TL;DR
U.S. equities staged a robust recovery as the United States and Iran agreed to halt hostilities and resume peace talks, easing the severe shipping risk premium around the critical Strait of Hormuz.
Private payroll growth per the ADP report decelerated to 165K, while initial jobless claims ticked up to 238K, signaling an incremental normalization in the domestic labor market.
Markets are bracing for a volatile macro backdrop next week, as upcoming CPI data and FOMC minutes will directly test the resilience of global asset valuations.
Crypto markets rebounded last week, led by ETH outperformance and a broader recovery across long-tail assets. BTC rose 6.8%, while ETH gained 13.6%, pushing the ETH/BTC ratio up 6.3% to 0.028.
Following Strategy’s announcement of its Digital Credit Capital Framework, STRC recovered to $87.8 as investors reacted positively to the company’s clearer liquidity support plan, including a US$2.55B USD reserve, a 12-month minimum liquidity target, an increased 12.00% STRC dividend rate, up to US$1.0B in Digital Credit Securities repurchases, and an optional US$1.25B BTC monetization program.
Standard Chartered joins ESMA’s first post-deadline MiCA register update.
Solana Foundation launches a protocol-level governance framework.
Extended raises a US$12.5M strategic round led by eToro.
Macro Overview
Wall Street Rallies as Easing Geopolitical Fractures and Labor Softness Revive Policy Relief
U.S. equity markets experienced a powerful broad-based relief rally this week as investors enthusiastically welcomed a dramatic cooling of geopolitical risk alongside softening domestic economic indicators. The benchmark S&P 500 index climbed 1.55% to close at 7,467.92 points while the technology-heavy Nasdaq Composite index surged 2.10% to settle at 25,828.87 points. Concurrently, the blue-chip Dow Jones Industrial Average added a solid 1.15% to finish at 52,472.69 points. This widespread positive momentum developed after a massive diplomatic breakthrough in the Middle East immediately eliminated the crippling cost-push inflation premium that had choked equity valuations for months. With growth risks moderating and broader global energy corridors showing clear signs of structural normalization institutional capital aggressively rotated back into risk assets.
Domestic labor market indicators released this week pointed to a gradual deceleration in aggregate employment momentum to provide fresh macro flexibility. Private sector payroll expansion via the ADP employment report revealed an addition of 165,000 positions for the month to miss the market consensus forecast of 186,000. Simultaneously weekly initial jobless claims ticked upward slightly to reach a 238,000 reading. While the foundational elements of the labor market remain solid these incremental soft spots suggest that historically restrictive monetary policies are effectively cooling workforce demand. This cooling trend could offer the central bank necessary breathing room later this year.
Geopolitical tensions eased dramatically across global commodity networks after the United States and Iran successfully forged an agreement to halt active hostilities and resume formal peace negotiations. This historic diplomatic stabilization instantly mitigated immediate blockade threats surrounding the strategic Strait of Hormuz to restore shipping confidence. Consequently energy markets experienced a sharp contraction in volatility as global crude benchmarks stabilized rapidly, with Brent crude sliding under $70.00 to reflect the sudden removal of heavy wartime risk premiums.
Market participants next week will shift their focus to crucial inflation updates that will directly test the Fed’s policy outlook. Investors will heavily analyze the upcoming CPI report, where estimates project a hot 0.9% monthly jump and a 3.4% annual rate. Traders will also dissect the latest FOMC minutes alongside the ISM Services index to gauge domestic economic momentum amid ongoing diplomatic developments. (1)
DXY
The U.S. Dollar Index edged lower last week as the DXY index fell from an opening level of 101.37 to close at 100.86 to mark a 0.50% weekly decline. This retreat was primarily driven by the major diplomatic agreement between the United States and Iran which significantly diminished protective safe haven demand for the greenback. However the dollar remained broadly anchored by structural economic resilience and the ongoing high interest rate narrative from the Fed. (2)
US 10-Year and 30-Year Bond Yields
U.S. Treasury yields experienced a marginal contraction last week as fixed income markets found stability following the sudden reduction in Middle East geopolitical anxieties. Long term borrowing costs adjusted slightly lower across the curve with the 10-year yield slipping by 1 bp from its opening mark to settle at 4.485% while the 30-year yield also fell by 1 bp to finish at 4.985%. Bond market participants largely brushed aside the mixed labor data to await clearer policy signals. (3)
Gold
Gold prices surged robustly last week as bullion reversed its recent losing streak to advance 3.20% from an opening level of $4,086.46 to close at $4,187.30 per ounce. Despite the visible reduction in immediate war risk premiums the precious metal capitalised heavily on the softer U.S. dollar profile. Furthermore persistent investor anxieties regarding structural domestic inflation trends and long term fiscal sustainability provided a strong macroeconomic tailwind to fuel the aggressive commodity bid. (4)
Crypto Markets Overview
Main Assets
ETH/BTC Ratio
BTC rebounded 6.8% last week, while ETH outperformed with a 13.6% gain. The ETH/BTC ratio rose 6.3% to 0.028, reflecting renewed relative strength in ETH.
On the flow side, spot BTC ETFs recorded their eighth consecutive week of net outflows, with total weekly outflows reaching $526.6M. Spot ETH ETFs also saw a modest $13.7M in net outflows. (5)
Market sentiment remained in the extreme fear zone, with the Fear & Greed Index rising to 24 from 12 last week, suggesting a slight improvement in risk appetite despite continued ETF outflows. (6)
Total Market Cap
Crypto Total Marketcap
Crypto Total Marketcap Excluding BTC and ETH
Crypto Total Marketcap Excluding Top 10 Dominance
Total crypto market cap rose 6.8% last week, while market cap excluding BTC and ETH gained 4.8%. The altcoin market excluding the top 10 also outperformed, increasing 7.7%, suggesting a broader recovery in long-tail crypto assets.
STRC Performance
STRC recorded US$931M in trading volume last week while trading below par for the sixth consecutive week. Following Strategy’s announcement of its Digital Credit Capital Framework, STRC recovered to $87.8, as the market reacted positively to a more explicit liquidity support and capital management plan.
Under the new framework, Strategy introduced a USD Reserve policy, with approximately US$2.55B held in reserve, equivalent to around 17.4 months of coverage for preferred dividends and debt interest. The company also set a minimum liquidity target to maintain at least 12 months of expected preferred dividend and interest coverage, with any reduction below this level requiring Board approval.
Strategy also raised STRC’s dividend rate to 12% for semi-monthly periods with record dates on or after July 1, 2026, aiming to support STRC’s trading price closer to its $100 stated amount. In addition, the company authorized up to US$1.0B of repurchases across its Digital Credit Securities, including STRC, STRF, STRD, and STRK, with STRC expected to be the initial focus if buybacks are deemed accretive.
Separately, Strategy authorized up to US$1B of MSTR common stock repurchases and launched a BTC Monetization Program. Under this program, the Board authorized Bitcoin sales of up to US$1.25B to build USD reserves, fund dividends or interest, replenish liquidity, and support accretive repurchases, although any BTC sales remain optional and subject to market conditions, liquidity needs, tax and accounting considerations, and management’s view of long-term value. (7)
Among Bitcoin treasury preferred securities, STRC accounted for 82.1% of total trading volume last week, up from 76% in the previous week. The second largest was Strive’s SATA, which accounts for 7.1%. (8)
Top 30 Crypto Assets Performance
Source: Coinmarketcap and Gate Ventures, as of 6th July 2026
The top 30 cryptocurrencies surged 8.2% on average last week, with ADA, BCH leading the gain.
Cardano led the market with a 31.8% gain, supported by improving on-chain activity and renewed attention around its upcoming RealFi upgrade.
Active wallets have increased by 14,783 since June 23, while Cardano’s RealFi Phase 1 testnet went live on July 6, opening the first public testing window for what the founder described as the network’s largest upgrade to date. The initiative aims to connect DeFi with real-world lending and credit markets by putting idle on-chain liquidity to work, with mainnet deployment expected to follow shortly after the testnet. (9)
The Key Crypto Highlights
Standard Chartered joins ESMA’s first post-deadline MiCA register update
Standard Chartered has been added to ESMA’s first MiCA register update since the EU’s transitional period ended, alongside 36 other newly licensed crypto-asset service providers such as FalconX, Sygnum Europe and Ronin EM. The update brings the total number of registered CASPs to 280, up from 243 in the previous update, while Standard Chartered also secured an Electronic Money Institution license that allows it to issue e-money and provide payment services in Europe. (10)
Solana Foundation launches protocol-level governance framework
Solana Foundation has launched Solana Governance Proposals, a new protocol-level governance framework that allows validators with at least 100,000 delegated SOL to submit proposals and bring major network decisions onchain. Proposals need support from at least 15% of active stake before entering a formal vote, and final approval requires a two-thirds supermajority of voting stake, while technical implementation remains separate through Solana Improvement Documents. (11)
Russia prepares wider digital ruble rollout from Sept. 1
Russia’s central bank says the digital ruble remains on track for wider rollout from Sept. 1, with systemically important banks and major retailers expected to connect first before broader phased adoption through 2027–2028. The digital ruble is designed as a third form of Russian money alongside cash and bank deposits, enabling users to open digital ruble wallets, make transfers and pay for goods and services through central bank infrastructure. The launch shows that Russia’s CBDC strategy is moving from pilot testing toward payment-system integration: the goal is not simply to issue a digital currency, but to build a state-controlled settlement layer that can strengthen domestic payment resilience. (12)
Key Ventures Deals
Ionic raises US$400M as AI infrastructure revenue overtakes Bitcoin mining
Ionic Digital is a US digital infrastructure and Bitcoin mining company formed from Celsius Mining’s bankruptcy assets, now repositioning part of its power and data-center capacity toward AI and high-performance computing. The company raised US$400 million in a private placement from investors including Attestor, Oaktree Capital Management and Sachem Head Capital Management, valuing it at a US$2 billion pre-money valuation ahead of its planned Nasdaq direct listing under the ticker IOND. Ionic reported US$51.4 million in Q1 revenue, with US$44 million coming from digital infrastructure leasing for AI/HPC versus US$7.4 million from Bitcoin mining, reflecting a broader shift in the public crypto mining sector. (13)
THEA raises US$8M to build Solana-based AI coordination layer
THEA is a predictive behavioral AI network focused on risk markets, using models trained on more than 35 billion real-world decisions to help enterprises forecast how people and markets behave under stress. The company raised US$8 million from Maven11 Capital, Spartan Group, ManifoldTrading, HackVC and Fisher8 Capital to expand its AI infrastructure and build THEA Network, a Solana-based coordination layer that routes inference requests and settles transactions onchain while keeping heavy data processing offchain. (14)
Extended raises US$12.5M strategic round led by eToro
Extended is an onchain perpetual futures exchange founded by former Revolut employees, built to offer high-throughput, low-cost derivatives trading while settling activity on Ethereum through StarkWare’s StarkEx infrastructure. The company raised US$12.5 million in a strategic round led by eToro, with participation from Jump Crypto and Àlber Blanc, and the investment is tied to a partnership with Zengo, the self-custody wallet acquired by eToro earlier this year. (15)
Ventures Market Metrics
The number of deals closed in the previous week was 7, Infra having 6 deals and DeFi having 1 deal.
Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 6th Jul 2026
The total amount of disclosed funding raised in the previous week was $488.5M. 2 deals did not disclose fundraising amount. The top funding came from the Infra sector with $485.5M. Most funded deals: Ionic Digital ($400M).
Weekly Venture Deal Summary, Source: Cryptorank and Gate Ventures, as of 6th Jul 2026
Total weekly fundraising surged to $488.5M for the first week of July-2026, an increase of 132% compared to the week prior.
About Gate Ventures
Gate Ventures, the venture capital arm of Gate.com, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.
Website | Twitter | Medium | LinkedIn
The content herein does not constitute any offer, solicitation, or recommendation . You should always seek independent professional advice before making any investment decisions. Please note that Gate Ventures may restrict or prohibit the use of all or a portion of the services from restricted locations. For more information, please read its applicable user agreement.
Reference:
IG Global Week Ahead Economic Preview, https://www.ig.com/en-ch/news-and-trade-ideas/week-ahead-july-6th-2026-260703
DXY Index, TradingView, https://www.tradingview.com/chart/z1UD772v/?symbol=TVC%3ADXY
US 10 Year Bond Yield, TradingView, https://www.tradingview.com/chart/B9cgEklh/?symbol=TVC%3AUS10Y
Gold Price, TradingView, https://www.tradingview.com/chart/z1UD772v/?symbol=TVC%3AGOLD
BTC & ETH ETF Inflow, https://sosovalue.com/tc/assets/etf/us-btc-spot
BTC Greed and Fear Index, https://alternative.me/crypto/fear-and-greed-index/
Strategy Digital Credit Capital Framework, https://www.strategy.com/press/strategy-announces-digital-credit-capital-framework_06-29-2026
STRC Dashboard, https://bitcoinquant.co/preferred-equity
Cardano Upgrade, https://coinmarketcap.com/community/articles/6a4a6b9d0cdc7927c6d04c08/
Standard Chartered joins ESMA’s first post-deadline MiCA register update, https://cointelegraph.com/news/esma-mica-register-new-casps-stanchart-update?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed
Solana Foundation launches protocol-level governance framework, https://cointelegraph.com/news/solana-foundation-framework-protocol-governance
Russia prepares wider digital ruble rollout from Sept. 1, https://cointelegraph.com/news/russia-digital-ruble-rollout-september-central-bank-governor
Ionic raises US$400M as AI infrastructure revenue overtakes Bitcoin mining, https://news.bitcoin.com/ionic-raises-400m-as-ai-revenue-tops-bitcoin-mining-ahead-of-nasdaq-listing/
THEA raises US$8M to build Solana-based AI coordination layer, https://cryptobriefing.com/thea-raises-8m-solana-ai-coordination/
Extended raises US$12.5M strategic round led by eToro, https://www.theblock.co/post/407093/etoro-leads-12-5-million-round-in-onchain-perps-exchange-extended
