SDM Daily Market Report

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.

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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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Crypto Charts

ETF Flow

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Disclaimer

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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.

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.

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