It’s been a scattered week in the crypto space — but there’s plenty happening under the surface. While Bitcoin is holding steady, TRON is quietly breaking records, the stablecoin market is booming, and macro tensions are shaping what could be a volatile July.
Bitcoin Stable, TRON and SOL Stand Out
Bitcoin has been relatively calm, currently trading above $107,000. It briefly peaked at $108,700 before dipping closer to $105,000. Ethereum sits around $2,450, and XRP is flat at about $2.19.
The real standout this week? TRON (TRX) and Solana (SOL) — the only two cryptos in the top 10 showing weekly gains above 2%.
TRON Breaks Records in Stablecoin Transfers
Following up on last week’s on-chain analysis, TRON is pulling ahead in a big way. It just reached a new all-time high of $24.3 billion in daily USDT transfers, leaving Ethereum behind.
More impressively, TRON now sees 8x more USDT transactions daily than Ethereum — a clear shift in user behavior toward faster, lower-cost networks.
And this is all happening as the total stablecoin market cap hit a new high of $253.87 billion. With regulatory frameworks like MiCA in Europe and the Genius Act in the U.S. shaping the future of stablecoins, TRON’s rising role is worth watching.
Macro Tensions Add Pressure
Zooming out to macro markets: we’re seeing renewed volatility due to U.S. political wrangling over the Big Beautiful Bill. The bill passed the Senate with a 50-50 vote — broken by the Vice President — and could add another $3 trillion to the U.S. debt. Markets have responded cautiously, with Bitcoin's correction mirroring movements in Nasdaq futures.
This all comes during the Q2 earnings season, which is a critical moment given the ongoing U.S. tariff war. The so-called Liberation Day tariff pause ends on July 9, and there’s no sign of an extension — especially for countries like Japan, which now faces potentially higher-than-expected tariffs.
As Reuters reported, U.S. Treasury Secretary Scott Bessent warned that steep tariff hikes are still on the table, despite active negotiations.
Some Optimism from U.S.–China Deal
One positive development: a new U.S.–China deal was well received by markets. Bank of America has since upgraded its global GDP forecast for 2025 from 2.8% to 3.0%, expecting a broader and faster de-escalation of tariffs. China’s growth projection also rose to 4.7%, boosted by the Geneva agreement, which includes faster rare earth exports to the U.S.
Quote from BoA’s global economics head:
“We recently upgraded our global GDP growth forecast for 2025 from 2.8% to 3.0%, largely predicated on a faster and broader than expected tariff de-escalation between the U.S. and China… We still see no Fed cuts this year.”
That said, even with progress, structural tariffs will remain. The EU is now facing a minimum 10% tariff, despite previously rejecting it. It’s seeking relief in key industries like pharma and auto, but those sectors are priorities for the U.S. too — making a deal unlikely.
Meanwhile, companies like Samsung (set to report earnings next week) are expected to show the impact of tariffs and higher logistics costs, especially after they revised their Q2 outlook back in April.
Analysts from Bank of America are also flagging tariff and FX headwinds for EU firms, which could affect global sentiment.
Bitcoin Redistribution Continues
In crypto fundamentals, Glassnode data shows that 2–5 year holders are taking profits. These realized gains are nearly equal in size to recent inflows into Bitcoin ETFs, which means the market is currently absorbing major selling pressure.
Some interpret this as healthy consolidation; others fear the bull cycle may be losing steam.
What’s Next?
Here are the key things to keep an eye on:
July 9: The Liberation Day tariff pause ends — could be a big volatility trigger.
This week: U.S. employment data is expected. Forecasts suggest a slight uptick in the unemployment rate from 4.2% to 4.3%.
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