Last week (July 15 - July 21), BTC consolidated while ETH led the gains, and SOL broke through the $200 mark, attracting more buying interest. After reaching an all-time high of $123,218, BTC entered a consolidation phase, with prices fluctuating between $116,000 and $119,000 this week, experiencing a maximum volatility of 4.54%. The current price is stable around $117,700.

Last week, driven by the passage of the "GENIUS Act," easing inflation, and other favorable factors, funds rotated from BTC to mainstream altcoins. With ETH's strong rise, mainstream altcoins like SOL, XRP, and DOGE also surged. ETH peaked at $3,860, with a weekly increase of 31.63%, and the current price has retraced to around $3,650 (Binance spot, July 22, 16:10).

Last week, the three major U.S. stock indices had mixed performances. As of the market close on July 21, the Dow Jones slightly declined, while the S&P 500 and Nasdaq saw slight increases. This week, several tech giants will report their earnings, becoming the market focus.

Market Interpretation

Altcoins Lead the Rally, Crypto Market Cap Surpasses $4 Trillion

Last week, the cryptocurrency market rebounded strongly, with the total market cap surpassing $4 trillion for the second time in history. BTC performed moderately, while ETH rose 31.63%, SOL increased by 26.74%, XRP by 28.34%, and DOGE by 52.58%, with mainstream altcoins rotating upward. ETH spot ETFs saw inflows of $2.2 billion in a single week, significantly boosting sector activity. Favorable policies, institutional support, and liquidity release collectively drove the market, with a noticeable recovery in risk appetite. Short-term caution is advised for high-level pullbacks, but medium-term structural opportunities are expected to persist.

CPI and PPI Data Stable, U.S. Stocks Rise, BTC Pulls Back from Highs

On July 15, the U.S. reported a June CPI year-on-year rate of 2.7%, in line with expectations, and a core CPI year-on-year rate of 2.9%, below the expected 3.0%. The CPI has rebounded from its low, mainly influenced by rising oil prices and tariffs. A second wave of mild inflation has emerged, but its extent is limited and has not prompted the Federal Reserve to adopt a hawkish stance, with the market reacting calmly. On July 16, the PPI year-on-year rate was 2.3%, below expectations and previous values, indicating a slowdown in U.S. economic growth. Following the data release, U.S. stocks continued to rise, the dollar index rebounded, and gold slightly declined, with FedWatch showing a slightly higher than 50% probability of a rate cut in September.

Since July 11, the Trump administration has raised the unified tariff on Canada to 35% and issued tariff circulars of up to 20-50% to the EU, Mexico, and 23 other countries, effective August 1. The rise in policy risks has intensified market concerns about fiscal and inflation issues. After continuously hitting new highs, BTC experienced a short-term pullback of 1.53% due to cooling rate cut expectations and a strengthening dollar, leading to a cautious market risk appetite. Future attention should be paid to macro data and policy trends.

Trump Signs GENIUS Act, Three Major Bills Enacted Together

On July 17, the U.S. House of Representatives passed three key crypto bills—the "GENIUS Act," "CLARITY Act," and "Anti-CBDC Act"—in one go, marking a new chapter in U.S. crypto regulation and innovation. The next day, President Trump officially signed the GENIUS Act, establishing a federal regulatory framework for the issuance and trading of stablecoins, officially ushering stablecoins into a compliant era, becoming the second major core crypto use case after BTC.

The favorable policy quickly transmitted to the market. ETH surged over 20% in a single week, igniting the altcoin market. BTC consolidated at high levels this week; although there was some profit-taking in the short term, corporate purchases and continuous inflows into Spot ETFs provide solid support for the bull market.

Market Highlights

U.S. Pensions Continue to Increase Allocation to BTC-Related Stocks, Accelerating the Cryptoization of Retirement Markets

Last week, one of the largest public pensions in the U.S.—the Ohio Public Employees Retirement System (PERS)—significantly increased its holdings in MicroStrategy (now Strategy) stocks in the second quarter, indicating that mainstream U.S. pensions are gradually incorporating BTC-related assets into their long-term allocation strategies.

At the same time, the Trump administration is pushing for an executive order that would allow U.S. household retirement accounts, such as 401(k)s, to allocate to alternative assets like cryptocurrencies, gold, and private equity, involving a market size of up to $9 trillion. If the reform is implemented, it will greatly expand the allocation space for BTC and related stocks within the U.S. pension system.

JPMorgan and Citigroup Accelerate Stablecoin Initiatives, Traditional Banks Promote Mainstream Crypto Payments

During the U.S. Congress's "Crypto Week," executives from JPMorgan and Citigroup stated they are actively preparing their own stablecoin projects. JPMorgan's CEO confirmed plans to deepen involvement in crypto payment services like "JPMorgan Deposit Coin." On the same day, Citigroup's CEO revealed that the company is researching a "Citi Stablecoin." According to the Wall Street Journal, JPMorgan, Bank of America, Citigroup, and Wells Fargo had plans for a joint issuance as early as May this year. Currently, the total market cap of global stablecoins has reached $258 billion, with an annual growth rate of 58%.

SharpLink Holds Over 270,000 ETH, Becoming the Largest Publicly Listed ETH Holder Globally

After previously purchasing 10,000 ETH from the ETH Foundation, SharpLink continued to significantly increase its holdings, raising its total to 270,000 ETH on July 14, surpassing the ETH Foundation for the first time and becoming the largest publicly listed company holding ETH globally. SharpLink's aggressive positioning reflects institutional recognition of ETH as a strategic reserve asset and boosts market confidence in the long-term value of the ETH ecosystem.

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