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Good Morning!

SpotETFs saw an eighth consecutive day of inflows, as Bitcoin aggressively bounced back into its month-long range after breaking downwards at the start of July.

Trump also picked his Vice President to run alongside him, and it’s positive for crypto.

Let’s jump in. 👇️

Markets

BlackRock's IBIT draws $260M as Bitcoin ETFs notch 8th day of inflows (3 minute read)
Yesterday, BlackRock's iShares BitcoinTrustreceived $260 million in inflows investors, accounting for over half of the net inflows into spot Bitcoin ETFs for the day. This marked the eighth consecutive day of positive inflows for U.S. spot Bitcoin ETFs, totaling $422.5 million, the best performance since June 5, according to Farside Investors.

Bitcoin's price surged to $65,470, a 13.1% increase over the past week, recovering from a near five-month low of $53,600 on July 5. The earlier pricedrop was driven by concerns over the German government's sale of nearly 50,000 Bitcoins and news that Mt. Gox is preparing to repay over $9 billion to creditors.

FTX proposes $12.7 billion settlement deal with CFTC (2 minute read)
FTX has agreed to pay the Commodity Futures Trading Commission (CFTC) $4 billion in disgorgement and $8.7 billion in restitution, as per a July 12 filing. This settlement, if approved, will credit FTX and associated debtors for amounts distributed to FTX.com and FTX.US customer claims and Alameda lender claims in the Chapter 11 cases.

The CFTC originally sought $52.2 billion in restitution, disgorgement, and civilpenaltiesagainstFTX, Alameda Research, and former executives. FTX highlighted the CFTC as its most significant creditor due to substantial liabilities from former executives' actions and their convictions or guilty pleas.

FTX believes this settlement will resolve ongoing litigation, reduce legal costs, and preserve creditor asset value.

JD Vance: The Bitcoiner now running as Trump’s vice president (4 minute read)
After a shocking assassination attempt on Saturday, Donald Trump returned to the campaign trail, sporting a bandaged ear at the Republican National Convention in Wisconsin. Now officially nominated as the party’s candidate for November’s presidential election, Trump announced Ohio Senator JD Vance as his vice-presidential pick.

This is a positivedevelopment for cryptoenthusiasts. Back in 2022, Vance revealed he held between $100,000 and $250,000 worth of Bitcoin, showing his strong belief in the digital currency. Vance has also been vocal against SEC Chair Gary Gensler’s stringent regulations on digital assets, calling him “the worst person” for the job. He has advocated for modern tech companies and social networks to develop their own utility tokens.

Earlier this year, Vance played a key role in congressional efforts to repeal SEC Staff Accounting Bulletin 121, a rule preventing financial institutions from holding crypto as it must be listed as a liability on their balance sheets.

“With Vance next to Trump in the White House — an outcome that’s looking increasingly likely — there is a sense that pro-crypto policy could be on the agenda come 2025,” said Neil Roarty.

Misc

Trump says he wants US in charge of crypto before China, teases another NFT launch (2 minute read)
Donald Trump, former U.S. President, voiced strong support for the cryptocurrency industry, citing its potential benefits for the country. He emphasized the importance of the U.S. leading the global crypto race, particularly against China.

"If I throw it aside, it’s going to be picked up in another country, most likely China — they’re pretty advanced in that sphere," Trump stated in a Bloomberg interview. "So you have to look at it — what I want, again, is what is good for the country."

Trump, the Republican presidential nominee, acknowledged that crypto is “not going away” and announced plans to release another set of NFTs. His previous NFT collections offered perks like pieces of his suit or tie, or dinner events with him.

Despite the U.S. crypto industry being in its infancy, Trump praised its “good foundation” and mentioned his connections with “top-flight” industry experts.

BlackRock CEO Larry Fink Says Bitcoin Legitimate Financial Instrument (2 minute read)
Larry Fink, CEO of BlackRock, now recognizes Bitcoin's potential as a legitimate financial instrument. He praises its ability to offer uncorrelated returns and hedge against currency debasement. BlackRock, the world's largest asset management firm, oversees $10.6 trillion in assets.

In a CNBC ‘Squawk on the Street’ interview, Fink shared his changed perspective: “I’m a major believer that there is a role for Bitcoin in portfolios.” His evolving stance highlights the broader acceptance of Bitcoin among institutions.

Fink’s view has shifted dramatically. Once skeptical, he now sees Bitcoin as a legitimate investment despite its misuse risks, noting it provides non-correlated returns and can be a safeguard against currency devaluation.

In 2017, Fink infamously labeled Bitcoin an “index of money laundering,”.

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