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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This transaction took place under new regulations allowing institutional investors and non-profit organizations to sell crypto assets. According to Upbit’s parent company Dunamu, the ETH was held by the organization’s President, Myung-hwan. 

FSC Approves Non-Profit Crypto Sales

The Financial Services Commission (FSC) permitted non-profit organizations to sell crypto donations starting June 1. This enables organizations to quickly convert crypto assets received as donations into cash. Crypto exchanges will also convert the assets collected from transaction fees into fiat currency. The crypto assets allowed for sale in South Korea are limited to digital currencies ranked within the top 20 by market size on the country’s five leading won-based exchanges. Additionally, exchanges are required to prevent conflicts of interest with users and minimize their impact on the market.

The FSC approved the new rules on May 20. With this step, crypto sales became possible for non-profit organizations. The FSC plans to implement more comprehensive regulations in the second half of 2025. However, transactions must use real-name accounts and comply with anti-money laundering (AML) regulations. 

This regulation is part of South Korea’s gradual lifting of crypto bans. The FSC will introduce broader rules to allow publicly traded companies to participate more easily in crypto trading. Thus, South Korea is entering an important new era in the crypto market. Non-profit organizations can now sell crypto donations, enabling greater resource diversification. 

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