What Happened Last Week in Crypto (7/6-7/12)
BTC Price Action: Bitcoin delivered a strong performance last week, surging to fresh all-time highs above $119,000, reflecting continued institutional momentum and macro tailwinds.
Altcoin Rally: Major altcoins followed suit, with SOL, SUI, and ETH posting notable gains. Ethereum notably reclaimed the $3,000 level, signaling renewed investor confidence across Layer 1 ecosystems.
Pump. fun ICO: Pump. fun, a Solana-native memecoin launchpad, successfully completed its ICO on Saturday, July 12, raising $600 million in just 12 minutes. The sale distributed 125 billion tokens at $0.004 each, implying a $4 billion fully diluted valuation. (1)
SOL ETF Developments: The SEC last week urged Spot Solana ETF issuers refile their applications by end of July—a move widely interpreted as a signal that accelerated approval could be on the table ahead of the October review cycle. (2)
Crypto Week in Washington: This week marks “Crypto Week” on Capitol Hill. The U.S. House leadership is set to review and debate key crypto-related legislation, including the CLARITY Act, Anti-CBDC Surveillance State Act, and the GENIUS Act, potentially shaping the regulatory landscape for digital assets in the U.S. (3)
*The above referenced discussions are noteworthy activities that happened during the week in crypto markets. Discussions should not be regarded as any type of trading recommendation, or as a signal about any past, current or future trading activity in any fund or strategy, by Franklin Templeton and its affiliates.
Fully diluted valuation (FDV): the total potential value of a cryptocurrency if all of its tokens were in circulation at the current price.
Sources:
1. Source: “PumpPump.funPump. Fun has completed its ICO for PUMP token, raising $600 million.” Cryptopolitan. July 13, 2025.
2. Source: “SEC pushes Solana ETF issuers to refile by end of July, signals fast-track approval path.” Crypto Briefing. July 7, 2025.
3. Source: “House Announces Week of July 14th as Crypto Week.” Housegov. July 3, 2025.
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