Spot ETH ETFs Record More Than $500M In Inflows, Trump Media Pulls in $2B for Bitcoin Treasury, and NFTs Post Best Month Since February
Welcome to our Weekly Market Update. Explore weekly crypto price movements, read a quick digest of notable market news, and dive into a crypto topic — this week we learn more about blockchain and financial derivatives.
Takeaways
- US spot Ethereum ETFs drew $534 million on Tuesday, marking their third‑largest single‑day inflow, while US spot bitcoin ETFs saw $68 million in outflows: Institutional interest and broader altcoin momentum is driving renewed interest in the second largest cryptocurrency.
- JPMorgan Chase is exploring plans to offer borrowing against crypto holdings as soon as next year: The bank is also considering loans backed by crypto ETFs, marking a significant potential increase in their institutional crypto offerings.
- White House to release crypto report next week: After completing a 180-day study on the crypto industry, the Digital Asset Working Group will release the report on July 30, according to Bo Hines, an executive director in the working group. The report could look at how the US would shape a Stratgic Bitcoin Reserve and a digital asset stockpile, among other initiatives.
- Trump Media & Technology Group’s bitcoin holdings and related securities have reached $2 billion, representing two-thirds of liquid assets: The company has also set aside $300 million for bitcoin‑linked options.
- BitGo has submitted paperwork for a US IPO as the crypto sector’s total market value climbs to $4 trillion: The custody provider joins a wave of firms moving to go public on the back of favorable regulation and unprecedented institutional interest.
- The total NFT market capitalization surged above $6 billion this week, its highest level since early February: A single whale wallet reportedly purchased 45 CryptoPunks for over 2,000 ETH.
Spot Ethereum ETFs Attract $534 Million in Inflows, Continuing Ethereum Boom
US spot Ethereum ETFs recorded net inflows of $534 million on Tuesday, marking the third‑highest daily subscription since their launch. BlackRock’s iShares Ethereum Trust led with around $426 million, followed by Grayscale’s Ethereum Mini Trust at just under $73 million.
Conversely, spot bitcoin ETFs experienced $68 million in outflows, continuing a recent influx of capital into ether-based products. Recently increased flows into ether products might suggest investor appetite is being revitalized, after a previously sustained slump.
Some analysts are attributing the shift in appetite to a dip in bitcoin market dominance, perhaps caused by slightly more favorable macroeconomic conditions. Other causes for the shift may include corporate crypto treasuries adding ether to their balance sheets and proposed upgrades to the Ethereum network.
JPMorgan Chase Explores Offering Loans Secured by Bitcoin and Ether
JPMorgan Chase is considering a new lending product allowing its clients to use bitcoin, ether, and other approved digital assets as collateral for loans. The service could launch as soon as 2026, but will still need to receive regulatory approval. In addition to crypto‑collateralized loans, the bank is examining the option to extend credit against holdings of crypto ETFs. However, some details of the plan, including what crypto assets will be eligible, are still unknown.
JPMorgan CEO Jamie Dimon indicated that the bank would support client access to crypto, despite having raised concerns about the viability of integrating bitcoin into their operations in the past. The bank doesn’t yet have plans to offer custody services to its clients and plans to provide this service through targeted partnerships.
The announcement also comes hot on the heels of the passage of the GENIUS Act, which sets a federal framework for stablecoins and solidifies the more accommodating regulatory environments for crypto which were promised under the Trump administration.
White House To Release Crypto Study Next Week
The White House Digital Asset Working Group recently completed a 180-day study on the crypto industry and will release the report July 30, according to Bo Hines, an executive director on the counsel. This comes after President Donald J. Trump issued an executive order in January that set up the working group to look at how to manage Strategic Bitcoin Reserve, a national digital asset stockpile, offer regulatory suggestions, and more.
The report also could look at different cryptocurrencies the government could acquire and offer tax-neutral ways to acquire more bitcoin, as well as set security standards and offer possible crypto banking reforms. It comes after the White House released a report on America’s AI Action Plan this week.
Trump Media’s Bitcoin Treasury Tops $2 Billion
Trump Media & Technology Group announced that its bitcoin treasury program now holds approximately $2 billion in a mix of BTC and bitcoin‑related securities. This accounts for roughly two-thirds of the firm’s reported $3 billion in liquid assets. Trump Media also reportedly plans to use an additional $300 million for options on bitcoin‑linked equities.
In May, the company outlined plans to raise $2.5 billion to fund its bitcoin acquisition strategy; this milestone suggests that a substantial share of that capital has since been allocated to its treasury. The bitcoin accumulation strategy places Trump Media among a growing cohort of public companies leveraging digital‑asset holdings as core balance‑sheet assets. Bitcoin is now trading at around $118,500, and the firm has not specified the split between bitcoin and bitcoin-related ETFs.
BitGo Files for US IPO Amid Crypto Market’s $4 Trillion Milestone
Custody provider BitGo announced that it has filed for a US IPO, marking its entry into a growing roster of crypto firms looking to tap public markets after it completed a $100 million raise in 2023 at a $1.75 billion valuation.
The move comes as the market value of the crypto industry surges above a staggering $4 trillion valuation, with macroeconomic factors and regulation looking more favorable. As the industry continues to mature, more firms are moving towards public listings, with Grayscale and Bullish also having announced filings earlier this summer.
The notable resurgence in companies moving to go public comes off the back of much needed clarifications to crypto’s regulatory stance, aided by last week’s landmark stablecoin legislation. Circle, the issuer of the the second largest stablecoin by market cap, USDC, had a highly successful IPO in June, which made clear investor appetite for regulated crypto exposure.
NFT Market Cap Surpasses $6 Billion As Market Shows Renewed Interest
The market valuation of the NFT market showed signs of a rebound, climbing from roughly $5.2 billion to over $6 billion within a single day. The nearly 17% increase brought the industry’s market valuation to the highest level since February. Trading volumes of NFTs also rose to reach over $41 million in a 24 hour period.
A single address was reported to have executed a purchase of 45 CryptoPunks at a cost of approximately 2080 ETH, lifting the floor price of the highly popular collection to 47.5 ETH. Primarily, Ethereum-based NFT collections seem to be responsible for the bulk of the revitalised trading volume.
The sizable acquisition may signal renewed interest from whale investors in the NFT space as they hope to see the price surges reminiscent of the 2021 NFT boom once again. Despite signs of renewed interest, some analysts caution that long‑term NFT market strength will depend on sustained activity. It should also be noted that the boost comes as bitcoin and ether show positive price movements which could be playing a part in recent NFT growth.
-Team GeminiBitcoinBuzz data as of 5:15 pm ET on July 23, 2025.BitcoinBuzz data as of 5:15 pm ET on July 23, 2025.
Blockchain and Financial Derivatives
Blockchain is increasingly demonstrating its potential to transform traditional systems in a way that can improve operational efficiency, expand optionality, and reduce costs. Nowhere is this more apparent than in the financial services industry, with cryptocurrency markets and blockchain-enabled financial products gradually gaining traction over their conventional counterparts. As more on-chain synthetic assets continue to be developed, the range of derivatives being offered on blockchain platforms appears limitless.
Onward and Upward,
Team Gemini
Program Support Specialist at U.S. Department of State
1wFirst, as J.P. Morgan is considering using crypto currency holds against any financial loans. (1) The crypto-industry should be prepared for a new round of public scrutiny by consumers and by non-profit organizations that focus on consumer protection; (2) the impact of the crypto investments on the housing industry and how the housing industry reacts; and (3) the industry should be prepared to educate government agencies, both state and federal, that address housing. Second, any federal or state government report on crypto-investing should be publicly circulated in its entirety. Also assume both national and international organizations, various governments, non-profits etc. will have a copy of sed report and may reference it. Remember when the U.S.A. sneezes the rest of the world gets a cold so this report’s impact will be read worldwide. Third, as it has been reported currently crypto makes a regular profit from the fees to both acquire and sell crypto-assets. So a long term question could be, "Which crypto investing firm has the lowest fees to the benefit of the crypto-investor and how will the crypto-investment industry react to the lowering of fees?" Just a thought...CHEERS!
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1w"This looks really interesting! I'm definitely curious to learn more about the ETH ETF inflows and the latest in blockchain and financial derivatives. Thanks for sharing!"