Weekly Market Recap ☀️
Stocks hit fresh records, Bitcoin eyes new highs, and gold holds firm.
Trump’s bill shakes up policy, ETFs drive flows, and Solana memes lead the charge.
Here’s what moved global markets this week 👇
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• Global Markets Weekly Recap 🏦
➡️ The Nasdaq 100 achieved a new record high of 22,685 on June 30, still trading slightly below this milestone today (+1.8%).
The S&P 500 also maintained its position in record territory, climbing to 6,227 at the time of writing (+2.2%).
This performance capped off a turbulent but ultimately positive first half of 2025 for US indices.
➡️ European markets showed more modest performance, with the STOXX 50 increasing by 1.4%, exceeding the 5,300 level.
Year-to-date, the STOXX 50 has gained 9.2% despite experiencing significant intraday fluctuations.
➡️ Gold maintained its elevated position near record levels, trading at $3,365 per ounce as of July 3 (+0.2%).
The precious metal has experienced remarkable growth of 44% over the past 12 months, breaking through the $3,000 milestone in March and reaching new records above $3,400 in April.
➡️ Bitcoin ended the first half of 2025 above the $100,000 level, and gained new momentum yesterday as Trump's "big, beautiful bill" passed through the Senate and is now heading for a final vote.
Trading at $108,927, up 1.5% over the week, the cryptocurrency seems to be marching toward new all-time highs.
➡️ The GMCI 30 ($GM30), an index of the top 30 digital assets, stands at 164 (+5.3%), revealing a bid for more risk-on assets.
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• Macro Environment & Policy Developments 🔁
➡️ The macro landscape this week was shaped by a mix of economic data, policy signals, and Trump's spending bill.
Economic data revealed significant labor market softening, with the ADP employment report showing an unexpected decline of 33,000 private sector jobs in June, well below the anticipated 100,000 increase.
This marked the first negative reading since the pandemic recovery, with professional and business services leading the decline.
The disappointing data has increased expectations for Federal Reserve rate cuts, with markets now pricing in a 25% probability of a July rate cut.
➡️ Trade tensions remain elevated as the July 9 tariff deadline approaches. The current 90-day suspension of reciprocal tariffs is set to expire, potentially reinstating rates of 34% on Chinese goods.
The Trump administration has been conducting bilateral negotiations with 18 trading partners, though limited progress has been disclosed.
Current tariff structures include a 10% baseline on all imports plus a 30% rate on Chinese goods.
(Combining the 10% reciprocal and 20% fentanyl tariffs).
➡️ President Trump's massive domestic policy legislation reached a critical juncture as House Republicans advanced the controversial spending bill after an overnight procedural vote that lasted over seven hours.
The sweeping 800-page package, dubbed the "One Big Beautiful Bill," aims to extend $4.5 trillion in tax cuts while slashing nearly $1 trillion from Medicaid and reducing social safety net programs.
The legislation faces resistance from both moderate Republicans concerned about program cuts and conservatives worried about adding trillions to the national debt.
Republican leadership is racing to meet Trump's self-imposed July 4 deadline for final passage, with the President expressing frustration on Truth Social about GOP holdouts who initially stalled the bill's progress.
➡️ In digital assets, US spot Bitcoin ETFs recorded a 12-day streak of net inflows, totaling $3.9 billion, with June 25 alone seeing $547.7 million in new capital.
BlackRock’s IBIT led with $340.3 million in daily inflows, underscoring robust institutional demand.
This sustained ETF activity has been a key driver behind Bitcoin’s recent price strength.
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• Sector-Specific Insights 🔍
➡️ Stocks are coming onchain! This week has seen major announcements by Robinhood and other big players in the industry.
@Krakenfx’s xStocks platform recently launched, offering 60 U.S. stocks and ETFs as tokenized assets minted by Backed, enabling 24/5 trading and self-custody for global investors.
These tokenized shares can be used in DeFi protocols for lending or collateral, enhancing their utility beyond traditional equities.
While tokenized stocks represent just 1.5% of the $24 billion real-world assets onchain, rapid growth and institutional partnerships signal untapped potential.
➡️ Another big debut was the REX-Osprey Solana + Staking ETF, marking the first U.S.-listed ETF to combine spot Solana exposure with on-chain staking yields.
The fund saw $12 million in inflows and $33 million in trading volume on its first day, underscoring strong investor interest.
Institutional investors now have regulated access to both $SOL price movements and staking rewards, with Anchorage Digital acting as custodian and staking partner.
➡️ This promptly caused GMCI's Solana Select Index to surge 15% this week, only being beaten by the Solana Memes Index (+21%).
Speculative capital seems to be ready to jump into the digital assets world, and crypto degens are jumping straight into memes.
You can check whether this trend will see a short-term reversal back to large caps by following GMCI indices on https://t.co/VJy5ijScWl.
See you next week! ☀️