Bitcoin Shatters $118K: Bulls Charge Ahead

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Now let's get back to the top stories of the day.

Bitcoin has done it again, surging to a fresh all-time high above $118,000 in a move that's left bears reeling and bulls roaring. This rally triggered over $1.12B in short liquidations across the crypto market in just 24 hours, the biggest wipeout since January, with BTC alone accounting for $547M in shorts getting rekt. Ethereum followed with $149M, Solana at $14M, and XRP at $11M. Exchanges like Binance and OKX saw the bulk of the action, as leveraged positions crumbled under the pressure of BTC's relentless climb.

This BTC milestone could signal the start of capital rotation into majors like ETH, SOL, and XRP. Historically, BTC highs draw liquidity back into the market, boosting altcoins as volatility stabilizes. Ethereum is already testing year-to-date highs, Solana is reclaiming $160+ levels driven by memecoin activity, and mid-caps like SHIB and AVAX are up double-digits.

Ethereum's native token, ETH, has surged back above $3,000 for the first time since February, marking an 8% gain in 24 hours and trading at around $3,007 as of this morning. This breakthrough comes amid Bitcoin's record run, but ETH is stealing the spotlight with its narrative shift, from underperformer to powerhouse fueled by institutional adoption and real-world utility.

BlackRock's ETHA spot Ethereum ETF notched a record $300.9M in daily net inflows on Thursday, pushing its five-day total to $623.4M. Overall, U.S. spot ETH ETFs raked in $383.1M that day, with Fidelity ($37.3M), Grayscale ($20.7M), Bitwise ($18.9M), and VanEck ($2.1M) contributing. Month-to-date, inflows exceed $500M, signaling growing enthusiasm for ETH's role in settlement and tokenization infrastructure. Corporate treasuries are also jumping in; firms like Sharplink Gaming and Bitmine Immersion Technology are adding ETH to their balance sheets.

Solana-based memecoin launchpad Pump.fun has acquired Kolscan in a strategic move to bolster its ecosystem. This real-time wallet tracker monitors top on-chain traders' activities, token P&L, and performance leaderboards. This marks Pump.fun's first acquisition, announced just days before its highly anticipated $PUMP token ICO on July 12, which is already trading at a 40% premium on Hyperliquid and targeting a $4B fully diluted valuation.

Kolscan's tools will integrate with Pump.fun to enhance transparency, gamification, and social investing, think following elite traders' moves in real-time. Pump.fun co-founder Alon Cohen emphasized building products that provide social insights and gamify trading for ecosystem growth. With Pump.fun generating over $700M in protocol revenue to date, this acquisition aims to deepen its hold on the memecoin boom while expanding beyond token launches into a complete social trading hub.

The memecoin and token launchpad scene is on fire, with Solana at the epicenter of a fierce battle for dominance. Pump.fun, once the undisputed king, is losing ground: Rookie LetsBonk.fun (from Bonk Inu) has overtaken it in daily revenue and trading volume, capturing market share amid exit scam rumors swirling around Pump.fun. Meanwhile, Jupiter Studio, launched July 3 by Jupiter Exchange, exploded with $100M in volume on day one, offering anti-sniper tech, flexible vesting, creator rewards (50% of swap fees and graduated LP), and dynamic parameters like quote mints. 

Solana's low-friction ecosystem dominates memecoins, but cross-chain plays are emerging. Pump.fun still leads monthly, but challengers like LetsBonk and Jupiter could fragment the market, watch for safer PVE launches on Jupiter vs. high-risk Pump.fun prints.

That's all for today, people. Let's talk tomorrow.

Your Friends at Token Metrics