What to know: By Omkar Godbole (All times ET unless indicated otherwise)
The past 24 hours have witnessed a rare dynamic: a major token moving on technology news rather than trading flows and general narratives of institutional adoption. |
Solana's native sol (SOL) experienced a notable spike in price volatility, rising as high as $200 for the first time since March after Jito Labs, an infrastructure company, announced Block Assembly Marketplace (BAM), designed to counter maximal extractable value strategies, such as front-running and sandwiching. SOL is now tussling with BNB for the No. 5 ranking among the world's largest cryptocurrencies by market value.
Bitcoin (BTC), meanwhile, is still trading directionless below $120,000, while ether (ETH) pulled back after printing an indecisive Doji candle on Monday. That left the CoinDesk 20 Index of the biggest tokens 2% lower over the past 24 hours. The CoinDesk 80 Index, which encompasses the next 80 largest cryptocurrencies, fell 3.5%, most likely reflecting profit-taking in altcoins after their run-up in the past few days. The pullback comes on the heels of consecutive weekly gains that look to have set the stage for a notable bull run. (Check out the TA section).
"Solana continues to lead altcoin performance, briefly surpassing $200, boosted by the Block Assembly Marketplace announcement, which introduced enhanced transaction speed and improved network efficiency," Valentin Fournier, lead research analyst at BRN, said in an email. "The broader market, however, failed to hold its momentum, reflecting increased uncertainty as ETF demand slows." While charts may point to further declines in the near future, the underlying market remains poised for growth, he said.
"Short-term technicals may pressure prices further, but we remain constructive on the cycle overall," he noted, pointing to institutional and corporate demand as long-term bullish catalysts.
Speaking of institutional adoption, JPMorgan is reportedly considering offering loans backed by customer-held crypto assets, such as BTC and ETH, possibly starting as early as next year. Mexico-listed real estate firm Grupo Murano is planning to adopt BTC as a core strategic asset, with an initial investment of $1 billion and a five-year goal to build a $10 billion reserve.
In traditional markets, investors pulled money out of leveraged Strategy (MSTR) ETFs while bargain-hunting the 2x short ETF, a sign of reassessment of directional bets. The greenback was bid against major currencies, including the euro and the risk-sensitive Australian dollar. The Bank of Japan reportedly said it will provide U.S. dollar-denominated loans to domestic institutions against pooled collateral, a move aimed at addressing dollar funding stress. Stay alert!
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Grayscale’s New Income-Focused ETFs Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs: Through two different approaches to systematic covered call writing on Bitcoin, these two products deliver an alternative income stream for investors that’s less correlated to traditional income-oriented investments.
BTCC and BPI both offer monthly distributions for investors.* See the latest distribution amount on their respective product pages at etfs.grayscale.com Important Disclosures
*The Funds intend to pay out dividends from net investment income, if any, and distribute any net unrealized capital gains to their shareholders at least annually.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our websites at etfs.grayscale.com/btcc and etfs.grayscale.com/bpi. Read the prospectuses or summary prospectuses carefully before investing.
Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund.
Grayscale Bitcoin Covered Call ETF (“BTCC”) and Grayscale premium Income ETF ("BPI") (collectively, the "Funds") will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.
BTCC and BPI are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. Foreside is not related to GSA or its affiliates. |
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Crypto -
July 23, 1 p.m.: Hedera (HBAR) mainnet upgrades to version 0.63. The process is expected to take about 40 minutes, during which network users may experience temporary disruptions.
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July 23-24: The Root Network (ROOT) mainnet will undergo a technical upgrade (v11.79.0) affecting NFT ownership data storage, requiring some 24 hours of downtime for NFT-related operations like minting, bridging, transferring and marketplace activity to support improved performance and scalability for large-scale collections.
Macro -
July 22, 8:30 a.m.: Fed Chair Jerome H. Powell delivers opening remarks at the Integrated Review of the Capital Framework for Large Banks Conference in Washington D.C. Livestream link.
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July 22, 1:00 p.m.: Fed Vice Chair for Supervision Michelle W. Bowman speaks on innovation at the same conference. Livestream link.
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July 24, 8:15 a.m.: The European Central Bank will announce its interest rate decision, with President Christine Lagarde's press conference following 30 minutes later. Livestream link.
- Main Refinancing Operations (MRO) rate Est. 1.9% vs. Prev. 2.15%
- July 24, 9:45 a.m.: S&P Global releases (Flash) July U.S. data on manufacturing and services activity.
- Composite PMI Prev. 52.9
- Manufacturing PMI Est. 52.5 vs. Prev. 52.9
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Services PMI Est. 53 vs. Prev. 52.9
- Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trading partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods.
Earnings (Estimates based on FactSet data) - July 23: Tesla (TSLA), post-market, $0.42
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July 29: PayPal Holdings (PYPL), pre-market, $1.29
- July 30: Robinhood Markets (HOOD), post-market, $0.30
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July 31: Coinbase Global (COIN), post-market, $1.35
- July 31: Reddit (RDDT), post-market, $0.19
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Aug. 5: Galaxy Digital (GLXY), pre-market
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- Aavegotchi DAO is voting on a $245,000 funding proposal to expand Gotchi Battler into a revenue-generating game with PvE modes, NFTs and battle passes, aiming to reverse declining player numbers, boost GHST utility and create sustainable rewards. Voting ends July 22.
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Ethereum Name Service DAO is voting on a proposal from Tally to enter a one-year renewable agreement to enhance ENS governance. Voting ends July 22.
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Rocket Pool DAO is voting to finalize Saturn 1’s implementation. Approval by a 75% supermajority will ratify key protocol changes, including new transaction designs and a potential revenue share to the pDAO treasury. Voting ends July 24.
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Lido DAO is voting on a new system that lets validator exits be triggered automatically through the execution layer, not just by node operators. It includes tools for different authorization pathways, emergency controls, and built‑in limits to prevent misuse. The update is expected to make staking more decentralized, secure, and responsive. Voting ends July 28.
- GnosisDAO is voting on a proposal to provide $30 million per year, paid quarterly, to Gnosis Ltd., now a non-profit, to sustain its ~150‑person team building critical Gnosis Chain infrastructure, products (like Gnosis Pay and Circles), business development, and operations. Voting ends July 28.
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Aavegotchi DAO is voting on funding three new features for the official decentralized application: a Wearable Lendings UI, Gotchis Batch Lending and a BRS Optimizer. Voting ends July 29.
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NEAR Protocol is voting on potentially reducing NEAR’s inflation from 5% to 2.5%. Two-thirds of validators must approval the proposal for it to pass, and if so it could be implemented by late Q3. Voting ends Aug. 1.
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July 29, 10 a.m.: Ether.fi to host a bi-quarterly analyst call.
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- July 25: Venom (VENOM) to unlock 2.84% of its circulating supply worth $12.48 million.
- July 31: Optimism (OP) to unlock 1.79% of its circulating supply worth $23.45 million.
- Aug. 1: Sui (SUI) to unlock 1.27% of its circulating supply worth $169.38 million.
- Aug. 2: Ethena (ENA) to unlock 0.64% of its circulating supply worth $19.75 million.
- Aug. 9: Immutable (IMX) to unlock 1.3% of its circulating supply worth $15.11 million.
- Aug. 12: Aptos (APT) to unlock 1.73% of its circulating supply worth $59.26 million.
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July 22: Binance to open new trading pairs for Ethereum Classic (ETC), The Graph (GRT) and Oasis (ROSE).
- July 22: KuCoin to list Delphinus Lab (ZKWASM), NoNoCoin (NOC), and Snakes (SNAKES).
- July 23: Binance Alpha to feature Alliance Games (COA).
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Join us for this curated gathering that unites D.C.’s most important public officials with legal, policy and compliance leaders from the private sector to advance crypto standards and reform.
Space is limited. Use code CDB10 for 10% off your registration through July 17. |
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