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BTC has held up impressively well despite Galaxy offloading over 80,000 BTC on behalf of a Satoshi-era investor this weekend, the largest notional BTC sale on record, totaling roughly $9 billion. Price action remains above the 20-day moving average, but we've started to see some weakness since the equity market open, with BTC pulling back from $119K to $117K. A decisive break and close below the 20-day MA around $117K would flip the short-term bias bearish, opening the door for a move towards $115K, with $111K as the next level of interest on an extension lower.
ETH is undergoing a clear demand shock. Since May 15, ETFs and new corporate treasuries have absorbed approximately 2.83 million ETH (~$10 billion), which is more than 30x the amount minted during that period. Last week alone, ETH pulled in $1.85 billion in inflows, dwarfing BTC’s $72 million. The ETH/BTC ratio could continue to climb if this trend holds.
The Presidential Working Group on Digital Assets is expected to release its 180-day report on July 30. This will consolidate recommendations on token classification, stablecoin oversight, market structure, taxation, and enforcement, under the recently passed GENIUS and CLARITY Acts. One highly anticipated proposal is the establishment of a Strategic Bitcoin Reserve, built from seized crypto assets rather than taxpayer funds, a notable shift in policy direction.
This week is stacked. Over 150 S&P 500 companies report earnings, including Paypal on Tuesday, Meta Platforms, Robinhood and Microsoft on Wednesday, followed by Amazon, Apple, Strategy, Coinbase and Riot on Thursday.
The Fed wraps its two-day policy meeting Wednesday. While rates are expected to hold at 4.25%–4.50%, all eyes are on forward guidance, especially hints around a potential September rate cut. We’ll also get a slew of labor data, including JOLTS, ADP private payrolls, and the July NFP on Friday, a critical release for gauging the Fed’s next move.
President Trump announced a new trade pact with the EU on Sunday. Tariffs will drop to 15%, and the EU has committed to purchasing $750 billion in U.S. energy and injecting $600 billion in new investment into the U.S. above current levels.
The News Room
Ethereum outpaces Bitcoin as institutional inflows hit record $11.2B in July
In July, institutional investment in Ethereum surged past Bitcoin as inflows into ETH reached a record‑breaking $11.2 billion, reflecting shifting institutional sentiment and growing demand for Ethereum’s on‑chain utility and DeFi exposure.
SharpLink Gaming closes in on 500,000 Ethereum goal
SharpLink Gaming, led in part by ex‑BlackRock executive Joseph Chalom, just added approximately 77,210 ETH (~$295 million) to its treasury, bringing its total holdings to about 438,017 ETH—only ~62,000 ETH shy of its 500,000‑ETH target and positioning it as one of the largest corporate ETH holders.
Tron Inc. aims for $1B raise to bolster TRX reserves after merger boost
Following its merger and rebranding to Tron Inc., the company filed an SEC S‑3 stating plans to raise up to $1 billion through equity and debt to expand its TRX treasury, already holding some 365 million TRX, and aggressively pivot toward building long‑term value backed by an altcoin treasury strategy.
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