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In a largely stagnant BTC market, the reactivation of long-dormant whale wallets has sparked concerns over possible profit-taking by early investors. Meanwhile, any hopes of an altcoin season seem to have faded, with BTC’s annualized funding rate sitting at 10%, notably higher than most major alts. On the options front, sentiment is mixed: Deribit BTC risk reversals are tilting bearish with a front-end put skew, while ETH risk reversals remain biased to the upside across the curve.
BTC is testing support at its 20-day moving average, and a decisive break lower could open the door to downside targets at $116,500 and $115,500. On the flip side, ETH has been gaining ground, driven by a surge in institutional participation, corporate treasuries now account for 1% of ETH’s total supply. The ETH/BTC ratio has jumped from 0.018 in April to 0.033 in July, bolstered by both ETF inflows and treasury buying.
In a notable shift, Ray Dalio is now recommending a 15% portfolio allocation to Bitcoin or gold, up from his previous 1–2% stance, citing growing concerns over U.S. fiscal imbalances and long-term currency debasement. While Dalio still favors gold over BTC due to blockchain transparency concerns, he emphasized that the split between the two can be flexible.
Elsewhere, markets shrugged off the U.S.–EU trade deal, but attention is turning to potential U.S.–China negotiations ahead of Friday’s tariff deadline. Any progress there could be a market mover.
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BlackRock’s ETHA becomes 4th‑largest ETF by 30‑day inflows as Ethereum funds aim for $10 B
BlackRock’s iShares Ethereum ETF (ETHA) has surged to the fourth-highest ranked ETF by 30-day inflows, capturing roughly $9.34 billion in July—around 91% of all inflows into spot Ethereum ETFs, and nearly four times more than Fidelity’s FETH. The broader category amassed $9.3 billion through July 25, up 120% from the month’s start, with a daily average of ~$233 million—putting ETHA on track to hit $10 billion in inflows by month-end. Its trading volume of $1.35 billion on July 28 places it among the top 0.4% of all ETFs, underscoring institutional investors’ accelerating interest in ETH exposure.
Interactive Brokers weighs launching customer stablecoin to power 24/7 funding
Interactive Brokers, a ~$110 billion discount brokerage, is exploring issuing its own stablecoin to facilitate around-the-clock funding and crypto transfers for client accounts. Founder Thomas Peterffy frames the exploration cautiously—though open to adoption if value becomes clear—and says decisions about structure and rollout remain pending. The firm may also offer third-party stablecoin support, depending on issuer credibility, as it deepens its crypto infrastructure alongside partnerships with Paxos and Zero Hash.
Global stablecoin searches hit all‑time high with Washington leading traffic
Search interest in stablecoins has reached a new global peak in July 2025, coinciding with the U.S. GENIUS Act’s enactment, which established the country’s first federal regulatory framework for payment stablecoins. The spike was most pronounced in Washington, D.C., followed by nearby Hyattsville and Arlington, suggesting rising market and legislative focus. Search volumes outpaced previous highs seen during the EU’s MiCA rollout, reflecting growing mainstream curiosity around stablecoins’ role in digital finance.
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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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