Altcoins, NFTs Lure Risk-On Buyers: Crypto Daybook Americas
Recent trade agreements between the U.S., Indonesia, and Japan have boosted investor confidence, driving capital into riskier assets like equities and cryptocurrencies. While Bitcoin saw a minor dip and ETF outflows, altcoins experienced a surge, indicating a shift in investor preference towards higher-risk options. Ether ETFs continue to attract significant capital inflows, fueled by the GENIUS Act’s passage. The NFT market also saw a remarkable 35.6% rise in market capitalization this week, recovering from a prolonged bear market.
Several upcoming events warrant attention. Hedera’s mainnet upgrade on July 23rd may cause temporary disruptions. The Root Network’s mainnet upgrade from July 23rd to 24th will impact NFT operations. A webinar on July 31st will discuss Bitcoin’s potential as a global reserve currency. Macroeconomic events include the European Central Bank’s interest rate decision on July 24th and the release of U.S. manufacturing and services activity data. New U.S. tariffs take effect on August 1st. Several companies, including Tesla, PayPal, Robinhood, Coinbase, and Reddit, will release earnings reports in late July and early August.
Several DAOs are conducting governance votes on significant protocol changes. Rocket Pool DAO is voting on Saturn 1’s implementation, Lido DAO on automatic validator exits, GnosisDAO on funding Gnosis Ltd., and Aavegotchi DAO on new application features. NEAR Protocol is voting on a potential inflation rate reduction.
LetsBonk, a Solana token launchpad, is dominating the memecoin economy, showing record growth metrics. Its market share has surged to 64%, surpassing Pump.fun. Ether perpetual futures show increasing short positions, while BTC remains steady. Perp funding rates for top 10 tokens (excluding SOL) are near 10%, indicating moderate bullish sentiment. SUI futures open interest is near an all-time high. Bitcoin options risk reversals show renewed put bias, while ETH shows call bias.
Market movements show Bitcoin and Ether experiencing slight declines. The CoinDesk 20 index is also down. Global indices, including the Nikkei 225, Hang Seng, FTSE, and Euro Stoxx 50, closed higher. U.S. indices showed mixed results. The Buffett indicator hit new highs, suggesting potential stock market overvaluation.
