On July 28, 2026, the US Treasury sold $44 billion of seven-year debt at a 4.473% yield, 21.3 basis points higher than the June auction, with a 2.49 bid-to-cover ratio. On July 29, the Federal Reserve held the federal funds rate target range at 3.5%–3.75%. The higher government-backed yield lifts the risk-free benchmark and increases the opportunity cost of holding non-yielding, highly volatile assets such as Bitcoin, adding a macro-level headwind for crypto capital flows.

As of July 31, 2026, Solana’s SOL has, for the first time in its history, logged 10 consecutive calendar months in which it closed below its monthly open. Such a streak is rare in crypto markets and is typically associated with deep bear-market conditions, shrinking on-chain activity, and sustained capital outflows from the ecosystem. As a top-five Layer 1 asset by market capitalization, the extreme technical pattern could prompt a reassessment of systemic risk across high-beta altcoins. The move reflects price action only and is not tied to policy changes, protocol vulnerabilities, or exchange-related anomalies.

Spot Bitcoin ETFs recorded $233 million in net inflows in a single day, even as Bitcoin’s spot price continued to fall. The divergence suggests institutions are using ETFs to add BTC during the pullback. Such inflows are viewed as a key indicator for tracking market sentiment and institutional positioning.

Bitcoin fell below $63,000, sliding 4.50% over the past 12 hours and erasing $56.5B in market value. Ether also declined 4.60%, wiping out $10.3B in market cap. Across the market, $240 Million in positions were liquidated over the same period. The selloff followed reports of U.S. intervention in yen markets.

On July 31, 2026, bitcoin fell below $63,000 and ether dropped to $1,848, with roughly $50 million in long positions liquidated within 45 minutes. The move followed news that the U.S. Treasury informed banks it may intervene in the yen market. The intervention signal heightened concerns about an escalation in policy friction between the Bank of Japan and the Federal Reserve, lifting near-term risk aversion and pressuring high-risk assets including BTC and ETH. While the catalyst was a macro FX policy development, it transmitted through cross-market sentiment and delivered a sharp shock to crypto markets.

Bitcoin added 0.40% to USD 64,264 as crypto remained in Fear at 37. BTC derivatives saw USD 45.31M in 24-hour liquidations, led by shorts.

U.S. spot Bitcoin and Ether ETFs saw heavy net outflows over July 23–24, totaling $514.0M. On July 23, total ETF net outflows were $203.2M, with BTC at $226.6M and ETH at +$23.4M. On July 24, total net outflows reached $310.8M, with BTC at $240.1M and ETH at $70.7M. The two-day pullback pushed the 30day net flow to $250.20M and last week’s net flow to $203.23M, even as the last 3 months remained +$719.20M.

On July 30, spot cryptocurrency ETF flows in the U.S. market diverged, led by a $49.74M net inflow into bitcoin (BTC) ETFs. Ripple (XRP) ETFs recorded $5.98M in net inflows, while Solana (SOL) ETFs saw $403.89K added. Ethereum (ETH) spot ETFs posted $2.95M in net outflows. The figures come from daily fund-flow statistics for U.S.-listed ETFs.