Clapp Weekly: Uncertainty and tech slide, first Solana ETF, growing BTC treasuries

BTC Price

Bitcoin returned to $106k as profit-taking ensued in the hours after the record monthly close around $107,200. The market had consolidated amid geopolitical calm, with institutional capital flowing in. US spot Bitcoin ETFs have recorded 15 consecutive days of positive flows.

The BTC price rallied from $106k to almost $108k last week — before seesawing lower and jumping again on Sunday, June 29, ahead of Monday's high of $108,706. A sharp decline ensued, culminating in a low of $105,430 this morning.

Currently at $107,655, BTC has gained 0.8% over the past 24 hours, with a 0.1% 7-day gain.

ETH Price

Ether is struggling amid the market-wide slump — despite more companies expanding their treasury holdings. Bitmine unveiled an ETH buying strategy, while SharpLink solidified its position as the largest publicly traded ETH holder. Massive whale exchange transfers are adding more downward pressure.

ETH nearly touched $2.5k last Thursday, June 26, before sinking sharply and bottoming out at $2,393.74 the next day. After rebounding, the second-largest coin peaked at $2,518.59 this Monday, June 30, hit a lower high, and then collapsed.

Now rising from $2.4k again, ETH is trading at $2,448.57, down 0.3% over the past 24 hours and up 0.1% over the past week.

Seven-day altcoin dynamics

The crypto market is reflecting uncertainty, with most altcoins in the red. A slump in US tech stocks has spilled over into crypto. Tesla shares fell yesterday amid renewed tensions between Trump and Musk, fueled by the potential debt ceiling boost.

Nvidia also dropped as the “Big, Beautiful Bill” — Trump's sweeping tax-and-spending plan, which Musk called “utterly insane” — advanced in Congress. The broader market slid amid trade tariff uncertainty, while the absence of a crypto taxation amendment weighed on sentiment.

SOL reversed its gains after a price spike triggered by the news of the first Solana staking ETF launching this week. Major altcoins like ADA and AVAX also posted steep losses.

Meanwhile, companies continue hoarding BTC. MicroStrategy added 4,980 BTC to its treasury. Metaplanet bought another 1,005 BTC, becoming the fifth-largest corporate holder.

Robinhood's expansion into the EU has propelled an ARB rally. The firm will leverage Arbitrum to launch trading of tokenized US stocks and crypto futures with leverage.

Stablecoins could benefit from South Korea's latest move. With the 14-year ban on kimchi bonds now lifted, local institutions can invest in foreign currency-denominated bonds for domestic use.

Winners & losers

PENGU (+48.7%) is leading weekly gains, fueled by a 38% surge in Pudgy Penguins NFT sales, anticipation of a proposed hybrid ETF, which would combine exposure to PENGU tokens and NFTs. The token also benefited from integrations with upcoming games like Pudgy Party, a mobile play-to-earn title, and whale accumulation of 200 million PENGU tokens (~$2.4M) in 24 hours.

ARB (+10.8%) gained 17% on Monday amid rumors of a Robinhood partnership (see above). Meanwhile, BCH (+6.1%) continued its 90-day rally (up 75%), defying broader market trends as traders speculated about a potential Fed rate cut in July.

On the downside, SPX (-20.6%) collapsed under sell pressure after a weekend surge tied to pre-sale hype and DEX listings. Similarly, SEI (-17.8%) mirrored Bitcoin’s Monday reversal despite Sei Network hitting $600M in TVL and 8.8M wallets, suggesting profit-taking after its gaming-chain dominance.

The week’s worst performer, TKX (-18.0%), plummeted from a stagnant $27 range to $22.22, erasing weeks of stability in a single session. The sharp drop lacked clear catalysts, pointing to speculative exhaustion or broader risk-off sentiment dragging low-volume assets.

Cryptocurrency news

First Solana staking ETF debuts — Game changer for crypto?

Today, the REX Osprey SOL + Staking ETF (ticker: SSK) makes history as the first US-listed exchange-traded fund to combine direct exposure to the SOL token with staking rewards. Unlike crypto ETFs that merely track price movements, the product integrates Solana’s proof-of-stake (PoS), enabling passive income.

• The SSK ETF allocates 80% of its assets to SOL, with about half of those tokens actively staked to earn yield.
• Dual benefit — price appreciation plus staking rewards — makes it a more attractive option than standard spot ETFs.
• The fund is structured under the Investment Company Act of 1940, which enhances investor protections and may streamline regulatory approvals, crucial for more institutional participation.

Boosting Solana’s institutional credibility

This launch reinforces Solana's legitimacy in the eyes of US financial giants. With firms like Grayscale, VanEck, and Bitwise also pursuing SOL-based ETFs, the REX Osprey fund could set a precedent for investment products. Embedding staking rewards into an ETF provides a more holistic exposure to Solana’s ecosystem, appealing to investors seeking both growth potential and yield.

The SSK ETF represents a significant evolution in crypto investment vehicles—one that merges capital appreciation with passive income. If successful, it could pave the way for similar staking-based funds — and drive long-term demand for SOL, especially among yield-seeking investors.

Despite the ETF’s impending debut, SOL faced selling pressure earlier this week. Some traders may be taking profits ahead of the launch, while others remain skeptical about regulatory risks or broader crypto market volatility.

Public companies buy more BTC than ETFs for third straight quarter

For the third consecutive quarter, public companies have purchased more bitcoins than ETFs, marking a strategic shift in how corporations leverage crypto to boost shareholder value. According to data from Bitcoin Treasuries, public firms added 131k BTC in Q2 2025 — an 18% rise — while ETFs grew holdings by just 8% (111k BTC).

Corporations go all-in?

Unlike ETF investors seeking passive exposure, firms like GameStop and Strategy are hoarding Bitcoin as a treasury reserve asset, prioritizing long-term balance sheet growth over short-term price swings. As Nick Marie of Ecoinometrics notes,

“They don’t really care if the price is high or low, they care about growing their bitcoin treasury so they look more attractive to the proxy buyers.”

This trend gathered steam after President Trump’s March 2025 executive order established a US Bitcoin reserve, bolstering regulatory confidence. Trump’s policies have made BTC a viable treasury asset — and health-care provider KindlyMD even merged with Nakamoto, a BTC investment company, to capitalize on the trend.

• Strategy remains the undisputed leader, holding 597,000 BTC, while newer entrants like GameStop and Anthony Pompliano’s ProCap are adopting similar playbooks.
• ETFs still dominate in total holdings (1.4M BTC, 6.8% of supply), but corporate reserves (855,000 BTC, 4%) are growing faster.

Overall, while ETFs remain dominant, public companies are emerging as a new force in Bitcoin’s scarcity narrative — one that could tighten supply further in 2025.