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Risk assets caught a strong bid over the weekend and into Monday after the U.S. and China agreed to a temporary tariff rollback—slashing duties by 115% for 90 days following negotiations in Switzerland. The move lowers U.S. tariffs on Chinese imports to 30% and China's to 10%, injecting a fresh dose of optimism into markets. Equities ripped higher at the open, adding $2 trillion in market cap. While the worst of the trade uncertainty may be behind us, volatility is likely to persist as markets digest the implications.
Bitcoin continues to assert dominance over gold, with the BTC/gold ratio breaking out of an inverse head-and-shoulders pattern—classic bullish price action. The easing of U.S.-China tensions has created a clear risk-on environment, favoring high-beta assets like crypto. While gold has corrected over 8% from its April highs, BTC has rallied nearly 19% to hit $104,000. The tariff rollback could further drive capital rotation out of defensives and into growth assets like bitcoin.
ETH is on a tear, notching its best monthly performance since November—up over 50% month-to-date. The ETH/BTC ratio has surged to 0.024485, its highest in nearly three months, with ETH outperforming BTC by 30% over just four days. This rotation signals renewed appetite for altcoins and higher-growth exposure.
On the institutional front, BlackRock led ETF inflows on Friday with $356.2 million, dwarfing Fidelity’s $45 million. Meanwhile, Michael Saylor’s Strategy added another 13,390 BTC for $1.34 billion at an average price of $99,856. The firm now holds 568,840 BTC worth over $59 billion, with a blended cost basis of $69,287—cementing its position as the largest public BTC holder.
The News Room
Ethereum explodes 42% in one week, outperforming Bitcoin as 60% of holders move into profit
Ethereum (ETH) has surged 42% over the past week, reaching above $2,500 for the first time since March, significantly outperforming Bitcoin's 10% rise in the same period. This rally has pushed over 60% of Ethereum holders into profit, nearly doubling the 32% from a month earlier. The uptick is attributed to several factors: the successful implementation of the Pectra upgrade, which enhanced wallet functionality and Layer 2 support; increased institutional adoption, with Ethereum leading in real-world asset tokenization, holding $6.9 billion in tokenized assets; and improved macroeconomic conditions, including eased US-China trade tensions. Analysts suggest Ethereum could be entering a new bullish phase, with a 20% chance of exceeding $4,000 by Christmas, up from 9% the previous week, and a decreased likelihood of falling below $1,500.
Trump family-backed Bitcoin reserve company American BTC to go public this year
American Bitcoin, a cryptocurrency mining firm co-founded by Eric Trump and Donald Trump Jr., is set to go public through an all-stock merger with Gryphon Digital Mining. The combined entity will operate under the American Bitcoin name and trade on Nasdaq under the ticker "ABTC." Post-merger, American Bitcoin shareholders will hold approximately 98% of the new company, with Gryphon shareholders owning the remaining 2%. Eric Trump will serve as the Chief Strategy Officer of the merged firm, which aims to become a leading Bitcoin accumulation platform. The merger is expected to close in the third quarter of 2025.
Hyperliquid hits $6B in open interest as Bitcoin tests $105k near price discovery
Decentralized trading platform Hyperliquid has surpassed $6 billion in open interest, marking a significant milestone as Bitcoin approaches $105,000, its highest level since January. This surge positions Hyperliquid as the dominant player in the on-chain perpetual futures market, commanding over 60% market share. Bitcoin leads with more than $2 billion in open interest, followed by Ethereum at over $1 billion, with assets like Solana, XRP, PEPE, Fartcoin, and Hyperliquid’s native HYPE token also showing strong activity. The platform's rapid growth reflects a broader shift towards decentralized exchanges, driven by traders seeking transparency and non-custodial execution. However, the rise in open interest also brings increased volatility, as leveraged positions heighten the risk of sharp price swings. Despite facing challenges, including scrutiny over asset delistings and past incidents, Hyperliquid continues to solidify its position in the crypto derivatives landscape.
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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.
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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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