Bitcoin and Ripple Reach Highest Levels in Two Weeks... Risk Asset Appetite Recovers

Overseas cryptocurrency media outlet Coingape reported improved price outlooks for Bitcoin and Ripple (XRP) this week. Bitcoin surpassed $62,000, at one point reaching $63,000, climbing to its highest level in the past two weeks. Ripple also rose approximately 10% over the past seven days, trading at around $1.13.

Coingape cited the U.S. employment data coming in weaker than expected, which alleviated inflation concerns and revived risk asset appetite, as the background for the rally.

CLARITY Act Passage in July Key Variable... Senate Floor Vote Remains

U.S. Senator Cynthia Lummis is accelerating the push for the CLARITY Act. The bill aims to establish a clearer regulatory framework for the U.S. digital asset market. According to Coingape, the bill has already passed the House and cleared the Senate Banking Committee review, but a Senate floor vote remains.

July is expected to be a critical period for the bill's passage. The Senate must address its legislative schedule before the August recess, leaving little time, and there are concerns that if passage is delayed, discussions could extend into 2027. Senator Lummis has secured time to review the final version of the amended bill, and the revised bill is likely to be released around July 4 (local time).

According to data cited from prediction market platform Polymarket, the probability of the CLARITY Act being enacted by 2026 currently stands at 51%, down 14 percentage points from before. The related market trading volume reached $1.52 million.

Spot ETF Fund Inflows Resume... Both Record Net Inflows

Coingape reported that fund inflows re-emerged in the U.S. spot ETF market on July 2 (local time), with Bitcoin and XRP price trends stabilizing.

Bitcoin spot ETFs saw a daily net inflow of $221.72 million, bringing cumulative net inflows to $51.08 billion. Daily trading volume was recorded at $2.13 billion, with net assets totaling approximately $74.37 billion. Individually, Fidelity's FBTC attracted the most inflows at $165.9 million, followed by Ark 21Shares at $91.84 million. Meanwhile, BlackRock's IBIT recorded a daily net outflow of $40.43 million, with net assets at $44.91 billion.

U.S. XRP spot ETFs saw a daily net inflow of $6.55 million, with cumulative net inflows reaching $1.49 billion and total net assets amounting to approximately $987.91 million. Bitwise's XRP ETF showed the most active flow with $6.55 million in daily inflows.

Price Outlook: Holding Support Levels Is Key

Coingape analyzed that current XRP and Bitcoin price movements are being influenced by macroeconomic indicators and policy developments, with the market focusing on upcoming U.S. inflation data as the next variable.

Bitcoin must hold above $62,000 for short-term buying momentum to continue. A breakout above $63,500 could open room for further gains up to $65,000. Conversely, if the $60,000 support level is lost, selling pressure could intensify, weakening the market recovery trend and investor sentiment.

XRP is showing relatively strong momentum among major virtual assets based on this week's rally. If it holds above $1.10, it could attempt further gains toward $1.20. However, if Senate discussions on the CLARITY Act are delayed or market trading volume decreases, the price could face pressure.

Coingape explained that the CLARITY Act is currently one of the key variables driving the digital asset market.

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