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Decentralized exchange Hyperliquid has leapfrogged major centralized platforms in PUMP spot trading volume, marking a shift in trader behavior following the token’s highly anticipated launch.

Over the past 24 hours, Hyperliquid processed $165 million in PUMP spot trades, outpacing Bitget and MEXC, which saw $95 million and $149 million in volume respectively, according to CoinGecko data.

This surge places Hyperliquid third overall in global spot volume for the token, trailing only Gate and Bybit, which recorded $243 million and $175 million respectively.

Hyperliquid’s rise in the PUMP market reflects a growing willingness among traders to execute sizable volume on decentralized infrastructure. By comparison, Solana-native DEXs such as Meteora handled just $63 million in spot PUMP trades, while Pump.fun’s own native DEX, PumpSwap, processed only $28 million during the same period.

PUMP was trading at $0.0068 at press time, up 23% over the past 24 hours.

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ProShares, a leading issuer of leveraged and inverse ETFs, has launched two new leveraged futures-based products tracking Solana and XRP — the Ultra Solana ETF (SLON) and Ultra XRP ETF (UXRP), according to a Tuesday press release. The debut of the ETFs comes after NYSE Arca cleared them for listing and trading.

The Ultra Solana ETF (SLON) seeks to provide twice the daily performance of Solana (SOL), while the Ultra XRP ETF (UXRP) offers 2x the daily return of XRP.

With these new products, ProShares aims to broaden access to leveraged exposure to two of the prominent digital assets, XRP and SOL, which currently rank as the fourth and sixth largest cryptocurrencies by market capitalization, according to CoinGecko.

“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” said ProShares CEO Michael Sapir in a statement. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies.”

The new funds join ProShares’ existing crypto-linked ETF lineup, which includes the first US Bitcoin-linked ETF (BITO) launched in October 2021, along with the first US short Bitcoin ETF (BITI), the first US ETF tracking Ether performance (EETH), and the first US short Ether ETF (SETH).

ProShares currently manages over $85 billion in assets, with its leveraged crypto-linked ETFs accounting for more than $1.5 billion in assets under management. The company now offers 12 crypto-linked ETFs and three ProFunds mutual funds in the US market.

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Bitcoin fell from above $119,000 to around $117,600 on Monday night after a wallet tied to a long-dormant whale transferred around 9,000 Bitcoin worth over $1 billion to Galaxy Digital.

The transactions were first flagged by blockchain analytics platform Spot On Chain. Despite the outflow, the wallet still holds approximately 11,000 BTC, valued at $1.3 billion at the time of writing.

🚨The whale just moved 8.5K $BTC (~$1B) to Galaxy Digital 15 minutes ago. It is likely an OTC deal.

This is his first cash-out in 14.3 years.

Wallet Link: https://t.co/7ZhXS8WXu8 https://t.co/UyEH6eMJxq pic.twitter.com/Mf3jfeQdUj

— Spot On Chain (@spotonchain) July 15, 2025

Earlier in the day, the Satoshi-era whale moved $2.4 billion in Bitcoin to a new address, fueling renewed speculation around their activity.

As reported by Crypto Briefing, the whale resurfaced on July 4 after 14 years of dormancy, initiating the transfer of 80,000 BTC across multiple transactions. The holdings were originally acquired at around $2 per coin.

Coinbase’s head of product, Conor Grogan, previously noted there was a slim chance that the recently reactivated $8 billion in Bitcoin may be linked to hacked or compromised private keys.

There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys

I found a single BCH test transaction from one of the BTC whale clusters 14 hours ago, followed by the full amount. An hour later, the BTC wallets began to move (1/3) pic.twitter.com/VzRnaUyIG7

— Conor (@jconorgrogan) July 4, 2025

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Exchange NYSE Arca has “certified the listing and registration” of the ProShares Ultra XRP ETF, according to a Monday filing with the SEC.

The certification came after the fund appeared on the DTCC’s list, signaling it is operationally ready for trading and settlement, though its market debut may still face delays.

The leveraged futures-based ETF, expected to trade on NYSE Arca under the ticker UXRP, seeks to deliver 2x the daily performance of an XRP index using derivatives such as swap agreements and futures contracts, rather than holding XRP directly.

In addition to the Ultra XRP ETF, ProShares plans to launch two related products — the Short XRP ETF (XRPS) and the UltraShort XRP ETF (RIPS). Neither has yet been listed on the DTCC.

A product page for the Ultra XRP ETF went live Monday as the fund became effective. However, trading has not yet commenced.

ProShares plans to launch its trio of XRP futures ETFs on July 18, per a July 11 filing, though the timeline may shift.

NYSE Arca has also approved the listing and trading of ProShares’ Solana-linked product, the ProShares Ultra Solana ETF (SLON), a separate SEC filing shows.

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Bitcoin hit a new record high of $121,000 on Sunday night after breaking through $119,000 earlier in the day and clearing the $120,000 mark, according to TradingView data. Bitcoin hovered around $120,835 at press time, up 30% since the start of the year and more than double its price from a year ago.

Bitcoin’s latest rally caps off a week of steady gains, driven by on-chain trends, increased institutional participation, and growing confidence in a more supportive regulatory environment.

According to Glassnode, long-term holders are currently absorbing more Bitcoin than miners are issuing. Wallets holding less than 100 BTC have been accumulating around 19,300 BTC per month, while monthly miner issuance stands at just 13,400 BTC.

The persistent net absorption, spread across a broad base of holders, is contributing to a structural supply squeeze that could provide further support for upward price momentum.

Looking at accumulation by wallet size: Shrimps, Crabs, and Fish – wallets with <100 $BTC – are accumulating ~19.3k BTC/month, while miner issuance stands at 13.4k BTC/month.
Persistent net absorption across a wide base of holders is creating measurable supply-side tightening. pic.twitter.com/ajut5hlpqv

— glassnode (@glassnode) July 12, 2025

According to data from Farside Investors, US spot Bitcoin ETFs accumulated over $2.7 billion in net inflows this week, with daily inflows exceeding $1 billion on both Thursday and Friday. BlackRock’s iShares Bitcoin Trust (IBIT) dominated the flows, recording more than $1.7 billion in inflows over seven days.

Optimism is also built around regulations, with “Crypto Week” in focus as a possible turning point for the crypto sector.

Lawmakers are set to debate three key bills that could finally bring clarity to digital asset oversight, including measures addressing stablecoins (GENIUS Act), blockchain infrastructure, and the jurisdiction of regulatory agencies (CLARITY Act).

Ledn Chief Investment Officer John Glover suggests that Bitcoin’s recent price surge supports the commencement of the final bull run phase.

He projects Bitcoin will likely reach $130,000 by the end of this year, potentially followed by a short-term correction and then a final rally to $136,000, marking the completion of a multi-year bull cycle.

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PENGU token jumped as much as 13% after Coinbase updated its official X profile picture to a Pudgy Penguins NFT, according to Binance data.

Coinbase’s new profile photo comes on the heels of Alex, formerly with Binance, taking on the role of Head of Crypto Twitter Communications to enhance the firm’s public messaging and community ties.

Alex took over our account for an hour. Now we’re taking him over forever.

Welcome to Coinbase, @AlexOnchain.

(Legally we’re required to point out that Alex has not technically joined forever and has a very normal employment contract with the company.) https://t.co/DmkNn2wwfd

— Coinbase 🛡️ (@coinbase) July 11, 2025

“Normal job announcements are boring. I had to do something different, and a twitter takeover felt right,” Alex said in a Friday statement.

“The new focus is making comms more social native – direct, transparent and engaging. That’s the path to building a bigger appreciation for everything they’ve contributed to this space (which is a lot), and to help reconnect with ct. They’re already working on it, and I’ve joined to be a part of that change,” he added.

At the time of writing, PENGU changed hands at around $0.023, up over 20% in the last 24 hours. The token has regained upward momentum since Wednesday, as Bitcoin’s rally has lifted the overall crypto market.

In addition, positive regulatory developments, with the SEC having recently acknowledged Canary Capital’s spot PENGU ETF application, also helped boost its momentum.

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With tech stocks soaring and Bitcoin hitting fresh highs, President Trump is renewing pressure on the central bank to ease monetary policy, framing market performance as a sign of economic strength.

JUST IN: 🇺🇸 President Trump said crypto is “through the roof” following Bitcoin’s new all-time high yesterday. pic.twitter.com/R2I3z6tt2N

— Crypto Briefing (@Crypto_Briefing) July 10, 2025

Bitcoin reached a new all-time high above $112,000 on Wednesday amid increasing global demand for digital assets. The surge also pushed the overall crypto market capitalization back up to $3.4 trillion, a peak last seen in June 2025.

Despite recent gains, the total market value is still below the December 2024 record of $3.7 trillion. Bitcoin was trading at around $111,300 at the time of writing, per TradingView.

Trump has repeatedly urged the Fed to lower interest rates, but markets see little chance of a cut before September. The central bank has kept its benchmark rate steady at 4.25%–4.50% since December 2024.

While policymakers indicated in June the potential for two cuts by the end of the year, there was no agreement on near-term action.

Market pricing now reflects less than a 7% chance of a rate cut at the upcoming July 29–30 meeting, according to data from CME FedWatch.

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