, announced a $400 million strategic investment from Citadel Securities, valuing the company at $20 billion. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is integrating into central bank digital currency (CBDC) and tokenized asset projects across five jurisdictions: Brazil, Hong Kong, Australia, the UK, and the multi-nation mBridge initiative. Ondo Finance partnered with Japan’s SBI Group to tokenize Japanese equities, distribute Ondo’s tokenized financial products across the SBI ecosystem, and use SBI’s JPYSC stablecoin for onchain settlement and collateral.

Chart of the Week

Bitcoin currently trades between $62,000 and $64,000, approximately 50% below its October 2025 all-time high of $124,000. Over the past five months, the asset has consolidated within the $60,000 to $80,000 range, signaling a period of market apathy.

The Realized HODL (RHODL) ratio — comparing the wealth of long-term holders (6+ months) against new participants (<1 month) — peaked at 13 in early July, its third-highest level historically, before retreating below 10 last week. This stable price action, combined with RHODL compression, suggests a potential “quiet accumulation” phase. Historically, similar consolidations in 2019, 2022, and 2023 preceded market recoveries. Despite this onchain stability, the market's ultimate trajectory remains dependent on broader macroeconomic conditions.

Weekly Performance

Top-cap tokens saw mixed performances last week. LINK (+4.7%) and CRO (+4.6%) led the growth, while GRAM (-10.8%) and BCH (-10.7%) led the drop.

DeFi categories saw mixed performance. Liquid Staking (+5.0%) led the gains, while Lending (-3.9%) led the drop.

News Highlights

Company News

• Crypto.com announced a $400 million strategic investment from Citadel Securities. The transaction values Crypto.com at $20 billion and marks the first institutional funding round in the company's decade-long history.

Regulation

• The CLARITY Act secured its second major endorsement from the Federal Law Enforcement Officers Association (FLEOA) ahead of the August 8 Senate recess deadline. It aims to address concerns that the bill might weaken crypto crime enforcement.
• The UK’s tax authority, HM Revenue and Customs (HMRC), announced a "no gain, no loss" approach to crypto lending and liquidity pool transactions starting April 6, 2027. Transactions involving the acquisition or disposal of interests in lending arrangements (in exchange for the same asset type) and assets acquired via automated market makers (AMMs) will not trigger an immediate capital gains tax event. Instead, the tax liability is deferred until an "economic disposal" occurs.
• South Korea is preparing to modify a 76-year-old law to officially classify cryptocurrencies as national assets, anchoring digital assets within the country’s core legal and economic framework and acknowledging their macroeconomic significance. 
• Bolivia is assessing a regulatory framework to incorporate USDT into its national payments system.

Adoption

• Visa launched the Visa Stablecoin Platform (VSP), an enterprise service enabling banks, fintechs, and crypto firms to issue, manage, and settle stablecoins. Integrating directly with Visa's existing payment network, VSP offers "Wallet-as-a-Service" infrastructure, blockchain connectivity, and security features like dual-approval workflows and audit logs. The platform launched with support for Open USD (OpenUSD), a stablecoin created by the Open Standard consortium.
• Japan’s largest card network, JCB, signed a memorandum of understanding (MOU) with Circle to explore the integration of stablecoins into cross-border payments and merchant transactions. The collaboration aims to enhance payment efficiency, reduce remittance costs, and improve cash flow for merchants, particularly those serving international visitors.
• Morgan Stanley's E*TRADE rolled out spot Bitcoin, Ether, and Solana trading for eligible retail clients through a partnership with Zero Hash.
• The Depository Trust & Clearing Corporation (DTCC) executed its first live production trades involving tokenized securities, marking a significant milestone for the integration of blockchain technology into traditional Wall Street infrastructure. Unlike previous pilot programs, these transactions utilized a live production environment with actual assets held at the DTCC's central securities depository, involving major institutions such as JPMorganChase, Goldman Sachs, BlackRock, and Vanguard.
• Securitize and Cantor Fitzgerald announced a partnership to develop infrastructure for tokenized initial public offerings (IPOs) and secondary equity offerings within the current U.S. securities regulatory framework.
• SBI VC Trade, a subsidiary of SBI Holdings, launched a Japanese yen-denominated stablecoin (JPYSC) lending service, offering customers an initial 3% annualized yield on 12-week terms. 
• SBI Holdings partnered with the Solana Foundation to build a Japan-based onchain financial market. The joint venture, SBI Solana Global, will leverage the high-speed Layer-1 network to issue yen-pegged stablecoins and tokenize real-world assets (RWAs).
• Japanese convenience store chain Lawson will test yen-denominated stablecoin payments at its Takanawa Gateway City location in Tokyo starting in August.

Catalyst Calendar

Recent Research Reports

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.