By Francisco Rodrigues (All times ET unless indicated otherwise)

Upcoming Trade Agreements

The government’s announcements of trade agreements with countries including Indonesia and Japan raised hopes that the U.S. might reach deals avoiding higher tariffs, according to Deutsche Bank analysts reported by Reuters.

Market Reactions

This optimism has led investors to move into riskier assets, with rising equity index futures and a declining price of gold, a haven asset. The trend is reflected in crypto markets as well. The CoinDesk 20 index of the largest, most liquid assets dropped 0.5% in the past 24 hours, while the CoinDesk Memecoin index saw a 2% increase.

Bitcoin

Bitcoin is currently priced at $118,559.27, down approximately 0.4% to $118,000. Spot ETFs offering exposure to the cryptocurrency ended a 12-day, $6.6 billion inflow streak with nearly $200 million in outflows over the past two days. However, bitcoin does not reflect the full story, as capital is shifting to riskier investments.

Bitpanda deputy CEO Lukas Enzerdorfer-Konrad noted, “We’re seeing a clear shift in momentum across the crypto market, with strong capital rotation away from bitcoin and into altcoins. The ecosystem is clearly healthy, offering investors more than just BTC and ETH.”

Ether ETFs, which benefit from the passage of the GENIUS Act, continue to attract capital. They have brought in $830 million Week-to-date, summing to $4.1 billion in net inflow for the month, as per SoSoValue data.

Risk appetite has also revived the NFT space, which has enjoyed a massive 35.6% rise in market capitalization this week.

What to Watch

Crypto

• July 23, 1 p.m.: Hedera (HBAR) mainnet upgrades to version 0.63 with temporary user disruptions expected.
• July 23-24: Root Network (ROOT) mainnet technical upgrade (v11.79.0) will require 24 hours of downtime affecting NFT operations.
• July 31, 12 p.m.: Live webinar on bitcoin’s potential as a global reserve currency. Registration link.

Macro

• July 24, 8:15 a.m.: ECB interest rate decision announcement with President Lagarde’s press conference afterward.
• July 24, 9:45 a.m.: S&P Global to release U.S. manufacturing and services activity data for July.
• August 1, 12:01 a.m.: New U.S. tariffs on imports from trading partners lacking agreements by the July 9 deadline, duties ranging from 10% to 70%.

Earnings Estimates

• July 23: Tesla (TSLA), post-market, $0.42
• July 29: PayPal (PYPL), pre-market, $1.29
• July 30: Robinhood (HOOD), post-market, $0.30
• July 31: Coinbase (COIN), post-market, $1.35

Token Events

Governance Votes

• Rocket Pool DAO voting to implement Saturn 1; ends July 24.
• Lido DAO voting on a new system for validator exits; ends July 28.
• NEAR Protocol considering reducing inflation rate from 5% to 2.5%; voting ends August 1.

Unlocks

• July 25: Venom: Unlocks 2.84% of circulating supply.
• July 31: Optimism: Unlocks 1.79% of circulating supply.

Conferences

• July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
• August 6-10: Rare EVO (Las Vegas)

Token Talk

By Shaurya Malwa

• LetsBonk, the BONK-backed Solana token launchpad, has seen record growth, with over 150,000 tokens launched last week.
• LetsBonk’s market share in token offerings surged to 64%, and its daily trading volume reached $179 million.

Market Movements

• Bitcoin down 1.32% at $118,142.74.
• Ether down 1.15% at $3,664.03.

Bitcoin Stats

• Bitcoin Dominance: 61.09%
• Hashrate: 898 EH/s
• Total Fees: 4.34 BTC / $515,576

Technical Analysis

• MSTR’s share price fell over 6% this week, suggesting potential deeper losses ahead.

Crypto Equities

• Coinbase (COIN): Closed at $404.44 (-2.22%)
• Galaxy Digital (GLXY): Closed at $29.11 (+6.05%)

While You Were Sleeping

• U.S. and Japan reached a trade deal, causing movements in stocks.
• Goldman Sachs sees rising tariff rates affecting inflation and GDP.
• Disguised Unemployment in Blockchain data shows low revenue for many protocols.

In the Ether