Bitcoin rally has broad-based support as institutions, whales, options traders pile in
CoinDesk 2026-07-21 11:37:22
Context: The price of Bitcoin has surged amid reports that the White House has agreed to the wording of an ethics package for the Clarity Act, a long-pending legislation that could pave the way for stronger institutional participation in the cryptocurrency market. This development has led to a broad-based rally in Bitcoin, with various investor groups, including institutions, whales, and options traders, piling into the cryptocurrency. The increased interest has driven the price of Bitcoin to $66,410.30, with the market showing signs of a more balanced and constructive outlook.
Key Facts
- The spot bitcoin funds have attracted over $700 million in investor money across five trading days, marking the longest streak of inflows since May, according to SoSoValue data.
- Long-term holders of Bitcoin, defined as addresses with a history of keeping their BTC for at least six months, have been snapping up coins, according to on-chain wallet data.
- Large Bitcoin whales have been building up their positions over the last two months, while medium-sized wallets have been selling, a divergence in behavior that could be a "constructive signal" for BTC in the medium term, according to CryptoQuant data.
- A trader or group of traders recently purchased large bull call spreads in bitcoin, targeting $72,000 by month-end, indicating growing participation in BTC futures and options.
- U.S. Treasury bond issuances are expected to result in net new issuance of $56 billion, followed by an additional $37 billion on Thursday and a smaller coupon settlement of $13 billion on Friday, which could drain liquidity from the system and weigh on risk assets, according to Mott Capital Management's Founder Michael Kramer.