CoinDesk
Bitcoin pushed back above $66,000 for the first time since June 17, lifting the broader crypto complex on reports that President Donald Trump agreed to a key ethics provision in the long-stalled U.S. Clarity Act, a market-structure bill that would formally separate digital commodities from securities and end years of enforcement-led oversight. Crypto in America host Eleanor Terrett posted on X that the specific language has been shared with a group of Senate Republicans, marking the most concrete step forward for the legislation in months.
Asian semiconductor names, which had dragged crypto lower the prior week, reversed sharply, adding a second leg to the risk-on tape.
Why it matters
The ethics clause has been the bill's main Senate bottleneck, so removing it converts the Clarity Act from a recurring headline into a plausible legislative path. Kuptsikevich at FxPro framed $68,000 as the next technical test, noting that $68K coincides with the 61.8% Fibonacci retracement of the May-June sell-off and that a daily close above it would confirm a trend reversal rather than a bear-market bounce. CEX volumes had also quietly turned: spot climbed 15.3% in June to $1.11 trillion, the first monthly rise in five months, while RWA perpetual volumes hit a record $311 billion.
Market impact
Derivatives positioning turned constructive without getting one-sided. BTC futures open interest jumped to 770,000 from below 750,000 the day prior, and BTC's OI-adjusted cumulative volume delta is the most positive among major tokens, a sign that bulls are lifting the market with market orders rather than passive limit bids. ETH futures are tracking the same pattern, while XRP and SOL open interest is flat. SOL, however, carries its own narrative: tokenized asset volume on Solana hit a record $5.8 billion in Q2, up 114% quarter-over-quarter and the sixth straight quarter of growth, even as SOL itself fell 11% in the period versus BTC's 15% slide. July has flipped that, with SOL up 6% against BTC's 13% bounce. The broader RWA market, excluding stablecoins, has roughly tripled year-on-year to over $33 billion.
The hedging tape hasn't disappeared.
Frequently asked questions
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What is the Clarity Act and why does it matter?
The Clarity Act is the pending U.S. market-structure bill that would formally split digital commodities from securities, replacing years of enforcement-led oversight with a statutory framework. A reported ethics concession from Trump cleared the bill's main Senate bottleneck.
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Why did crypto rally along with Asian chip stocks?
Reports of Trump's ethics sign-off on the Clarity Act lifted U.S. crypto sentiment, while a rebound in Asian semiconductor names, which had dragged crypto lower the prior week, added a second risk-on leg to the same tape.
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Is Bitcoin's move above $66K backed by derivatives flow?
Yes. BTC futures open interest jumped to 770,000 from below 750,000 the prior day, and BTC's OI-adjusted cumulative volume delta is the most positive among majors, a sign bulls are lifting price with market orders rather than passive limit bids.
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What level are analysts watching next on BTC?
FxPro's Alex Kuptsikevich flagged $68,000 as the next key test, noting it lines up with the 61.8% Fibonacci retracement of the May-June sell-off. A daily close above would confirm a true trend reversal rather than a bear-market bounce.
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How big is Solana's tokenization story?
Tokenized asset volume on Solana hit a record $5.8B in Q2, up 114% QoQ and the sixth straight quarter of growth, mostly from tokenized equities. The broader RWA market, ex-stablecoins, has roughly tripled year-on-year to over $33B.
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