President Donald Trump officially signed the GENIUS Act into law on July 18, marking the most significant crypto legislation in U.S. history. The bill introduces a federal framework for stablecoins, requiring issuers to maintain one-to-one backing with dollars or low-risk assets, register under a dual licensing regime, and comply with routine audits. The signing ceremony was held at the White House alongside Republican leaders, who celebrated the bill as a cornerstone of America's digital asset strategy. Industry reaction was overwhelmingly positive, with many seeing it as a green light for U.S. banks, fintech firms, and DeFi protocols to pursue compliant stablecoin issuance and tokenized finance. While implementation timelines remain unclear, the law solidifies America's pivot toward regulated crypto innovation and positions the U.S. as a global stablecoin leader.

Bitcoin Surges to $123K Before Brief Correction as Market Caps Hit $4 Trillion

Following the passage of the GENIUS Act, Bitcoin soared to a new all-time high above $123,000 early in the week. The rally propelled the total crypto market cap past $4 trillion for the first time, fueled by investor optimism over regulatory clarity and increased institutional appetite. Ethereum and altcoins followed closely, with ETH approaching $3,500 as capital rotated into Layer 1 and stablecoin-adjacent narratives. However, profit-taking and whale wallet reactivations triggered a late-week pullback. By July 25, Bitcoin had corrected to around $115,500, while Ether, XRP, and Solana each fell 1%-6%. Despite the volatility, analysts remain bullish, citing the GENIUS Act as a major structural tailwind for long-term crypto adoption.

CLARITY and Anti-CBDC Acts Head to Senate After Crypto Week House Wins

While the GENIUS Act was signed into law, two additional crypto bills passed by the House during Crypto Week now head to the Senate. The CLARITY Act, which seeks to define jurisdiction between the SEC and CFTC for digital assets, passed with broad bipartisan support and is expected to be debated in committee next week. Meanwhile, the Anti-CBDC Surveillance State Act, which would block the Federal Reserve from issuing a central bank digital currency, passed narrowly and remains more politically divisive. Lawmakers backing the bills say they are essential to protecting financial privacy and fostering innovation, while critics warn of unintended consequences. The Senate’s decisions on these two bills could shape the next major phase of U.S. crypto policy.

Bitcoin ETF Flows: Heavy Outflows Begin to Reverse Late Week

Bitcoin ETFs experienced significant volatility in flows throughout the week, as investors digested the market rally and began profit-taking. The week opened with sharp outflows totaling $131.4 million on July 21, followed by an even steeper net outflow of $68 million on July 22, led by withdrawals from Bitwise, ARK, and Grayscale’s GBTC. July 23 brought continued selling pressure, as Fidelity recorded a massive $227.2 million in outflows, contributing to a total daily net loss of $85.8 million. However, sentiment began to shift by July 24, with inflows returning across several issuers. BlackRock, Fidelity, Bitwise, and VanEck collectively helped ETFs recover $226.7 million in net inflows. Despite the volatile midweek drawdown, the return of positive flows late in the week suggests institutional buyers may be re-entering positions after the GENIUS Act rally.

Ethereum ETF Flows: Broad Strength and Record Demand Across Issuers

Ethereum ETFs saw strong and consistent inflows throughout the week, positioning ETH as one of the standout assets in institutional circles. After an early-week dip in Grayscale’s ETHE product, which pulled down July 18 flows to $402.5 million, demand quickly rebounded. On July 21, ETH ETFs posted $296.5 million in net inflows, followed by a blockbuster $533.8 million on July 22, driven by BlackRock’s $426.2 million contribution. Flows remained positive on July 23, with another $332.2 million in inflows, led by BlackRock and steady interest across Fidelity, Grayscale, and VanEck. Even on July 24, as Bitcoin ETFs continued to struggle, Ethereum saw $231.2 million in net flows, boosted by Fidelity’s $210.1 million inflow. This four-day run of institutional interest highlights growing conviction around ETH as regulatory clarity and network utility drive broader adoption.

Weekly Top Gainers (Coins Available on Metal Pay)

Markets cooled off this week following last week’s post-GENIUS Act rally, with a mix of modest gains and mild corrections. Litecoin (LTC) led the leaderboard with a +6.0% gain, bouncing back on renewed interest around its role in multi-chain DeFi and increased lending activity. Ethereum (ETH) held slightly positive at +0.6%, reflecting steady institutional inflows even as broader sentiment wavered. On the downside, Metal Blockchain (METAL) dipped -1.6% after strong performance in prior weeks, while Solana (SOL) dropped -2.0% and Bitcoin (BTC) fell -2.8% as traders took profits following the recent all-time highs. With market attention shifting toward policy implementation and macro uncertainty, this week reflected a natural pause in upward momentum.

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