Altcoins Outperform as Rally Gains Steam: Crypto Daybook Americas
Crypto markets experienced a significant rally, with Bitcoin (BTC) exceeding $119,000, a 2% increase in 24 hours. This surge follows the release of U.S. consumer-price data, fueling speculation that tariffs are contributing to inflation. Despite a strengthening dollar, substantial demand propelled Bitcoin, particularly through U.S. spot bitcoin ETFs, which saw $700 million in net inflows this week. Corporate treasuries further bolster demand, holding over $100 billion in BTC. Cantor Fitzgerald is even in talks for a potential $3 billion bitcoin treasury deal.
Altcoins outperformed Bitcoin, with the CoinDesk 20 index up 3.5%. Ether (ETH) jumped 6% to over $3,100, its highest since February, driven by corporate treasury adoption. SharpLink Gaming surpassed the Ethereum Foundation as the largest corporate ETH holder, with companies now holding 1.6 million ETH. U.S. spot ether ETFs added $192 million yesterday, totaling $451.3 million this week.
The upcoming House debate on the GENIUS Act, a bipartisan bill potentially halting yield-bearing U.S. stablecoins, is a key market factor. President Trump’s indication that Republican lawmakers will approve the bill suggests a shift in stablecoin investment towards staking and other ETH-based strategies, potentially enhancing Ethereum’s prominence.
Economic data releases and Federal Reserve speeches will significantly influence the market. Producer price inflation data from the U.S. Bureau of Labor Statistics, along with speeches by Fed governors, will offer clues about monetary policy. Currently, the probability of rate cuts this month is low (97%).
Upcoming events include a House Ways and Means Committee hearing on July 16th focused on establishing the U.S. as a crypto leader, and the launch of Lorenzo Protocol’s USD1+ OTF on July 18th. Several token unlocks are scheduled for mid-July, including significant unlocks for TRUMP and Fasttoken. Various governance votes are ongoing for Aavegotchi, Uniswap, and Rocket Pool DAOs. Several conferences are also scheduled throughout July and August. The Eclipse Foundation launched its ES token with a 30-day airdrop. Finally, derivatives markets show record-high open interest in BTC futures, suggesting strong bullish sentiment.
