Bitcoin price soared 11% this week to a record $118,856, driven by back-to-back $1B+ ETF inflows, marking Wall Street’s most aggressive crypto push to date. At the same time, corporate treasuries added 159,000 BTC in Q2 alone, now holding 4% of Bitcoin’s total supply.
Altcoins like Ethereum are riding the wave, while stocks like Coinbase jumped 25%. With rumors of spot ETFs for Solana, DOGE, and SHIB swirling, crypto’s next phase could attract trillions more.
Don’t miss this week’s full recap—catch up on the biggest stories shaping the future of crypto.
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TOP CRYPTO NEWS RECAP (July 6-12, 2025)
Pump.fun Breaks Records with $500M ICO, But Sparks Divided Reactions
CZ Fires Back at Bloomberg Over Trump Stablecoin Allegations
Bitcoin ETFs Soar with Record-Breaking $2B+ Inflows in Two Days
Tether Streamlines USDT Operations by Dropping Five Blockchains
GMX Exploiter Accepts Bounty, Returns Millions in Stolen Crypto
US Targets North Korea’s Global IT Deception Network Behind Crypto Theft
Pump.fun Breaks Records with $500M ICO, But Sparks Divided Reactions
Pump.fun, a memecoin launch platform built on Solana, raised a staggering $500 million in just 12 minutes during its recent ICO—allocating 33% of its 1 trillion-token supply. With 18% going to institutions and 15% to retail traders, the event is being hailed by some as a revival of both memecoins and the ICO model. However, it has stirred controversy within the crypto community. While some see it as a milestone in internet-native capital markets, critics argue it's fueling unsustainable hype, with concerns over bot-driven token creation and misleading retail participation.
CZ Fires Back at Bloomberg Over Trump Stablecoin Allegations
Binance co-founder Changpeng “CZ” Zhao has threatened legal action against Bloomberg following a report that linked him to USD1, a Trump-affiliated stablecoin issued by World Liberty Financial. CZ slammed the article as defamatory and riddled with factual errors, suggesting it was a competitor-sponsored attack. The report alleged Binance created the smart contract for USD1 and tied CZ to a pardon request after a major investment deal. CZ denied all claims, referencing a prior retracted Bloomberg article and criticizing ongoing media attempts to smear him, including a separate Wall Street Journal report. The controversy fuels growing political scrutiny over Trump’s crypto ties.
Bitcoin ETFs Soar with Record-Breaking $2B+ Inflows in Two Days
For the first time ever, U.S. spot Bitcoin ETFs saw back-to-back daily inflows exceeding $1 billion, totaling $2.2 billion across Thursday and Friday. This historic surge coincided with Bitcoin hitting new all-time highs, climbing to $118,780. Demand was staggering—ETFs purchased around 10,000 BTC in one day, outpacing daily mining supply by over 22 times. BlackRock’s IBIT became the fastest ETF to surpass $80 billion in AUM, now out-earning even its flagship S&P 500 fund. Altogether, spot Bitcoin ETFs hit a combined $140 billion in assets, fueled by intense investor interest and soaring prices.
Tether Streamlines USDT Operations by Dropping Five Blockchains
Tether is phasing out USDT support on five blockchains—Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand starting September 1, to better allocate resources toward platforms with stronger scalability and developer engagement. This decision, years in the making, reflects Tether’s broader strategic shift. While the Omni Layer held the most USDT among the five, usage across the others remained minimal. Algorand users are expected to face no disruption, as Tether had already announced its exit last year. The move highlights Tether’s focus on staying competitive in the rapidly evolving stablecoin landscape.
GMX Exploiter Accepts Bounty, Returns Millions in Stolen Crypto
The hacker behind the $40 million GMX decentralized exchange exploit has started returning stolen funds after accepting a $5 million white hat bounty offered by the GMX team. The attacker initially sent an onchain message confirming their intent to return the assets. So far, about $20 million has been returned in ETH and FRAX tokens. The exploit targeted a vulnerability in GMX v1’s liquidity pool, allowing the hacker to manipulate GLP token values. GMX warned of legal action within 48 hours but incentivized cooperation by offering the bounty with no legal consequences.
US Targets North Korea’s Global IT Deception Network Behind Crypto Theft
The US has sanctioned two individuals and four entities tied to a North Korean scheme deploying IT workers into crypto and tech firms using stolen identities. These workers, often placed via companies like those run by Russian national Gayk Asatryan, help generate funds for North Korea’s missile program. The Treasury warns this marks a strategic shift from large-scale crypto hacks to deception-based infiltration. TRM Labs reports North Korean actors stole $1.6 billion in early 2025 alone. The crackdown reflects growing US efforts to dismantle this global fraud network and protect critical digital infrastructure.
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