- Bitcoin holds near $77,179, up 22.8% for the week amid continued momentum.
- Anthropic reportedly plans a $100B+ IPO targeting a $2 trillion valuation.
- Bitcoin spot ETFs post $1.918B in weekly inflows, led by BlackRock’s IBIT.
Bitcoin traded near $77,179, roughly flat over the past 24 hours but still up a massive 22.8% for the week. Ethereum held around $2,435, up 29.2% weekly, while XRP traded near $1.47, up an extraordinary 48.7% for the week. BNB rose to $697.27, up 16.1% weekly, and Solana climbed to $93.87, up 25.8% for the week.
HYPE held near $80.10, up 38.4% weekly. Total crypto market capitalization stood at $2.68 trillion, roughly flat over the past day, with 24-hour trading volume at $89.83 billion.
Trending Searches
Elon’s Space Cat surged 305.3% to top both trending searches and gainers, followed by Lighter, up 14.9%, and Hyperliquid, up 1.0%. Among top gainers, KiiChain jumped 210.6%, and The Index added 160.9%, reflecting continued speculative appetite even as majors consolidated after last week’s rally.
Anthropic Eyes Record-Breaking IPO
Anthropic is reportedly pitching investment banks and potential investors on an IPO that could raise more than $100 billion, targeting a valuation near $2 trillion, according to The New York Times.
If completed, the offering would surpass SpaceX’s June IPO, which raised $85.7 billion at a $1.77 trillion valuation, becoming the largest IPO in history. Anthropic was valued at roughly $900 billion in its most recent private round and submitted its listing application in June.
ETF Inflows Show Broad Institutional Demand
Bitcoin spot ETFs recorded $1.918 billion in net inflows last week, led by BlackRock’s IBIT at $1.331 billion, pushing IBIT’s cumulative total past $62.4 billion. Ethereum spot ETFs added $697 million, with BlackRock’s ETHA contributing $537 million.
XRP spot ETFs saw $39.78 million in inflows, SOL ETFs added $28.34 million, and HYPE ETFs brought in $3.89 million, with Grayscale’s staking product HYPG leading that category.
Bitfinex data cited by market analysts showed listed companies and US spot Bitcoin ETPs have purchased 1.55 million BTC since January 2024, compared to roughly 455,000 BTC in new supply over the same period, a ratio of 3.6 times new issuance that continues widening. Separately, River data showed 49.6 million American adults now hold Bitcoin, nearly 21 million more than the 28.8 million who hold gold.
Market Makers Position Defensively as Rally Continues
Wintermute expanded its short book on Hyperliquid from $146.19 million to $190.77 million, concentrated across ETH, BTC, SOL, HYPE, and XRP, while simultaneously transferring large sums to exchanges.
Abraxas Capital built a roughly $783 million short position while hedging with substantial spot ETH purchases. Lookonchain data showed the largest on-chain shorts, totaling over $600 million combined in ETH and BTC, are now concentrated among institutional players including Abraxas Capital, Fasanara Capital, and Wintermute, with retail whale shorts largely wiped out during the surge.
Security Incidents Continue Amid the Rally
DeFi protocol Term Labs confirmed a governance attack resulted in losses of approximately $8.5 million, prompting the team to permanently close its Meta Vault treasuries and revoke DAO governance permissions. Ledger’s CTO confirmed and addressed rumors of an Ethereum app vulnerability, saying the bug was discovered using AI tools and patched two weeks ago. Payment chain Keeta gave its attacker a 72-hour deadline to return stolen funds or face pursuit, offering a reward for voluntary repayment.
Macro and Institutional Developments
Alibaba announced an HK$80 billion (roughly $10.2 billion) share placement in Hong Kong, with all proceeds directed toward AI infrastructure, marking the largest primary follow-on offering in Hong Kong listing history.
Cathie Wood said Circle remains positioned as a primary beneficiary of technology disrupting traditional finance, drawing comparisons to Visa and Mastercard’s post-IPO trajectories. Tether halted a $120 million Bitcoin mining project in Uruguay following a contract dispute with the country’s state power company.
Related: Grayscale Signals Bitcoin May Have Found Its Long-Term Bottom
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