You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Crypto edged higher over the weekend, with BTC reclaiming the $120K mark despite looming overhang from the UK Home Office, which is considering offloading $7B in seized BTC to plug budget gaps. While sentiment remains broadly bullish, BTC’s momentum has clearly stalled since early last week, leaving it rangebound near $118K. Its market dominance dropped 6% week-over-week to 60.5%, signaling a potential structural rotation into altcoins.
ETH and other L1s are catching a bid, boosted by the passage of the GENIUS Act in the U.S, a new regulatory framework for stablecoin issuance that could channel institutional flows into Ethereum and similar blockchains. If BlackRock’s spot ETH ETF adds staking, expect that rotation to accelerate. The ETH/BTC ratio has bounced 80% off the March lows, a clear tell that the market’s leaning into ETH outperformance. Fundstrat sees potential for ETH to run toward $15K over the medium to long term.
ETF flows remain robust. U.S. spot BTC ETFs saw $5.8B in MTD inflows, the strongest since the post-election surge in 2024. ETH ETFs are gaining steam too, pulling in $3.3B MTD and even flipping BTC ETFs in daily flows on Thursday and Friday.
Elsewhere, Trump Media & Technology Group (DJT) disclosed a $2B BTC allocation, with another $300M deployed via options strategies focused on BTC-linked assets.
On the macro side, Wall Street logged another winning week. The S&P 500 and Nasdaq continue to push fresh all-time highs, with earnings off to a strong start, over 85% of the 62 reporting S&P companies beat estimates.
Trade tensions are bubbling up again. The U.S. is holding firm on its August 1st deadline to impose higher tariffs on the EU. Commerce Secretary Howard Lutnick expressed optimism about a deal but warned the 30% baseline tariff is locked in. Meanwhile, Treasury Secretary Scott Bessent floated the idea of a broad Fed review, far beyond the current controversy around building renovations, adding fuel to the fire in the ongoing White House-Fed standoff.
The News Room
UK eyes sale of £5 billion in seized Bitcoin to plug budget gap
The British government is exploring the sale of roughly £5 billion (≈ $6.3 b USD) worth of confiscated Bitcoin to help manage its fiscal shortfall. While the move could offer immediate budget relief, officials face criticism that they may sacrifice additional gains by cashing out too soon.
Bank of Japan injects USD liquidity amid global dollar stress
On July 17, the BOJ began quietly supplying U.S. dollar liquidity through pooled collateral operations—likely a precautionary measure against rising global dollar strains. Analysts say this step reflects mounting pressure on carry trades and may mark an early warning of deeper stress in dollar funding markets due to a persistently hawkish Fed.
Ethereum validators support raise in block gas limit to 45 million
Ethereum validators have backed a proposal to increase the base-layer gas limit from its current level to 45 million, a 25% bump. This upgrade—part of the upcoming Fusaka hard fork (EIP‑9678)—will boost transaction capacity in line with growing demand and follows ETH’s recent ~25% rally toward a six-month high above $3,800.
Crypto Charts
ETF Flow
Disclaimer
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.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
