15 FiCAS Active Crypto ETP

Bitcoin reversed to close down 6.5 percent after peaking at 123,000, while Ethereum rose 18.5 percent, extending the outperformance trend that began in May. Bitcoin dominance fell to 55.8 percent from 62 percent in June as risk appetite broadened. The bid in Ether was supported by steady demand from ETH-focused treasury buyers and momentum accounts.

Macro headwinds kept volatility elevated. A weak U.S. jobs report, soft PMI and ISM readings, and an escalation in tariff rhetoric weighed on sentiment. The administration warned of 15 to 25 percent levies on trade partners and subsequently raised tariffs to 50 percent on India and 100 percent on semiconductor chips. The combination of growth concerns and policy uncertainty triggered a sizable leverage flush-out across crypto. Spot Bitcoin and Ether ETFs saw mixed flows, but activity remained comparable to recent quarters, particularly on the Ether side.
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Policy and adoption signals were constructive. The SEC stated that liquid staking protocols are not securities, and VanEck subsequently filed for a Solana liquid-staking ETF following this clarification. The SEC and Ripple ended their appeals, finalizing the XRP case. El Salvador approved a law allowing investment banks to hold Bitcoin. Gemini filed for a Nasdaq listing under the ticker GEMI. Treasury accumulation continued, with ETH buyers such as SBET and BMNR reporting positions of 521,939 ETH and 833,173 ETH, respectively, and recent data showed Ethereum on-chain activity strengthening, with transaction volume up 70 percent month over month to 238 billion dollars and active addresses at a multi-year high. Despite the weak tape, Mantle, Ethena, and Chainlink outperformed the broader market.