Bitcoin rally has broad-based support as institutions, whales, options traders pile in

Crypto Daybook Americas Bitcoin rally has broad-based support as institutions, whales, options traders pile in Your day-ahead look for July 21, 2026 By Omkar Godbole | Edited by Sheldon Reback Jul 21, 2026, 11:37 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on President Trump is said to have agreed to the wording of an ethics clause in the Clarity Act. (Jesse Hamilton/CoinDesk) Summary Show This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. Bitcoin BTC $ 66,209.95 and the broader crypto market are rising amid reports that the White House has agreed to the wording of an ethics package for the Clarity Act. The move could improve the chances of the long-pending legislation progressing through Congress, paving the way for stronger institutional participation. It remains to discern who is buying the cryptocurrency and whether the price rise is backed by solid hands. The answer to the latter is yes. The most obvious buyers are institutions, primarily through U.S.-listed ETFs. The spot bitcoin funds have attracted over $700 million in investor money across five trading days, the longest streak of inflows since May, according to SoSoValue data. "This renewed institutional interest stands in contrast to the severe selling pressure and record redemptions experienced earlier in the summer, notably $7.5 billion between mid-May and June," Tagus Capital said in an email. Onchain wallet data shows long-term holders are also snapping up coins. These are addresses with a history of keeping their BTC for at least six months. "Large Bitcoin whales have been building up their positions over the last two months, while medium-sized wallets have been selling. This divergence in behaviour could be a ‘constructive signal’ for BTC in the medium term, according to CryptoQuant [data]," Alex Kuptsikevich, the chief market analyst at FxPro, said in an email. Blockchain analysis firm Glassnode noted that the market looks much more balanced now than it did a month ago. "Overall, the market appears increasingly balanced, with long-term conviction providing support while speculative participation remains contained," it said. There are also signs of growing participation in BTC futures and options. Recently, a trader (or group of traders) purchased large bull call spreads in bitcoin, targeting $72,000 by month-end. In short, the buyer profile right now appears diverse Risks, however, remain. The most important near-term headwind is U.S. Treasury bond issuances, which could drain liquidity from the system and weigh on risk assets. "Treasury bill settlements are expected to result in net new issuance of $56 billion, followed by an additional $37 billion on Thursday and a smaller coupon settlement of $13 billion on Friday. Treasury bill issuance will likely remain heavy until Labor Day, creating a headwind for risk assets as we move through the summer," Mott Capital Management's Founder Michael Kramer said in a blog post. Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ." What’s trending Crypto markets rally on Clarity progress report, Asian chip-stock rebound (CoinDesk): The crypto market rallied on reports President Donald Trump agreed to a crucial ethics provision for U.S. Clarity Act, clearing a hurdle for the crypto market structure bill’s progress. UK Parliament begins inquiry into banking chokepoint for crypto businesses (CoinDesk): U.K. politicians want to know the extent to which the country’s banks have choked-off crypto firms by refusing them bank accounts and introducing restrictions on crypto-related payments. U.S. futures higher as AI trade bounces back (The Wall Street Journal): U.S. stock index futures jumped as artificial-intelligence stocks rode a fresh wave of optimism, buoying equity indexes in Asia and Europe. Oil hovered close to $90 a barrel as traders weighed competing developments. Treasury yields edge lower as investors map geopolitical risks (CNBC): U.S. Treasury yields edged lower across the curve on Tuesday as investors mapped escalating tensions across the Middle East. The 10-year T-bond was broadly flat at 4.594%, the 2-year stood at 4.198%, and the 30-year at 5.118%. Today’s signal BTC's rally is gathering pace. (TradingView) The chart shows BTC’s price action alongside its 50-, 100-, and 200-day simple moving averages, represented by red, white, and blue lines, respectively. BTC’s rally has gathered pace after recently breaking above the 50-day average, a widely tracked gauge of the near-term trend. A sustained hold above this level could attract more buyers and accelerate gains toward the 100-day average at $70,173. The next major resistance sits at the 200-day average, currently positioned just above $72,800. A decisive break above it would confirm that the bear market that began in October last year has ended and a new bull run has begun. Crypto Daybook Americas Related Assets Bitcoin $ 66,209.95 1.94 % Latest Crypto News 1 Clarity odds jump to 43% on Polymarket after unverified reports Trump agreed to ethics deal 19 minutes ago 2 Crypto markets rally on Clarity progress report, Asian chip-stock rebound 35 minutes ago 3 XRP jumps 4% as traders watch 'triangle breakout' toward $1.35 4 hours ago 4 Live markets: Bitcoin ETFs post a fifth straight day of inflows in a first since April 4 hours ago 5 UK Parliament begins inquiry into banking chokepoint for crypto businesses 5 hours ago 6 Bitcoin hits one-month high above $66,000 as the chip trade turns back into a tailwind 6 hours ago 7 Inside Cardano's 'Van Rossum' hard fork, and what it means for users 21 hours ago 8 Exodus to cut 25% of global workforce in payments shift 21 hours ago 9 AI compute stocks bounce as Hut 8, IREN land billions in new contracts 21 hours ago 10 Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock 22 hours ago Latest Research Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. By CoinDesk Research Jul 13, 2026 CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Crypto Daybook Americas A bitcoin 'volmageddon' may be brewing, key indicator suggests AI frenzy losing steam leaves bitcoin less volatile than South Korean stocks The most popular bitcoin call option has slipped by $10,000 More From Bitcoin Clarity odds jump to 43% on Polymarket after unverified reports Trump agreed to ethics deal Crypto markets rally on Clarity progress report, Asian chip-stock rebound XRP jumps 4% as traders watch 'triangle breakout' toward $1.35