Efforts to advance three major crypto-related bills in the U.S. House hit a roadblock on Tuesday, as internal disagreements among Republican lawmakers forced a pause on a key procedural vote.
At the heart of the dispute is a push by some members of the GOP to include a ban on central bank digital currencies (CBDCs) in the legislation.
House Speaker Mike Johnson said he is hopeful the House will attempt to pass a procedural vote on Wednesday.
“It’s a priority of the White House, the Senate and the House to do all of these crypto bills,” he stated, as reported by Politico.
Disagreements on Strategy and Bill Structure
The package includes the GENIUS Act, aimed at regulating stablecoins, along with the Anti-CBDC Surveillance Act, and the CLARITY Act, which proposes a new market framework for crypto assets.
Some Republicans have argued that the bills should be bundled into one, but Speaker Johnson pushed back, warning the Senate would not approve such a move.
“We have to do them in succession,” Johnson reportedly said.
This legislative push is part of the Republican-led “Crypto Week,” intended to pass meaningful crypto regulation before Congress adjourns for a month-long break in August.
In response, Democrats have dubbed the effort “anti-crypto corruption week” to express their opposition.
CBDC Concerns Drive Republican Resistance
Tensions escalated on Tuesday when 13 Republicans, including House Majority Leader Steve Scalise, voted against considering the bills.
Among those dissenting were lawmakers such as Marjorie Taylor Greene, Andy Biggs, and Victoria Spartz.
Several lawmakers took to X to clarify that they weren’t opposed to crypto regulations in general, but refused to support the GENIUS Act without an explicit CBDC ban.
“I just voted NO on the Rule for the GENIUS Act because it does not include a ban on central bank digital currency and because Speaker Johnson did not allow us to submit amendments,” Greene said.
Biggs echoed the sentiment, warning that the current version of the bill could allow for a layered CBDC and lacked guarantees for self-custody.
“House Leadership must allow an open amendment process so Members can freely debate and improve the bill,” he added.
Past and Future of the GENIUS Act
The GENIUS Act had previously failed its first Senate vote in May due to Democratic concerns about Donald Trump’s involvement in crypto.
It eventually passed in June with bipartisan support.
Custodia Bank CEO Caitlin Long urged calm after Tuesday’s delay, noting that the Senate also required a second vote to move forward on the GENIUS Act.
“BEFORE Y’ALL FREAK OUT, don’t forget that the first procedural vote in the Senate on the GENIUS Act failed as well…the second one passed 11 days later,” she wrote on X.
Eleanor Terrett, host of the Crypto in America podcast, argued that the current bill already restricts the Federal Reserve from creating a retail CBDC.
Speaker Johnson Continues Talks
According to ABC News, Speaker Johnson is continuing discussions with Republican holdouts.
However, one of the main sticking points remains whether the three bills should be passed together or separately.
“They want to push that and merge them together,” Johnson said.
“We’re trying to work with the White House and with our Senate partners on this.”
The House is scheduled to reconvene on Wednesday to resume its legislative work.
Despite Bitcoin hitting new all-time highs last week, retail investors have been notably absent from the action, according to market analysts.
Meanwhile, institutional interest has surged, particularly in the form of spot Bitcoin ETFs, which saw more than $1 billion in inflows on both Thursday and Friday — a back-to-back milestone never previously achieved.
Institutional Surge Behind Latest Price Move
Bitwise head of research André Dragosch observed in a Friday post that although Bitcoin is soaring, mainstream interest has yet to catch up.
“Bitcoin is at new all-time highs but retail is almost nowhere to be found,” he wrote, referencing data showing weak Google search trends for the term “Bitcoin.”
This suggests the current rally is primarily fueled by institutions, not individual investors.
Search Trends Fail to Reflect Price Surge
Google Trends data supports this narrative.
Between June 29–July 5 and July 6–12, global searches for “Bitcoin” increased by just 8%, even as Bitcoin’s price broke past its previous all-time high of $111,970 and continued climbing to $118,780 by Friday.
This subdued retail interest contrasts sharply with the surge seen in November 2024, when search interest peaked following Donald Trump’s election win.
At that time, retail engagement helped propel Bitcoin past the $100,000 mark for the first time.
Retail Sentiment: “Missed the Boat”
Some crypto commentators believe that retail investors are sitting out because they feel priced out of the market.
“I think a lot of retail folks find out the price of one Bitcoin is 117k and think, nahhh I missed the boat and don’t even give it a second thought,” said Bitcoin analyst Lindsay Stamp.
Cedric Youngelman, host of the Bitcoin Matrix podcast, shared a similar sentiment, asking his followers, “At what Bitcoin price do you think retail wakes up? I’ll go first. I don’t think they’re coming for a long time.”
Analysts Say Rally Still Has Momentum
Despite low retail participation, market experts believe the current rally has more room to run.
Bitcoin on-chain analyst Willy Woo commented, “This run has plenty of legs left in it.”
The continued interest from institutional players suggests that Bitcoin’s momentum is far from over.
Spot ETFs Remain the Main Driver
Spot Bitcoin ETFs had an exceptionally strong week, pulling in a total of $2.72 billion over five trading days, according to Farside data.
This wave of capital suggests institutional demand remains robust.
However, the trend has raised questions about how to measure actual retail interest in the current market landscape.
Cointelegraph recently noted that if the ultimate holders of Bitcoin ETF shares are retail investors, then interpreting on-chain data could become more complex.
Conclusion
While Bitcoin continues to scale new heights, the retail crowd appears hesitant to reenter the market.
Whether due to price anxiety or market fatigue, their absence is notable — especially in contrast to the flood of institutional capital pouring into ETFs.
As the rally unfolds, attention now turns to whether retail investors will follow — or continue to watch from the sidelines.
A Chinese creditor has filed an objection to a motion by the FTX estate that seeks to halt distributions to creditors in countries with restrictive or unclear cryptocurrency regulations.
The objection, submitted to a U.S. bankruptcy court on Tuesday, comes from Weiwei Ji, a Chinese passport holder currently living in Singapore.
Ji stated that despite their current residence, they’ve been classified as a Chinese creditor due to their nationality.
According to the filing, Ji represents a group of more than 300 Chinese creditors with substantial claims.
FTX Repayment Restrictions Under Fire
FTX’s motion, filed on July 2 in the U.S. Bankruptcy Court in Delaware, seeks to temporarily halt repayments to creditors in 49 jurisdictions.
These include countries like China, Russia, Zimbabwe, and Moldova, where laws around cryptocurrency are either ambiguous or restrictive.
The estate argues that making payments to residents in these areas could potentially result in criminal penalties, financial fines, or personal liability for those administering the repayments.
Moldova, in particular, was cited as a risk example, where even auxiliary services involving virtual assets are deemed criminal offenses.
Claimants Argue Distribution Should Proceed
In the objection, Ji argued that digital assets are considered personal property in China, and U.S. dollar settlements are a recognized legal form of payment.
This, Ji claims, nullifies the rationale for withholding distributions.
“My family holds four KYC-verified accounts with aggregate claims exceeding $15 million USD,” Ji wrote.
“We have fully complied with every procedural requirement under the Plan. The proposed motion now jeopardizes our right to distribution in an arbitrary and inequitable manner.”
Wider Implications for Creditors Worldwide
The motion estimates that around 5% of the total value of approved claims belongs to residents in restricted regions.
The estate’s filing seeks to mitigate potential legal complications arising from international payouts.
However, creditors like Ji argue that the motion imposes unfair barriers and contradicts the spirit of the agreed-upon bankruptcy plan.
The objection brings attention to the complexities of cross-border bankruptcy proceedings involving digital assets.
FTX Repayments Already Underway
FTX began issuing repayments on February 18, prioritizing convenience class claimants.
These initial payments are based on the value of digital assets at the time of the company’s collapse in November 2022—a decision that has been criticized by some creditors.
While the estate continues to navigate legal and logistical hurdles, the backlash from international creditors could pose new challenges in the already controversial repayment process.
Bitcoin made an ambitious push toward the $110,000 mark on July 9, but selling pressure halted its advance just short of the milestone.
BTC/USD peaked at $109,777 on Bitstamp before reversing, according to data from Cointelegraph Markets Pro and TradingView.
The price remains constrained within a tight range, with liquidity clustering at key levels.
Order book data from CoinGlass indicated strong buying interest around $108,500 and heavy sell pressure near $110,500, which appears to be capping further gains for now.
Traders Signal Caution as Liquidity Concentrates
Despite the temporary pullback, many market participants are optimistic that Bitcoin may be preparing for another rally.
Trader Jelle noted the heavy liquidity above $110,000 and suggested a successful breakout could quickly push the price much higher.
“Almost all liquidity is to the upside. Stops above $110k are not safe,” he commented on X, forecasting a possible move to $130,000 if the resistance is broken.
Analyst BitBull highlighted technical indicators that might support this bullish scenario.
He pointed to a potential inverse head and shoulders pattern on the 3-day RSI and price charts.
“For breakout, we need one of these 2 things. Either a 3D close above $110K or a 3D RSI close above 70. After that, we’ll experience an up-only rally for 3-4 weeks,” he explained.
Volatility Expected as Macro Factors Weigh on Sentiment
Beyond technicals, broader macroeconomic factors are also expected to influence Bitcoin’s short-term trajectory.
QCP Capital, in its latest bulletin to Telegram subscribers, said the upcoming U.S. Consumer Price Index (CPI) report could introduce volatility in the crypto and equities markets.
The firm emphasized that recent strong jobs data had already cooled optimism around near-term interest rate cuts by the Federal Reserve.
“Markets have scaled back expectations to two cuts in 2025, down from 2.5 previously. A July cut is all but priced out. September odds have slipped from 90% to 70%,” the bulletin noted.
This shift in expectations has placed additional focus on upcoming economic data releases.
Despite these uncertainties, QCP described Bitcoin as “well bid,” supported by institutional inflows and a weakening U.S. dollar.
“With a reignited trade war, a more hawkish Fed, and tightening liquidity conditions, the stage is set for elevated volatility,” the firm added.
“Macro catalysts are lining up. Buckle up,” QCP concluded.
Outlook Hinges on Breaking $110K
While BTC has so far failed to close above $110,000 since June 11, traders remain alert for a breakout that could mark the beginning of a stronger bullish trend.
The presence of sell-side liquidity above the current level continues to pose a challenge, but the alignment of technical signals and macroeconomic catalysts may offer enough fuel for Bitcoin to attempt another leg higher.
Until then, investors appear to be watching liquidity zones and upcoming inflation data closely for signs of the next major move.
Cryptocurrency investment vehicles continued to attract significant capital last week, even as the broader market faced price swings.
CoinShares reported $1.04 billion in inflows into crypto exchange-traded products (ETPs) for the week ending Friday.
Bitcoin Still Dominates, But Interest in Ether Grows
Bitcoin-related ETPs led the inflows, attracting $790 million, which represents 76% of the weekly total.
While this is a strong showing, it marks a slowdown from the previous three weeks, where average weekly inflows hit $1.5 billion.
CoinShares’ James Butterfill noted the decline may indicate investor caution as Bitcoin approaches its all-time high.
Ethereum-related products also saw sustained interest, with $225 million in inflows.
That makes it 11 consecutive weeks of gains for Ether ETPs.
Butterfill highlighted that weekly inflows during this run averaged 1.6% of AUM—twice the rate of Bitcoin’s 0.8%—suggesting a shift in investor sentiment.
BlackRock and the U.S. Lead the Charge
BlackRock was the top issuer last week, attracting $436 million in new funds, or 42% of the total inflows.
Regionally, the U.S. led with $1 billion in inflows, followed by Germany and Switzerland with $38.5 million and $33.7 million, respectively.
Crypto analyst Rekt Capital believes Bitcoin’s current bull market could be nearing its end, predicting that a price peak may come as early as October.
“We have a very small sliver of time and price expansion left,” Rekt Capital said on Thursday, comparing the current cycle to the 2020 rally.
According to his analysis, the cycle may top out roughly 550 days after the April 2024 Bitcoin halving.
“That’s already two to three months potentially that we have left in this bull market,” he added.
Debate Over Halving Cycle Relevance
While Rekt Capital emphasizes the importance of sticking to time-tested halving models, others are more skeptical.
He criticized the growing trend of abandoning the halving narrative in favor of newer metrics like Bitcoin’s correlation with global M2 money supply.
“Many people are happy to throw away time-tested principles… whereas it’s really important to rely on these sorts of metrics,” he said.
He also called the shift an emotional move that clouds sound judgment.
Alternative Views Highlight Institutional Impact
Some analysts argue that traditional halving cycles are less relevant today due to rising institutional interest.
Standard Chartered’s Geoff Kendrick said on Thursday that, “Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle.”
In May, Standard Chartered forecast Bitcoin reaching $200,000 by year-end, while Bernstein made a similar prediction.
BitMEX co-founder Arthur Hayes remains even more bullish, expecting Bitcoin to hit $250,000.
As of now, Bitcoin is trading at $109,155, just 2.5% below its all-time high of $111,970.
Crypto analyst Crypto Auris also commented recently that, “As global money supply expands, Bitcoin’s next target sits around ~$170K, following the flow.”
Analyst Emphasizes Caution Over Hype
Despite the bullish sentiment from others, Rekt Capital cautions against ignoring the halving-based cycle.
“It’s an emotional thing as well, and you don’t want emotional things clouding your judgement,” he reiterated.
Bitcoin’s price has dropped nearly 2% to around $105,560 over the past day, but market sentiment remains relatively strong.
The Crypto Fear & Greed Index registered a score of 63 on Wednesday, down just one point from the previous day, indicating continued market confidence.
Bitcoin had nearly reached $108,000 on Tuesday before sliding into a short-term correction. Analysts are closely watching to see if the cryptocurrency will retest its all-time high of $111,970 set on May 22.
Historical Trends Cast Shadow Over Q3
Analysts have flagged the third quarter as historically slow for Bitcoin.
“From the historical data, this quarter is generally the slowest out of all, for both $BTC and $ETH,” said trader Daan Crypto Trades.
Since 2013, Bitcoin has averaged just a 5.47% gain during Q3. If the trend continues, Bitcoin could rise to about $111,000 by September 30.
Daan attributes the slower performance to “slower summer months where there’s generally less action, volumes [and] liquidity.”
Q2 Outperforms Averages
Bitcoin delivered a solid second quarter with a 31% gain, ending at $108,383—about 4% above the historical Q2 average of 27% since 2014. June also saw the asset print its highest monthly candle.
Despite short-term volatility, Bitcoin continues to dominate the crypto market.
Its dominance stands at 65.5%, up nearly 13% year-to-date, according to TradingView.
Meanwhile, CoinMarketCap’s Altcoin Season Index stands at 20 out of 100, suggesting it is still Bitcoin’s market.
However, CryptoQuant’s head of research Julio Moreno noted a waning bullish signal.
“Bitcoin Bull Score is in NEUTRAL territory now–50. Needs to be 60 or above for prices to sustain a rally,” Moreno said.
Cryptocurrency-linked payment cards are rapidly gaining traction in Europe, particularly for small purchases typically dominated by cash.
According to a new report from CEX.IO, 45% of crypto card transactions fall under the 10-euro mark, reflecting a shift in consumer behaviour and highlighting crypto’s growing role in day-to-day payments.
The report, shared with Cointelegraph, noted a 15% year-on-year increase in newly issued CEX.IO crypto cards across the continent in 2025.
This trend indicates a broader acceptance of digital assets as a means for routine purchases and suggests that crypto cardholders are now mirroring traditional banking habits, especially when it comes to online spending.
Online Spending Nearly Doubles Traditional Usage Rates
While the European Central Bank (ECB) reports that 21% of card payments in the eurozone are made online, CEX.IO data shows that 40% of crypto card transactions occur via the internet.
This figure nearly doubles the regional average, showcasing the comfort crypto users have with digital platforms.
“What we’re seeing in Europe is that crypto card users aren’t just experimenting with new tech — they’re showing us what everyday spending might look like in a truly cashless future,” said Alexandr Kerya, Vice President of Product Management at CEX.IO.
He also revealed that average payment volumes have jumped 24% in the past month alone.
Crypto Spending Patterns Mirror Traditional Banking
The data further illustrates how crypto cardholders are incorporating digital currencies into their daily routines.
Groceries represent 59% of crypto card purchases, which is close to the ECB’s 54% average for traditional bank cards.
Spending at restaurants and bars accounts for 19% — a higher figure than typical bank card usage in that category.
The average crypto card transaction stands at €23.70, lower than the €33.60 average for traditional bank card payments, based on Mastercard’s Q1 2025 data.
Stablecoins Lead Transactions as Other Cryptos Gain Ground
Stablecoins play a dominant role in these transactions, powering 73% of all crypto card activity.
Nevertheless, other leading digital assets such as Bitcoin, Ether, Litecoin, and Solana are also being used for essentials like groceries, dining, and transport.
This mirrors broader usage trends across the crypto sector.
For example, platforms like Oobit and Crypto.com are also reporting strong transaction volumes related to everyday spending and online shopping across their European user base.
Institutional Pushbacks Continue Despite Adoption Gains
However, not all financial institutions are welcoming this trend.
Barclays has announced that it will block crypto purchases on its Barclaycard credit cards.
The bank cited concerns over the volatility of digital assets and the lack of consumer protections available through traditional financial mechanisms.
Barclays emphasized that crypto transactions are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, leaving users exposed in case of disputes or losses.
Despite such institutional caution, the momentum behind crypto card usage continues to grow, reflecting an evolving financial landscape that is increasingly embracing digital innovation.
Only a limited number of Bitcoin treasury companies are expected to weather the storm as market conditions tighten, according to a recent report from venture capital firm Breed.
The report highlights the risk of a “death spiral” for firms holding Bitcoin that trade near their net asset value (NAV), potentially leading to widespread market instability.
The Role of MNAV in Treasury Company Resilience
The success of Bitcoin treasury companies is closely tied to their ability to maintain a market value that exceeds their NAV, referred to as MNAV.
According to Breed, the higher this multiple, the greater the firm’s ability to attract critical debt and equity financing needed for converting fiat capital into Bitcoin.
When this premium erodes, the risk of financial instability increases sharply.
Breed outlined a seven-stage process that begins with a decline in Bitcoin’s price.
As Bitcoin value falls, so does the company’s MNAV, bringing share prices closer to their underlying NAV.
This dynamic reduces investor confidence and makes it increasingly difficult to raise additional capital.
This lack of access to fresh credit, combined with looming debt maturities, can trigger margin calls.
Firms may be forced to liquidate their Bitcoin holdings at inopportune times, further depressing the asset’s price.
This may result in a consolidation wave, with stronger companies absorbing weaker ones, potentially leading to a broader crypto market downturn.
“Ultimately, only a select few companies will sustain a lasting MNAV premium,” Breed’s report stated.
“They will earn it through strong leadership, disciplined execution, savvy marketing, and distinctive strategies that continue to grow Bitcoin-per-share regardless of broader market fluctuations.”
Equity Financing Provides Some Market Protection
The report notes that the potential fallout from the “death spiral” may be limited, at least in the near term.
Breed’s researchers said most Bitcoin treasury companies are currently funding their operations through equity rather than debt.
This reduces the risk of forced Bitcoin sales due to debt pressures, which could otherwise cause more significant market disruptions.
However, this balance could shift in the future.
If debt financing becomes more attractive or widespread, the sector might face deeper vulnerabilities, increasing the chance of systemic risk.
Treasury Bitcoin Holdings Surge in 2025
The corporate Bitcoin treasury trend has grown rapidly, especially since 2020 when Michael Saylor’s company, Strategy, began acquiring large quantities of Bitcoin as part of its financial strategy.
Since then, the idea has caught on across the financial world.
In 2025, over 250 entities now hold Bitcoin as a treasury asset.
These include corporations, pension funds, ETFs, government agencies, and crypto service providers.
Breed’s report warns that only a fraction of these entities are structurally sound enough to withstand extended volatility and maintain a MNAV advantage.
The concern is that others, particularly those heavily reliant on market price appreciation and external financing, may not survive prolonged market downturns.
As competition intensifies and the market consolidates, only the most disciplined and strategically agile companies will likely remain standing.
Bitcoin experienced significant volatility at the start of the week, leading to a dramatic shakeout in the derivatives market and underscoring a growing phase of market uncertainty.
On-chain analytics firm Glassnode reported that within 24 hours, long positions worth $28.6 million and short positions worth $25.2 million were liquidated.
This rare two-sided flush left many leveraged traders caught off guard and highlighted the fragility of current sentiment.
Speculative Leverage Clears as Open Interest Falls
The volatility also led to a 7% decline in BTC-denominated open interest, which dropped from 360,000 BTC to around 334,000 BTC.
This decline indicates a reset in speculative leverage, potentially paving the way for a more stable market structure.
Bitcoin’s price remained within the $100,000 to $110,000 range, with reduced on-chain activity hinting at a consolidation period rather than the beginning of a new rally.
Glassnode noted that both profitability metrics and user participation are currently subdued.
Technical Indicators Point to Key Support Levels
From a technical viewpoint, Bitcoin’s failure to surpass external liquidity near $109,000 triggered a gradual decline in the short-term trend.
On the 4-hour chart, BTC remains trapped within a descending channel, with a key support zone identified between $103,400 and $104,600.
This area coincides with a daily fair value gap (FVG) and is backed by the 200-day exponential moving average (EMA), raising the likelihood of a short-term bounce if momentum returns.
Market Awaits Breakout as Bullish Momentum Stalls
If BTC can collect internal liquidity within this critical zone, a bullish breakout above the descending channel remains plausible.
However, the current lack of trading momentum and subdued on-chain activity suggests that the market could remain range-bound until stronger demand emerges.
Inflation Concerns Weigh on Sentiment
Adding to the uncertainty are macroeconomic headwinds.
The latest Personal Consumption Expenditures (PCE) inflation data, the Federal Reserve’s preferred gauge, showed an increase to 2.3%, matching expectations.
However, Core PCE rose to 2.7%, slightly above forecasts.
This marked the first increase in core inflation since February 2025, reinforcing the Fed’s cautious stance.
As a result, expectations of an imminent interest rate cut have been tempered.
Tight Financial Conditions Create Pressure for Bitcoin
With inflation proving sticky, the Fed is unlikely to lower interest rates soon, keeping financial conditions tight.
This environment is generally unfavorable for risk assets like Bitcoin.
Glassnode’s quarterly data further highlights the tepid sentiment, with spot trading volume rising only slightly by $7.7 billion in Q2, while transfer volumes declined 36% earlier in the quarter.
This combination of macroeconomic pressure and market consolidation suggests that Bitcoin’s next move remains uncertain.