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SOTM July 3-9, 2025

Welcome to our 228th issue of State of the Market, where we provide an overview of crypto market activity from July 3-9, 2025.

This week in crypto markets:

  • BTC reached a new all-time high of $112K, while ETH climbed past $2,800 amid sustained ETF inflows.
  • OKX partnered with Circle to enable 1:1 USD–USDC conversions and streamline fiat on/off ramps for over 60 million users.
  • Circle is seeking a U.S. national banking license to directly manage USDC reserves and provide custody services.
  • Bullish partnered with the Solana Foundation to leverage Solana-native stablecoins for trading and settlement infrastructure.
  • Phantom integrated Hyperliquid perpetual futures trading for 100+ markets directly within its wallet interface.
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