Institutional interest in Bitcoin continues to soar, and spot Bitcoin ETFs are leading the charge. Just 18 months after their launch in January 2024, these investment products have now attracted over $50 billion in net inflows. The strong demand reflects growing confidence from big-money players, and the rally shows no signs of slowing down.
$218M Inflows in a Day
On July 9 alone, spot Bitcoin ETFs saw $218 million in net inflows, marking the fifth straight day of gains. According to SoSoValue data, nearly $1.52 billion has poured into these funds over the past five trading days. This follows a brief setback at the start of the month, when outflows hit $342 million on July 1. Since then, investor appetite has surged, with daily inflows peaking at $601.94 million on July 3.
BlackRock Leads the Pack With Over 700K BTC
BlackRock’s iShares Bitcoin Trust (IBIT) remains the dominant player, holding over 700,000 BTC, more than 55% of all Bitcoin held in U.S. spot ETFs. The fund has attracted $53 billion in net inflows, far ahead of Fidelity’s FBTC, which holds $12.29 billion. In contrast, Grayscale’s GBTC continues to see outflows, losing $23.34 billion since its conversion.
IBIT has even become BlackRock’s third-largest revenue-generating ETF, surpassing some of its long-standing traditional products, according to NovaDius Wealth Management’s Nate Geraci.
The nearly $75bil iShares Bitcoin ETF has only one month of outflows since Jan 2024 launch…
Now generates more fee revenue for BlackRock than its largest ETF, the iShares S&P 500 ETF.
According to Bloomberg analysts, there’s a 95% chance that the SEC will approve spot ETFs for Solana, XRP, and Litecoin this year. A broader crypto index ETF could also be approved soon, offering more access to altcoins for traditional investors. Meanwhile, apart from Bitcoin ETFs, Ethereum also saw momentum, with its ETFs pulling in over $211 million in a single day, pushing their total net inflows to nearly $5 billion. These flows suggest a broader appetite for crypto exposure among traditional investors.
Crypto analyst Rachael Lucas says this is not your typical retail hype cycle. Instead, it’s large-scale investors, asset managers, corporate treasuries, and wealth platforms moving in. The consistency of inflows across recent months (April, May, June) supports the view that Bitcoin is being taken seriously as a long-term investment.
Lucas says global tensions and Trump’s push for rate cuts are making Bitcoin more attractive. According to him, the timing is different now because ETFs make it easier and safer to invest, just like buying stocks. Plus, the delay in Trump’s tariffs is also helping crypto prices rise.
Bitcoin Enters Corporate Treasuries
Beyond ETFs, companies are also jumping in. Japan’s Metaplanet added $237 million in BTC, while other firms in France and the UK made multi-million-dollar purchases. Tokyo-listed Remixpoint raised $215 million to buy 3,000 BTC.
In an exclusive interview with BeInCrypto, former US CFTC Commissioner Timothy Massad explains how President Trump’s crypto ventures and political power have significantly overlapped in his first two months at the White House.
Shortly before assuming office for the second time, US President Donald Trump dove head-first into a flurry of crypto experiments. From endorsing World Liberty Financial (WLFI) to launching his meme coin, Trump is raising serious concerns over conflicts of interest. Tim Massad, the 12th CFTC Chairman, who served under Barack Obama, shares his thoughts.
A Historic President For Many Reasons
Before assuming his first term in office in 2016, President Trump broke with modern precedent by departing from established conflict-of-interest norms. A real estate mogul with a trademark for a last name, Trump would be entering the Oval Office as the leader of a multi-billion dollar empire.
While former presidents like Jimmy Carter and George W. Bush took measures to separate themselves from their businesses by placing their assets in a blind trust, the sitting President took a different approach.
Instead, Trump handed day-to-day management decisions over to his sons but did not divest in his ownership stake.
Though he received much backlash during his first term over conflict of interest concerns, Trump refused to relinquish ownership of the Trump Organization before assuming office for the second time.
Given Trump’s favorable stance toward digital asset policy development, players inside and outside the industry have begun to wonder whether his decisions are based on the sector’s best interests or are designed to benefit his own ventures.
How Deep is Trump’s Involvement in World Liberty Financial?
Though Trump does not have a direct role in WLFI, he appears on the whitepaper’s list of supporting teams as “Chief Crypto Advocate.” His three sons, Eric, Donald Jr., and Barron, are also on the list.
Reports further unveiled that the Trump family holds a 75% stake in the platform’s net revenue and a 60% stake in the holding company. At the same time, Trump and his associates own 22.5 billion of the company’s tokens.
For former CFTC Commissioner Tim Massad, despite Trump’s informal role in WLF’s governance, his stake in the platform’s performance raises serious conflicts of interest.
“I think it’s unprecedented and plainly wrong for a President of the United States to engage in commercial ventures or have his family and associates engage in commercial ventures that can be directly influenced by the policies he adopts as President or the statements he makes about those policies,” Massad told BeInCrypto.
Meanwhile, the tokens themselves are non-transferrable, limiting financial flexibility. Though the project aims to provide token holders access to a range of DeFi-related products and services, it has yet to launch them. In the meantime, token holders will have to wait until the time comes to use their tokens.
“I have yet to see any real business case or utility that’s of value to people who invest. So I think it all just has a character of taking advantage of people,” Massad added.
The industry has also grown weary over how WLF and other Trump-endorsed projects could be used to gain the President’s favor.
Industry Leaders Voice Concerns Over World Liberty Financial’s Legitimacy
Shortly before Trump launched World Liberty Financial, many prominent figures in the crypto sector warned that the project could cause Trump further legal troubles. Meanwhile, Alex Miller, CEO of Web3 platform Hiro, described the project as an “obvious pump scheme.”
Meanwhile, Alex Miller, CEO of Web3 platform Hiro, described the project as an “obvious pump scheme.”
Just fucking shoot me
Anyone who thinks this is good for crypto, that it doesn’t make us look like clowns, that it doesn’t set us back YEARS in credibility….
This is such an obvious pump scheme. Maybe he won’t literally rug but he’s just grifting and it’s pathetic pic.twitter.com/8bTGmUfLvG
Other industry leaders, such as Mark Cuban, Max Keiser, and Anthony Scaramucci, also criticized Trump’s decision to proceed with WLF’s token sales. Trump’s involvement in the project heightened fears that crypto’s fragile public image and controversial reputation would be smeared further.
Massad agreed with this last point, adding that crypto policy development is alive and well today more than ever. The ongoing development of stablecoin regulations, open talks of a national crypto strategic reserve, and a Senate-driven digital asset working group are only some of the current institutional initiatives.
“He, the Trump Organization and his family members should not be engaging in commercial ventures that pose such blatant conflicts of interest, given the fact that crypto regulation and things like a potential Bitcoin reserve are important policy issues today. A US president shouldn’t be engaging in these things at all, in my view,” Massad said.
Since the project’s launch six months ago, several examples validating these concerns have emerged. The most notable one has focused on Tron founder Justin Sun.
The move was highly controversial. Despite Trump’s endorsement, WLFI struggled to meet its $30 million fundraising target during its first public sale. The token’s availability was restricted, excluding general trading and limiting purchases to non-US and accredited US investors.
Sun’s investment turned WLFI’s luck around. Soon after that, he also became one of the project’s advisors. Then, on the day of Trump’s inauguration, Sun invested an additional $45 million in the project, bringing the total sum to $75 million.
This investment brought varying degrees of scrutiny. While some questioned his quick transition from investor to advisor, others pointed to Sun’s past as a potential motive for his contributions.
In March 2023, the SEC filed fraud charges and other securities law violations against Sun and his companies. This regulatory baggage has led some industry leaders to question the wisdom of his association with World Liberty Financial.
Meanwhile, Tron’s price soared following Sun’s latest WLF investment. Tron, which had been experiencing lagging prices up until that point, was able to jumpstart its trading activities.
TRON Price Surge Following Sun’s $45 Million Investment in World Liberty Financial. Source: TradingView.
However, these conflicts of interest are not just limited to Sun’s investment.
Zhao could also benefit from an agreement. In 2023, he pleaded guilty to federal charges for failing to implement adequate anti-money-laundering measures at Binance.
Following his plea, Zhao resigned as Binance’s CEO. Motive-driven speculations point toward the possibility of a potential presidential pardon.
For Massad, maneuvers like these are natural when a president directly involves himself in crypto ventures.
“I think there is a huge risk of conflicts of interest and corruption by virtue of the President and people associated with him selling crypto assets—whether that’s through World Liberty Financial or the meme coins. It creates the potential for ongoing conflicts, because people who might want to curry favor with the administration could buy the coins,” Massad told BeInCrypto.
All the while, Trump benefits his crypto ventures every time he makes a pro-crypto announcement.
Is Trump Manipulating the Crypto Market?
A week into March, Trump signed an executive order to establish a Crypto Strategic Reserve and a US Digital Asset Stockpile. In his original announcement, Trump said the reserve would include Bitcoin, Ethereum, and altcoins like XRP, ADA, and SOL.
The crypto market responded immediately, with all five cryptocurrencies posting strong gains. Yet, Trump’s announcement quickly raised concerns over potential market manipulation.
With Bitcoin, Ethereum, and XRP in its treasury, WLF’s holdings grew in value as those assets appreciated. This growth could have boosted investor confidence, leading to higher demand for WLF tokens.
The crypto market’s overall surge and attention to Trump-related projects also generated greater investor interest in WLF, contributing to its price appreciation.
Meanwhile, Trump’s meme coin surged following the President’s reserve announcement. While TRUMP’s price stood at $13.55, with a trading volume of almost $1.2 billion on March 2, those numbers surged to $17.46 and $3.6 billion, respectively, following the news a day later.
On March 4, TRUMP’s price and trading volume plummeted below the numbers they registered only two days earlier.
“I think the meme coins have looked like a classic pump-and-dump scheme or money grab. I don’t think the issue should be, why not let people invest in these things if they want to? Of course they should have the right to invest in whatever they want. The issue is the propriety of the President of the United States selling things that capitalize on his being the President,” said Massad.
Even Ethereum Co-Founder Vitalik Buterin touched on the damaging effects of political meme coins in a social media post published five days after TRUMP’s launch.
“Now is the time to talk about the fact that large-scale political coins cross a further line: they are not just sources of fun, whose harm is at most contained to mistakes made by voluntary participants, they are vehicles for unlimited political bribery, including from foreign nation states,” Buterin said.
There is perhaps an analogy with weed here.
Ten years ago, to many weed represented freedom, and rebellion against sclerotic old order that denied self-sovereignty over our bodies. Then, weed became legalized, and “official”.
On that day, I remember my personal interest in weed…
Given Trump’s active participation in the crypto industry over the past several months, a vital question remains: Why hasn’t Trump been held accountable over these apparent conflicts of interest?
The answer remains short and bitter: He can’t be.
Can Trump Be Held Accountable?
The potential conflicts of interest arising from Donald Trump’s involvement in the cryptocurrency industry have drawn the attention of various political figures, particularly those focused on government ethics and oversight.
US Senator Elizabeth Warren has been the most vocal opponent of Trump’s dealings in the crypto industry.
“I write today to request information about how you, as President Trump’s ‘Crypto Czar,’ have addressed your conflicts of interest, and how you will prevent the President and other private individuals from directly profiting off of the Trump Administration’s efforts to selectively pump the value of certain crypto assets, drop crypto asset-related enforcement actions, and deregulate the crypto asset industry. These actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families,” Elizabeth Warren wrote.
However, not much else can be done beyond letters that demand responses and clarifications from the Trump administration.
The Legal Loophole
US Presidents are largely exempted from conflict of interest provisions. This exemption has been based on legal interpretations that argue these laws could impede the President’s ability to fulfill their constitutional duties.
“The problem is, the POTUS is not subject to the conflict-of-interest laws that apply to most other executive branch officeholders. There is the Foreign Emoluments Clause in the Constitution, which prohibits accepting gifts from foreign countries. There’s also a domestic clause that prohibits accepting gifts from the government. But beyond that, he’s not subject to the usual conflict-of-interest standards. So, it’s unfortunate that we don’t have those standards applicable to a president. I think, had any other president done these things, there would be far more outrage,” Massad told BeInCrypto.
Given the legal circumstances, public scrutiny and political pressure are the best ways to hold a president accountable for potential conflicts of interest.
Yet, despite the legal exemptions for sitting presidents, the ethical implications of Trump’s crypto dealings remain undeniable.
As the lines between political power and personal profit continue to blur, the necessity for clear ethical standards, even without legal mandates, becomes increasingly urgent.
Failing to do so might erode public trust in the crypto industry, generating potentially irreversible consequences.
Memecoin launchpad PumpFun has once again transferred a large amount of Solana (SOL) to Kraken. According to data from Onchain Lens, a total of 54,113 SOL worth approximately $7.81 million were moved to the trading platform.
The PumpFun Large Solana Transfer Continues
It is worth mentioning that this transaction is part of a pattern in which the launchpad has offloaded 1,573,313 SOL this year alone. On January 2, CoinGape reported that the launchpad moved 120,000 SOL worth approximately $22.88 million to Kraken.
2 hours ago, PumpFun (@pumpdotfun) deposited 54,113 $SOL valued at $7.81M, into #Kraken.
In 2025, they sent a total of 1,573,313 $SOL worth $293.26M.
In addition, last month, it transferred another 148,759 SOL valued at $28.22 million, adding to the ongoing trend. According to the Onchain Lens data, over 1.5 million SOL moved this year, valued at $293.26 million. These frequent transactions often place Solana under intense selling pressure.
Despite the initial projections of whether PumpFun was selling its Solana stash, some still argue the platform might have another reason for moving the coins. This latest transfer comes with potential debate on whether it could derail the mild consolidation Solana price has picked from earlier in the week.
PumpFun and the PumpSwap Move
In a bid to repair its ecosystem reputation, PumpFun has launched PumpSwap. This new platform is a decentralized exchange DEX designed to give traders and investors using the launchpad a more direct and efficient way to trade meme coins.
Per the update, the platform intends to use the newly launched product to reduce dependence on centralized exchanges like Kraken. With it, it hopes to improve liquidity within the Solana ecosystem.
While PumpSwap presents itself as a positive step, it remains unclear whether it can fully restore confidence in PumpFun’s activities, especially as large SOL transfers persist. Some investors see it as an attempt to shift focus away from ongoing selloff and other ethical concerns.
Solana Price Outlook Amid Growing Consolidation
Despite PumpFun’s frequent transactions, Solana’s price has remained relatively stable. After the February 13 transfer of 148,759 SOL, CoinGape reported that SOL price dropped by 1.2% before recovering.
Furthermore, many analysts have mixed opinions on whether the market will continue consolidating or if Solana will record a breakout soon.
Some stakeholders, like VanEck, see the coin soaring to $520 in the long term should market conditions be favorable. However, repeated large-scale transfers like those from PumpFun could serve as a headwind for the coin.
As of this publication, CoinMarketCap data shows that SOL price was trading at $143.99, up 1.60% in the last 24 hours.
Cosmos IBC Eureka Launch:- In a bid to integrate Ethereum ecosystem with the Cosmos network, Cosmos has announced the launch of its interoperability layer, Eureka – bringing multichain operability.
Eureka upgrade will now allow Ethereum-compatible chains to directly communicate with cosmos blockchains via its native interoperability protocol – IBC.
Notably before the launch of Eureka, Cosmos’ IBC was only available to Cosmos SDK-based chains.
This development by the Interchain Foundation is being positioned as a potential game-changer in the increasingly competitive world of cross-chain communication.
How Eureka Works
At its core, the Eureka upgrade enables Ethereum-compatible chains to communicate directly with Cosmos-based blockchains through IBC.
This move effectively extends Cosmos’ famed interoperability to one of the most widely used smart contract platforms in the crypto space. This will also open the door to a wave of new applications and user flows.
The technical innovation underpinning Eureka lies in the new Ethereum Interoperability Module (EVM IBC), which allows Ethereum-compatible networks — such as Arbitrum, Optimism, and Base — to plug into IBC.
The first implementation was integrated into dYdX Chain, a decentralized derivatives exchange that migrated from Ethereum to Cosmos in late 2023.
IBC Eureka is LIVE!
→ Transfers faster than Ethereum finality → Send from Ethereum for as low as $1 → 1-click experience that supports your favorite wallet
Eureka would empower developers to create multichain applications that operate smoothly across different blockchain networks. This would be possible without splitting user bases or additional security concerns.
By providing a secure, protocol-level bridge, Eureka allows apps to tap into the strengths of multiple chains simultaneously.
Using the Cosmos Hub as a central coordination layer, chains can connect to the broader IBC network through a single integration.
This setup enables developers to access the entire spectrum of IBC-enabled networks, users, liquidity, and on-chain services without needing to build or maintain additional infrastructure.
In effect, it creates a scalable launchpad—like a distribution hub—for decentralized apps, assets, and services.
The Cosmos Hub then acts as a gateway to a growing ecosystem, giving builders the ability to compose across hundreds of protocols and chains, unlocking a truly modular and interoperable app economy.
MANTRA, Babylon to soon Integrate
Notably, on its one day launch itself, projects like Babylon which launched its mainnet yesterday, Solv Protocol, PumpBTC, SatLayer, integrated IBC Eureka support.
This integration would make cosmos apps and chains more accessible by ensuring fast and secure transactions.
With this module, any dApp or protocol built on an EVM chain can now directly communicate with Cosmos chains using IBC packets — a significant leap over conventional bridging solutions that typically rely on centralized or semi-trusted intermediaries.
Eureka is also working to bring L2 networks like Arbitrum, Optimism, and zkSync offer lower gas fees and faster throughput than Ethereum mainnet, and they’ve captured billions in total value locked (TVL).
What Comes Next?
The next phase for Eureka will be real-world adoption.
Derivatives Exchange, dYdX’s implementation is the first of its kind, but its success or failure could determine whether other Ethereum-based projects choose to follow. Future upgrades may also include improved compatibility with other virtual machines and enhancements to security and message throughput.
While it’s too early to declare Eureka a definitive rival to Ethereum L2s, it’s clear that Cosmos is no longer content to sit on the sidelines. With this launch, it’s staking a serious claim as a central player in the future of multi-chain architecture.
Whether developers embrace this new path will depend on how well Eureka performs — and how quickly the ecosystem can capitalize on its promise.
BNB (@cz_binance) 
(@cosmos)