Crypto Surge: BTC Nears ATH, Bonk Rallies, and Tokenization Booms

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Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

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

Bitcoin is tantalizingly close to setting a new all-time high. It is currently trading at $109,003, just $2,811 (2.5%) shy of its previous peak of $111,814. Market sentiment is buoyant, with an expectation of significant upward movement. CoinCodex predicts a 61.36% return on investment by August 24, 2025, potentially reaching $175,900. Long-term projections are even more bullish, with some experts, such as Chamath Palihapitiya, predicting Bitcoin could hit $500,000 by October 2025.

Adding intrigue to the market, two Bitcoin wallets, dormant for 14 years since 2011, recently transferred 20,000 BTC, valued at over $2.18B, to new addresses. This significant movement, reported across multiple sources, is not a profit-taking maneuver, suggesting that these whales may anticipate further price appreciation. The combination of Bitcoin's proximity to its all-time high and this high-profile transaction has heightened market excitement, positioning Bitcoin as a focal point for investors.

The US stock markets are celebrating new milestones, with the S&P 500 and Nasdaq Composite achieving record highs. The S&P 500 reached an intraday high of 6,279, surpassing its previous record. The Nasdaq Composite also clinched record highs for the third time in a week, driven by technological stock gains and positive economic indicators.

This bullish market performance coincides with a robust US jobs report for June 2025, which showed the economy added 147,000 jobs, surpassing economists' expectations of 110,000, and the unemployment rate fell to 4.1%. The strong labor market data has bolstered investor confidence, contributing to the stock market's upward trajectory.

In contrast, Ethereum has maintained stability, trading at approximately $2,554, with minor fluctuations over the past 24 hours. This steadiness suggests Ethereum is holding its ground amidst the broader market's volatility, providing a stable anchor for crypto investors.

The integration of cryptocurrencies into corporate treasuries is gaining significant traction as more enterprises recognize the strategic value of digital assets. Companies like MicroStrategy have pioneered this trend, treating Bitcoin as a primary corporate asset. Axios reports that digital asset treasury companies (DATs) are rising, offering investors leveraged exposure to cryptocurrencies. This shift is further evidenced by firms raising funds specifically to accumulate cryptocurrencies.

Concurrently, the tokenization of real-world assets (RWAs) is accelerating, with projections estimating a market valuation of $5 trillion by 2025. Major financial institutions, including Robinhood and BlackRock, are actively participating. State Street notes that tokenization lowers barriers to entry, making asset classes more accessible. This dual trend of crypto treasuries and tokenization underscores a broader shift towards a digital-first financial ecosystem.

On the regulatory front, a proposed US crypto tax reform aims to simplify compliance by exempting transactions under $300 from taxation. This legislation would establish a de minimis rule for digital assets, easing the tax burden for everyday crypto users. This proposal, which did not make it into a broader budget bill, is now being pushed independently, reflecting ongoing efforts to create a crypto-friendly regulatory environment.

In China, tech giants such as JD.com and Ant Group are lobbying the People's Bank of China to authorize Yuan-backed stablecoins, particularly in Hong Kong, to challenge the dominance of US dollar-pegged stablecoins in the $250B global stablecoin market. This move aims to enhance the global role of the Chinese Yuan, leveraging Hong Kong's recent legislative framework for stablecoins.

Bonk, a Solana-based memecoin, is leading the memecoin resurgence with a remarkable price rally, surging 24% in the last seven days. The token is nearing a significant milestone of 1 million holders, driven by community enthusiasm and speculation around potential ETF launches and token burn events. Analysts are optimistic, with some predicting a 100%-130% price increase in the coming days, fueled by technical patterns like double bottom and wedge breakouts.

That's all for today, people. Happy weekend.

Your Friends at Token Metrics