A Look Ahead for July 21, 2026
By Omkar Godbole|Edited by Sheldon Reback Jul 21, 2026, 11:37 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on President Trump has reportedly approved the language for an ethics clause in the Clarity Act. (Jesse Hamilton/CoinDesk)SummaryShowThis excerpt is from CoinDesk's 'Daybook' newsletter. Sign up here if you haven't already.
The price of Bitcoin BTC$66,271.36 is climbing, along with the overall cryptocurrency market, following news that the White House has accepted the wording of an ethics package related to the Clarity Act. This development could enhance the likelihood of the long-awaited legislation moving forward in Congress, potentially increasing institutional involvement.
Determining who is behind the cryptocurrency purchases and whether the price increase is supported by strong buyers is crucial. The answer is affirmative.
Significant buyers appear to be institutions, mainly through U.S.-listed ETFs, which have seen over $700 million in inflows over five trading days—the longest consecutive inflow period since May, as per SoSoValue data.
Tagus Capital highlighted in an email that this resurgence of institutional interest contrasts sharply with the intense selling pressure and record redemptions that took place earlier in the summer, notably totaling $7.5 billion from mid-May to June.
Onchain wallet data reveals that long-term holders are also acquiring coins, defined as addresses that have retained their BTC for no less than six months.
Alex Kuptsikevich, chief market analyst at FxPro, noted in an email that "Large Bitcoin whales have been building their positions over the last two months, while medium-sized wallets have been selling. This behavior divergence could be a positive signal for BTC in the medium term, according to CryptoQuant data."
Glassnode, a blockchain analytics firm, has observed that the market appears significantly more balanced now compared to a month ago.
"Overall, the market seems increasingly balanced, with long-term conviction providing support while speculative participation remains limited," it stated.
Additionally, there are indications of rising interest in BTC futures and options. Recently, a trader (or group of traders) executed large bull call spreads in Bitcoin, aiming for a price of $72,000 by the end of the month.
In summary, the profile of buyers currently appears to be varied.
However, risks persist. The primary near-term challenge is the issuance of U.S. Treasury bonds, which could siphon liquidity from the market and exert downward pressure on risk assets.
Michael Kramer, founder of Mott Capital Management, mentioned in a blog post that "Treasury bill settlements are projected to lead to a net new issuance of $56 billion, with an additional $37 billion expected on Thursday and a smaller coupon settlement of $13 billion on Friday. Heavy Treasury bill issuance is likely to continue until Labor Day, posing a headwind for risk assets as we progress through the summer."
Stay vigilant!
For further insights into today's altcoin and derivatives activities, check out Crypto Markets Today. For a full schedule of events this week, see CoinDesk's "Crypto Week Ahead."
Trending Now
- Crypto markets rally on Clarity progress report, Asian chip-stock rebound (CoinDesk): The crypto market surged on reports that President Donald Trump approved a critical ethics provision for the U.S. Clarity Act, facilitating the bill's advancement.
- UK Parliament initiates inquiry into banking barriers for crypto businesses (CoinDesk): U.K. lawmakers are investigating the extent to which local banks have restricted access to crypto firms by denying them bank accounts and imposing limits on crypto-related transactions.
- U.S. futures rise as AI stocks rebound (The Wall Street Journal): U.S. stock index futures increased as optimism surrounding artificial intelligence stocks revived, positively impacting equity indices in Asia and Europe. Oil prices hovered near $90 per barrel as traders evaluated conflicting factors.
- Treasury yields decline as investors assess geopolitical risks (CNBC): U.S. Treasury yields fell across the board on Tuesday as investors considered rising tensions in the Middle East. The 10-year T-bond was stable at 4.594%, the 2-year at 4.198%, and the 30-year at 5.118%.
Today's Signal
BTC's rally is gaining momentum. (TradingView)The chart illustrates BTC’s price movements alongside its 50-, 100-, and 200-day simple moving averages, depicted by red, white, and blue lines, respectively. BTC’s rally has intensified after breaking above the 50-day average, a key indicator of near-term trends.
If it maintains this level, it could attract more buyers and quicken gains toward the 100-day average at $70,173.
The next significant resistance is at the 200-day average, currently just over $72,800. A decisive breakthrough here would confirm the end of the bear market that started last October and signal the beginning of a new bull run.
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11T and RWA perpetual volumes reaching a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11T and RWA perpetual volumes reaching a record $311B.
Why it matters:
CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11T and RWA perpetual volumes reaching a record $311B.
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