Yeliz Akmaca 
The cryptocurrency market has witnessed a strong rally led by Bitcoin. BTC reached an all-time high of $104,400, pushing the market cap to $2.2 trillion.
Technical analyst Rekt Capital stated, “Bitcoin’s downtrend is over,” and suggested that the next target could be $120,000 or higher. During this rally, $529 million in liquidations occurred—$465 million of which came from short positions, providing a strong signal for investors.
Bitcoin futures volume surged by 45% to over $60 billion, while open interest climbed 7.4% to reach $79 billion. These figures indicate a bullish sentiment among investors. Meanwhile, interest in spot Bitcoin ETFs is also surging. According to Farside Investors, there was a $10 billion net inflow on Wednesday alone, with total assets under management exceeding $50 billion, marking a new record.
CLARITY Act and Fed Rate Cut Expectations Drive Market Sentiment
The CLARITY Act, set to take effect on July 14, will provide clear regulatory frameworks for crypto assets in the U.S., aiming to create a secure environment for both retail and institutional investors. The U.S. has declared July 14–19 as Crypto Week, with several key legislative proposals on the agenda.
Ripple CEO Brad Garlinghouse posted on X:
“Every Senator acknowledged that crypto is here to stay and deserves clear rules… That alone is a HUGE step toward the U.S. regaining lost ground.”
Coinbase CEO Brian Armstrong also expressed optimism:
“America is ready for crypto… The CLARITY Act must pass. We need POTUS to sign it into law.”
At the same time, U.S. President Donald Trump signed the “Big Beautiful Bill” last week and is now pushing for a 300 basis point Fed rate cut. If enacted, this would be the largest rate cut in U.S. history—three times the emergency 100 bps cut during COVID-19.
Is Altcoin Season Underway?
Ethereum (ETH) surged nearly 7% to approach $2,800, while XRP exceeded $2.41, its highest in seven weeks. Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) also posted gains of around 5%. Altcoin trading volumes increased between 60% and 100%.
The Altcoin Season Index signals that recovery is underway, potentially setting the stage for a new alt season. Institutional adoption through projects like GameSquare and SharpLink Gaming is accelerating, creating a strong catalyst for major altcoins like Ethereum.
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