Data & Insights: Bitcoin All Time Highs; Solana ETF Stats

Bankers Stole Your Bitcoins

• Happy ATH to those who celebrate, as the price of Bitcoin closed the week at over $119,000, following a 9% rise last week.
  • Aggregated open interest (OI) of Bitcoin futures also hit a record $54.6 billion, surpassing December 2024’s highs.
  • Bitcoin has also experienced persistent accumulation by spot ETFs, as Spot Bitcoin ETFs AUM has continuously made record highs since the April global tariff scare, currently standing at ~$160 billion.
  • That’s up by over 47% year-to-date (YTD), from $109 billion at the start of 2025, showcasing TradFi’s relentless appetite for Bitcoin.
• Despite record-high prices, OI and its ETFs AUM, the 7-day moving average (7DMA) of the total spot market volume for Bitcoin on centralized exchanges (CEXs) is near yearly lows of ~$30 billion.
  • This figure is a far cry from the volumes seen just 6 months ago, where Bitcoin saw upwards of $120 billion worth of volume per day.
  • This trend is not limited to just the spot market, as monthly Bitcoin futures volume saw just $1.57 trillion in June, its lowest figure since September 2024.
  • Moreover, the 30-day annualized volatility for BTC has hovered around 30% for almost two months and just recorded its lowest figure since June 2024.
• This divergence suggests structurally bullish flows are marching price to new highs atop a fragile trading layer, and as long as ETF bids persist, the drift will likely continue barring any macro shocks.

Not So Useless After All

• The number of tokens launched through the LetsBonk launchpad on Solana reached a single-day all-time high of 22.3K last Tuesday.
  • This was the climax of a notable trend that began from the week prior, when there were just 882 tokens launched through LetsBonk on 29 June.
  • Since then, the platform experienced a notable surge in activity where this figure increased by an average of 73% per day over the course of the week.
  • As a result, daily fees generated by LetsBonk also spiked from just $35K on 29 June to $1.18 million just a week later.
  • The surge in activity on LetsBonk has resulted in it directly eating away at pump.fun’s share of tokens launched, as the latter’s market share dropped from 77% to 25% while the former’s increased from 3.5% to 66% in that period.
• The reason behind LetsBonk’s sudden surge is likely the attention that it gained from a LetsBonk-originated memecoin called $USELESS.
  • The $USELESS memecoin stood at a $6 million market cap in early June, and by the end of the month, it had grown by over 3,233% to a $200 million market cap.
  • It proceeded to peak at a market capitalization of just over $320 million by the end of the first week of July, which coincided with the surge in activity of the LetsBonk launchpad.
  • Moreover, news of pump.fun’s plans to initiate a token sale was also a likely secondary factor behind LetsBonk’s activity surge, as speculative airdrop farmers flowed to alternative launchpads.  

Solana ETFs Stake Their Claim

• The long-awaited Solana ETFs have officially launched, marking a significant milestone in crypto ETF evolution. REX‑Osprey Solana ETF went live on July 2nd and has since recorded over $160 million in trading volume, demonstrating immediate market interest in exposure to the high-performance blockchain.
  • The ETF has attracted $69.7 million in net inflows with only one day of outflows since launch, suggesting sustained investor appetite despite the 0.75% management fee.
  • During the same period, the ETH and BTC ETFs collected over a billion and three billion in inflows, respectively, establishing a commanding first, second, and third. 
• The Solana ETFs introduce a notable innovation in the crypto ETF landscape through integrated staking mechanisms. Unlike Bitcoin ETFs that simply hold the underlying asset, Solana ETFs can stake their SOL holdings to earn network rewards, potentially enhancing returns for investors.
  • This staking feature allows the ETF to generate additional yield beyond price appreciation, as staked SOL earns rewards from network validation activities.
  • The mechanism represents a significant evolution in crypto ETF structure, as traditional Bitcoin ETFs cannot offer similar yield-generating features due to Bitcoin's proof-of-work consensus model.
• The successful launch also highlights the growing regulatory compliance of the crypto space. With the introduction of staking, REX‑Osprey has partnered with Anchorage Digital to manage the custody and onchain staking of the fund’s Solana.
  • Anchorage is the only federally chartered crypto bank in the United States and acts as a qualified custodian to manage the funds. 

Collecting Relics Again

• As Bitcoin reaches new all-time highs, we’re seeing signs that risk-seeking traders are gravitating toward higher-beta assets, with NFTs experiencing a notable resurgence across multiple blockchain ecosystems. Trading volume in non-Ethereum NFT projects hit $4m after being in a downtrend for an extended period, doubling from the week prior. 
  • NFTs typically function as high-beta plays on their underlying blockchains, often experiencing magnified price movements relative to the native token's performance.
• Bitcoin NFTs, commonly referred to as Ordinals, have seen a spike in trading volume as market participants return to exploring on-chain activities within the Bitcoin network. Floor prices of top Ordinals projects have increased 50% in the last week, suggesting traders are already comfortable with this ecosystem on Bitcoin. 
  • The Ordinals protocol allows for the inscription of data directly onto individual satoshis, creating unique digital artifacts on the Bitcoin blockchain.
• While many observers dismissed NFTs following the previous cycle's peak, certain collections have demonstrated staying power and continued to attract both retail and institutional attention. Established Ethereum collections like CryptoPunks and Pudgy Penguins have maintained relevance and trading activity throughout market downturns.
  • These blue-chip collections continue to serve as status symbols and portfolio diversifiers within the broader crypto ecosystem.
  • The persistence of interest in select NFT projects indicates that while the broader market may have cooled, quality collections with strong communities retain their appeal during risk-on periods.

Retail Waking Up

• As crypto markets heat up, attention turns to one of our favorite cycle indicators: Coinbase's App Store ranking, which has historically served as a barometer for retail involvement in cryptocurrency markets. The exchange currently sits at rank 162, marking a dramatic recovery from its three-month low of 436 recorded less than a month ago.
  • This 63% improvement in ranking suggests growing retail interest as mainstream investors begin re-engaging with crypto trading platforms.
  • Historically, when Coinbase spikes to rank 1 in the App Store, it has coincided with market froth as retail participants drive significant capital into asset prices during peak FOMO periods.
• The App Store ranking metric has proven particularly valuable as a top indicator for cycle peaks, capturing the moment when mainstream retail fully embraces crypto speculation. Previous cycles have shown that extreme App Store rankings often precede market corrections as retail buying exhaustion sets in.
  • The rapid climb from 436 to 162 demonstrates how quickly retail sentiment can shift when crypto prices begin trending upward.
• However, this cycle may present unique dynamics as the competitive landscape for crypto apps has evolved. With platforms like Robinhood expanding crypto offerings and rival exchanges gaining market share, we might see other exchange rankings challenge Coinbase.
  • Multiple crypto platforms could potentially break into the top 10 App Store rankings simultaneously, diluting Coinbase's role as the sole retail indicator.