Welcome to our 227th issue of State of the Market, where we provide an overview of crypto market activity from June 26-July 2, 2025.
This week in crypto markets:
- Bitcoin neared all-time highs at $109K amid improving macroeconomic liquidity and ETF inflows.
- BitMine Immersion Technologies raised $250M to build an ETH treasury, joining a growing wave of corporate Ether holders.
- Robinhood launched tokenized stocks on Arbitrum, perpetual futures in the EU, and announced plans for its own Layer-2 chain focused on RWAs.
- Backed Finance partnered with Kraken, Bybit, and Solana to launch tokenized equities to non-U.S. users through xStocks.
- The Rex-Osprey Solana + Staking ETF began trading, marking the first U.S. crypto ETF offering exposure to staking rewards.
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