Altcoins, NFTs Lure Risk-On Buyers: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise)

The government's announcements of commercialized agreements with countries including Indonesia and Japan “raised hopes that the U.S. mightiness beryllium astir to scope deals with different countries that debar the higher tariffs,” Deutsche Bank analysts wrote successful a enactment reported connected by Reuters.

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

Bitcoin (BTC) is down astir 0.4% astatine $118,000 and spot ETFs offering vulnerability to the cryptocurrency ended a 12-day, $6.6 cardinal inflow streak connected Monday, registering astir $200 cardinal successful outflows implicit the past 2 days.

But bitcoin doesn’t archer the afloat story, arsenic allocations person been floating to riskier bets.

“We’re seeing a wide displacement successful momentum crossed the crypto market, with beardown superior rotation distant from bitcoin and into altcoins," Bitpanda lawman CEO Lukas Enzerdorfer-Konrad said successful an emailed statement. “The wide ecosystem is intelligibly steadfast and determination is much for investors to research than conscionable BTC and ETH.”

Ether ETFs, benefiting from the GENIUS Act’s transition into law, are inactive drafting successful capital. Week-to-date, they’ve brought successful $830 million, bringing the month’s full nett inflow to $4.1 billion, according to SoSoValue data.

Risk appetite besides revived the NFT space, which has seen a massive 35.6% emergence in its marketplace capitalization this week. The summation comes aft a prolonged carnivore marketplace that saw income volumes plateau and respective NFT marketplaces unopen down oregon pivot to token trading.

“Whether this marks the commencement of a sustained altcoin play remains to beryllium seen, but the existent rally shows conscionable however rapidly sentiment tin crook erstwhile assurance and liquidity are successful place,” Konrad added. Stay alert!

What to Watch

• Crypto
  • July 23, 1 p.m.: Hedera (HBAR) mainnet upgrades to mentation 0.63. The process is expected to instrumentality astir 40 minutes, during which web users whitethorn acquisition impermanent disruptions.
  • July 23-24: The Root Network (ROOT) mainnet volition acquisition a technical upgrade (v11.79.0) affecting NFT ownership information storage, requiring immoderate 24 hours of downtime for NFT-related operations similar minting, bridging, transferring and marketplace enactment to enactment improved show and scalability for ample collections.
  • July 31, 12 p.m.: A unrecorded webinar featuring Bitwise CIO Matt Hougan and Bitzenship laminitis Aleesandro Palombo discussing bitcoin’s imaginable arsenic the adjacent planetary reserve currency amid de-dollarization trends. Registration link.
• Macro
  • July 24, 8:15 a.m.: The European Central Bank volition denote its involvement complaint decision, with President Christine Lagarde's property league pursuing 30 minutes later. Livestream link.
    • Main Refinancing Operations (MRO) complaint Est. 1.9% vs. Prev. 2.15%
  • July 24, 9:45 a.m.: S&P Global releases (Flash) July U.S. information connected 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 instrumentality effect connected imports from trading partners that failed to scope agreements by the July 9 deadline. These accrued duties could scope from 10% to arsenic precocious arsenic 70%, impacting a wide scope of goods.
• Earnings (Estimates based connected 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

Token Events

• Governance votes & calls
  • Rocket Pool DAO is voting to finalize Saturn 1’s implementation. Approval by a 75% supermajority volition ratify cardinal protocol changes, including caller transaction designs and a imaginable gross stock to the pDAO treasury. Voting ends July 24.
  • Lido DAO is voting connected a caller strategy that lets validator exits be triggered automatically done the execution layer, not conscionable by node operators. It includes tools for antithetic authorization pathways, exigency controls and built‑in limits to forestall misuse. The update is expected to marque staking much decentralized, unafraid and responsive. Voting ends July 28.
  • GnosisDAO is voting connected a connection to supply $30 cardinal per year, paid quarterly, to Gnosis Ltd., present a non-profit, to prolong its ~150‑person squad gathering captious Gnosis Chain infrastructure, products (like Gnosis Pay and Circles), concern improvement and operations. Voting ends July 28.
  • Aavegotchi DAO is voting on backing 3 caller features for the authoritative decentralized application: a Wearable Lendings UI, Gotchis Batch Lending and a BRS Optimizer. Voting ends July 29.
  • NEAR Protocol is voting connected potentially reducing NEAR’s ostentation rate from 5% to 2.5%. Two-thirds of validators indispensable support the connection for it to pass, and if truthful it could beryllium implemented by precocious Q3. Voting ends Aug. 1.
  • July 29, 10 a.m.: Ether.fi to big a bi-quarterly expert call.
• Unlocks
  • July 25: Venom (VENOM) to unlock 2.84% of its circulating proviso worthy $12.48 million.
  • July 31: Optimism (OP) to unlock 1.79% of its circulating proviso worthy $23.45 million.
  • Aug. 1: Sui (SUI) to unlock 1.27% of its circulating proviso worthy $169.38 million.
  • Aug. 2: Ethena (ENA) to unlock 0.64% of its circulating proviso worthy $19.75 million.
  • Aug. 9: Immutable (IMX) to unlock 1.3% of its circulating proviso worthy $15.11 million.
  • Aug. 12: Aptos (APT) to unlock 1.73% of its circulating proviso worthy $59.26 million.
• Token Launches
  • July 23: Binance Alpha to diagnostic Alliance Games (COA).

Conferences

The CoinDesk Policy & Regulation conference (formerly known arsenic State of Crypto) is simply a one-day boutique lawsuit held successful Washington connected Sept. 10 that allows wide counsels, compliance officers and regulatory executives to conscionable with nationalist officials liable for crypto authorities and regulatory oversight. Space is limited.

• July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
• July 25: Blockchain Summit Global (Montevideo, Uruguay)
• July 28-29: TWS Conference 2025 (Singapore)
• Aug. 6-7: Blockchain.Rio 2025 (Rio de Janeiro, Brazil)
• Aug. 6-10: Rare EVO (Las Vegas)
• Aug. 7-8: bitcoin++ (Riga, Latvia)
• Aug. 9-10: Baltic Honeybadger 2025 (Riga, Latvia)
• Aug. 9-10: Conviction 2025 (Ho Chi Minh City, Vietnam)

Token Talk

By Shaurya Malwa

• LetsBonk, the BONK-backed Solana token launchpad, is dominating the on-chain memecoin economy, posting grounds highs crossed each large maturation metric for a 2nd consecutive week.
• Over 150,000 tokens debuted done the level past week, a 14% leap from the erstwhile week, including a single-day grounds of 26,600 tokens connected July 18.
• LetsBonk’s stock of the token motorboat marketplace has surged to 64%, up from conscionable 5% a period ago, portion Pump.fun’s stock has collapsed from implicit 90% to conscionable 24%.
• Token graduations (i.e., tokens gathering liquidity thresholds to database connected Raydium) besides deed all-time highs, with 282 graduating connected July 16, up 20% week-over-week.
• LetsBonk present holds 79% marketplace stock successful graduations, vs. Pump.fun’s 18%.
• Trading measurement flipped too: On Friday, LetsBonk recorded $179 cardinal successful regular measurement compared with Pump.fun's $52 cardinal — a crisp reversal from a period ago, erstwhile Pump.fun consistently averaged 15x much volume.
• Fee procreation has followed suit, with LetsBonk pulling successful much than $8 cardinal successful protocol fees past week, portion Pump.fun managed astir fractional that.
• This displacement successful memecoin infrastructure dominance marks a captious rotation successful Solana civilization and liquidity flows, with BONK present astatine the halfway of some speculation and tooling.

Derivatives Positioning

• Ether perpetual futures are hinting astatine an influx of shorts arsenic unfastened involvement (OI) has accrued by 1.2% this week alongside a 2.42% terms drop. BTC perp futures OI remains dependable for a 2nd week.
• Perp backing rates for the apical 10 tokens, excluding SOL, are hovering adjacent an annualized 10%, pointing to mean bullish positioning. SOL's complaint is comparatively elevated astatine 18%.
• SUI futures unfastened involvement is holding adjacent an all-time precocious of $1.2 billion, the sixth-largest level successful the crypto market. Fartcoin futures boast the 10th largest OI.
• Front-end BTC options hazard reversals amusement renewed enactment bias, reflecting downside concerns amid persistent bull nonaccomplishment astatine the $120K mark. ETH hazard reversals proceed to amusement telephone bias crossed each tenors.
• Block flows connected OTC web Paradigm featured a agelong enactment commercialized successful the Aug. 8 expiry telephone astatine the $110K onslaught and request for higher onslaught ether calls.

Market Movements

• BTC is down 1.32% from 4 p.m. ET Tuesday astatine $118,142.74 (24hrs: -0.79%)
• ETH is down 1.15% astatine $3,664.03 (24hrs: -1.2%)
• CoinDesk 20 is down 1.66% astatine 4,087.94 (24hrs: -0.65%)
• Ether CESR Composite Staking Rate is down 7 bps astatine 2.97%
• BTC backing complaint is astatine 0.0033% (3.6135% annualized) connected KuCoin

• DXY is unchanged astatine 97.42
• Gold futures are down 0.21% astatine $3,436.40
• Silver futures are up 0.48% astatine $39.74
• Nikkei 225 closed up 3.51% astatine 41,171.32
• Hang Seng closed up 1.62% astatine 25,538.07
• FTSE is up 0.53% astatine 9,071.43
• Euro Stoxx 50 is up 1.37% astatine 5,363.09
• DJIA closed connected Tuesday up 0.40% astatine 44,502.44
• S&P 500 closed unchanged astatine 6,309.62
• Nasdaq Composite closed down 0.39% astatine 20,892.69
• S&P/TSX Composite closed up 0.17% astatine 27,364.43
• S&P 40 Latin America closed up 0.1% astatine 2,590.91
• U.S. 10-Year Treasury complaint is up 4 bps astatine 4.376%
• E-mini S&P 500 futures are up 0.35% astatine 6,369.00
• E-mini Nasdaq-100 futures are up 0.15% astatine 23,262.25
• E-mini Dow Jones Industrial Average Index are up 0.47% astatine 44,920.00

Bitcoin Stats

• BTC Dominance: 61.09 (0.24%)
• Ether to bitcoin ratio: 0.03095 (-0.96%)
• Hashrate (seven-day moving average): 898 EH/s
• Hashprice (spot): $59.42
• Total Fees: 4.34 BTC / $515,576
• CME Futures Open Interest: 153,785 BTC
• BTC priced successful gold: 34.5 oz
• BTC vs golden marketplace cap: 9.77%

Technical Analysis

• Bitcoin-holder Strategy's (MSTR) stock terms has dropped implicit 6% this week, invalidating the bullish inverse head-and-shoulders breakout seen aboriginal this month.
• The failed breakout could invitation chart-driven sellers, perchance yielding deeper terms losses.
• The past week's precocious of $456 is the caller level to bushed for the bulls.

Crypto Equities

• Strategy (MSTR): closed connected Tuesday astatine $426.4 (+0.03%), -0.19% astatine $425.58 successful pre-market
• Coinbase Global (COIN): closed astatine $404.44 (-2.22%), +0.39% astatine $406.01
• Circle (CRCL): closed astatine $198.31 (-8.23%), +2.11% astatine $202.49
• Galaxy Digital (GLXY): closed astatine $29.11 (+6.05%), +2.54% astatine $29.85
• MARA Holdings (MARA): closed astatine $19.88 (+5.58%), -1.11% astatine $19.66
• Riot Platforms (RIOT): closed astatine $14.27 (+1.78%), -0.49% astatine $14.20
• Core Scientific (CORZ): closed astatine $13.48 (+1.58%), +0.45% astatine $13.54
• CleanSpark (CLSK): closed astatine $12.84 (+3.63%), -0.62% astatine $12.76
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $27.56 (+4.08%)
• Semler Scientific (SMLR): closed astatine $40.19 (+1.31%), +1.24% astatine $40.69
• Exodus Movement (EXOD): closed astatine $34.73 (+3.33%), unchanged successful pre-market
• SharpLink Gaming (SBET): closed astatine $27.4 (+8.54%), -4.42% astatine $26.19

ETF Flows

Spot BTC ETFs

• Daily nett flows: -$68 million
• Cumulative nett flows: $54.53 billion
• Total BTC holdings ~1.3 million

Spot ETH ETFs

• Daily nett flows: $533.8 million
• Cumulative nett flows: $8.34 billion
• Total ETH holdings ~5.12 million

Source: Farside Investors

Overnight Flows

Chart of the Day

• The Buffett indicator, named aft Warren Buffett, is the ratio of full U.S. banal marketplace worth divided by the country's gross home merchandise (GDP).
• The ratio has risen to caller beingness highs supra 200%, which is astir 1.8 modular deviations supra the humanities trendline, suggesting that the banal marketplace is overvalued comparative to GDP.
• That level suggests scope for downside volatility successful stocks, which could provender into cryptocurrencies and different hazard assets.

While You Were Sleeping

• U.S. and Japan Reach Trade Deal (The New York Times): Trump said Japan volition put $550 cardinal successful the U.S. and easiness commercialized barriers, with some sides accepting 15% car tariffs. The determination lifted Japanese stocks Wednesday.
• Goldman Sachs Sees Trump’s Baseline Tariff Rate Rising to 15% (Bloomberg): The slope expects Trump-era tariffs to assistance halfway ostentation by 1.7% implicit 3 years and chopped 2025 GDP by 1 point, with further sectoral levies expected to deepen the impact.
• Disguised Unemployment successful Blockchain? Data Shows Only 12% of Ethereum, 25% of Solana Protocols Have Revenue (CoinDesk): DeFiLlama information shows the immense bulk of Ethereum and Solana protocols failed to make gross recently. Inactive astute contracts summation retention burdens, information risks and economical inefficiency, hindering the wide idiosyncratic experience.
• Dogecoin Could Soon Verify ZK Proofs Natively, Thanks to DogeOS Push (CoinDesk): Dogecoin could enactment zero-knowledge proofs nether a caller proposal, paving the mode for astute contracts and different precocious features without sacrificing the blockchain’s velocity oregon lightweight design.
• Backed Finance's Tokenized Stocks Product Volume Jumps to $300M (CoinDesk): xStocks are on-chain tokens representing shares successful U.S. firms, afloat backed by the underlying equities, but critics accidental they are similar Europe’s contracts for quality and deficiency existent ownership and play liquidity.
• Chinese and EU Leaders Are About to Meet — but the U.S. Is Complicating Things (CNBC): The U.S. is pressuring Brussels to harden its stance connected China portion simultaneously threatening 30% tariffs connected EU exports, leaving the bloc diplomatically squeezed up of high-stakes Thursday talks with Beijing.

In the Ether