Crypto Agenda – July 23, 2025

📌 Following the US-Japan trade deal, a short-term surge in risk appetite was observed in crypto markets.

After the announcement of a new trade agreement between the United States and Japan—where import tariffs were reduced from 25% to 15%—the market reacted positively. US President Donald Trump stated the deal would boost trade and investor confidence. In response, Bitcoin (BTC) climbed as high as $120,250 before encountering resistance, pulling back slightly to around the $118,000 range.

📢 Before diving deeper, share your thoughts on the market trends in the comments!

Global Market Impact & Investor Sentiment

This newly signed agreement not only relieved tension between two major economies but also briefly elevated risk appetite across financial markets, including digital assets.

• Total crypto market cap decreased by 2.8% in the last 24 hours, yet remains above $4 trillion, reflecting continued investor engagement despite short-term profit-taking.
• Bitcoin (BTC) rose by 0.7% to $118,632
• Ethereum (ETH) dipped slightly by 0.2% to $3,700
• XRP gained 0.1% to $3.48
• Solana (SOL) climbed 0.5% to $200.96

ETF Inflows & Outflows: Interpreting the Trend

Yesterday, Bitcoin ETFs experienced a net outflow of $67.93 million, signaling a momentary retreat in investor sentiment. Conversely, Ethereum ETFs recorded a record $534 million net inflow, marking the third-largest daily inflow in Ethereum ETF history.

📊 This shift indicates growing institutional preference toward Ethereum-related investment vehicles, possibly diverting attention from Bitcoin’s short-term price action.

📢 Are institutional investors shifting their focus to ETH? Let us know your opinion below!

21Shares Files Spot ETF for ONDO Token

One of the standout stories this week is 21Shares’ spot ETF application for ONDO, the native token of Ondo Finance—a protocol focused on tokenized real-world assets (RWAs).

The proposed ETF, titled “21Shares Ondo Trust,” will directly hold ONDO tokens and track its performance via the CME CF Ondo Finance-Dollar Reference Rate. Custodial services will be provided by Coinbase. The product is designed as a passive investment vehicle, avoiding leverage or speculative trades.

• ONDO is the native token of Ondo Chain, a Layer-1 proof-of-stake blockchain.
• Current market cap: $3.5 billion
• Circulating supply: 3.1 billion out of 10 billion total

Interestingly, the Trump-affiliated DeFi platform, World Liberty Financial, is listed among ONDO’s early backers. The platform currently holds around 342,000 ONDO tokens, valued at $383,000, though it comprises only 0.2% of its $208 million portfolio, which is largely allocated to stablecoins, wETH, and wBTC.

SEC Freezes Bitwise ETF Approval

In a surprising move, the U.S. Securities and Exchange Commission (SEC) initially approved, then suspended Bitwise’s crypto index fund conversion into an ETF, all within a matter of hours.

The ETF, trading under the ticker BITW, was set to convert into an exchange-traded product with exposure to various digital assets, including Bitcoin and Ethereum. While the initial approval came via an accelerated registration, a letter from SEC deputy Sherry Haywood suspended the decision pending further Commission review.

Bloomberg analysts believe the SEC is delaying further crypto ETF listings until it develops standardized frameworks. The process is expected to conclude before the October 2025 deadline.

Bank of England Reconsiders CBDC Strategy

The Bank of England (BoE) is reportedly reconsidering its Digital Pound (CBDC) project due to growing doubts over its necessity and benefit to the financial system.

Governor Andrew Bailey told Parliament’s Treasury Committee that if commercial banks successfully implement innovative payment solutions, a central bank digital currency might not be needed. According to Bloomberg, the BoE now favors pushing banks toward innovation over directly issuing a new digital currency.

This reflects a global decline in enthusiasm for CBDCs, as privacy concerns and bank run risks during crises are major deterrents. In the U.S., Congress has also passed a bill restricting the Federal Reserve from launching a CBDC without explicit permission.

TECHNICAL ANALYSIS – Bitcoin (BTC)

Over the past 24 hours, nearly $529 million in leveraged positions were liquidated, including $300 million shorts and $229 million longs. This balance highlights market indecision and elevated volatility on both ends.

📉 BTC/USD key levels:

• Support zones: $115,500 – $112,800 – $110,000
• Resistance zones: $118,200 – $119,600
• The RSI indicator on the 4H chart is at 46, showing a mild recovery trend but lacking a strong buy signal.
• The price hovers around its 50-day moving average, while remaining above the 200-day average, suggesting the medium-term bullish structure is intact.
• Increased whale BTC transfers to exchanges suggest potential for short-term selling pressure.

💡 Despite the recent ETF outflows, broader data shows over $6 billion net inflows into Bitcoin ETFs in the past months, framing current movements as portfolio balancing rather than trend reversal.

Ethereum (ETH): Institutional Flows Surge

Ethereum continues to trade around $3,700, maintaining its short-term support zone.

📉 Key levels:

• Support: $3,650 – $3,700
• Resistance: $3,880 – $3,940
• On-chain metrics show rising ETH staking and declining exchange supply, suggesting supply-side pressure that could boost prices.
• According to CoinShares, Ethereum investment products recorded $2.12 billion weekly inflows, driven significantly by BlackRock’s ETHA ETF.

📢 These developments signal growing institutional appetite for Ethereum, possibly reflecting a gradual rotation of capital away from Bitcoin.

Ripple (XRP): Institutional Accumulation on the Rise

XRP is trading at $3.5048, recovering from a weekend dip that had seen prices as low as $3.36.

📉 XRP key levels:

• Support: $3.45 – $3.36
• Resistance: $3.56 – $3.65
• RSI is at 53, suggesting neutral-to-bullish sentiment.
• The number of addresses holding over 1 million XRP has reached a record high.
• Exchange reserves of XRP are declining, implying reduced sell pressure.

✅ This points to continued institutional interest and long-term accumulation behavior.

Forecast & Forward-Looking Insights

🔮 The US-Japan tariff deal could set a precedent for future trade de-escalations, improving global risk sentiment.
🔮 Ethereum ETF demand might push ETH to test the $4,000 resistance level soon.
🔮 Institutional accumulation in XRP suggests it could gain ground as a digital payment infrastructure asset.
🔮 ETF applications for RWA-focused tokens like ONDO hint at a new investment wave in real-world asset tokenization.

Summary

As of July 23, 2025, the crypto market reflects a cautiously optimistic outlook, shaped by macro developments such as the US-Japan trade deal and ongoing regulatory shifts. Despite short-term volatility, long-term accumulation and ETF inflows continue to support major assets like Ethereum and XRP.

The SEC’s back-and-forth approach on ETF approvals, along with the Bank of England’s hesitation on digital currencies, underscores a transitional regulatory phase. Meanwhile, Ethereum’s ecosystem is rapidly maturing, and RWA tokenization narratives are gaining traction through initiatives like 21Shares’ ONDO ETF.

Legal Notice

The investment information, comments and recommendations contained herein are not within the scope of investment advisory services.Investment advisory services are provided within the framework of an investment advisory agreement to be signed between brokerage houses, portfolio management companies, non-deposit accepting banks and the client.The comments and recommendations contained herein are based on the personal opinions of those who make comments and recommendations.These opinions may not be suitable for your financial situation and risk and return preferences.Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.