Weekly Update: 17th of July
What happened between the 11th and the 17th of July?
- Bitcoin hit a record $123,000 while Ethereum continued to show strength with a record inflow in ETFs of $726 million on July 16th, beating the former record of 428 million. Read more
- The GENIUS, CLARITY, and Anti-CBDC acts are a step closer to approval and are moving to a final vote in the US House of Representatives after Trump convinced Republicans to vote in favor. Read more
- Standard Chartered became the first global bank to offer spot Bitcoin and Ether trading via FX platforms, signaling institutional crypto integration into traditional financial markets. Read more
- Memecoin platform Pump.fun raised $500 million in just 12 minutes, however, investors and analysts question the incredible growth of memecoins as it may negatively impact the rest of the market. Read more
Bitcoin climbs to record high of $123K, Ethereum shows strength
Bitcoin surged to a new all-time high of $123,000 this week, driven by strong ETF inflows. A euro-denominated record has yet to follow, as the dollar has weakened approximately 12% against the euro this year. Given current crypto market strength, that record could also soon be broken.
Ethereum continued to show strength by gaining territory against Bitcoin. This move was fueled by rising ETF flows, corporate ETH acquisitions for reserves, and positive developments in U.S. crypto regulation. On July 16th alone, Ethereum ETFs saw a staggering inflow of $726 million, beating the former record of $428 million. These combined dynamics illustrate the reinforcing effect of institutional capital and macroeconomic trends, further strengthening investor confidence in crypto.
US crypto bills move toward final vote
The U.S. House of Representatives approved a procedural vote on three key crypto bills on Wednesday: the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act. Initially blocked by Republicans demanding an explicit ban on a Federal Reserve-issued digital dollar (CBDC), the vote passed 215–211 after former President Trump persuaded 11 dissenting members to reverse course.
The proposed legislation addresses stablecoin issuance, market structure, and prohibits a Fed-backed CBDC. Republican leaders favor separate votes, aiming to fast-track the GENIUS Act, which has broad institutional support.These measures are seen as a critical step toward regulatory clarity and institutional adoption. The final votes are expected before the summer recess.
Standard Chartered offers Bitcoin and Ether trading
Standard Chartered became the first global bank to offer spot trading in Bitcoin and Ethereum to institutional clients. Integrated within existing FX platforms, corporates and asset managers can already gain direct exposure, with additional trading options expected soon. It is likely other banks will follow quickly, several have already signaled interest, and some smaller institutions have recently launched similar offerings.
Meme platform Pump.fun raises $500M in 12 minutes
Pump.fun, a Solana-based memecoin platform, raised $500 million in just 12 minutes during its PUMP token sale. Despite overwhelming demand from over 10,000 wallets, concerns persist over tokenomics and potential dilution. The project aims to sustain momentum through multimillion-dollar buybacks, but strategic investors warn of speculative risks and limited intrinsic value, particularly for the countless memecoins generated by the platform. As capital flows into meme projects, it becomes increasingly difficult for utility-focused ventures to attract equal attention.
In other digital assets news
- One of the largest crypto asset managers, Grayscale, submitted the first filings in preparation for a potential IPO.
- Michael Saylor’s strategy remains unchanged: his firm now holds over 600,000 Bitcoins.
- With Bitcoin’s new all-time high, Satoshi Nakamoto became the world’s 11th richest entity. Their identity remains a mystery—and their Bitcoins are considered lost forever.
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