📈US spot BTC ETFs drive over 30% of spot BTC volume; Crypto.com and Emirates explore integrating Crypto.com Pay in Emirates’ payment systems

US spot BTC ETFs drive over 30% of spot BTC volume; Crypto.com and Emirates explore integrating Crypto.com Pay; Truth Social filed to launch an ETF tracking BTC, ETH, SOL, CRO, and XRP.

Quick Take

• US spot BTC ETFs drive over 30% of spot BTC volume; Crypto.com and Emirates explore integrating Crypto.com Pay in Emirates’ payment systems; Truth Social filed an S-1 to launch an ETF tracking BTC, ETH, SOL, CRO, and XRP.
• US spot BTC ETFs had a net inflow of $2.7 billion last week, recording back-to-back daily inflows exceeding $1 billion for the first time on 10 and 11 July. Spot ETH ETFs saw a net inflow of $908 million in the same period, higher than the $297 million the week before. Both BTC and ETH ETFs recorded the second highest daily net inflow on 10 July. 
• On the macro side, US President Donald Trump announced multiple tariffs to go into effect on 1 August, including plans to impose a 30% tariff on goods from the European Union and Mexico, and 35% on goods from Canada. Both Australia’s and New Zealand’s central banks held their policy rates unchanged at 3.85% and 3.25%, respectively. The latest CME FedWatch Tool showed a 7% probability of a rate cut in July, compared to 5% the week prior. 
• Notable updates: Ethereum Foundation outlined a one-year roadmap to integrate zero-knowledge (ZK) proofs into its Layer-1 (L1) blockchain; Tether (USDT) is discontinuing redemptions for USDT on five blockchains; Jupiter announced that Jupnet is expected to launch its private and public testnet in Q3 and Q4, respectively; the Crypto.com App listed the Useless Coin (USELESS). 
• Notable events in the coming week: US Retail Sales, Consumer Price Index and Producer Price Index ex Food & Energy, China Q2 GDP

Weekly Market Index

All three indices were up last week, with price, volume, and volatility increasing by +10.94%, +45.41% and +42.34%, respectively. 

Bitcoin reached an all-time high above $119,000 on Sunday, supported by institutional demand from strong US spot BTC ETF flows and an increasing number of companies holding BTC on their balance sheet. This also coincided with over $1 billion of short positions being liquidated on 11 July. 

CRO led the increase in both price (+27.98%) and volume (+600.45%). XRP also saw a jump in volume (+140.12%) and volatility (+390.39%). This coincided with news that the US Securities and Exchange Commission (SEC) accepted Trump Media’s application for a bitcoin and ether ETF. Crypto.com and its affiliates will be the liquidity providers and custodians of the ETF. 

Additionally, Truth Social filed an S-1 with the US SEC to launch the Truth Social Crypto Blue Chip ETF to track a basket of top crypto assets including BTC, ETH, SOL, CRO, and XRP. 

Chart of the Week

US spot BTC ETFs drove over 30% of spot BTC volume since 3 July, reaching an all-time high percentage of 33% on 10 July. This reflects rising retail and institutional interest in the ETFs as well as the increasing popularity of using regulated avenues for trading digital assets. 

Furthermore, the BTC ETFs recorded back-to-back daily inflows exceeding $1 billion for the first time on 10 and 11 July, and reached the second highest daily net inflow on 10 July. 

Weekly Performance

Top-cap tokens’ all increased in price last week, led by ADA, POL and XRP. The prices of BTC and ETH increased by +10.0% and +16.9%, respectively. 

All key categories increased in market capitalisation in the last seven days. Layer-2 and meme led the increase.

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• Crypto.com signed a Memorandum of Understanding (MoU) with Emirates to explore ways to integrate Crypto.com Pay within Emirates’ payment systems. This aims to meet evolving customer preferences including the younger, tech-savvy customer segments. 
• Crypto.com Custody expanded institutional support for The Open Network (TON), enabling clients to stake TON and earn rewards while maintaining secure asset storage. It also provides access to Jettons on TON Blockchain, including support for USDT and other stablecoins that may be issued on TON in the future. These enhancements are part of a broader set of upcoming initiatives aimed at expanding institutional access to TON’s ecosystem.

Adoption

• Japanese real estate investment firm Gates Inc. will tokenise $75 million of Tokyo properties on Oasys, marking one of the largest real estate tokenisation projects to date. Gates plans to eventually tokenise over $200 billion in assets. 
• Ant Group is reportedly working with USDC issuer Circle to incorporate USDC into its blockchain after the stablecoin becomes compliant in the US. 

Investment Vehicles

• Trump Media’s Truth Social filed an S-1 with the US SEC to launch the Truth Social Crypto Blue Chip ETF to track a basket of top crypto assets including BTC, ETH, SOL, CRO, and XRP. 
• The US SEC acknowledged Trump Media’s application for a bitcoin and ether ETF. Crypto.com and its affiliates will be the liquidity providers and custodian.

Regulation

• The US House of Representatives is expected to consider three crypto-related bills in the upcoming ‘Crypto Week’ from 14 to 18 July. The bills include: 
  • Digital Asset Market Clarity Act: Provides a framework for digital assets, including defining the roles of the SEC and the Commodity Futures Trading Commission (CFTC)
  • Anti Central Bank Digital Currency (CBDC) Surveillance State Act: Prohibits the Federal Reserve from issuing a CBDC
  • GENIUS Act: Outlines a regulatory framework for stablecoins, including defining entities that may issue them
• Hong Kong’s stablecoin licensing regime, expected to start on 1 August, has reportedly received over 40 applications from various financial and technology firms. However, the Hong Kong Monetary Authority is reportedly aiming to issue a “single digit” number of stablecoin licenses within the year. 
• The Dubai Financial Services Authority approved the first tokenised money market fund in the Dubai International Financial Centre. Named QCD Money Market Fund (QCDT), it is sponsored by the Qatar National Bank and will hold short-term traditional assets, including US treasuries, while issuing on-chain tokens to represent investor shares. 
• The Reserve Bank of Australia (RBA) will trial stablecoins, bank deposit tokens, and wholesale CBDCs in its next stage in exploring digital currencies. This trial is part of Project Acacia, an initiative announced by RBA and the Digital Finance Cooperative Research Centre in November 2024.
• Pakistan launched the Pakistan Virtual Assets Regulatory Authority (PVARA) that will oversee the licencing, monitoring, and supervising of virtual asset service providers. It will also ensure compliance with international standards, including with the Financial Action Task Force (FATF).

Recent Research Reports

• Research Roundup Newsletter [July 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘InfoFi’ and ‘Crypto Credit Market’.
• InfoFi: This report introduces the notable players in the Yap-to-Earn, Attention Market, and Reputation Market categories of InfoFi, as well as discusses the significance and challenges of InfoFi’s development.
• Alpha Navigator: Quest for Alpha [June 2025]: Equities and Fixed Income increased in June, while Crypto and Real Assets performances were mixed. Equity indices, including the S&P 500, previously reached an all-time high on 30 June despite evolving geopolitical tension in the Middle East.

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