This week we dive into market dynamics that led to crypto’s strong price action on the week. The team walks through flows, derivative markets, and meme coin thematics. We also spend time with Merlin Egalite, co-founder @ Morpho Labs to walk through Merlin’s vision of DeFi lending, Coinbase’s crypto backed loan product, and Morpho v2.

Speakers:
Joshua Pak, Senior CES Sales Trader
David Duong, Global Head of Research
Merlin Egalite, Co-founder of Morpho Labs

This week, we’re diving into the accelerating convergence of traditional finance and crypto, headlined by the groundbreaking news that Fannie Mae and Freddie Mac are considering accepting crypto as valid assets for mortgage applications. This, combined with Circle’s recent application for a U.S. bank charter, signals a major shift in how digital assets are integrated into the core financial system.The macro landscape is dominated by the Federal Reserve, as we analyze recent comments on stablecoins from Chair Powell and explore the crucial discussion around his potential replacements and what their policy stances could mean for crypto’s future. We also provide updates on the “One Big Beautiful Bill” and the looming July 9th tariff deadline, all ahead of this week’s key Non-Farm Payrolls report on Thursday.We then turn to corporate strategy, where new crypto treasury products are launching from Bitmine Immersion Tech and TAO Synergies. In fundraising, we focus on the explosion in prediction markets, highlighted by massive funding rounds for Polymarket at a $1 billion valuation and Kalshi at a $2 billion valuation.Finally, we have a slate of major updates from Coinbase. The exchange has secured its full MiCA license in Europe, a milestone that unlocks access to all 27 EU member states. For U.S. traders, perpetual-style futures are set to launch on July 21st, and in Australia, Coinbase has integrated PayPal as a new payment method.

Topics Covered:

• Macro & Policy Deep Dive:
  • Powell’s recent stablecoin commentary.
  • The debate over potential Fed chair replacements and their crypto impact.
  • Updates on the “One Big Beautiful Bill,” Iran, and the July 9th tariff deadline.
  • U.S. rates outlook.
• TradFi & Crypto Convergence:
  • Fannie Mae & Freddie Mac considering crypto for mortgage applications.
  • Circle’s application for a U.S. bank charter.
  • New crypto treasury strategies driven by FASB accounting changes.
  • Tokenized equities launching on Arbitrum.
• Fundarising:
  • The boom in prediction markets: Polymarket ($1B valuation) & Kalshi ($2B valuation) secure massive funding.
• Coinbase: Global Expansion & Product Innovation:
  • Securing a landmark MiCA licence for the entire 27-member European Union.
  • Upcoming launch of perpetual-style futures in the U.S. (July 21st).
  • Integration of PayPal as a payment method in Australia.
• Upcoming Catalysts:
  • Non-Farm Payrolls report on Thursday (July 3rd) due to the holiday.

This week, we explore BTC's turbulent price movements amid a volatile geopolitical backdrop. The team dives into an analysis of price performance for crypto equity-linked assets, developments in stablecoins, and partnerships between credit card issuers and crypto-native applications. Zaid from the Prime Financing team provides insights into significant trends in the crypto lending market. Concluding the discussion, David outlines the macro expectations for the week, while the team examines the notable surge in Polymarket activity.