Bitcoin surges past $65K. Ether outpaces Bitcoin

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Inflation came in soft, ETH stole the spotlight, and a launchpad made one of the strangest decisions of the cycle. Here’s what happened this week:

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Bitcoin surges past $65K as cooling U.S. inflation kills the rate hike trade

Bitcoin climbed to near $65,500 on Wednesday, its best session in weeks, after U.S. inflation cooled more than expected by economists and traders quickly unwound bets on a Federal Reserve rate hike this month.Source: goodcryptoX

June headline inflation fell to 3.5% from 4.2%, and core inflation eased to 2.6% from 2.9%. The core move matters because it strips out energy, meaning the relief isn’t just cheaper oil, and it removes the strongest argument for another hike. Implied odds of a July rate increase collapsed from 43% to 13% after the release, and the two-year Treasury yield dropped six basis points.

Bitcoin rose 3.6% over 24 hours and is up 3.3% on the week. ETH was the standout at nearly $1,940, up 5.3% on the day and 7.1% over seven sessions. HYPE gained 6.4% to $67, XRP added 3.7%, SOL rose 3.6% to $78, DOGE climbed 2.9%, and BNB added 1.9% to $579, per goodcryptoX data.

Separately, Brent crude advanced 1% to above $85 a barrel, marking a third consecutive day of gains, after Trump threatened further strikes on Iran and the U.S. resumed its blockade of the Strait of Hormuz.

Ether outpaces Bitcoin as ETF inflows return, almost all of it flowing into BlackRock’s fund

Ether is the standout this week, and the softer U.S. inflation print that lifted the broader market on Tuesday doesn’t fully explain it.

ETH traded near $1,940 on Thursday, up 2.2% on the day and roughly 11% over seven sessions. Source: goodcryptoX

Two things are driving ETH specifically. First, spot ether ETFs took in $96M in the first three days of this week alone, already surpassing last week’s full total of $84M. The flows are narrow, though. Of the $53.8M that came in on Wednesday, BlackRock’s ETHA absorbed $45.3M, and its smaller ETHB took $4M, leaving the other eight products to split less than $5M. Grayscale’s original Ether trust, which charges 2.5% against BlackRock’s 0.25%, has now bled $5.3B since launch.

Bitcoin’s ETF picture is messier. The funds shed $424M on July 13, then recovered $181M the next day. Money leaving and returning inside 48 hours isn’t the behavior of an allocator building a position.

Second, Robinhood Chain, the layer-2 brokerage launched on July 1, pays gas in ETH and settles to Ethereum, and it’s been clearing more than $800M in daily DEX volume. That’s a demand source for ETH that didn’t exist three weeks ago and a fresh wave for the Ethereum narrative.

Bitcoin’s underlying positioning looks cleaner than the ETF flows suggest. Exchange outflows are holding steady through the latest Middle East escalation, with no meaningful rotation into stablecoins, the move that usually signals wallets stepping back. Funding rates are near zero, suggesting the overleveraged longs that fueled June’s liquidation cascades have already been cleared out. Bitcoin dominance sits at 58.3%.

Strategy pauses Bitcoin buying to build a $3B cash cushion

Strategy hasn’t bought any Bitcoin since June 22, when it picked up 520 BTC for roughly $35M. Since then, the focus has shifted from accumulation to shoring up liquidity.

The company sold 3,588 BTC across two transactions in the week ending July 5, 1,363 BTC for $80.8M on June 30, followed by 2,225 BTC for $135.2M, generating roughly $216M in total. On Monday, it increased its U.S. dollar reserve to approximately $3B, providing about 20.4 months of coverage against annualized preferred stock dividends and debt interest of roughly $1.76B.Source: X

The larger cash buffer is designed to reassure holders of STRC, its perpetual preferred stock, that distributions can continue even during periods of Bitcoin weakness. STRC currently trades around $87, down from a late-June low near $70, but still well below its $100 stated value. Strategy can also sell up to $1.25B in Bitcoin under its recently announced monetization program to fund dividend payments, though that capacity remains unused.

MSTR’s multiple to net asset value sits at approximately 1.02, meaning shares are trading at only a slight premium to the company’s net assets. If Bitcoin falls further, the $3B reserve may prove insufficient, potentially forcing further sales or additional capital raises. Peter Schiff has been vocal in his criticism, arguing that the Strategy has “needlessly destroyed shareholder value.” If Bitcoin follows its historical four-year cycle, a cyclical low could arrive around October, though that remains a scenario, not a forecast.

The launchpad behind Robinhood Chain’s memecoin boom gave away all its revenue

Noxa, the largest token launchpad on Robinhood Chain, has stopped collecting fees and redirected 100% of transaction revenue to creators, after earning an estimated $12M in a single week, according to DefiLlama.

The shutdown unfolded fast. On July 11, just as CASHCAT, the chain’s breakout memecoin, was hitting peak trading volume, Noxa said it would stop accepting new token launches. Two days later, the website went dark. The team blamed a Cloudflare issue. By July 14, the platform announced it would no longer collect fees.Source: X

The decision split Crypto Twitter immediately. “Half the timeline called it based because someone finally pushed back against the spam,” wrote @zubic_eth in a widely shared post. “The other half called it a generational fumble and said they killed the golden goose while making $3M a day.”

CASHCAT has dropped more than 33% in 24 hours since. Prominent trader 0xAvast, who claims to have turned a small early position into seven figures riding the token from a $10,000 market cap to $230M, called the current price a buying opportunity and dismissed the Noxa situation as “irrelevant FUD.” The token has continued to fall since.Source: DEXScreener

The episode highlights the gap between what Robinhood Chain was built for and what it attracted. Tokenized real-world assets, the actual use case, currently sit at roughly $12.66M in market cap. At its peak last week, CASHCAT alone was worth 12 times that.

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