Your day-ahead look for July 10, 2026
By Omkar Godbole|Edited by Sheldon Reback Jul 10, 2026, 11:37 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Japanese Finance Minister Satsuki Katayama (Tomohiro Ohsumi/Getty Images)This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
On Friday, Japanese Finance Minister Satsuki Katayama made remarks that could bolster the long-term appeal of assets regarded as stores of value, such as bitcoin BTC$64,347.93 and gold, albeit with some potential short-term challenges.
Katayama indicated that the government is directing the $2 trillion Government Pension Investment Fund (GPIF), the largest pension fund globally, to significantly enhance its investments in local financial instruments, including government bonds. This announcement comes amid rising concerns regarding Japan's public debt-to-GDP ratio exceeding 200%, which has resulted in bond yields reaching levels not seen in three decades, consequently putting pressure on the yen.
This initiative fits into the government's broader strategy to shift household financial assets from cash and deposits towards stocks, mutual funds, and bonds.
According to financial historian Russell Napier, this aligns with his forecast that heavily indebted nations will turn to national capitalism, where governments compel domestic savings institutions to invest in their bonds and other local assets to stabilize yields and maintain them below inflation levels. Essentially, fixed-income returns do not adequately counter inflation.
This indirect form of taxation, first utilized by countries after World War II, allows governments to finance deficits at a low cost, gradually diminish the real value of debt through moderate inflation, and avoid the more drastic options of outright default or severe austerity measures. (Other heavily indebted countries like the U.S., U.K., and various European nations may soon adopt similar strategies.)
Such conditions create a compelling incentive to pursue assets with limited supply that can help preserve purchasing power, like bitcoin and gold. Bitcoin has already demonstrated its resilience: housing prices denominated in bitcoin appear significantly cheaper than those quoted in dollars.
However, there is a short-term risk to consider. The GPIF holds $931 billion in foreign assets, including $232.1 billion invested in U.S. Treasuries. A minor shift of capital towards local assets may induce anxiety on Wall Street, potentially leading to risk aversion and sell-offs across diverse market sectors, including cryptocurrencies.
At present, bitcoin remains strong, trading above $64,000, with a key momentum indicator indicating a positive trend shift in the market. There are several critical price levels between $65,000 and $80,000 that need to be surpassed before a full upward trend can be confirmed. Stay vigilant!
Read more: For insights into today's altcoin and derivatives market activity, check out Crypto Markets Today. For a complete list of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- New version of crypto Clarity Act may be released next week, sources say (CoinDesk): The U.S. Senate could unveil a draft for legislation regulating the crypto sector by July 13, with potential Senate action by month-end.
- Bitcoin's $60,000-$70,000 price range now the third longest in history (CoinDesk): Bitcoin is hovering around $64,000, marking 307 days within the $60,000-$70,000 band, the third-longest consolidation period in its history.
- Global shares mostly rise and oil prices dip as traders watch Iran conflict developments (AP): Global shares saw mostly positive movement Friday, aided by gains in tech stocks, while oil prices fell as attention turned to the Iran conflict.
- Treasury yields remain stable as investors monitor Middle East tensions (CNBC): Treasury yields have remained steady following the U.S. announcement of ongoing “technical talks” with Iran amid escalating tensions.
Today’s signal
BTC is rapidly approaching the 50-day average. (TradingView)The chart illustrates bitcoin's price movements in candlestick format alongside its 50-day and 200-day simple moving averages.
As the upward trend accelerates, the 50-day average at $65,440 will be the first significant resistance level to monitor. A breakthrough here would shift attention to the June peak around $67,300, from which the market previously declined.
If sufficient buying interest exists at that point, the focus will then shift to the 200-day average, currently positioned above $74,000.
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Digital Assets: Quarterly Review and Outlook Q2
Digital Assets: Quarterly Review and Outlook Q2
Digital assets experienced a third consecutive quarter of losses in Q2 2026, marking the longest losing streak since the 2022 bear market, as institutional capital shifted towards AI stocks and Bitcoin ETFs saw their largest outflow to date. Our analysis explores the factors driving this divergence, where structural adoption persisted, and what signals to monitor in Q3.
By CoinDesk Research3 hours agoDigital assets encountered a third straight quarter of losses in Q2 2026, the longest losing period since the 2022 bear market, as institutional investments flowed into AI equities and Bitcoin ETFs faced their most significant quarterly outflow since inception. Our report investigates the reasons behind this divergence, where structural adoption remained steady, and the key signals to watch for Q3.
Why it matters:
Digital assets experienced a third consecutive quarter of losses in Q2 2026, marking the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
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