The cryptocurrency market has experienced a surge, with Bitcoin surpassing $66,000 as optimism regarding the U.S. Clarity Act grows, alongside a rebound in Asian semiconductor stocks.
Gains Driven by Trump’s Agreement on Ethics Provision
Speculation surrounding President Donald Trump's approval of a significant ethics provision for the crypto market structure bill has contributed to this upward momentum. Eleanor Terrett, host of Crypto in America, shared on X that Trump has consented to the ethics clause, which has been communicated to a group of Senate Republicans, marking a pivotal advancement for the proposed legislation.
This ethics provision has been a critical factor delaying the bill’s progress in the Senate. The proposed legislation seeks to establish a clear regulatory framework to differentiate between digital commodities and securities, aiming to bring an end to years of oversight driven by enforcement.
Bitcoin BTC$66,251.11 surged more than 3.5% within 24 hours, reaching its highest point in over a month. Other cryptocurrencies, including ether (ETH), BNB BNB$575.84, and XRP (XRP), also saw even more significant increases. The CoinDesk DeFi Select Index stood out with a remarkable 9% rise.
Market dynamics were further supported by a recovery in Asian semiconductor stocks, which had previously affected crypto prices negatively, contributing to a broader risk rally.
Market analysts are now focusing on the $68,000 level. Alex Kuptsikevich, FxPro's chief market analyst, noted via email, "Slightly higher, approaching $68K, lies the 61.8% Fibonacci retracement zone from the May-June sell-off. A consolidation above these levels would signal a stronger upside trend reversal."
Derivatives Market Activity
- Bitcoin Momentum: There are emerging signs of participation from derivatives traders in Bitcoin’s price rally. With BTC exceeding $66,000 for the first time since June 17, open interest (OI) in Bitcoin futures rose to 770,000, up from less than 750,000 the previous day.
- This renewed capital influx has bullish indicators, as shown by BTC's 24-hour OI-adjusted cumulative volume delta (CVD), which is currently the most favorable among major tokens, indicating that bullish traders are driving the price through market orders rather than passive limit orders.
- Ether and Altcoin Trends: Similar trends are evident in ETH futures, though open interest in XRP and SOL futures remains relatively unchanged.
- Dogecoin Divergence: The memecoin DOGE also saw a notable increase in open interest, rising to 15.50 billion tokens, the highest since May 5. However, a negative 24-hour CVD indicates that bearish traders are currently leading the market.
- Widespread Altcoin Inflows: Open interest has also risen in tokens such as ADA, XLM, and LINK, suggesting broad-based capital inflows. Most of these tokens, too, are showing a positive 24-hour CVD.
- Bitcoin Volatility and Hedging: Bitcoin's 30-day implied volatility index (BVIV) has stabilized as prices increased. Usually, there is a negative correlation between BVIV and the spot price, so this recent shift raises questions about the sustainability of the gains. It's possible that some traders are acquiring hedges (options) as prices rise, which is preventing further drops in the index, which is now close to a significant support zone. The same observation applies to the ether volatility index (EVIV).
- Options Skew: In Deribit-listed options, put skews have decreased at the front end, which is typical as the spot price rises. However, puts continue to trade at a premium compared to calls across all time frames, partly reflecting ongoing hedging demand alongside call selling for yield generation.
- Call Volume Dominance: In terms of volume, calls are leading the 24-hour rankings for both Bitcoin and ether, indicating a growing appetite for upside exposure.
Token Highlights
- Solana's tokenized asset volume reached a record $5.8 billion in Q2, reflecting a 114% increase from the previous quarter and marking six consecutive quarters of growth driven by tokenized equities.
- This growth highlights the increasing institutional adoption and the network's ability to scale high-volume transactions, solidifying its role in integrating traditional finance with decentralized systems.
- Despite Solana’s native token, SOL, experiencing an 11% decline in the quarter, it fared better than Bitcoin’s 15% drop.
- In July, SOL has appreciated by 6%, compared to Bitcoin’s 13% recovery.
- Meanwhile, the overall market for tokenized real-world assets, excluding stablecoins, has surged to over $33 billion, nearly tripling from about $12 billion a year ago.
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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 rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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