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What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

The government's announcements of trade agreements with countries including Indonesia and Japan “raised hopes that the U.S. might be about to reach deals with other countries that avoid the higher tariffs,” Deutsche Bank analysts wrote in a note reported on by Reuters.

That optimism has allowed investors to move into riskier assets, with equity index futures rising and the price of gold, a risk-off haven, falling. The dynamic is echoed in crypto markets. The CoinDesk 20 (CD20) index of the largest, most liquid assets has dropped 0.5% in the past 24 hours, while the CoinDesk Memecoin (CDMEME) index is up 2%.

Bitcoin (BTC) is down around 0.4% at $118,000 and spot ETFs offering exposure to the cryptocurrency ended a 12-day, $6.6 billion inflow streak on Monday, registering nearly $200 million in outflows over the past two days.

But bitcoin doesn’t tell the full story, as allocations have been floating to riskier bets.

“We’re seeing a clear shift in momentum across the crypto market, with strong capital rotation away from bitcoin and into altcoins," Bitpanda deputy CEO Lukas Enzerdorfer-Konrad said in an emailed statement. “The broad ecosystem is clearly healthy and there is more for investors to explore than just BTC and ETH.”

Ether ETFs, benefiting from the GENIUS Act’s passage into law, are still drawing in capital. Week-to-date, they’ve brought in $830 million, bringing the month’s total net inflow to $4.1 billion, according to SoSoValue data.

Risk appetite also revived the NFT space, which has seen a massive 35.6% rise in its market capitalization this week. The increase comes after a prolonged bear market that saw sales volumes plateau and several NFT marketplaces shut down or pivot to token trading.

“Whether this marks the start of a sustained altcoin season remains to be seen, but the current rally shows just how quickly sentiment can turn once confidence and liquidity are in place,” Konrad added. Stay alert!

Grayscale’s New Income-Focused ETFs

Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs:

• Grayscale Bitcoin Covered Call ETF (BTCC) seeks to maximize potential income generation, and is designed to serve as a complement to existing Bitcoin ownership.
• Grayscale Bitcoin Premium Income ETF (BPI) seeks to balance upside participation with income generation, and is designed to serve as an alternative to direct Bitcoin ownership.

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.

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.
• 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 collections.
• July 31, 12 p.m.: A live webinar featuring Bitwise CIO Matt Hougan and Bitzenship founder Aleesandro Palombo discussing bitcoin’s potential as the next global reserve currency amid de-dollarization trends. Registration link.

Macro

• 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
  • Services PMI Est. 53 vs. Prev. 52.9
• July 25, 8:30 a.m.: The U.S. Census Bureau releases June manufactured durable goods orders data.
  • Durable Goods Orders MoM Est. -10.5% vs. Prev. 16.4%
  • Durable Goods Orders Ex Defense MoM Prev. 15.5%
  • Durable Goods Orders Ex Transportation MoM Est. 0.1% vs. Prev. 0.5%
• 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
• July 29: PayPal Holdings (PYPL), pre-market, $1.29
• July 30: Robinhood Markets (HOOD), post-market, $0.30
• July 31: Coinbase Global (COIN), post-market, $1.35
• July 31: Reddit (RDDT), post-market, $0.19
• Aug. 5: Galaxy Digital (GLXY), pre-market

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