Crypto Weekly Market Wrap 14th July: Bitcoin Hits Record High, ETFs Surge, and Key Institutional Moves

Bitcoin hit a new all-time high last week, pushing through macro pressure from renewed Trump tariffs. The digital investment landscape stayed strong, powered by heavy inflows into spot Bitcoin ETFs. The ETF segment had new developments, such as the Blue Chip Crypto ETF filed by Truth Social. In DeFi, GMX faced a $42 million exploit and offered a 10% bounty for fund recovery. Many more developments and announcements shaped the week, so ensure to read up to the end to have a full grasp of this crypto weekly market wrap.

Bitcoin Hits Record High Despite Tariffs

Bitcoin hit a new high, surpassing $120,000, rising steadily up to $107,000. The rally was an indication of bullish sentiment refinding its way after several weeks of trading sideways. Institutional demand featured significantly with U.S.-based spot ETFs experiencing more than $2 billion in two days. The inflows in the ETFs on Thursday and Friday stood at $1.17 billion and $1.03 billion, respectively.

However, the macro-environment was strained as President Trump declared tariffs of 30% on the EU and Mexico. This caused an initial retreat in Bitcoin, but Bitcoin recovered quickly. Furthermore, the expectation of regulatory clarity during “Crypto Week” also contributed to the optimism in the market.

Ripple Chooses BNY Mellon for RLUSD Custody

Ripple announced that BNY Mellon will custody the reserves of its RLUSD stablecoin. This coincides with the circulation of RLUSD exceeding $500 billion mark, signifying increased adoption. The participation of BNY Mellon indicates that institutional participants are becoming more confident in Ripple’s stablecoin infrastructure.

Ripple has selected @BNYglobal as the primary reserves custodian for $RLUSD, an enterprise-grade stablecoin built for real-world utility, supported by one of the largest and most trusted financial services companies in the world. https://t.co/T2ZWkvb9cL

Learn more about our…

— Ripple (@Ripple) July 9, 2025

In parallel, XRP activity peaked with increased whale wallets. On-chain data indicated that the addresses with more than 1 million XRP increased to 2,742, holding a total of 47.32 billion coins. In addition, XRP soared to a seven-week peak of $2.39 as the rest of the market rallied. The growth is an indication of the revival of interest in the Ripple ecosystem as stablecoin gains traction.

Truth Social Proposes Blue Chip Crypto ETF

Truth Social filed to launch a new ETF comprising the best cryptocurrencies. The crypto blue chip ETF comprises BTC, ETH, SOL, CRO, and XRP, with Bitcoin accounting for 70%. The ETF, which is sponsored by Yorkville America Digital, is a kind of passive fund. Crypto.com is going to be in charge of custody, trading, staking, and liquidity. After approval, the ETF will be traded on NYSE Arca.

The ETF is an ambitious move by Trump Media into mainstream crypto investment. Its staking capabilities and its effort to seek out long-term investors by way of its emphasis on blue-chip digital assets. Moreover, it aligns with the growing crypto ambitions of Truth Social.

GMX Exploit Resolved with Bounty Agreement

GMX announced a $42m exploit of its GLP pool on Arbitrum. The hacker transferred assets through the CCTP of the Circle and swapped USDC to DAI. In response, GMX halted GLP operations and paused V1 trade on Arbitrum and Avalanche. GMX explained that this exploit did not compromise V2 markets and the native GMX token.

https://t.co/1rfDbjDQ0r

— GMX 🫐 (@GMX_IO) July 10, 2025

The attacker later agreed to a $5 million bounty. Currently, 10.49 million FRAX has been restored. The attacker earlier changed $32 million to 11,700 ETH, currently priced at approximately $35 million. Community reactions have sparked fresh scrutiny of stablecoin freezing mechanisms and interchain transfer risks.

SEC Prepares Faster ETF Framework

The SEC is coming up with a simplified approval process for crypto spot ETFs. The proposed framework, slated for this month, may do away with multiple 19b-4 filings. Rather, trades would occur within a 75-day waiting period of submission under harmonized standards, which is dramatically less time in comparison to the current standards to list acceptable crypto ETFs.

According to ETF analysts, implementation is likely to be in September and October. Implementation of this system might usher in approvals of other asset classes. The transition signifies one of the major policy changes to assist market innovation. Future ETFs would enjoy predictable schedules and a decreased amount of bureaucracy.

Trump’s Crypto Task Force to Release Roadmap

On July 22, the Trump administration’s Digital Asset Task Force is expected to release its first policy report. In the document, legislative and regulatory initiatives of the U.S. crypto industry will be stated. The task force involves the Treasury, SEC, CFTC and Commerce Department. It is being created under the leadership of David Sacks and Bo Hines.

🧮 Breaking: Trump’s digital asset task force to release major crypto policy report on July 22

According to CryptoInAmerica, Trump’s digital asset task force — led by David Sacks and Bo Hines — will deliver its first major crypto policy report by July 22, outlining regulatory… pic.twitter.com/SyZn6gBmbr

— CoinRank (@CoinRank_io) July 7, 2025

Some important proposals could be equal access to the Fed for crypto firms and strategic Bitcoin reserves. It is expected that the report will influence future crypto legislation in the U.S. The acting chairman of the CFTC referred to it as the “crypto roadmap” for the government.

Elon Musk Announces Bitcoin-Backed Political Party

Elon Musk introduced the American Party, saying he would support Bitcoin and digital currencies. He criticized fiat currencies as outdated and inefficient. The party will aim to hold essential congressional offices to influence legislation. Although not yet registered officially, its intent is clear. Such a step is an extension of Musk’s decentralization efforts. His political shift may affect the digital currency policies in the next election cycle. The American Party aims to reshape both financial and political narratives in the U.S.

Vitalik Buterin Proposes Ethereum Gas Cap

EIP-7983 was proposed by Vitalik Buterin and Toni Wahrstatter to restrict the Ethereum gas of transactions. The proposal proposes a limit of 16.77 million gas per transaction. It avoids draining the resources of the block by one transaction, enhancing predictability and network security.

The cap enables Ethereum to process additional transactions effectively in line with the targets of scaling with compatibility to zkVM. Designers regard it as a trade-off between complexity and performance. In addition, the limit on the protocol level will be imposed without references to the block gas limits defined by the validators.

Bhutan Times Market Sells Bitcoin

On 11 July, Bhutan sold 100 BTC worth $11.83 million, the second recent sale and after a previous sale of $23.73 million two weeks earlier. The nation is taking advantage of the Bitcoin peaks to effectively manage reserves.

The Royal Government of #Bhutan deposited another 100.215 $BTC($11.83M) to #Binance 20 minutes ago.

In the past year, #Bhutan has sold 2,262 $BTC ($200.46M) across 6 batches at an average price of $88,612 and still holds 11,611 $BTC($1.37B).

The #German government sold all… pic.twitter.com/3xq94RXMWD

— Lookonchain (@lookonchain) July 11, 2025

Mining is done through hydroelectric energy in Bhutan, which enables strategic accommodation. The kingdom possesses more than 11,600 BTC, which is worth $1.37 billion. This amounts to 40% of its GDP, demonstrating its interest in crypto as a national reserve approach.

SharpLink Acquires ETH From Ethereum Foundation

SharpLink Gaming acquired 10,000 ETH of Ethereum Foundation in an OTC transaction worth $25.7 million. It is the first such transaction the foundation has carried out with a listed company. SharpLink will stake and restake the ETH and take them out of circulation. The move was termed as a long-term commitment by Chairman Joseph Lubin. The acquisition enhances the Ethereum ecosystem in terms of supply reduction. The foundation confirmed the agreement on X, indicating the average price of $2,572. The ETH will not find its way to secondary markets, thus disrupting prices.

Truth Social Launches Loyalty-Based Utility Token

Truth Social is planning a utility token alongside its subscription package, the Patriot Package. Engagement will be rewarded with digital gems that will be exchanged into tokens by the subscribers. The token will be used on Truth Social and its future streaming platform, Truth+. This move coincides with a reward that has real applications, as opposed to speculation. The effort intensifies crypto integration of Truth Social. It also demonstrates the increased focus on blockchain utility over memecoin trends on the platform.

South Korea to Reclassify Crypto Firms as Startups

South Korea will consider crypto firms as venture firms, making tax exemptions and financing available to them. The Ministry of SMEs and Startups indicated the intention to amend the current law. Among the new classifications are exchanges and crypto brokers.

SOUTH KOREA IS SET TO RECLASSIFY #CRYPTO FIRMS AS “VENTURE COMPANIES”. 📢

ALLOWING THEM ACCESS TO TAX CUTS AND OTHER STARTUP BENEFITS.

THOUGHTS? pic.twitter.com/vLVkOm7Wpm

— The Moon Show (@TheMoonShow) July 9, 2025

Since 2018, crypto firms have been classified as gambling and not included in support programs. This policy shift is a turnaround of that position to stimulate growth in the digital sphere. The new pro-crypto legislation is being advocated by the administration of Lee Jae Myung, the President of the country. These developments signal the vision of South Korea to become a blockchain leader.

BNB Chain Boosts Speed with Finality Upgrade

Binance implemented Fast Finality into BNB Chain, which lowered the finality time to less than four seconds. Before, users would wait 15 blocks or 45 seconds before receiving confirmation. Now, only five blocks are needed. The update is beneficial to enhance security and reduce rollback risks. It has a hybrid BFT and PoSA solution to eliminate the time needed to solve transactions. Developers enjoy better performance that is also reliable and consistent. The upgrade opens the doors to new high-speed DeFi applications.

Pump.fun Raises $500M in 12 Minutes

Pump.fun sold 150 billion PUMP in 12 minutes, raising $500 million. It sold 150 billion tokens at a price of 0.004. U.S. and UK users were not able to participate in the token sale as it required KYC. However, there was a vast demand surpassing supply. The distribution phase will be followed by the stage at which the token will be tradeable. Critics say that the event is biased to insiders because limited funds are made available to the public. However, Pump.fun advocates it as a symbol of elevated community and liquidity.

U.S. Treasury Removes DeFi Broker Rule

The congressional move led the Treasury to officially repeal the DeFi broker reporting rule. The regulation would have made DeFi platforms fill IRS forms on behalf of users. Lawmakers pointed to the fact that DeFi is decentralized and does not store data about users.

💥 BREAKING: CRYPTO TAXES

The US Treasury has removed crypto broker reporting rules — including Form 1099‑DA

It was designed to require crypto brokers, including DeFi platforms, to report users’ digital asset transactions to the IRS for tax compliance

Let’s gooo! 🔥 pic.twitter.com/dpGOASbW3Y

— Real World Asset Watchlist (@RWAwatchlist_) July 10, 2025

The IRS would have to be enacted by legislative measures in order to address such rules under the Congressional Review Act. The decision was welcomed by advocates who commented that the rule did not understand how DeFi operates. It relieves the reporting burden on protocols and retains innovation.

Bitget Wallet Debuts MemeScan Trading Tool

Bitget Wallet launched MemeScan, a high-speed memecoin discovery and trading tool. Incorporated with Pump.fun it supports mobile instant trading. The application provides real-time charts of prices, risk alerts on the wallet, and one-tap execution. Tokens can be filtered by market cap, price trends, and narratives. Bitget also features an alpha companion app that enables casual users to use memecoin trading insights powered by AI analysis and access the application on phones.

Emirates Teams With Crypto.com To Enable Crypto Payments

Emirates is set to incorporate Crypto.com to accept digital currencies by the end of 2025, following a signed MoU. The partnership is a demonstration of Dubai fintech innovation efforts. Tickets and services will have the option to pay with crypto. The airline seeks to appeal to the tech-friendly travelers with alternative payment methods. Adoption will be promoted through joint marketing promotions. Emirates is also upgrading its systems in order to meet the changing customer demands.

Eigen Labs Cuts Staff, Shifts Focus to EigenCloud

To concentrate on its EigenCloud platform, Eigen Labs reduced its workforce by 25% equal to 29 workers. The company has recently completed a $70 million funding round that was led by a16z. The amount of funding has accumulated to $220 million. The company reported that the layoff is not financially initiated. Affected employees received compensation, token vesting, and transition support. EigenCloud emphasizes developer tools for on-chain and off-chain verification.

Digital Asset Investment Products Market Overview

The CoinShares report indicates that digital asset investment products brought $3.7 billion this week, the second-highest ever. This drove its total assets under management to a record high of $211 billion. Trading volume rose above $29 billion, twice as much as the weekly average of the year.

Digital asset investment products recorded net inflows of $3.7 billion last week, the second highest in history, driving total AuM to a new high of US$211bn. Bitcoin saw US$2.7bn in inflows, while Ethereum posted its fourth-largest weekly inflow at US$990m.…

— Wu Blockchain (@WuBlockchain) July 14, 2025

Bitcoin had the highest inflows, at $2.7 billion, for a total now of $179.5 billion. Ethereum came next with $990 million, the fourth-heaviest gain of the week. Inflows to Ethereum contributed 19.5% of assets over the last 12 weeks, compared to 9.8% in Bitcoin.

The U.S. led regional inflows, with Germany experiencing a negative inflow of $85.7 million. Meanwhile, Switzerland and Canada recorded smaller gains. Solana registered a total of $92.6 million inflows, whereas XRP had outflows of $104 million, the highest during the week. July 10 was also the third most significant one-day inflow ever.

Bitcoin Trading Performance

Bitcoin made headlines across the market after setting a new all-time high last week, just after recording its highest close the prior week. The weekly surge of 11% buoyed BTC’s new ATH at $123k. In addition, its market cap and trading volume surged to $2.4 trillion and $170 billion, respectively.

Technical indicators on the weekly chart suggest a further rally in BTC’s price as most of the indicators lie in the positive region. The MACD line continues to surge further above the signal line, indicating increased buying pressure. However, the RSI has reached the overbought levels, pointing to an imminent pullback.