Bulls face a test unlike anything in bitcoin's 17-year history

Crypto Daybook Americas Bulls face a test unlike anything in bitcoin's 17-year history Your day-ahead look for July 23, 2026 By Omkar Godbole | Edited by Jamie Crawley Jul 23, 2026, 11:13 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on (Bykofoto/Shutterstock) Summary Show This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. The bitcoin BTC $ 65,584.41 market is facing a macro environment unlike any it has encountered in its 17-year existence. That's tied to inflation-adjusted returns on bonds. The 30-year Treasury Inflation-Protected Security (TIPS) is now offering a yield of close to 3%, the highest in 17 years, according to TreasuryBonds.com. "This is one of the greatest wealth preservation opportunities in decades. Investors can lock in nearly 3% annual returns above inflation for the next three decades, backed by the U.S. government," the site noted. In traditional markets, bonds are considered safe havens. When a haven asset offers a 3% return in excess of inflation, it raises the opportunity cost of holding non-yielding or riskier assets like gold and bitcoin. But for many, especially in the crypto community, bitcoin's decentralized and censorship-resistant nature makes it a superior store of value and safe haven – and that argument is not without merit. Housing prices measured in bitcoin, for instance, appear significantly cheaper than when measured in dollars. Whether the elevated TIPS yield acts as a meaningful drag on bitcoin or gets brushed aside remains to be seen. The latter seems to be the case for now — spot ETFs have drawn in nearly $1 billion over seven trading days, suggesting institutions are deploying capital again. But if bond market dynamics trigger a broader rotation out of tech stocks, volatility could spill over into crypto as well. The other significant development today is BitMEX's decision to fold operations. The exit of the OG exchange that pioneered perpetual futures contracts signals deepening consolidation in the crypto derivatives space, where early innovators increasingly struggle against larger, more liquid platforms. It also highlights a broader shift toward regulatory compliance and institutional maturity. Legacy exchanges must either scale massively or face an existential squeeze, as perpetual futures is fast becoming a high-volume, commodity-like business where only a handful of giants can realistically compete. 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 BitMEX, the exchange that invented perps, is shutting down (CoinDesk): BitMEX, the crypto derivatives exchange that permanently transformed global market structure by inventing the perpetual swap, announced Thursday that it will shut down operations on Sept. 23. Bitcoin, Ethereum-linked protocols lose $35 million in multiple attacks hours apart (CoinDesk): Crypto's bridges and cross-chain protocols are having a brutal day, capping an already punishing year. At least three were drained in quick succession over a 6-hour period, for a combined total exceeding $35 million, according to blockchain data analyzed by CoinDesk. U.S. oil tops $90, Brent above $98 as Iran war escalates. Tankers struck off Saudi Arabia (CNBC): Oil prices climbed following reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran. Brent crude futures for July gained 4.6% to $98.44. West Texas Intermediate crude futures gained 3.8% to $90.14. Dollar hits fresh 40-year high versus yen, edges down against euro (Reuters): The ​dollar edged lower against the euro ahead of the European Central Bank's policy meeting on Thursday and reached a fresh ‌40-year high versus the yen. Today’s signal U.S. 30-year TIPS yield. (Bob Elliott) The chart shows yield offered by the U.S. 30-year Treasury inflation protected security (TIPS) since 2005. It has rise to nearly 3%, a 17-year high. In other words, investors can park money in these bonds and earn a yield of 3% over and above the inflation rate. This elevated real yield is often seen as a headwind for risk assets. Crypto Daybook Americas Related Assets Bitcoin $ 65,584.41 0.57 % Latest Crypto News 1 Crypto catches its breath as bitcoin settles into a holding pattern amid July rally 1 hour ago 2 Live markets: Bitcoin trades above $65,000 as Alphabet's bigger AI bill props up the chip trade 2 hours ago 3 BitMEX, the exchange that invented perps, is shutting down 2 hours ago 4 24/7 financial rails: How BNY plans to eliminate the weekend lag in U.S. Treasuries 2 hours ago 5 South Korea's oldest crypto exchange is now part of the $1 trillion Mirae Group family 4 hours ago 6 Bitcoin, Ethereum-linked protocols lose $35 million in multiple attacks hours apart 4 hours ago 7 Arbitrum-based AFX Trade drained of $24 million after bridge keys compromised 6 hours ago 8 XRP whales accumulate as small holders capitulate 7 hours ago 9 Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38% 7 hours ago 10 Senator Lummis: Ethics, other provisions in crypto Clarity Act to be further discussed 12 hours ago Latest Research Crypto Flows, Share and the Selective Rotation Crypto Flows, Share and the Selective Rotation Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. By CoinDesk Research 20 hours ago Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. Why it matters : Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. View Full Report More From Crypto Daybook Americas Here's why bitcoin bulls should take a closer look at interest rates Bitcoin rally has broad-based support as institutions, whales, options traders pile in A bitcoin 'volmageddon' may be brewing, key indicator suggests More From Bitcoin Crypto catches its breath as bitcoin settles into a holding pattern amid July rally Live markets: Bitcoin trades above $65,000 as Alphabet's bigger AI bill props up the chip trade BitMEX, the exchange that invented perps, is shutting down