Liquidity inflows signal new crypto momentum

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Announcements

New mobile app release is now live: Track your profit and loss

We’re pleased to share that the first iteration of our profit and loss feature is now available in the latest version of the BTC Markets mobile app.

This new release gives you greater visibility into how your portfolio is performing. You can now view your unrealised profit and loss by asset and overall, track changes over time with dynamic charts, review your historical cost base and holdings value, and choose to hide or show zero-balance assets.

Update your app or download the latest version from the App Store (iOS) or Google Play Store (Android).

Note: iOS users will need to be on iOS 17 or higher. Learn more.

Simplify your tax reporting with 30% off premium tools

BTC Markets has partnered with Crypto Tax Calculator to help streamline your crypto tax reporting. New customers can access a 30% discount on all paid plans using the code BTCM2025.

This limited-time offer is valid until October 31, 2025, and can be redeemed here.

For more details on crypto tax reporting, read our tax blog or visit our support page. 

Explore the new BTC Markets – now in Beta

We’re excited to introduce a new way to invest with BTC Markets. Our refreshed trading platform is now live in Beta, with card deposits now available.

Built from the ground up with your feedback, this new platform is designed to make crypto investing more intuitive, whether you’re just getting started or looking for a cleaner, faster way to manage your portfolio.

What’s new?

• A streamlined interface for clarity and ease of use
• Smarter navigation for faster access to your assets
• Enhanced tools to help you buy, sell, and monitor your holdings with confidence
• Card deposit functionality for quicker funding

The original BTC Markets exchange isn’t going anywhere; it remains fully available for advanced trading. You can switch between platforms at any time.

This is just the beginning. We’d love for you to explore the new experience and share your feedback.

Try it now

Explore the new BTC Markets experience.

State of Crypto

• Liquidity surge brings new momentum
• Bitcoin tested the US$110K range on rising global liquidity
• Ethereum +8%, XRP +4%, Solana +5%, altcoins are catching up
• Standard Chartered maintains US$200K BTC forecast
• Crypto ETFs extend gains amid sustained institutional inflows
• Corporate Bitcoin buying is back in focus

Liquidity surge brings new momentum

Crypto markets are responding to macro shifts, with Bitcoin pushing toward US$110,000 on the back of a notable uptick in US M2 money supply last month. The increase in liquidity, typically a delayed tailwind for high-beta assets, is beginning to trickle into digital assets. Risk appetite is cautiously returning, supported by the improving macro environment and institutional inflows continuing into spot crypto ETFs.

M2, which reflects the broadest measure of liquid money in the US economy, rose sharply in June. Historically, expansions in M2 precede rallies in risk assets, including crypto, by several weeks or months. If that pattern holds, the second half of 2025 could see renewed capital rotation into the digital asset sector.

Check BTC

Bitcoin nears US$110K as altcoins stir

Bitcoin retested the US$110K range during today’s session, fuelled by expectations of looser financial conditions and ongoing ETF inflows. While Standard Chartered reaffirmed its bullish year-end target of US$200K, on-chain data suggests some long-term holders are beginning to trim exposure.

Glassnode estimates show approximately US$1.2 trillion in unrealised gains sitting across Bitcoin wallets. With price action strengthening, some participants are opting to lock in profits, a trend typical in maturing bull cycles. This behaviour isn’t necessarily bearish but points to a shift in positioning as retail and institutional profiles adjust exposure.

Meanwhile, altcoins are finally catching up after several weeks of lagging behind Bitcoin:

• Ethereum (ETH): +6.88%, reclaiming technical levels above US$2,500
• XRP: +2.84%, amid renewed ETF speculation and legal clarity
• Solana (SOL): +3.67%, extending its breakout above US$150

Capital rotation into Layer 1s and assets with strong utility narratives indicates growing market confidence and broader risk-on appetite beyond just Bitcoin.

The combination of rising M2 money supply, consistent ETF inflows, and a recovering altcoin market suggests that the crypto cycle may be entering a new phase.

Institutional engagement is still building. Particularly through regulated products like ETFs, while macro conditions are showing early signs of easing. However, the presence of profit-taking from long-term holders and technical resistance at key levels such as US$110K for BTC means we may also see increased volatility and short-term consolidation.

Key takeaway: For short-term traders, this environment can offer opportunities, but managing risk remains key. For long-term investors, the improving structural setup, increased adoption, expanding liquidity, and infrastructure development, continues to build the case for measured consideration.

Check XRP

Crypto ETFs extend gains amid sustained institutional inflows

Crypto ETF activity continues to accelerate, and the numbers are compelling. US spot Bitcoin ETFs have now logged 15 straight days of inflows, totalling US$4.7 billion. Ethereum ETFs followed closely with seven weeks of continuous demand, reflecting consistent interest in passive crypto exposure.

Bloomberg analysts have now placed 95% approval odds on spot ETFs for XRP, Solana, and Litecoin, suggesting market conditions and regulatory readiness are aligning. That is significant. These are not speculative bets, they are becoming structured products available to institutional and retail clients alike.

The ETF landscape is also expanding in Europe, with UniCredit launching a Bitcoin ETF-linked investment product. As European banks begin to embrace digital assets through traditional vehicles, it becomes harder to argue that crypto remains outside mainstream finance.

Key takeaway: The implications for retail are considerable. ETFs provide easier access, regulatory comfort, and enhanced liquidity. They also allow retail to ride institutional coattails, buying into long-term conviction plays rather than short-term hype. For now, ETFs remain one of the clearest indicators of where serious capital is flowing.

Check ETH

Corporate Bitcoin buying is back in focus

Corporate treasuries are showing renewed interest in Bitcoin. Strategy, formerly MicroStrategy, delivered a 7.8% yield from its BTC reserves in Q2, affirming Bitcoin’s use as a strategic balance sheet asset.

Japan’s Metaplanet recently became one of the top five public Bitcoin holders, and Vanadi Coffee, a Spanish firm, has earmarked €1 billion for a BTC allocation. This isn't headline-chasing,these are boardroom-level treasury decisions.

Key takeaway: The trend speaks to Bitcoin’s evolving role as a non-sovereign store of value. While volatility remains a concern, the long-term adoption story continues to deepen. For retail investors, corporate buying adds a layer of credibility and validation, and it often precedes wider institutional moves.

Check LINK

DeFi quietly builds the next wave of infrastructure

While prices consolidate, development hasn’t slowed. DeFi infrastructure is strengthening across the board. Circle’s Gateway now enables cross-chain transfers of USDC, a critical building block for liquidity mobility across ecosystems.

Paxos has launched USDG, a stablecoin designed to comply with the EU’s MiCA regulation. Ripple has deployed an EVM-compatible sidechain, bringing Ethereum-style smart contract functionality to the XRP Ledger.

Botanix has launched a Bitcoin Layer 2 solution aimed at scaling the network’s programmability, and Circle is seeking to become a national trust bank, pushing deeper into regulated territory.

Key takeaway: This wave of activity reflects how technical foundations are being laid for the next bull cycle. For retail investors, it’s a reminder that crypto's real value doesn’t just come from price, it comes from progress.

Check XLM 

Regulation is heating up, both good and bad

Crypto regulation remains in flux. The SEC is actively reviewing ETF filings, while some states like Connecticut are taking a more restrictive approach, banning crypto in state agencies.

At the federal level, political tensions, such as Trump vs Musk, are adding volatility to market narratives. However, there are positive signals as well. The CFTC appointed Aptos' CEO to its Digital Assets Subcommittee, suggesting constructive engagement from regulators who understand the tech.

Key takeaway: For retail, this means two things: increased scrutiny and potential clarity. Regulatory frameworks can bring legitimacy, but they can also impact access. The landscape remains uneven, but it is no longer passive. Investors should expect faster cycles of policy reaction moving forward.

Check SOL

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

The Block: Bitcoin in 'ripe conditions' for new all-time high as it holds above $107,000: analysts

The world's largest cryptocurrency remained steady in the past few days, trading at above $107,000.

BTC Markets crypto analyst Rachael Lucas told The Block that a new all-time high feels more like a matter of timing than a possibility.

"Several catalysts are in play: ongoing institutional allocation, particularly from corporate treasuries and sovereign wealth funds; growing use cases like Bitcoin-backed mortgages; regulatory progress in key jurisdictions; and macro tailwinds such as interest rate cuts and inflation stabilization," Lucas said.

Read the full article.

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The week ahead: economic events

Thursday, July 3rd

• Australia Balance of Trade
• Canada Balance of Trade

Tuesday, July 8th

• Australia Business Confidence & Interest Rate
• Germany Balance of Trade
• Canada Ivey Purchasing Managers Index

Wednesday, July 9th

• Australia Consumer Confidence MoM
• China Inflation Rate

Source: Trading Economics

Market reflections

• United States: Manufacturing strength meets consumer softness
• Germany: Cautious optimism emerges despite a dip in consumer confidence
• France: Services and food push inflation higher as energy drag fades
• Italy: Food and transport costs nudge inflation higher, energy eases
• Eurozone: Inflation returns to ECB target as services costs stay elevated
• China: Factory activity shows signs of life on domestic momentum
• Japan: Business and consumer sentiment rise on stronger outlook
  

United States: Manufacturing strength meets consumer softness

US macroeconomic data this week reflected a divergence between industrial momentum and consumer resilience. Job openings rose sharply in May to 7.77 million, the highest level since November 2024.

Factory orders also rebounded strongly, jumping 16.4% month-on-month in May to US$343.6 billion.Business investment continued to show resilience, with core capital goods orders, a key proxy for future economic activity, up 1.7%.

However, the strength in manufacturing and business spending was tempered by signs of consumer weakness. Personal income fell 0.4% and real disposable income contracted 0.7%, the first decline in nearly four years. Consumer spending slipped 0.1%, with a notable pullback in durable goods, pointing to early signs of caution amid growing tariff-related uncertainty.

The US economy contracted 0.5% in Q1, its first quarterly decline since 2021, following downward revisions to household consumption and exports. That said, fixed investment increased by 7.6%, suggesting confidence among businesses ahead of potential cost pressures.

Inflation remained slightly above forecast, with the Fed’s preferred core PCE measure rising 2.7% year-on-year. The print supports the central bank’s cautious approach, as markets continue to weigh the timing and scale of any future policy easing.

Germany: Cautious optimism emerges despite a dip in consumer confidence

In Germany, consumer sentiment dipped slightly, with the GfK Consumer Climate Indicator falling. While income expectations rose for a fourth consecutive month on the back of improved wage agreements and easing inflation, the savings rate hit a 14-month high, suggesting households remain cautious.

Inflation data showed headline CPI easing to 2.0%, returning to the European Central Bank’s target. Food and energy prices helped bring inflation down, while core inflation also declined. Despite the near-term softness in consumer sentiment, improving economic expectations and government investment plans in infrastructure and defence signal potential for a modest recovery.

France: Services and food push inflation higher as energy drag fades

Inflation in France ticked up slightly to 0.9% in June, driven by service sector costs, particularly in accommodation and transport. Food inflation also edged higher. Energy prices continued to decline but at a slower pace. While still below historical norms, the move suggests inflation may be stabilising. On a harmonised EU basis, inflation rose to 0.8%, slightly above expectations.

Italy: Food and transport costs nudge inflation higher, energy eases

Italian inflation inched up to 1.7%, still below the European Central Bank’s 2% target. The rise was largely led by food and transport services, while energy inflation continued to ease. Core inflation climbed to 2.1%. The broader price trend remains under control, with only modest upward pressure emerging from non-processed food categories.

Eurozone: Inflation returns to ECB target as services costs stay elevated

For the broader Eurozone, inflation returned to the 2.0% mark in June, in line with the ECB’s target. The headline number was driven by persistent service sector inflation and a slowing decline in energy prices. Core inflation held steady at 2.3%. With inflationary pressures contained but still present, the path to policy easing remains gradual.

China: Factory activity shows signs of life on domestic momentum

China’s manufacturing activity showed signs of stabilisation. The official NBS Manufacturing PMI came in at 49.7 in June, a third straight month of contraction but the softest in the series. Encouragingly, output and new orders improved, supported by recent stimulus measures and a trade deal with the US.

The Caixin Manufacturing PMI also returned to expansion territory at 50.4, beating forecasts and signalling recovery in domestic demand. Export orders continued to decline but at a slower rate. While employment and sentiment remain subdued, these early signs of improvement suggest the manufacturing sector may be turning a corner.

Japan: Business and consumer sentiment rise on stronger outlook

In Japan, the Tankan survey showed an improvement in business sentiment among large manufacturers, rising to 13 in Q2. Sectors such as chemicals, iron and steel, and business machinery posted stronger readings. Capital expenditure plans also surged, with large firms expecting an 11.5% increase, the fastest pace in over 18 months.

Separately, the consumer confidence index rose to 34.5 in June, the highest level since February. Gains were recorded across all key components, including employment outlook and willingness to buy durable goods. These developments reflect a cautiously optimistic tone in the Japanese economy despite external trade headwinds.

Scam alert

Job scams: What to watch for and how to protect yourself

Scammers are targeting job seekers with offers that sound too good to be true, because they are. These fake roles promise high pay for minimal effort and often impersonate well-known companies or recruiters.

You may be asked to send money upfront via bank transfer, PayID or crypto to “activate” the job or complete tasks. However, the job doesn’t exist, and the scammer disappears with your money or personal details.

These scams are designed to create urgency and stop you from checking the facts.

Warning signs it could be a scam:

• Unsolicited messages offering easy, high-paying remote work.
• No interview, reference checks, or questions about your experience.
• Requests for payment or crypto to access work or complete tasks.
• Roles that involve transferring funds or goods on behalf of others.
• Pressure to act quickly or pay a “recruitment fee.”

How to protect yourself:

• Be cautious with unexpected job offers even on trusted platforms.
• Never send money or share personal or crypto account details with people you don’t know.
• Verify recruiter details through official websites, not via links in the message.
• Take your time. Genuine opportunities won’t ask you to pay upfront.

If you’ve been targeted, secure your accounts immediately and update your passwords.

Learn more at scamwatch.gov.au

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