Bitcoin broke into price discovery this week, setting a new all-time high of $118k, as inflows into U.S. spot Bitcoin ETFs surged. The milestone comes just ahead of the much-anticipated “Crypto Week” in Congress (July 14 - 18), where lawmakers will vote on three major bills: the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. With both market momentum and political focus aligned, crypto is once again front and center on Wall Street and Capitol Hill.

Broker Rule Sparks Industry Backlash Ahead of Key Votes

On Friday, the U.S. Treasury and IRS finalized the controversial “crypto broker” rule, expanding the definition to include decentralized exchanges, wallet providers, and node operators. Under the new guidance, any party “facilitating” digital asset sales must report transactions exceeding $10,000, similar to traditional broker-dealer obligations.

Industry leaders have condemned the rule as unworkable for decentralized infrastructure. House Majority Whip Tom Emmer and Financial Services Chair Patrick McHenry both issued sharp rebukes, calling for a full repeal. The rule is expected to be a flashpoint during Crypto Week’s House debates.

Bitcoin ETF Flows: Massive Surge Ahead of ATH

Bitcoin ETF flows exploded this week, posting a jaw-dropping $1.175 billion net inflow yesterday alone!!. That’s the highest daily total in weeks, driven by BlackRock ($448.5M), Fidelity ($324.3M), and Ark ($268.7M). The week started slow, with underwhelming flows on July 8 and 9 , but the Thursday spike coincided perfectly with BTC hitting new highs, signaling deep institutional conviction.

Overall, Bitcoin ETFs ended the week solidly in the green, reinforcing the bull case ahead of upcoming legislative clarity.

Ethereum ETF Flows: Building Quiet Strength

Ethereum ETF flows mirrored BTC’s momentum, capped by a $383.1M inflow yesterday,   Ethereum’s strongest ETF day yet. The week was otherwise steady, with modest inflows across BlackRock, Fidelity, and Grayscale. Combined with bullish macro tailwinds and tokenization narratives, Ethereum continues to gain favor with allocators positioning for a post-regulatory rally.

Weekly Top Gainers (Coins Available on Metal Pay)

Metal Blockchain (METAL) dominated the weekly leaderboard with a +52.3% surge, continuing its impressive rally on the back of growing attention around its stablecoin infrastructure and expanding institutional engagement. Hedera (HBAR) followed with a +31.0% gain, likely benefiting from increased enterprise chatter and ecosystem news. Dogecoin (DOGE) bounced +30.0% as memecoin hype made a return, while Ripple (XRP) rose +27.9%, buoyed by optimism ahead of next week’s congressional votes on crypto regulation. Rounding out the top five, XPR Network (XPR) climbed +23.8%, fueled by ecosystem growth and elevated on-chain activity across the Metal X and LOAN Protocol platforms.