Altcoins, Ether Outperform Bitcoin as Rally Gains Steam: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise)

Traders are waking up to discover the crypto rally still has legs. Bitcoin

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is up 2% over the past 24 hours to $119,000 after U.S. consumer-price data stirred talk that tariffs are feeding inflation.

Even though the dollar strengthened after the Tuesday report, demand pushed through, with money flowing into U.S. spot bitcoin ETFs, which are seeing $700 million in total net inflows so far this week.

Demand is further supported by corporate treasuries which, according to BitcoinTreasuries data, now hold 859,993 BTC worth over $100 billion. That figure is likely to keep growing, and Cantor Fitzgerald Chairman Brandon Lutnick is in late-stage talks for a $3 billion bitcoin treasury deal.

Against that background, it's worth noting that altcoins are outperforming, with the CoinDesk 20 (CD20) index up 3.5%. Ether (ETH) has risen 6% in the past 24 hours, jumping past $3,100, its best level since February, as companies start to consider it also a candidate for corporate treasury adoption. Just yesterday, SharpLink Gaming overtook the Ethereum Foundation as the largest corporate holder of ETH.

Strategic Ether Reserve data shows that companies now hold 1.6 million ETH. In addition, spot ether ETFs in the U.S. added $192 million yesterday, for a weekly total of $451.3 million.

Crypto investors are now bracing for the House debate on the GENIUS Act, a bipartisan bill that could halt yield-bearing U.S. stablecoins while giving stablecoin issuers greater clarity.

President Donald Trump has said Republican lawmakers who objected to a trio of crypto bills, including the GENIUS Act, are now ready to approve them.

If the bills pass, funds now chasing stablecoin interest may pivot to staking and other ether-based strategies. “That would potentially reinforce Ethereum's importance within the digital asset ecosystem," Markus Thielen, founder of 10x Research, said in a note shared with CoinDesk.

Looking ahead, producer price inflation being released by the U.S. Bureau of Labor Statistics will be closely watched, as will speeches by several Fed governors for hints on the central bank’s monetary policy as Trump calls for rate cuts.

For now, both the CME Fedwatch Tool and Polymarket point to a 97% chance that rate cuts won’t happen this month. Stay alert!

What to Watch

Crypto 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." July 18: Lorenzo Protocol, a Cosmos-based blockchain with native token BANK, launches USD1+ OTF on BNB Chain's mainnet. The institutional-grade on-chain traded fund lets users stake stablecoins to mint sUSD1+ tokens that earn stable, NAV-backed yield from real-world assets, CeFi quantitative strategies and DeFi protocols. All returns are settled in USD1 stablecoin, issued by World Liberty Financial, whose stablecoin infrastructure powers the product’s stable yield mechanism.

Macro July 16, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June producer price inflation data. Core PPI MoM Est. 0.2% vs. Prev. 0.1% Core PPI YoY Est. 2.7% vs. Prev. 3% PPI MoM Est. 0.2% vs. Prev. 0.1% PPI YoY Est. 2.5% vs. Prev. 2.6% July 16, 10 a.m.: Speech by Fed Governor Michael S. Barr on "Financial Regulation" at "Conversation with Governor Barr" in Washington. Livestream link. July 17, 10 a.m.: Speech by Fed Governor Adriana D. Kugler on "A View of the Housing Market and U.S. Economic Outlook" at the Housing Partnership Network Symposium in Washington. Livestream link. July 17, 6:30 p.m.: Speech by Fed Governor Christopher J. Waller on the economic outlook at an event hosted by the Money Marketeers of New York University. Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trade partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods.

Earnings (Estimates based on 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

(Estimates based on FactSet data)

Token Events

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17.

Token Talk

By Shaurya Malwa

Eclipse Foundation, creator of the Eclipse layer-2 blockchain, debuted its native ES token, positioned as the gas and governance token for its “Solana on Ethereum” network.

Key allocations:

• 10% (100M) airdrop to early users

• 5% for liquidity on exchanges

• 35% to ecosystem and development

• 19% to contributors (4-year vesting, 3-year lock)

• 31% to early supporters/investors (3-year lock)

• 10% (100M) airdrop to early users • 5% for liquidity on exchanges • 35% to ecosystem and development • 19% to contributors (4-year vesting, 3-year lock) • 31% to early supporters/investors (3-year lock) Airdrop eligibility is based on three factors:

• Turbo Tap gameplay ("grass" points earned via stress-testing)

• X (Twitter) activity, measured by Kaito analytics

• Discord engagement

• Turbo Tap gameplay ("grass" points earned via stress-testing) • X (Twitter) activity, measured by Kaito analytics • Discord engagement No 1:1 conversion from “grass” points to tokens; snapshot and allocation details will be published after the airdrop to prevent manipulation.

Airdrop starts Wednesday, with distributions spread over 30 days across Eclipse, Ethereum and Solana mainnets.

ES token will acts as gas token via native paymaster mechanism and enables decentralized governance for protocol upgrades and decision-making

The Eclipse team is excluded from the airdrop to prevent insider manipulation; contributors will receive their allocation via vesting.

Derivatives Positioning

Cumulative open interest in BTC futures and perpetual futures listed worldwide has hit a record high of 739K BTC. Annualized perpetual funding rates have topped 23%, the highest in months, suggesting growing demand for leveraged bullish plays.

All major coins now have funding rates in double digits.

However, only ETH, TON, BTC, AAVE and SHIB have seen positive cumulative volume delta in the past 24 hours, a sign buyers are becoming more aggressive.

On Deribit, BTC short duration skew has flipped positive again while ETH continues to see call bias across tenors.

Block flows on OTC liquidity platform Paradigm featured a long position in the September expiry call at the $140K strike.

Market Movements

BTC is up 2.29% from 4 p.m. ET Tuesday at $119,095.12 (24hrs: +1.85%)

ETH is up 3.81% at $3,157.00 (24hrs: +6.06%)

CoinDesk 20 is up 3.25% at 3,703.30 (24hrs: +3.4%)

Ether CESR Composite Staking Rate is down 1 bps at 3.03%

BTC funding rate is at 0.0263% (28.7985% annualized) on Binance

DXY is unchanged at 98.53

Gold futures are up 0.34% at $3,348.20

Silver futures are up 0.45% at $38.28

Nikkei 225 closed unchanged at 39,663.40

Hang Seng closed down 0.29% at 24,517.76

FTSE is up 0.11% at 8,947.72

Euro Stoxx 50 is down 0.41% at 5,332.42

DJIA closed on Tuesday down 0.98% at 44,023.29

S&P 500 closed down 0.4% at 6,243.76

Nasdaq Composite closed up 0.18% at 20,677.80

S&P/TSX Composite closed down 0.53% at 27,054.14

S&P 40 Latin America closed up 0.14% at 2,600.94

U.S. 10-Year Treasury rate is down 1.4 bps at 4.475%

E-mini S&P 500 futures are down 0.14% at 6,275.50

E-mini Nasdaq-100 futures are down 0.30% at 22,986.75

E-mini Dow Jones Industrial Average Index are unchanged at 44,231.00

Bitcoin Stats

BTC Dominance: 64.85% (0.17%)

Ether to bitcoin ratio: 0.02651 (-0.6%)

Hashrate (seven-day moving average) : 935 EH/s

Hashprice (spot) : $59.88

Total Fees: 4.17 BTC / $489,636

CME Futures Open Interest: 156,645 BTC

BTC priced in gold: 35.7 oz

BTC vs gold market cap: 10.1%

Technical Analysis

DOGE's price chart. (TradingView)

The chart shows that DOGE is consolidating in a bull flag-like counter trend channel.

A potential breakout would signal resumption of the initial uptrend.

Crypto Equities

Strategy (MSTR) : closed on Tuesday at $442.31 (-1.93%) , +1.73% at $449.98

Coinbase Global (COIN) : closed at $388.02 (-1.52%) , +0.76% at $390.97

Circle (CRCL) : closed at $195.33 (-4.58%) , +1.45% at $198.17

Galaxy Digital (GLXY) : closed at $20.86 (-2.75%) , +3.02% at $21.49

MARA Holdings (MARA) : closed at $18.76 (-2.34%) , +1.87% at $19.11

Riot Platforms (RIOT) : closed at $12.1 (-3.28%) , +2.23% at $12.37

Core Scientific (CORZ) : closed at $13.76 (+1.47%) , +0.22% at $13.79

CleanSpark (CLSK) : closed at $12.19 (-3.25%) , +2.13% at $12.45

CoinShares Valkyrie Bitcoin Miners ETF (WGMI) : closed at $25.05 (-2.03%)

Semler Scientific (SMLR) : closed at $42.18 (-6.74%) , +1.35% at $42.75

Exodus Movement (EXOD) : closed at $31.33 (-7.03%) , +3.32% at $32.37

ETF Flows

Spot BTC ETFs

Daily net flows: $403.1 million

Cumulative net flows: $53.04 billion

Total BTC holdings ~1.28 million

Spot ETH ETFs

Daily net flows: $192.3 million

Cumulative net flows: $5.78 billion

Total ETH holdings ~4.53 million

Source: Farside Investors

Overnight Flows

Chart of the Day

Japanese 10-year yield. (TradingView)

The Japanese 10-year government bond yield is on the verge of setting new, multidecade highs above 1.58%.

That could add to volatility in bond markets across advanced nations, potentially leading to a mini bout of risk aversion.

While You Were Sleeping

In the Ether