Profound ambivalence
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 2nd July 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Era Of Tokenized Equities Arrives
Tokenized stock trading found traction this week.
Importantly, Solana has thrown support to Backed Finance's xStocks, allowing crypto traders to stuff their wallets with tokenized shares of a slew of U.S. equities, like Nvidia and Tesla.
Right after its launch, xStocks recorded some $3.5M worth of trading volume. One big name in the xStocks ecosystem is Circle xStock (CRCLX). It has amassed a market cap of about $3M.
Exchanges, such as Kraken and Bybit, have adopted the xStocks feature for select regions, Decrypt said.
Meanwhile, one fairly obscure token, TNQ, connected with a Malaysian-backed project boasting of ties to the world of tokenized stocks, appeared to quadruple on Tuesday, although if you blinked you missed that, as today TNQ seems to have vanished from the charts.
CoinGecko said that liquidity for the xStocks tokens has been deployed on-chain across Arbitrum and Solana.
What's down
Bitcoin Dips, Dawdles
Bitcoin's 15-day streak of ETF inflows came to an end yesterday.
When we first checked the most gigantic of all digital assets late last night, it didn't look great. Around midnight, BTC hovered around the $105.4K mark, which is about as low as it's been all week.
However, today, as of about midday (EST), BTC was back flirting with $109.5K, according to CoinGecko.
"Traders have adopted a defensive stance," Cointelegraph said with respect to U.S.-listed spot BTC ETFs finally not recording positive flows.
The price of spot BTC has gained 0.3% since last Wednesday, per CoinGecko.
What's next
Torn On The Fourth Of July
Fed Chair Jerome Powell in a speech in Portugal on Tuesday said the U.S. central bank likely would have lowered interest rates by now were it not for President Trump's thorny trade agenda.
It was something of a clapback at Trump who has been caustically goading Powell to cut rates, setting up a clash of wills, fraying nerves on Wall Street which still places a premium on Fed independence.
"In recent years, the prices of top cryptocurrencies like Bitcoin have become increasingly tied, like the stock market, to interest rates," Decrypt said.
In recent weeks, simmering tensions between Powell and Trump have helped create conditions conducive for risk market malaise.
Seriously, though, would BTC reclaiming a $108K handle by the Independence Day holiday, July 4, be too much to ask? On Myriad, a prediction market created by Decrypt's parent company Dastan, the odds of BTC reaching $108K by Friday were, as of Monday, 50/50. Yesterday, however, bettors on Myriad moved the odds (that Bitcoin won’t be priced above $108K by July 4) to nearly 70%, indicating, Decrypt noted, a "bearish trajectory."
