SOTM June 26-July 2, 2025

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.

Brought to you by coinmetrics.io

Meet the Upgraded Dashboard
Compare up to four columns, add row context, and work faster in an intuitive workspace.
Try It Now
Weekly Metric Minute
Bite-size, data-driven crypto insights straight from our latest research every week.
Watch Now
Learn with Matthias
Short videos teach you to unlock deeper insights using Coin Metrics dashboards, APIs, and market data.
View Tutorials

Follow Us on X

Share on

Latest from CM

Our Special Insights

Dive Deeper