Weekly Recap: New BTC ATH While ETH Crosses $3K
This past week, Bitcoin exploded past $118K to notch new all-time highs, while Ether climbed back above $3K. But it wasn’t just the majors rallying. Key DeFi protocols are showing real growth too. Aave outperformed the entire DeFi sector in Q2, according to a Messari report, with $5.2 billion in total revenue and growing dominance in the lending landscape. Meanwhile, Euler’s EUL token hit new all-time highs on the back of surging protocol usage, signaling a return of attention to more fundamentals-driven plays.
Institutions and corporations continue seeking exposure to the recent crypto gains. A new report from Keyrock flagged the emergence of Bitcoin treasury management strategies among corporates, with more firms looking at BTC as a balance-sheet asset. Fidelity’s framing of Ethereum as a digital economy and ETH as the “base money” adds intellectual weight to that thesis.
Still, crypto wouldn’t be crypto without some chaos. The Zelenskyy suit market on Polymarket resolved “No” despite overwhelming evidence to the contrary, sparking backlash over oracle governance and token-based voting on UMA. And over in Solana memecoin land, Pump.fun confirmed its ICO and raised $500M in minutes.
On the flip side of hype, DWF Labs’ USDf stablecoin briefly depegged, raising doubts about collateral transparency and triggering fresh scrutiny of stablecoins just as Congress prepares for a landmark crypto regulation week in D.C.
Finally, The Defiant was first to report Movement Labs ousted co-founder is suing the Layer 1 startup in a Delaware court.
Enjoy!
👀 Don’t miss our newest newsletter, The Defiant: Real World, where we track how trillions of assets are coming onchain. Each week, you’ll get a weekly summary of the high-signal RWA and stablecoin news you can’t miss and in-depth analysis to put it all in context.
In this week’s edition, we unpack why Robinhood’s tokenized stocks aren’t really stocks Read it here →
thedefiant.io/newsletter/real-world/robinhoods-tokenized-stocks-are-not-stocks
This episode kicks off with a clip from AJ Warner, Chief Strategy Officer at Offchain Labs, the makers of Arbitrum, who talks about why he believes Robinhood went with Arbitrum for their Layer2. We recorded this interview in Cannes at EthCC.
Next we have an in-depth conversation with Steven Goldfeder, Co-Founder and CEO of Offchain Labs, where we take about Arbitrum, Ethereum Layer 2s, and scaling Ethereum. In this episode, we explore: 1. How optimistic rollups work and their role in Ethereum's scalability 2. The ZK vs. optimistic rollup debate 3. The future of Ethereum L2s and their impact on the Ethereum ecosystem 4. Steven’s insights on DeFi growth, ETH vs. BTC, and the importance of neutrality in tech stacks
Top stories this week
U.S. House Gears Up for Crypto Week With Key Legislative Votes
Congress is preparing for a pivotal week for crypto policy, with the U.S. House scheduled to vote on three bills that could shape the future of digital asset regulation. Lawmakers will weigh legislation focused on stablecoins, illicit finance, and broader regulatory clarity — with the controversial Financial Innovation and Technology for the 21st Century (FIT21) Act and a proposed overhaul of anti-money laundering rules on the docket. The outcome could mark a turning point for how crypto is treated at the federal level.
Pump.fun Raises $500 Million in Minutes in PUMP Token Sale
Memecoin launchpad Pump.fun completed its public sale of the PUMP token on 12 July, raising an estimated $500 million to $600 million within minutes of opening. The sale, which valued the fledgling project at roughly $4 billion, was oversubscribed almost immediately after the 14:00 UTC launch.
Fidelity Frames ETH as Digital Money in Macro-Economic Blockchain Thesis
Fidelity has released a new report framing Ethereum as a digital economy and Ether as a form of base money. The asset management giant argues that Ethereum’s growing user base and economic activity mirror the development of a real-world GDP. Fidelity sees Ethereum as the leading example of how blockchain ecosystems can evolve into self-sustaining digital nations.
Bitcoin Hits New All-Time High Above $118K, ETH Breaks $3K
Bitcoin soared past $118,000 this week, setting a new all-time high amid a broad-based crypto rally that also saw Ether climb above $3,000. Strong ETF inflows, renewed institutional interest, and bullish momentum across the sector are driving the rally. While Bitcoin leads the charge, altcoins like Solana and Avalanche are also gaining ground, signaling a broader uptrend.
Polymarket Controversy Flare-Up After Zelenskyy Suit Market Resolves to “No”
Polymarket—a prediction market platform—recently settled a high-stakes bet (~$200 million in volume) on whether Ukrainian President Volodymyr Zelenskyy wore a suit before July. Despite widespread media descriptions of his June 24 NATO outfit as a suit, the UMA oracle overturned an initial “Yes” resolution, closing on “No.” Critics argue UMA’s token‑based voting favors whales and undermines factual outcomes, calling the ruling “broken” and raising questions of governance and oracle manipulation. UMA insists no foul play occurred but plans to refine its resolution processes.
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