📈 US spot ETH ETFs outpaced BTC ETFs in net inflows for 7 days; White House is set to release its digital asset report on 30 July

US spot ETH ETFs outpaced BTC ETFs in net inflows for 7 days; White House is set to release its digital asset report on 30 July; Goldman Sachs and BNY Mellon launched tokenised money market funds

Quick Take

• US spot ETH ETFs outpaced BTC ETFs in net inflows for seven days; White House is set to release its digital asset report on 30 July; Goldman Sachs and BNY Mellon launched tokenised money market funds 
• US spot BTC ETFs had a net inflow of $72 million last week, compared to $2.4 billion the week before. US spot ETH ETFs saw a net inflow of $1.8 billion in the same period, marking sixteen consecutive days of net inflows. 
• On the macro side, the US reached a trade deal with the European Union that will impose a 15% tariff on most European goods to the US. The S&P Global US PMI Composite Output Index rose from 52.9 in June to 54.6 in July, the highest level since December 2024; it was supported by service sector improvements while manufacturing PMI saw its first contraction since December. The latest CME FedWatch Tool showed a 3% probability of a rate cut in July, compared to 5% the week prior. The European Central Bank kept interest rates on marginal lending unchanged at 2.4%. 
• Notable updates: Solana unveiled a roadmap aiming to be the foundational layer for global internet capital markets (ICM) by 2027; Celestia Foundation purchased approximately 43 million TIA from Polychain Capital for $62.5 million
• Notable events in the coming week: Canada’s BoC, Japan’s BoJ, and US Fed Interest Rate Decisions, US GDP Q2 and Core Personal Consumption Expenditures Price Index

Weekly Market Index

Price and volume indices decreased by -0.56% and -12.79% last week, respectively, while the volatility index increased by +5.72%. 

BTC’s price decreased mid-week, which coincided with news that Galaxy Digital sold over 80,000 BTC (more than $9 billion) on behalf of an early bitcoin investor. Its price recovered toward the end of the week, which coincided with the US reaching a trade deal with the European Union.

CRO led the price increase while APT and XRP led the drop. XRP’s dip coincided with news that a wallet attributed to Ripple Co-founder Chris Larsen made large transactions, including sending tokens to exchanges. 

Chart of the Week

US spot ETH ETFs recorded daily net inflows higher than their BTC counterparts for seven consecutive trading days, reflecting rising institutional interest in Ethereum. 

In the last seven trading days, ETH ETFs recorded nearly $2.9 billion in net inflows, three times that of the BTC ETFs’ $958 million. Additionally, Blackrock’s iShares Ethereum ETF (ETHA) became the third fastest ETF to hit $10 billion in assets under management, taking 251 days. 

Weekly Performance

Top-cap tokens showed mix performances last week. Price increases were led by BCH and SUI. BTC and ETH increased by +2.6% and +1.6%, respectively. 

SUI’s increase coincided with the US Securities and Exchange Commission (SEC) moving Canary Capital’s proposed spot SUI ETF to the “institution of proceedings” phase. 

Key categories were mixed in market capitalisation changes in the last seven days. Layer-1 and DeFi led the increase while Meme led the decrease.

Notable Updates

News Highlights

Regulation

• The US White House is set to release its digital asset report on 30 July. The document may include bitcoin reserve plans, as well as outline broader regulatory frameworks on stablecoins, market structure, and consumer protection. 
• Republican leaders in the US Senate Banking Committee released a draft digital asset market structure bill to build on the Digital Asset Market Clarity (CLARITY) Act. The draft included details related to disclosures of ancillary assets, which applied to digital assets not considered as securities. 

Adoption

• Goldman Sachs and Bank of New York (BNY) Mellon launched tokenised money market funds for institutional investors. BNY Mellon will offer the tokenised money market fund shares on its LiquidityDirect platform, with ownership information and transactions recorded on Goldman Sachs Digital Asset Platform’s blockchain.
• Western Union is exploring stablecoin integrations into its cross‑border transfer and digital wallet services. Pilots are underway in Africa and South America to offer faster remittance solutions, and partnerships are being explored for on‑ and off‑ramp services, as well as transactions via stablecoins.
• JPMorgan is considering offering loans backed by clients’ crypto holdings. This would allow clients to pledge BTC or ETH as collateral and the service may potentially begin by 2026.
• MultiBank.io (the digital asset division of MultiBank Group, one of the largest financial derivatives providers), Fireblocks, and Mavryk teamed up to launch a real estate tokenisation platform aiming to bring up to $10 billion in real-world assets on-chain. The initiative includes $3 billion of flagship projects with MAG Lifestyle Development.
• Franklin Templeton partnered with VeChain to expand its BENJI platform, which tokenises access to the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), for enterprise payments. This extends the reach of the platform and provides an additional stablecoin option on VeChain. 
• Christie’s International Real Estate launched a division to facilitate real estate transactions using crypto. This aims to enable high-end buyers and sellers to use digital assets seamlessly for property acquisitions, offering enhanced anonymity without relying on banks. 

Investment Vehicles

• The US SEC approved before pausing the conversion of Bitwise’s 10 Crypto Index Fund (BITW) into an ETF. The fund holds 90% in BTC and ETH, with the remainder in SOL, XRP, ADA, AVAX, LINK, BCH, UNI and DOT.
• Société Générale is providing liquidity for 21Shares’s crypto exchange-traded products in European markets. This includes BTC and ETH ETPs in Germany and Eastern Europe.

Others

• Vietnam is launching NDAChain, its first national blockchain infrastructure, to verify digital transactions across sectors. The initiative will support government blockchain solutions and aims to address challenges with centralised models, including cyberattacks and limited scalability.

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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