What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin's (BTC) bull run stalled, with prices falling 5% from the record high in a classic bull-market pullback. The adverse price action took the wind out of the broader market, too, though exceptions like BONK and PUMP — up 5% on a 24-hour basis — bucked the trend.

The pullback was characterized by long-dormant BTC whales moving coins to centralized exchanges, often a precursor to a sale. According to blockchain sleuth Lookonchain, an OG wallet with 80K BTC moved about half to Galaxy Digital, which then deposited 6,000 BTC into Binance and Bybit. The on-chain flow occurred after BTC notched Monday's record high above $123,000.

"A spike in Coin Days Destroyed metric and a rise in large exchange inflows suggest potential profit-taking. Yet despite the historic sell pressure, bitcoin has remained resilient, reinforcing confidence in sustained institutional support and strong structural market demand," Tagus Capital said in a market update.

Inflows into the U.S.-listed spot bitcoin exchange-traded funds (ETFs) slowed to $297 million on Monday, down 70% from Friday. Meanwhile, inflows into spot ETH ETFs rose to $259 million from $204 million.

Valentin Fournier, the lead research analyst at BRN, called the slowdown in bitcoin inflows a sign of weaker buyer conviction at elevated levels. Today's consumer price index and Wednesday's producer price index could set the tone for the next price move, he said.

"Elevated inflation expectations due to tariffs could rattle investor confidence. However, a positive surprise in the data could help calm the current sell-off," he noted.

Other analysts focused on the House of Representatives votes on the GENIUS and CLARITY Acts, which, if passed, could accelerate broader institutional participation in the crypto market beyond bitcoin.

In other news, Coinbase's shares hit a record high of $398.50 Monday, with its market cap surpassing $100 billion. According to Arkham Intelligence, SharpLink Gaming bought an additional 24,371 ETH.

In traditional markets, the Japanese 30-year government bond yield briefly rose to 3.20%, matching the multi-decade high set in May. The MOVE index, which measures the 30-day implied volatility in the U.S. Treasury market, turned up from a long-held support, warning of renewed turbulence in bonds. Stay alert.

Crypto

• July 15: Alchemist staking update launches, allowing token holders to stake ALCH for access to advanced features, premium benefits and ecosystem rewards, potentially boosting token utility and demand.
• July 15: Lynq is expected to debut its real-time, interest-bearing digital-asset settlement network for institutions. Built on Avalanche’s layer-1 blockchain and powered by Arca’s tokenized U.S. Treasury fund shares, Lynq enables instant settlement, continuous yield accrual and improved capital efficiency.
• July 15: TAC, a layer-1 blockchain using proof of stake (POS) consensus and bridging Ethereum DeFi applications into Telegram’s ecosystem, is scheduled to launch its mainnet. Leading DeFi protocols such Curve and Morpho will operate on TAC, bringing decentralized finance to Telegram's 1 billion+ users.
• July 15, 6 a.m.: Layer-1 blockchain Alephium (ALPH) activates the "Danube" hard fork upgrade on its mainnet, promising 8-second block times, 20,000+ TPS, groupless addresses, passkey login, chained transaction and enhanced developer tools.
• July 15, 1 p.m.: Caffeine, an AI-powered platform that lets anyone build Web3 decentralized apps (dapps) using natural language, launches publicly at the “Hello, Self-Writing Internet” event in San Francisco. Caffeine uses Internet Computer (ICP) technology to generate fully on-chain, production-ready apps. Livestream link.
• July 15, 3 p.m.: U.S. Senate Committee on Agriculture, Nutrition, and Forestry holds a market structure hearingtitled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.” Livestream link.
• July 16, 9 a.m.: U.S. House Ways and Means Committee oversight hearing titled "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century."
• July 18: Lorenzo Protocol, a Cosmos-based blockchain with native token BANK, launches USD1+ OTF on BNB Chain's mainnet. The institutional-grade on-chain traded fund lets users stake stablecoins to mint sUSD1+ tokens that earn stable, NAV-backed yield from real-world assets, CeFi quantitative strategies and DeFi protocols. All returns are settled in USD1 stablecoin, issued by World Liberty Financial, whose stablecoin infrastructure powers the product’s stable yield mechanism.
• July 18: Shares of the ProShares Ultra XRP Futures ETF (ticker UXRP), providing 2x leveraged exposure to XRP futures contracts, are expected to begin trading on NYSE Arca.

Macro

• July 15, 8:30 a.m.: Statistics Canada releases June consumer price inflation data.
  • Core Inflation Rate MoM Prev. 0.6%
  • Core Inflation Rate YoY Prev. 2.5%
  • Inflation Rate MoM Est. 0.1% vs. Prev. 0.6%
  • Inflation Rate YoY Est. 1.9% vs. Prev. 1.7%
• July 15, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases June consumer price inflation data.
  • Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
  • Core Inflation Rate YoY Est. 3% vs. Prev. 2.8%
  • Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
  • Inflation Rate YoY Est. 2.7% vs. Prev. 2.4%
• July 15, 4 p.m.: Keynote speeches by Andrew Bailey, the governor of the Bank of England, and Rachel Reeves, U.K. Chancellor of the Exchequer, at the annual financial and professional services dinner at Mansion House, London.
• July 16, 2 a.m.: U.K.'s Office for National Statistics releases June consumer price inflation data.
  • Core Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
  • Core Inflation Rate YoY Est. 3.5% vs. Prev. 3.5%
  • Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
  • Inflation Rate YoY Est. 3.4% vs. Prev. 3.4%
• July 16, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June producer price inflation data.
  • Core PPI MoM Est. 0.2% vs. Prev. 0.1%
  • Core PPI YoY Est. 2.7% vs. Prev. 3%
  • PPI MoM Est. 0.2% vs. Prev. 0.1%
  • PPI YoY Est. 2.5% vs. Prev. 2.6%
• July 16, 10 a.m.: Speech by Fed Governor Michael S. Barr on "Financial Regulation" at "Conversation with Governor Barr" in Washington. Livestream link.
• July 17, 10 a.m.: Speech by Fed Governor Adriana D. Kugler on "A View of the Housing Market and U.S. Economic Outlook" at the Housing Partnership Network Symposium in Washington. Livestream link.
• July 17, 6:30 p.m.: Speech by Fed Governor Christopher J. Waller on the economic outlook at an event hosted by the Money Marketeers of New York University.
• Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trade partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods.

Earnings (Estimates based on FactSet data)

• July 23: Tesla (TSLA), post-market, $0.42
• July 29: PayPal Holdings (PYPL), pre-market, $1.29
• July 30: Robinhood Markets (HOOD), post-market, $0.30
• July 31: Coinbase Global (COIN), post-market, $1.35
• July 31: Reddit (RDDT), post-market, $0.19

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