By Francisco Rodrigues (All times ET unless indicated otherwise)
Traders are waking up to discover that the crypto rally still has legs. Bitcoin (BTC) is up 2% over the past 24 hours to $119,000 after U.S. consumer-price data stirred discussions about inflation fueled by tariffs.
Even though the dollar strengthened following the Tuesday report, demand for Bitcoin remains robust, with significant money flowing into U.S. spot Bitcoin ETFs. Notably, these ETFs have witnessed $700 million in total net inflows this week alone.
Corporate treasuries continue to support this demand. According to BitcoinTreasuries, these treasuries now hold 859,993 BTC valued at over $100 billion, and this figure is likely to increase. Meanwhile, Cantor Fitzgerald Chairman Brandon Lutnick is in late-stage talks for a noteworthy $3 billion Bitcoin treasury deal.
In this context, it is important to highlight the performance of altcoins. The CoinDesk 20 (CD20) index is up 3.5%, with Ether (ETH) showing a notable 6% increase in the past 24 hours, surpassing $3,100—its best level since February. Corporate adoption is expanding, as demonstrated by SharpLink Gaming recently surpassing the Ethereum Foundation as the largest corporate holder of ETH.
Data from the Strategic Ether Reserve indicates that companies now hold 1.6 million ETH, with U.S. spot ether ETFs adding $192 million yesterday, bringing the weekly total to $451.3 million.
Crypto investors are also preparing for the upcoming House debate on the GENIUS Act, a bipartisan bill that could halt yield-bearing U.S. stablecoins while providing issuers with increased clarity.
Former President Donald Trump has indicated that Republican lawmakers who previously opposed a series of crypto bills, including the GENIUS Act, are now prepared to approve them.
Should these bills pass, funds currently seeking yields from stablecoins may pivot toward staking and other ether-based strategies. Markus Thielen, founder of 10x Research, noted that this shift would likely reinforce Ethereum’s significance within the digital asset ecosystem.
As we look forward, the U.S. Bureau of Labor Statistics is set to release producer price inflation data, and several Federal Reserve governors will be delivering speeches that may provide insights into the central bank’s monetary policy, particularly as Trump advocates for rate cuts.
Currently, both the CME Fedwatch Tool and Polymarket suggest a 97% probability that rate cuts will not occur this month. Investors should remain vigilant.
What to Watch
- Crypto
- July 16, 9 a.m.: U.S. House Ways and Means Committee oversight hearing titled ‘Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century.’
- July 18: Lorenzo Protocol, a Cosmos-based blockchain with its native token BANK, launches USD1+ OTF on BNB Chain’s mainnet.
- Macro
- July 16, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June producer price inflation data.
- Earnings (Estimates based on FactSet data)
- July 23: Tesla (TSLA), post-market, $0.42
Token Events
- Governance votes & calls
- Aavegotchi DAO is voting on a $245,000 funding proposal to enhance Gotchi Battler into a revenue-generating game.
Market Movements
- BTC is currently trading at $119,095.12, up 2.29% from Tuesday.
- ETH is valued at $3,157.00, reflecting a 3.81% rise.
