Justin Arzadon
6 minutes reading time
Bitcoin and the broader crypto market were marginally ahead over the last seven days. The rise reflects the macroeconomic and geopolitical factors that have been affecting traditional shares as of late.
Bitcoin and Ethereum were up by 0.65% and 3.22% respectively over the seven days to 6 July 2025. Bitcoin’s market capitalisation is now US$2.15 trillion while the global crypto market cap sits at US$3.33 trillion. Bitcoin’s market dominance is hovering at 64.6%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$108,084 |
$110,304 |
$105,398 |
0.65% |
|
ETH (in US$) |
$2,518 |
$2,632 |
$2,392 |
3.22% |
Source: CoinMarketCap. As at 6 July 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Robinhood launches tokenised US stocks in EU
A partnership between Robinhood and blockchain firm Arbitrum will see over 200 tokenised US stocks and ETFs become available to EU customers. These customers will be able to trade 24 hours a day, five days a week. Also, in an industry first, Robinhood introduced tokenised shares linked to private companies. Tokenised shares are digital tokens (or coins) that represent shares in a corporation or organisation1.
The plan from Robinhood is to expand this feature to thousands of stock tokens by the end of 2025 and eventually develop its own blockchain to enable 24/7 trading. Through blockchain technology, the trading of real-world equities on a decentralised network eliminates traditional intermediaries and brokerages. It also allows for fractional ownership, meaning participants can invest 24/7 on lower barriers to entry. Due to regulatory uncertainties, these tokens are not available in the US at the moment2.
Multi-token crypto ETF gets halted after approval
Despite receiving approval from the SEC on 1 July 2025, Grayscale’s conversion of its Digital Large Cap Fund (GDLC) into an ETF will have to wait. On 2 July, a stay (temporary suspension of an enforcement of a rule or order) was attached to the approval of this conversion by the US SEC with no timeline for removal. Grayscale’s GDLC holds multi-tokens, comprised of Bitcoin, Ethereum, Solana, XRP and Cardano.
Bloomberg analysts suspect that a broader set for token-based ETFs may be in the works. Alternatively, the SEC could be waiting for the first spot ETFs tracking the underlying assets to begin trading before the Grayscale fund does3.
CRYP company spotlight
Coinbase tops the S&P 500 in June
Crypto exchange Coinbase (NASDAQ: COIN) was the best performing stock in the month of June.4 The stock was included in the S&P 500 index at the end of May. Devin Ryan, head of financial technology research at Citizens, believes that the price still has room to head higher due to Coinbase’s relationship with stablecoin company Circle (NASDAQ: CRCL).5
According to Ryan, Coinbase keeps 100% of the revenue generated on all USDC held on Coinbase plus nearly 50% of all other USDC revenues, “which is 99% of Circle’s current revenue.”6
USDC is a digital currency that is fully backed by US dollar assets created by Centre, a consortium co-founded by Circle and Coinbase
Coinbase is held in the Betashares Crypto Innovators ETF (ASX: CRYP). CRYP provides exposure to global companies at the forefront of the crypto economy.7
Bitcoin (BTC): Percent Supply in Profit
This metric shows the percentage of circulating Bitcoin supply in profit. That is, the percentage of existing coins whose price at the time they last moved was lower than the current price.
According to data from Glassnode as of 5 July 2025, 97% of the supply currently sits in profit.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): MVRV Pricing Bands
These pricing models are based off a set of MVRV values which typically describe the extremes of Bitcoin market cycles. These bands allow us to estimate price levels where the market would reach an extreme unrealised profit (high values) or unrealised loss (low values).
Reaching these prices may increase the likelihood that investor behaviour is triggered (like profit taking or capitulation), which ultimately is what establishes the cycle top/bottom we are looking for.
According to data from Glassnode as of 6 July 2025, the extreme highs for the pricing band are US$152,205 with extreme lows being US$39,051.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
The top 20 altcoins were mixed in the last seven days to 6 July 2025. Making headlines was the Solana staking ETF which began trading last Wednesday, becoming the first US crypto staking product. The ETF is managed by Rex Osprey and Osprey Funds, and trades under the ticker code (CBOE: SSK). The fund’s assets are custodied by Anchorage Digital. The fund offers exposure to Solana (SOL), while generating staking rewards8. Investors in staking ETFs earn rewards in the form of transaction fees or newly minted cryptocurrency for their contribution to the network9.
The launch of staking ETFs represents a new chapter for the industry, blending income-generating potential with digital asset exposure in an SEC-regulated investment structure.
Investing in crypto-assets or companies servicing crypto-asset markets should be considered very high risk. Exposure to crypto assets involves substantially higher risk than traditional investments due to their speculative nature and the very high volatility of crypto-asset markets.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.
CRYP provides focused exposure to companies involved in servicing crypto-asset markets or which have material investments in crypto-assets. Crypto-assets are highly speculative in nature and companies with significant exposure to crypto-asset markets can be expected to have a very high level of return volatility. CRYP does not invest in crypto assets directly, and does not track price movements of any crypto assets.
For more information on risks and other features of the fund, please see the relevant Product Disclosure Statement and Target Market Determination at www.betashares.com.au
References:
- https://www.investopedia.com/terms/t/tokenized-equity.asp
- https://www.forbes.com/sites/digital-assets/2025/07/01/live-from-ethcc-robinhood-launches-tokenized-openai-access/
- https://cryptoslate.com/sec-temporarily-halts-grayscales-multi-asset-crypto-etf-debut-despite-conversion-greenlight/
- https://www.cnbc.com/2025/06/27/coinbase-is-best-performing-stock-in-sp-500-in-june-and-may-move-higher.html
- https://www.cnbc.com/2025/06/27/coinbase-is-best-performing-stock-in-sp-500-in-june-and-may-move-higher.html
- https://www.cnbc.com/2025/06/27/coinbase-is-best-performing-stock-in-sp-500-in-june-and-may-move-higher.html
- As at 4 July 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
- https://www.coindesk.com/markets/2025/07/02/first-u-s-crypto-staking-etf-begins-trading-with-anchorage-as-staking-partner
- https://uphold.com/en-us/learn/advanced/what-are-staking-rewards
Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.
