Trading Desk Insights
Traders stayed alert on Tuesday as Trump unveiled fresh details on his tariff agenda. He announced a 50% tariff on copper imports and signaled more sector-specific tariffs are on the way. Later in the afternoon, he floated the idea of slapping tariffs as high as 200% on imported pharmaceuticals, though he noted implementation would be delayed by at least a year.
On-chain data, volumes, and realized volatility for Bitcoin have all dropped to their lowest levels in nearly two years. The market feels stagnant, typical of a summer lull, but sentiment remains cautiously constructive.
SOL looks primed for a move. Price action broke out of a downward trend channel at the end of June, ran up to 159, and pulled back to 144, offering what looks like another buying opportunity. SOL is on the verge of clearing its 50-day moving average, and a break above 165 could open the door to a run toward 185.
The probability of a September rate cut has dropped from 94% to 66% in just one week. The labor market remains solid, but the real question is how new tariffs will filter through to consumer prices and squeeze corporate margins. The US dollar’s haven status is being tested. With rising fiscal concerns and growing policy uncertainty, stress is starting to build.
Against that backdrop, BTC could benefit. It continues to trade in a tight range just above 100k, with strong support and a steady bid from institutional players looking for protection against inflation and policy risk.
At 2pm ET, the Fed will publish the minutes from its last meeting. Powell has cautioned that tariff-driven inflation could push back the timeline for rate cuts, a potential headwind for risk assets like crypto.
The News Room
SharpLink stock surges as treasury tops 200K ETH
SharpLink Gaming’s shares jumped nearly 26% on July 8 after the company revealed it had added 7,689 ETH to its corporate treasury—bringing its total holdings to about 205,634 ETH, worth roughly $533 million. The purchases, funded in part via a $64 million share sale (with $37 million earmarked for further ETH acquisitions), reflect SharpLink’s strategy to make Ethereum its treasury backbone, reinvesting proceeds into staking to generate yield.
Stablecoin issuers’ $182 billion US Treasury holdings rank 17th globally
Major U.S. dollar stablecoin issuers—Tether, Circle, First Digital, and Paxos—hold around $182.4 billion in U.S. Treasury bills and repos, a level that would rank them 17th in global rankings—surpassing countries like South Korea and the UAE, and just behind Norway. Tether leads the group with over $125 billion in Treasuries, followed by Circle.
XRP Ledger EVM sidechain deploys 1,400 smart contracts in first week
The XRP Ledger’s new Ethereum-compatible EVM sidechain, launched on June 30, has seen strong early adoption, with nearly 1,400 smart contracts deployed in its first week. Built by Peersyst in collaboration with Ripple and featuring integrations such as Wormhole and Axelar, the sidechain offers fast (~3.4-second blocks), low-cost transactions (0.048 XRP average fee), and interoperability, although daily active users remain modest—under 150 accounts.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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