Crypto Prices Climb as Clarity Framework Moves Forward and Asian Stocks Rebound

Crypto markets gained momentum after reports indicated that President Donald Trump had approved a key ethics provision tied to the proposed crypto market structure legislation, boosting expectations that the bill could move forward.

The market recovery followed speculation that a major obstacle preventing the long-awaited U.S. Clarity Act from advancing may have been resolved.

Eleanor Terrett, host of Crypto in America, reported on X that Trump had agreed to a critical ethics requirement within the crypto market structure bill. The proposed wording has reportedly been circulated among Senate Republicans, representing a significant step toward potential passage.

The ethics provision has been one of the main issues delaying progress in the Senate. The legislation seeks to establish a clearer regulatory framework for digital assets by defining the difference between digital commodities and securities, replacing years of uncertainty caused by enforcement-led regulation.

Bitcoin climbed above $66,000, gaining 3.5% over 24 hours and reaching its highest point in more than a month. Other major cryptocurrencies, including Ether, BNB, and XRP, posted stronger gains, while the CoinDesk DeFi Select Index jumped 9%.

The broader rally also received support from Asia, where semiconductor stocks rebounded after last week’s sharp decline. The recovery in chip shares helped reverse recent risk-off sentiment and lifted crypto markets alongside other growth assets.

Market Outlook

Attention is now turning toward Bitcoin’s next major resistance level near $68,000. Alex Kuptsikevich, chief market analyst at FxPro, said the region around $68,000 aligns with the 61.8% Fibonacci retracement from the May-June selloff. A sustained move above this level would strengthen the case for a broader trend reversal.

Derivatives Market Activity

Bitcoin momentum:
Bitcoin’s rally is beginning to attract greater participation from derivatives traders. After BTC surpassed $66,000 for the first time since June 17, futures open interest increased to 770,000 contracts from below 750,000 the previous day.

The rise in open interest indicates renewed capital entering the market. Bitcoin’s 24-hour open-interest-adjusted cumulative volume delta (CVD) is currently leading among major cryptocurrencies, suggesting buyers are driving the move through aggressive market orders.

Ether and altcoin trends:
Ether futures are displaying similar strength, while open interest in XRP and Solana futures has remained relatively steady.

Dogecoin divergence:
Dogecoin futures open interest climbed to 15.50 billion tokens, reaching its highest level since May 5. However, the token’s negative 24-hour CVD indicates that sellers remain more active despite increased futures activity.

Broad altcoin participation:
Open interest has also increased across assets such as ADA, XLM, and LINK, suggesting wider capital inflows. Many of these tokens are recording positive CVD figures, reflecting stronger buyer demand.

Volatility and Options Market Update

Bitcoin’s 30-day implied volatility index (BVIV) halted its decline even as BTC prices moved higher. Because volatility typically has an inverse relationship with spot prices, the shift suggests some traders may be adding hedging positions through options as the market rallies.

A similar trend is appearing in Ether’s volatility index (EVIV), pointing to continued demand for downside protection.

In Deribit’s options market, short-term put skew has eased as prices recovered, though puts remain more expensive than calls across all maturities. This reflects persistent hedging demand along with strategies involving call selling to generate yield.

Call options are also leading 24-hour trading volumes for both Bitcoin and Ether, indicating growing interest in further upside potential.

Solana and Tokenized Asset Growth

Solana’s tokenized asset volume reached a record $5.8 billion in the second quarter, marking a 114% increase from the previous quarter and extending its growth streak to six consecutive quarters. Tokenized equities were the primary driver behind the expansion.

The increase highlights stronger institutional adoption and demonstrates Solana’s ability to support high-volume financial activity, strengthening its role in connecting traditional markets with blockchain technology.

Despite the growth in tokenized assets, SOL declined more than 11% during the quarter, though it performed better than Bitcoin’s 15% decline. In July, SOL has gained 6%, while Bitcoin has rebounded 13%.

The broader tokenized real-world asset market, excluding stablecoins, has also expanded rapidly, surpassing $33 billion and nearly tripling from around $12 billion a year earlier.