📈 Crypto market cap surpassed $4 trillion for the first time; US House of Representatives passed three crypto legislations

Crypto market cap surpassed $4 trillion for the first time; US House of Representatives passed three crypto legislations; Bank of America, Citigroup, and JP Morgan explore stablecoins.

Quick Take

• Crypto market cap surpassed $4 trillion for the first time; US House of Representatives passed three crypto legislations; Bank of America, Citigroup, and JP Morgan plan to explore stablecoins.
• US President Donald Trump signed the GENIUS Act into law, marking the first major digital asset legislation
• US spot BTC ETFs had a net inflow of $2.4 billion last week, compared to an inflow of $2.7 billion the week before. US spot ETH ETFs saw a net inflow of $2.2 billion in the same period, the largest weekly net inflow since inception. 
• On the macro side, US retail sales rose 0.6% month-over-month in June, compared to an expected drop of 0.4%, signaling continued strength in consumer demand. Meanwhile, the Consumer Price Index showed inflation accelerating to 2.7% year-over-year with a 0.3% monthly increase, inline with expectations. China’s Q2 GDP growth came in at 5.2%, slowing from 5.4% in Q1. The latest CME FedWatch Tool showed a 5% probability of a rate cut in July, compared to 7% the week prior. 
• Notable updates: the Crypto.com App listed the Pump.fun (PUMP) and Caldera (ERA)
• Notable events in the coming week: EU ECB Interest Rate Decision, US S&P Global Manufacturing and Services PMI

Weekly Market Index

Price and volume indices increased by +5.47% and +54.14% last week, respectively, while the volatility index decreased by -23.47%. 

The US House of Representatives passed three crypto legislations last week, namely the Digital Asset Market Clarity Act, Anti Central Bank Digital Currency (CBDC) Surveillance State Act, and the GENIUS Act. Bitcoin reached a new all-time high above $122,000 last Monday. 

Dogecoin (DOGE) led in both price and volume increase, rising +38.41% and +109.29%, respectively. DOGE’s surge coincided with an increase in whale activity and institutional support as Nasdaq-listed Bit Origin aims to raise $500 million to launch a DOGE treasury. 

Chart of the Week

Total crypto market capitalisation surpassed $4 trillion for the first time last Thursday, marking an important milestone of the crypto industry. This coincided with increased regulatory clarity as the US House of Representatives passed three crypto legislations last week, as well as strong institutional inflows from US spot bitcoin and ether ETFs. Ether ETFs saw the largest weekly net inflow since inception.

Weekly Performance

Top-cap tokens all increased in price last week except BTC. Price increases were led by DOGE and ETH. BTC decreased by -2.2% while ETH increased by +24.8%. 

BTC reached a new all-time high above $122,000 on Tuesday before retracing, driven by the US legislative momentum during ‘Crypto Week’.

ETH is experiencing a significant rally driven by institutional adoption. Spot ETH ETF holdings exceeded 5 million ETH, with weekly net inflows of $2.2 billion, growing by 140% week-over-week. ETH climbed to the $3,700 level and became the top 25th global assets by market cap. Additionally, ether’s open interest reached an all-time high above $50 billion on 20 July. Meanwhile, SharpLink Gaming surpassed the Ethereum Foundation as the largest corporate holder of ETH with 280,706 ETH (~$1.0 billion).

XRP’s price set a new all-time high on Thursday, finally topping a seven-year record.

DOGE’s surge coincided with an increase in whale activity and institutional support as Nasdaq-listed Bit Origin aims to raise $500 million to launch a DOGE treasury.

All key categories increased in market capitalisation in the last seven days. Meme and DeFi led the increase. 

Newly Listed Tokens in Crypto.com App

News Highlights

Regulation

• The US House of Representatives passed three crypto legislations last week, namely the Digital Asset Market Clarity Act, Anti Central Bank Digital Currency (CBDC) Surveillance State Act, and the GENIUS Act. Trump subsequently signed the GENIUS Act, marking the first crypto law in the US. 
  • GENIUS Act: Outlines a regulatory framework for stablecoins, including defining entities that may issue them
  • Anti Central Bank Digital Currency (CBDC) Surveillance State Act: Prohibits the Federal Reserve from issuing a central bank digital currency
  • 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)
• Trump is reportedly expected to sign an executive order allowing U.S. 401(k) retirement accounts to invest in alternative assets, including crypto. 
• The US SEC is considering an innovation exemption within its regulatory framework to promote tokenisation. This includes considering new trading methods and providing support to develop a tokenised securities ecosystem. 
• The US Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency clarified that banks may offer custody for cryptocurrencies. The guidance is not a new regulation, but emphasises the application of risk management, and legal and compliance frameworks. 

Adoption

• Standard Chartered rolled out its digital asset trading services for institutional clients through its UK branch, becoming one of the first major global banks to do so. The spot trading pairs available are BTC/USD and ETH/USD.
• Kazakhstan’s National Bank is weighing a move to allocate part of its sovereign wealth and foreign exchange reserves to cryptocurrencies. It is also planning a state reserve for crypto assets from state-authorised mining operations and seized assets. 
• Bank of America, Citigroup, and JP Morgan expressed plans to explore the stablecoin sector. Citigroup’s CEO stated that the company is exploring a stablecoin and involvement in the tokenised deposit space, while JP Morgan’s CEO stated interest in both deposit token and stablecoins. 
• Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand plans to launch a ‘crypto sandbox’ that allows foreign tourists to convert cryptocurrencies to Thai Baht for local spending. The programme will allow approved operators to experiment for up to 18 months with possible extensions. 

Investment Vehicles

• Nasdaq filed an application with the US SEC to add staking to BlackRock’s iShares Ether ETF. If approved, this will provide investors with exposure to ETH staking rewards. 
• Canary Capital filed an S-1 for a staked Injective ETF with the US SEC. The staking rewards will be accrued through validation services on approved staking platforms. 
• 21Shares filed with the US SEC for 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF. The former tracks a market cap-weighted index of the top ten largest crypto assets globally and the latter tracks a separate FTSE Russell index that excludes bitcoin.
• Grayscale has confidentially filed for an IPO with the US SEC. This followed Circle’s debut on the New York Stock Exchange in June. 
• ProShares debuted ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP), providing investors with twice the daily performance of Solana and XRP, respectively. The leveraged ETFs do not hold the tokens directly, but will deliver leveraged exposure through regulated futures contracts. 

Others

• UK Home Office is reportedly planning to sell over £5 billion ($6.7 billion) worth of seized BTC from 2018.

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.
• Crypto Credit Market: This report offers an overview of the crypto credit market and emphasises the design of a decentralised lending ecosystem. It also examines how traditional financial players are piloting blockchain-based credit frameworks, including experiments with on-chain private credit.

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