BTC Struggles to Reclaim $110K
gm, Defiers!
Today’s big story:
- Bitcoin struggles below $110,000 as markets continue to feel pressure from Trump’s tariff threats
Plus:
- LetsBONK tokens plummet on (since deleted) pumpfun token sale page on Gate
- $40 million in HYPE was unstaked ahead of Kinetiq launch next week
- Arbitrum sees TVL surge in Q2 after upgrades and a major partnership
- SSV 2.0 and based appplications: Decentralized infrastructure for secure, scalable Ethereum staking [SPONSORED]
- The Stellar development roadmap paves way for expansion and network scalability [SPONSORED]
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
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READ MORE: Solving major DeFi problems: Soul new primitive to finally solve liquidity fragmentation
We’re back! Here’s what you need to know in web3 today
Bitcoin Struggles Below $110,000 as Markets Feel Pressure from Tariff Threats
Bitcoin is still struggling to reclaim the $110,000 level after slipping to $107,000 over the past 24 hours, following a failed breakout attempt. Bitcoin (BTC) is currently up 0.6% on the day, trading near $108,500.
The drop came as the total crypto market cap fell over 2% to $3.4 trillion today, after U.S. President Donald Trump reignited geopolitical tensions ahead of his Wednesday tariff deadline.
As The Defiant reported yesterday, markets reacted to a Truth Social post in which Trump threatened to impose new tariffs on countries aligned with BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, and others.
Additionally, data from Glassnode published today show that over 80,000 BTC last moved more than five years ago were transferred on-chain on Friday, July 4, in what the analysts described as the third-largest single-day revival of dormant Bitcoin in history.
The transfer occurred when BTC was trading around $108,000, valuing the coins at over $8.6 billion. Though Glassnode didn’t provide transaction details, given the timing, the data are likely referring to the long-dormant BTC whale that The Defiant reported on at the time, which was reportedly not moving funds to sell, according to Arkham.
ETFs and Macro
U.S. spot Bitcoin ETFs saw $216.64 million in inflows on July 7, per SoSoValue, while data from blockchain analytics firm Santiment show that spot Bitcoin ETFs continue to see strong inflows over the past month.
“Since June 6th, there has only been one day with more money outflowing than inflowing. This said, continued incoming ETF funds bode well for BTC's and cryptocurrency's future,” a Santiment’s analyst said.
On the macro front, the U.S. economy is stuck between cooling growth and stubborn inflation, keeping both the Fed and markets on edge.
A Reuters report citing a recent survey by the Atlanta and Richmond Fed banks and Duke University found that execs still plan to raise prices, even at companies not directly affected by tariffs. That’s fueling concern among Fed officials that inflation could stay higher for longer.
That’s your market update for today. Until next block, stay on-chain and see you soon!
Denis, staff reporter at The Defiant
📈 Markets in the last 24 hrs:
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $108,841 | 0.83 % |
 | Ethereum | $2,611.21 | 3.12 % |
 | XRP | $2.3 | -0.30 % |
 | BNB | $660.79 | 0.34 % |
 | Solana | $151.87 | 1.25 % |
 MessariPortals | MINDSHARE Rank | MINDSHARE % Change (7d) |
|---|---|---|
 |  | 2.91% |
 |  | -72.00% |
 | | -51.90% |
| Powered by Messari Portals | ||
This is the news that mattered in the past 24 hrs
- Top letsBONK tokens dropped double digits after a webpage on Gate for pumpfun’s reported PUMP token sale was discovered and circulated on social media, before being quietly deleted; LetsBONK flipped pumpfun in terms of revenue and other metrics this week, holding steady as the top Solana memecoin launchpad.
- Ahead of the launch of Kinetiq — a highly-anticipated protocol launching on Hyperliquid’s L1 HyperEVM next week — about $40 million in HYPE was unstaked, presumably to stake with Kinetiq.
- Top Ethereum L2 Arbitrum had a strong Q2, its TVL surging 32% to $2.5 billion since April; the growth follows protocol upgrades, increased tokenized RWA activity and, as of last week, a major partnership with retail broker app Robinhood, which revealed that it’s launching tokenized stocks and ETFs on the L2 to its EU users.
🎬WATCH
On the latest episode of The Defiant Podcast, Cami sat down with Vlad Tenev, co-founder and CEO of Robinhood, in Cannes to explore the firm’s recently announced major crypto moves, including bringing tokenized U.S. stocks to the EU and launching its own Ethereum L2 with Arbitrum tech.
From tokenized private shares to the long-term vision of blockchain adoption, Vlad shares insights on regulation, innovation, and the battle between Robinhood and Coinbase.
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