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BTC extended its rally Monday, breaking above $123,000 for the first time, supported by strong ETF inflows and a renewed push from U.S. policymakers to bring regulatory clarity to the crypto sector. Sunday’s move during the Asia session was largely perp-driven, with BTC open interest hitting all-time highs across several venues and over $550 million in shorts liquidated overnight. Given the parabolic nature of the move and the lack of a meaningful pullback in over a month, a period of short-term consolidation wouldn't be surprising.
That said, the broader trend appears underpinned by long-term institutional flows. Corporate treasuries continue to accumulate not just BTC, but also ETH, SOL, and HYPE, as digital asset exposure becomes a strategic allocation. Momentum has been building ahead of what’s being labeled “Crypto Week” in Washington, with the U.S. House set to review several bills aimed at establishing a formal regulatory framework for digital assets and stablecoins. The combination of long-term holders locking up supply and a policy tailwind has boosted investor confidence and capital inflows.
Elsewhere, U.S. equity futures opened weaker after Trump reignited trade tensions over the weekend, announcing 30% tariffs on the EU and Mexico starting August 1. Futures have since recovered from session lows as markets price in the likelihood of eventual negotiation. Focus now shifts to Q2 earnings season, which kicks off this week, with investors looking for signs of economic resilience amid geopolitical noise.
The News Room
Bitcoin ETF Demand Drives $3.7B Inflow as Crypto AUM Breaks $200B for First Time
Last week saw investor inflows into crypto investment products surge to $3.7 billion—the second biggest weekly inflow on record and the highest in 2025. That push lifted total crypto AUM past $200 billion for the first time, reaching $211 billion. Bitcoin products dominated, pulling in around $2.7 billion and raising Bitcoin-related AUM to $179.5 billion. Volume across crypto investment products was $29 billion—more than double the annual average—and net inflows have now totaled $22.7 billion YTD across 13 straight weeks of inflow.
Sonnet Pivots to a $888 Million Hyperliquid‑HYPE Treasury Venture
Biotech company Sonnet BioTherapeutics is transforming via a strategic merger into a new entity named Hyperliquid Strategies Inc. (HSI), backed by investors like Paradigm, Galaxy Digital, Pantera, and more. The entity is capitalized at $888 million—holding about 12.6 million HYPE tokens (valued at ~$583 million) and $305 million in cash. HSI will trade on Nasdaq, offering indirect equity exposure to HYPE and positioning itself as a major publicly listed holder, signaling strong institutional demand for access to the token.
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