Bitcoin (BTC) is decoupling from U.S. tech stocks and continues to rise, temporarily around $65,500 as of July 21. U.S. President Trump did not sign the ethics provisions, and negotiations on the CLARITY Act have hit a stalemate. Grayscale has filed a registration statement for a Grayscale Worldcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Macro Events & Crypto Market Hotspots
1、According to The Block, last week, Sichuan普 President and Republican senators Bernie Moreno and Cynthia Lummis, along with White House crypto advisor Patrick Witt, held a meeting regarding the ethics provisions of the CLARITY Act, but the meeting details were not disclosed. Industry sources say Trump did not sign the ethics provisions at the meeting, and both sides did not reach agreement on any provisions. There are concerns that the provisions could negatively affect Trump in the future. Lummis’ spokesperson declined to comment, and Moreno’s team and the White House also did not respond.
The ethics provisions are one of the final hurdles for the CLARITY Act to pass. They aim to restrict senior officials such as the president, vice president, and members of Congress from profiting from digital-asset holdings during their term. The core dispute centers on Trump’s meme coin and its related company, World Liberty Financial. Politico previously reported that the current text does not have support from Democrats; Senator Ruben Gallego said there would be no Democratic vote without strong ethics provisions. The bill text is expected to be released in the coming days. The Senate needs to vote before the first week of August, but industry sources say the text may not be released until an ethics agreement is reached.
2、According to The Block, Grayscale has filed a registration statement for a Grayscale Worldcoin ETF with the U.S. Securities and Exchange Commission (SEC). The fund will hold the native token of the World Network, WLD, as a passive investment vehicle, aiming for the per-share value to reflect the value of the held WLD minus fees and liabilities. If approved, the ETF will be listed on Nasdaq, with Bank of New York Mellon as the transfer agent and BitGo Bank & Trust as the custodian.
News Updates
1、Robinhood has opened its platform to AI agents, allowing users to authorize AI to trade on their behalf and manage investment portfolios
2、Trump has agreed to the ethics provisions, clearing the final obstacle for the CLARITY Act
3、Solv: BTC+ futures were attacked due to a deployer’s private key leak; subscriptions and redemptions are expected to resume within two weeks
4、The London Stock Exchange plans to launch 24/7 trading in the first half of 2027 to regain the retail market
5、Japan media: the “implicit debt” of the U.S.’s top five tech giants has surged to $1.65 trillion
6、Korea’s KOSPI index volatility exceeds 60%, higher than Bitcoin, driven mainly by AI chip “dual giants” and leveraged ETFs
7、In the first half of this year, the total suspicious trades flagged in the prediction market was about $200 million
8、Coinbase executive: U.S. Democrats have added consumer-protection rules in the CLARITY Act
9、Trump did not sign the ethics provisions, and negotiations on the CLARITY Act have hit a stalemate
10、Russia’s State Duma will conduct a second and third reading of a crypto market regulatory bill on July 21
Market Performance
1、Latest Bitcoin news: $BTC is decoupling from U.S. tech stocks and continues to rise, temporarily around $65,500. In the past 24 hours, liquidations totaled $836.3 billion, with long liquidations leading to the largest liquidation on shorts;
2、All three major U.S. stock indexes fell on July 20 as investors focused on whether the situation in the Middle East shows signs of cooling. The S&P 500 gave back early gains and closed lower; Apple and Tesla’s share prices fell, offsetting other stocks’ gains. The Nasdaq Composite still ended higher. Chip stocks rebounded ahead of a series of earnings reports, and the market will test whether big tech companies’ profits can meet the market’s high expectations. The Dow Jones Industrial Average closed down 307.16 points, or 0.59%, at 51,839.26. The S&P 500 fell 14.41 points, or 0.19%, to close at 7,443.28. The Nasdaq index fell 12.17 points, or 0.05%, to close at 25,508.07.
（Source: Gate）
3、In Gate’s BTC/USDT liquidation map, using the current 65,577.80 USDT as a reference: if the price drops to around $64,830, the cumulative amount of long-position liquidations would exceed $297 million; if the price rises to around $66,175, the cumulative amount of short-position liquidations would exceed $512 million. The liquidation amount on the short side is significantly higher than on the long side. It is suggested to manage leverage levels reasonably and avoid triggering large-scale liquidations due to market fluctuations.
（Source: Coinglass）
4、In the past 24 hours, BTC spot inflows were $2.16 billion, outflows were $2.20 billion, for net outflows of $400 million.
（Source: Coinglass）
5、In the past 24 hours, contract trading net outflows led for $BTC, $ETH, $BANK, $SOL, $BZ , etc., indicating potential trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Although oil prices haven’t seen a big pullback yet, today we already saw the Iranian interior minister arrive in Islamabad, which shows that both Iran and the U.S. still have room for diplomatic negotiations. Especially today, there was a video segment from Peninsula Radio: the Iranian foreign ministry spokesperson has already shown that with mediation from a third party, the U.S. and Iran could reopen a new round of talks. This is also what I often say: Hormuz is not really a problem on the U.S.’s side.
‘Since the start of this war, Iran has treated Hormuz as being in its pocket. Charging for the Strait of Hormuz itself violates the United Nations Convention on the Law of the Sea, so I think the U.S.’s use of a military blockade against Iran is actually welcomed by most countries. After all, no one wants Iran to set a precedent for privatizing the strait.
‘Of course, this doesn’t mean oil prices can return to their lows in the short term, but the opening of a negotiation window is beneficial for market expectations of a successful settlement. Neither the U.S. nor Iran wants a full-scale war, so the scope and scale of this conflict is actually not that big.
‘Also, after the World Cup ended, many friends said that capital is starting to flow back into risk markets. I haven’t seen data to confirm whether that’s true, but today’s $BTC price action is still pretty good. It’s leading U.S. stocks by a lot. The only frustration is that my dual-currency position scheduled to expire tomorrow involves selling $65,000. Judging from the current trend, it’s highly likely to execute tomorrow afternoon. I don’t know if there’s still a possibility to buy back at a lower price.
‘On the other side, my low buy at $62,000 also didn’t work. If my $65,000 sell succeeds tomorrow, then my low buy would be pushed up to $63,000 or $64,000. That’s a bit unpleasant.’
Preview for Today
1、UK 3-month ILO unemployment rate for May; prior value 4.9%
2、UK unemployment rate for May; prior value 4.46%
3、Germany July ZEW Economic Sentiment Index; prior value 10.5
