Welcome to The Market Runup! Every week, we’re diving into what happened in the crypto market onchain and off-chain, as well macro developments — so you can get smarter on your Sundays and prepare for the week ahead.

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Perpetual futures dominated trades across digital assets last week, accounting for roughly 80% to 85% of total crypto trading activity. Spot markets accounted for the remaining, recovering a little bit from the steep dips in May and June. Still, traders are continuing to prefer perpetual futures for hedging, leverage and price discovery.

U.S. spot Bitcoin ETFs finished last week with approximately $197 million in net inflows, showing that institutional investors aren’t running away from the asset despite continued macro uncertainty. 

While daily ETF flows remained volatile, the positive weekly total shows that investors are still considering Bitcoin as a strategic long-term asset.

Stablecoin market capitalization remained near the $312 billion mark this week, extending one of crypto's strongest long-term structural trends. 

Stablecoins now represent roughly 14% of the entire digital asset market, and process trillions of dollars in annual settlement volume across payments, trading, and decentralized finance. 

Despite relatively muted price action across major cryptocurrencies, stablecoin supply has continued expanding, suggesting investors intend to park their capital via this asset and wait for better opportunities.

Perpetual futures have quietly become one of crypto's largest and most important financial products, often generating significantly more trading volume than spot markets. Yet many investors still don't fully understand why they've become the preferred trading instrument for both institutions and professional traders.

So to get to the heart of the matter I interviewed Ben Celermajer, CEO of Synthetix, a decentralized exchange for perpetual future contracts on Ethereum Mainnet. We dove deep on how macroeconomic conditions continue influencing digital assets, why perpetual futures have become such a dominant part of crypto markets, and how decentralized derivatives could eventually compete with traditional financial infrastructure.

The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.

This week's market wasn't defined by a major breakout—it was defined by improving market quality. ETF inflows returned to positive territory, stablecoin capitalization remained above $312 billion, and derivatives continued accounting for the majority of crypto trading volume, suggesting liquidity conditions continue strengthening beneath the surface. Rather than asking whether prices are moving fast enough, investors may be better served asking whether the market's underlying plumbing is becoming more efficient—and this week's data suggests it is.

Spot vs Derivatives Flows (what to watch): Perpetual futures continued accounting for the majority of crypto trading activity last week, reinforcing their growing role in price discovery across digital assets. 

At the same time, spot markets remained healthy thanks to positive ETF inflows and expanding onchain activity. The market appears to be supported by stronger underlying participation across both spot and derivatives.

Investors should watch whether spot demand continues to strengthen alongside derivatives volume. Sustained growth across both markets would suggest that conviction in improving, and help investors differentiate from speculative positioning.

Cross-asset correlations (what it tells you): Macro developments drove investor sentiment last week, with inflation expectations, Treasury yields, and Federal Reserve policy influencing equities, bonds and digital assets. While Bitcoin has periodically shown signs of decoupling from macro movements, crypto continues responding to changes in global liquidity conditions.

But as crypto’s infrastructure for finance expands through stablecoins, tokenization, and derivatives, it may gradually develop economic drivers that grow increasingly independent of traditional markets.

Capital continues to flow toward assets supported by structural demand, with Bitcoin, AI infrastructure, and digital asset infrastructure attracting investor attention, though crypto has lost some of its luster to AI. 

The current positioning reflects a market that’s gradually rebuilding conviction. If ETF inflows strengthen and stablecoin balances deflate, the market would have stronger evidence that investors are transitioning to a more expansionary phase.

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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.