Your day-ahead look for July 23, 2026
By Omkar Godbole|Edited by Jamie Crawley Jul 23, 2026, 11:13 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Bykofoto/Shutterstock)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The bitcoin BTC$65,511.10 market is experiencing a macroeconomic landscape that is unprecedented in its 17-year history.
This situation is closely linked to the returns on bonds adjusted for inflation. The yield on the 30-year Treasury Inflation-Protected Security (TIPS) has reached nearly 3%, the highest level in 17 years, as reported by TreasuryBonds.com.
According to the site, "This represents one of the best wealth preservation opportunities in decades. Investors can secure approximately 3% annual returns above inflation for the next thirty years, supported by the U.S. government."
In conventional markets, bonds are typically viewed as safe investments. A haven asset yielding a 3% return over inflation increases the opportunity cost of holding non-yielding or riskier assets, such as gold and bitcoin. However, many in the crypto sector believe that bitcoin's decentralized and censorship-resistant attributes make it a more favorable store of value; this perspective has valid points. For instance, when housing prices are evaluated in bitcoin, they seem considerably less expensive than when priced in dollars.
The impact of the high TIPS yield on bitcoin remains uncertain — whether it will significantly hinder bitcoin or be overlooked is still to be determined. Presently, it appears that the latter is true, as spot ETFs have attracted nearly $1 billion over the past seven trading days, indicating renewed institutional investment. However, if the dynamics of the bond market cause a larger shift away from tech stocks, that volatility could also affect the crypto market.
Another notable event today is BitMEX's announcement to cease operations. The closure of this pioneering exchange, known for introducing perpetual futures contracts, marks a trend of increasing consolidation in the crypto derivatives market, where earlier innovators are finding it difficult to compete with larger, more liquid platforms.
This situation also underscores a broader transition towards regulatory compliance and institutional development. Traditional exchanges are facing pressure to either expand significantly or risk being squeezed out, as perpetual futures are quickly becoming a high-volume, commodity-like business that only a few major players can realistically dominate.
Stay alert!
Read more: For insights into today's altcoin and derivatives activity, check out Crypto Markets Today. For a detailed schedule of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- BitMEX, the exchange that invented perps, is shutting down (CoinDesk): BitMEX, the crypto derivatives platform that changed the global market landscape by introducing perpetual swaps, has announced it will cease operations on September 23.
- Bitcoin, Ethereum-linked protocols lose $35 million in multiple attacks hours apart (CoinDesk): Various bridges and cross-chain protocols in the crypto space faced severe losses, with at least three being drained in rapid succession over a six-hour period, totaling more than $35 million, according to blockchain analysis by CoinDesk.
- U.S. oil tops $90, Brent above $98 as Iran war escalates. Tankers struck off Saudi Arabia (CNBC): Oil prices surged following reports of tanker attacks off the coast of Saudi Arabia and renewed U.S. threats to escalate military actions against Iran. Brent crude futures for July rose 4.6% to $98.44, while West Texas Intermediate crude futures increased by 3.8% to $90.14.
- Dollar hits fresh 40-year high versus yen, edges down against euro (Reuters): The dollar dipped slightly against the euro ahead of the European Central Bank's upcoming policy meeting while reaching a new 40-year high against the yen.
Today’s signal
U.S. 30-year TIPS yield. (Bob Elliott)The accompanying chart illustrates the yield from the U.S. 30-year Treasury Inflation-Protected Security (TIPS) since 2005.
This yield has climbed to nearly 3%, marking a 17-year peak, meaning investors can place their funds in these bonds and earn a yield of 3% above the inflation rate.
This heightened real yield is frequently regarded as a headwind for risk assets.
Crypto Daybook AmericasRelated AssetsBitcoin$65,503.720.12%Latest Crypto News- 1Polymarket to challenge France’s nationwide website block7 minutes ago
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- 3Live markets: Bitcoin slips back as Iran war expansion sends oil surging above $90 per barrel2 hours ago
- 4BitMEX, the exchange that invented perps, is shutting down3 hours ago
- 524/7 financial rails: How BNY plans to eliminate the weekend lag in U.S. Treasuries3 hours ago
- 6South Korea's oldest crypto exchange is now part of the $1 trillion Mirae Group family4 hours ago
- 7Bitcoin, Ethereum-linked protocols lose $35 million in multiple attacks hours apart5 hours ago
- 8Arbitrum-based AFX Trade drained of $24 million after bridge keys compromised6 hours ago
- 9XRP whales accumulate as small holders capitulate 7 hours ago
- 10Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38%8 hours ago
Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets have shifted since June, but Binance has maintained its market share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
By CoinDesk Research21 hours agoMarkets have shifted since June, but Binance has maintained its market share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
Why it matters:
Markets have shifted since June, but Binance has maintained its market share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
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