Singapore based cryptocurrency investment firm QCP Capital has released a statement stating that Bitcoin demonstrated resilience in end of quarter fund flows, with listed companies continuing to increase their holdings of spot stocks. Companies have surpassed ETFs in BTC purchases for three consecutive quarters. The SEC has taken frequent actions, approving pledged Ethereum and Solana ETFs, transforming large-scale gray funds into ETFs, and also planning to develop universal standards to simplify and accelerate the approval process for token ETFs. Enterprise crypto asset allocation accelerates, Bitmine raises $20 million to increase holdings in Ethereum, DeFi Development raises $100 million to acquire Solana and repurchase shares. In the field of infrastructure, Circle has applied for a US license, Robinhood is promoting new businesses in Europe, and Trump's cryptocurrency mining project has raised $220 million. In terms of market structure, the liquidity of derivatives has improved, and BTC market share remains high. The macro environment is favorable for risk assets, and the Trump administration has released signals of easing. The trend of rising risk appetite has been transmitted to the digital asset field.
The market structure shows that the liquidity of the cryptocurrency derivatives market continues to improve. CME's Solana futures open interest contracts reached a historic high of 1.75 million, while XRP futures exceeded $500 million in trading volume in the first month. BTC market share remains at a multi-year high of 65% -66%. Retail investors, early participants, and short-term holders seem to be entering a summer break, while institutions are quietly increasing their holdings. The market's attention has now shifted to the third and fourth quarters, and position data suggests a possible shift in volatility mechanism. The macro environment continues to favor risk assets, with Trump confirming the Senate's passage of the "One Great US" bill, criticizing Powell, and suggesting a replacement; The market pricing rate cut exceeded the Federal Reserve's expectations, and the Treasury Secretary also released signals of easing. The US stock market continues to rise due to the recovery of IPOs and the easing of risk expectations, and the trend of increased risk appetite has been transmitted to the digital asset field. However, sentiment in the altcoin market is still lagging behind.
