Bitcoin Surges 30x as US Tariffs Delayed and ETH ETF Sees Record Inflow

HTX Researcher Chloe recently highlighted the impact of fiscal expansion and tariff postponement on the cryptocurrency market. The United States announced the further delay of new tariffs originally set to take effect on August 1st. This, combined with strong non-farm payroll data and increased government spending, has driven Bitcoin to new highs. Additionally, the ETH ETF experienced a record single-day inflow of funds this quarter, with Fundstrat's BMNR raising an additional $250 million to significantly boost its ETH holdings, resulting in a more than 30x surge in its price.

Despite robust employment data reducing market expectations for a July rate cut to around 5%, the Federal Reserve's meeting minutes revealed growing divisions among officials, maintaining a high level of uncertainty regarding policy direction. The upcoming earnings season and the Consumer Price Index (CPI) report on July 15th are anticipated to be crucial milestones for the market.

On-chain data indicates that reserves of Bitcoin on centralized exchanges (CEX) have dropped to approximately 2.4 million coins, representing less than 11% of the total circulating supply. The open interest in Bitcoin options on Deribit has surpassed $40 billion, with the largest pain point at $102,000. Similarly, the open interest in Ethereum options has exceeded $20 billion, with the maximum pain point at $2,200. These figures suggest a cautiously optimistic market structure.

Chloe noted that in the short term, both Bitcoin and the S&P 500 index are expected to maintain their strength. However, if Bitcoin falls below $102,000 or Ethereum drops below $2,200, triggering liquidation risks at these pain points, the focus should shift to geopolitical and policy variables. These factors could significantly influence the market's trajectory in the near future.