Bitcoin surged back to the $65,000 level on July 15, posting a +3.5% gain over 24 hours, driven by $181 million in net inflows into US spot BTC exchange-traded funds (ETFs). If BTC can hold above $65K, traders eye a potential push toward $70,000. The broader market followed, with Ethereum and Hyperliquid each up about +5%, though the Fear & Greed Index remains in “Extreme Fear” at 25/100.
JPMorgan warns on Hyperliquid’s USDC agreement. The bank revised its outlook on Circle and Coinbase, citing the trading platform’s rapid growth as a long-term risk to the economics of the USDC stablecoin. Hyperliquid now holds approximately $6 billion in USDC—roughly 8% of the total supply—and has become a major distribution channel. The new arrangement creates what JPMorgan calls a “prisoner’s dilemma,” where Circle and Coinbase are incentivized to sacrifice profitability to expand USDC’s market share. Under the deal, Coinbase counts Hyperliquid’s USDC as ecosystem assets and shares 90% of reserve income with the decentralized exchange. Hyperliquid’s July trading volume topped $150 billion, and its share of Binance’s volume reached 11.5%, signaling a continued capture of crypto derivatives market share.
European Central Bank advances digital euro. The ECB selected 36 payment companies and banks for a 12-month pilot scheduled to begin in the second half of 2027. Participants include Deutsche Bank, UniCredit, BPCE, Revolut, Stripe, and Adyen, who will test account access, person-to-person transfers, and merchant payments using a beta version of the digital euro. The pilot aims to refine the technical architecture ahead of a potential first issuance in 2029, pending legislative approval in 2026.
Banks underperform on Bitcoin adoption. MicroStrategy’s newly launched Bitcoin Banking Adoption Index scored 25 global systemically important banks at just 32% overall, measuring trading, custody, products, lending, and executive support. Fidelity led with 71% thanks to its early digital-assets division, while US banks like BNY, Goldman Sachs, and JPMorgan averaged around 43–46%. In contrast, Japan’s SMBC and Canada’s RBC scored only 13%, reflecting stricter regulatory environments. The index highlights that even as Bitcoin ETFs attract institutional inflows, substantial gaps remain in lending and treasury allocation.
