Ether, AI Coins Steal Bitcoin’s Spotlight: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

Everyone’s buzzing astir bitcoin (BTC) yet catching a bid, mounting record prices connected respective exchanges and igniting bullish excitement. But don't fto the spotlight connected BTC formed AI coins into the shadow.

Major tokens supposedly associated with artificial intelligence, specified arsenic TAO, ICP, RENDER and FET, surged arsenic overmuch arsenic 8% successful the past 24 hours, outpacing adjacent the 10 largest coins by marketplace cap.

The catalyst is chipmaker Nvidia, a bellwether for each things AI, which rallied to a market valuation of $4 trillion connected Wednesday, the archetypal clip immoderate institution has achieved this milestone.

"The size and occurrence of this giant, and the different US tech behemoths, underscores however overmuch the AI commercialized tin overwhelm the market's effect to week-to-week fluctuations successful economical information and argumentation headlines," Lisa Abramowicz, co-host of Bloomberg Surveillance, said connected X.

In different words, the AI sub-sector of the crypto marketplace could get truly hot.

Let's crook to ether (ETH), the second-largest cryptocurrency, which besides outshone the No. 1 coin yesterday amid grounds trading volumes successful BlackRock's spot ether ETF. The rally followed Fidelity’s latest report, which highlighted the Ethereum blockchain's pb implicit Solana and different programmable chains successful presumption of developer activity, full worth locked (TVL) and stablecoin use.

The study emphasized ether's dual relation arsenic some a mean of speech and a store of worth — narratives that person worked successful bitcoin's favour for years.

In different news, PUMP, the authoritative token of Pump.fun, traded 40% above its upcoming ICO price, portion FART, VIRTUAL, and PENGU person each logged double-digit gains. SHIB appeared poised to outperform BTC, but continued to commercialized connected a anemic footing against its rival, DOGE.

Finally, macroeconomic factors necessitated that traders hole for volatility. As QCP Capital astutely enactment it: “With a reignited commercialized war, a hawkish Federal Reserve, and tightening liquidity, volatility is apt to spike. Macro catalysts are lining up—so buckle up for a chaotic ride.” Stay alert.

What to Watch

• Crypto
  • July 10, 10 a.m.: The Polygon (POL) Proof-of-Stake (PoS) blockchain is acceptable to activate the Heimdall hard fork connected mainnet, reducing finality clip to astir 5 seconds, and bringing "faster checkpoints, smoother UX, safer bridging, and head-room for the adjacent question of upgrades."
  • July 14, 10 p.m.: Singapore High Court hearing connected WazirX’s Scheme of Arrangement, marking a captious measurement successful the exchange's restructuring aft the $234 cardinal hack connected July 18, 2024.
  • July 15: Alchemist staking update launches, allowing token holders to involvement ALCH for entree to precocious features, premium benefits and ecosystem rewards, perchance boosting token inferior and demand.
  • July 15: Lynq is expected to debut its real-time, interest-bearing digital-asset colony web for institutions. Built connected Avalanche’s layer-1 blockchain and powered by Arca’s tokenized U.S. Treasury money shares, Lynq enables instant settlement, continuous output accrual and improved superior efficiency.
  • July 15, 3 p.m.: U.S. Senate Committee connected Agriculture, Nutrition, and Forestry holds a marketplace operation hearing titled “Stakeholder Perspectives connected Federal Oversight of Digital Commodities.” Livestream link.
  • July 16: July 16, 9 a.m.: U.S. House Ways and Means Committee oversight hearing titled "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."
• Macro
  • July 10: The 37th U.K.-France Summit takes spot successful London, wherever British Prime Minister Keir Starmer and French President Emmanuel Macron volition sermon defence practice and migration management.
  • July 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases June user terms ostentation data.
    • Inflation Rate MoM Est. 0.2% vs. Prev. 026%
    • Inflation Rate YoY Est. 5.32% vs. Prev. 5.32%
  • July 10, 8:30 a.m.: The U.S. Department of Labor releases unemployment security information for the week ended July 5.
    • Initial Jobless Claims Est. 235K vs. Prev. 233K
    • Continuing Jobless Claims Est. 1980K vs. Prev. 1964K
  • July 10, 1:15 p.m.: Fed Governor Christopher J. Waller gives a code astatine an lawsuit hosted by the Federal Reserve Bank of Dallas and the World Affairs Council of Dallas/Fort Worth. Livestream link.
  • July 10–11: The 4th Ukraine Recovery Conference successful Rome, bringing unneurotic planetary leaders and stakeholders to beforehand Ukraine’s betterment and reconstruction arsenic the warfare with Russia drags on.
  • July 11, 8:30 a.m.: Statistics Canada releases June employment data.
    • Unemployment Rate est. 7.1% vs. Prev. 7%
    • Employment Change Est. 0K vs. Prev. 8.8K
  • Aug. 1, 12:01 a.m.: Reciprocal tariffs instrumentality effect aft President Trump’s July 7 executive order delayed the archetypal July 9 deadline, making this the commencement day for higher tariffs connected imports from countries without commercialized deals.
• Earnings (Estimates based connected FactSet data)
  • July 23: Tesla (TSLA), post-market
  • July 29: PayPal Holdings (PYPL), pre-market
  • July 30: Robinhood Markets (HOOD), post-market
  • July 31: Coinbase Global (COIN), post-market
  • July 31: Reddit (RDDT), post-market

Token Events

• Governance votes & calls
  • Compound DAO is moving multiple votes connected whether to follow an Oracle Extractable Value (OEV) solution for Ethereum Mainnet, Unichain, Base, Polygon, Arbitrum, Optimism, Scroll, Mantle, Ronin and Linea. Delegates tin take betwixt implementing Api3, Chainlink’s Secure Value Relay (SVR), oregon maintaining the existent setup without OEV. Voting for each of these ends July 12.
  • 1inch DAO is voting connected a $25,000 assistance connection to probe trustless cross-chain swaps betwixt Bitcoin and Ethereum Virtual Machine networks utilizing autochthonal Bitcoin tools similar Taproot. Voting ends July 14.
  • Aavegotchi DAO is voting connected a $245,000 backing proposal to grow Gotchi Battler into a revenue-generating crippled with PvE modes, NFTs and conflict passes, aiming to reverse declining subordinate numbers, boost GHST utility, and make sustainable rewards. Voting ends July 22.
• Unlocks
  • July 11: Immutable (IMX) to unlock 1.31% of its circulating proviso worthy $11.19 million.
  • July 12: Aptos (APT) to unlock 1.76% of its circulating proviso worthy $52.14 million.
  • July 15: Starknet (STRK) to unlock 3.79% of its circulating proviso worthy $15.69 million.
  • July 15: Sei (SEI) to unlock 1% of its circulating proviso worthy $14.75 million.
  • July 16: Arbitrum (ARB) to unlock 1.87% of its circulating proviso worthy $33.35 million.
  • July 18: Official TRUMP (TRUMP) to unlock 45.35% of its circulating proviso worthy $833.52 million.
  • July 18: Fasttoken (FTN) to unlock 4.64% of its circulating proviso worthy $88.8 million.
• Token Launches
  • July 10: JPY Coin (JPYC) to beryllium listed connected Binance.
  • July 10: Pre-market derivatives connected Pump.fun’s PUMP motorboat connected Binance, Aevo.
  • July 12: Pump.fun to launch itsiInitial coin offering (ICO) wherever 33% of the proviso of PUMP volition beryllium sold. The ICO volition beryllium conducted connected Bybit, Kraken, Bitget, MEXC, KuCoin and Gate.io.

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. Use codification CDB10 for 10% disconnected your registration done July 17.

• Day 1 of 4: Mallorca Blockchain Days (Palma, Spain)
• July 16: Invest Web3 Forum (Dubai)
• July 20: Crypto Coin Day 7/20 (Atlanta)
• July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
• July 25: Blockchain Summit Global (Montevideo, Uruguay)
• July 28-29: TWS Conference 2025 (Singapore)

Token Talk

By Shaurya Malwa

• Pump.fun’s token PUMP is presently trading astatine $0.0056 connected derivatives speech Hyperliquid, a 40% premium to its impending ICO terms of $0.004, arsenic traders speculate connected post-launch demand.
• The PUMP-USD perpetual declaration went unrecorded connected July 9 pursuing assemblage requests and offers up to 3x leverage.
• In its archetypal 24 hours, the declaration saw $30 cardinal successful trading volume, indicating beardown involvement contempt the token not yet being unrecorded on-chain.
• Open involvement connected Hyperliquid stood astatine implicit $17 cardinal during Asian greeting hours connected July 10.
• Activity is expected to emergence further arsenic Binance Futures introduces its ain PUMP perpetual declaration astatine 07:30 UTC today.
• The token merchantability volition administer 33% of the full 1 trillion supply, with 18% already allocated successful a backstage circular and 15% acceptable for the nationalist sale.
• Both tranches are priced astatine $0.004 and volition beryllium afloat unlocked astatine launch.
• The task is selling PUMP arsenic much than a meme token — positioning it arsenic the instauration for a decentralized Web3-native societal level that rivals TikTok, Twitch and Facebook by rewarding users with fiscal benefits alternatively of conscionable engagement.
• Since its emergence successful aboriginal 2024, Pump.fun has played a cardinal relation successful Solana’s memecoin boom, offering frictionless token launches and capturing implicit $600 cardinal successful protocol revenue, mostly from trading and motorboat fees.

Derivatives Positioning

• BTC and ETH backing rates connected offshore perpetual exchanges are holding beneath annualized 10% contempt terms rallies, indicating small signs of overheating.
• Ether perpetual futures unfastened involvement climbed for a 4th consecutive day, hitting a tally of 5.46 cardinal ETH.
• Funding rates for XRP, DOGE, ADA, HYPE and SUI topped the 10% mark, indicating a increasing involvement successful agelong positions.
• On the CME, three-month ground successful BTC futures bounced somewhat to 8% from 5% aboriginal this month, but wide enactment remains subdued.
• On Deribit, BTC and ETH telephone skews strengthened crossed tenors. However, front-end options amusement comparatively stronger telephone skew. That's a motion of under-positioned traders panic buying with the terms rise.
• OTC web Paradigm reported mixed artifact flows successful BTC options, featuring hazard reversals and enactment spreads. Traders bought ETH topside crossed tenors from July to December.

Market Movements

• BTC is up 0.31% from 4 p.m. ET Wednesday astatine $111,066.23 (24hrs: +1.99%)
• ETH is up 1.4% astatine $2,776.71 (24hrs: +6.09%)
• CoinDesk 20 is up 1.28% astatine 3,278.09 (24hrs: +3.75%)
• Ether CESR Composite Staking Rate is up 22 bps astatine 3.19%
• BTC backing complaint is astatine 0.0083% (9.1224% annualized) connected Binance

• DXY is down 0.16% astatine 97.40
• Gold futures are up 0.42% astatine $3,335.00
• Silver futures are up 0.68% astatine $36.88
• Nikkei 225 closed down 0.44% astatine 39,646.36
• Hang Seng closed up 0.57% astatine 24,028.37
• FTSE is up 1.12% astatine 8,966.42
• Euro Stoxx 50 is up 0.36% astatine 5,465.01
• DJIA closed connected Wednesday up 0.49% astatine 44,458.30
• S&P 500 closed up 0.61% astatine 6,263.26
• Nasdaq Composite closed up 0.94% astatine 20,611.34
• S&P/TSX Composite closed up 0.26% astatine 26,972.32
• S&P 40 Latin America closed down 1.42% astatine 2,669.65
• U.S. 10-Year Treasury complaint is up 1.2 bps astatine 4.354%
• E-mini S&P 500 futures are down 0.15% astatine 6,297.50
• E-mini Nasdaq-100 futures are down 0.13% astatine 23,022.00
• E-mini Dow Jones Industrial Average Index are down 0.20% astatine 44,631.00

Bitcoin Stats

• BTC Dominance: 64.55 (-0.32%)
• Ether-bitcoin ratio: 0.02506 (0.67%)
• Hashrate (seven-day moving average): 902 EH/s
• Hashprice (spot): $60.45
• Total fees 4.95 BTC / $541,118
• CME Futures Open Interest: 151,575
• BTC priced successful gold: 33.4 oz.
• BTC vs golden marketplace cap: 9.47%

Technical Analysis

• The BTC breakout from the counter-trend channel, though encouraging, inactive warrants caution arsenic prices stay beneath the May precocious of astir $112K.
• A steadfast determination supra that level is needed to cement bullish expectations, opening doors for $115K, the semipermanent trendline hurdle. The affirmative MACD histogram supports the bull case.
• Still, traders request to beryllium vigilant for a renewed weakness present arsenic that would apt fortify the treble apical narrative, starring to a self-fulfilling decline.

Crypto Equities

• Strategy (MSTR): closed connected Wednesday astatine $415.41 (+4.65%), -0.38% astatine $413.85
• Coinbase Global (COIN): closed astatine $373.85 (+5.36%), +1.34% astatine $378.87
• Circle (CRCL): closed astatine $200.68 (-2.02%), +3.72% astatine $208.15
• Galaxy Digital (GLXY): closed astatine $20.17 (+3.65%), +0.3% astatine $20.23
• MARA Holdings (MARA): closed astatine $18.46 (+5.37%), +0.81% astatine $18.61
• Riot Platforms (RIOT): closed astatine $12.24 (+5.79%), -0.33% astatine $12.20
• Core Scientific (CORZ): closed astatine $13.43 (-4.21%), -0.3% astatine $13.39
• CleanSpark (CLSK): closed astatine $12.47 (+7.5%), -0.16% astatine $12.45
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $25.24 (+1.37%)
• Semler Scientific (SMLR): closed astatine $42.32 (+1.46%), +0.14% astatine $42.38
• Exodus Movement (EXOD): closed astatine $32.4 (+0.87%), unchanged successful pre-market

ETF Flows

Spot BTC ETFs

• Daily nett flows: $215.7 million
• Cumulative nett flows: $50.13 billion
• Total BTC holdings ~1.26 million

Spot ETH ETFs

• Daily nett flows: $211.3 million
• Cumulative nett flows: $4.74 billion
• Total ETH holdings ~4.22 million

Source: Farside Investors

Overnight Flows

Chart of the Day

• Ether has replaced bitcoin arsenic the astir progressive cryptocurrency successful the futures market.
• The power follows reports that market makers are "short gamma" successful ether options and could commercialized successful the absorption of the market, adding to volatility.

While You Were Sleeping

• This One Metric Suggests Bitcoin Has Plenty of Room Left to Run (CoinDesk): Despite a question of firm adoption, with nationalist companies adding bitcoin and fueling a roar successful the BTC price, on-chain information suggests there's country for further gains. The MVRV Z-Score of 2.4 remains acold beneath the 7+ levels seen astatine past rhythm peaks.
• BlackRock's Spot Ether ETF Registers Record Trading Volume of 43M Amid Net Inflows of $158M (CoinDesk): Daily volumes person been rising for implicit a month, arsenic evidenced by the 30-day average, which climbed to a grounds 18.83 cardinal from 12.97 cardinal successful aboriginal June, TradingView information shows.
• Bitcoin Bulls Increase Exposure arsenic Trump's Pressure connected Fed Pushes $15B Into BTC ETFs, Analyst Says (CoinDesk): The relentless flows are present forcing "under-positioned" traders to pursuit upside done derivatives, reviving the bullish momentum successful the cryptocurrency, according to Markus Thielen, laminitis of 10x Research.
• Trump Says 50% Tariff connected Copper Imports Will Begin Aug. 1 (CNBC): In a Wednesday Truth Social post, the president cited nationalist information concerns, highlighting copper’s value to the Department of Defense. The metallic has surged implicit 15% successful the past 2 days.
• Brazil Won’t Take Orders From Trump, President Says (The Wall Street Journal): Trump linked the 50% tariff connected Brazil to the prosecution of erstwhile person Jair Bolsonaro, prompting President Lula to denounce U.S. interference and convene an exigency furniture gathering to program a reciprocal response.
• Starmer and Macron Agree to Nuclear Deterrence Pact to Fend Off Threat to Europe (New York Times): Britain and France’s caller pact marks their archetypal coordinated atomic strategy and reflects increasing unit to bolster European defence arsenic U.S. enactment for Ukraine becomes little certain.

In the Ether