Markets Shrug Off Weak Data, Crypto Gains Institutional Cred 🏦
Despite some disappointing US economic data (like weak ADP employment and ISM numbers), markets stayed strong, showing their resilience. Trump’s been vocal, blaming Fed Chair Powell for not cutting rates and pushing to scrap the debt ceiling, feeding into a narrative of fiscal dominance that’s keeping markets upbeat. Treasury Secretary Bessant’s “Big Beautiful Bill” promises tax breaks for US manufacturing and R&D, with Congress set to tackle this and the debt ceiling by August. On the crypto front, JPMorgan’s move to accept crypto ETFs as loan collateral is a big deal, signaling institutional acceptance. Companies like K Wave Media and Treasure Global are diving into crypto for their treasuries, and Circle’s IPO filing (aiming for $7.6–8.1B valuation) adds to the momentum. ETF inflows for BTC and ETH slowed a bit, but the fundamentals look solid, with ETH holding steady and BTC poised for a potential breakout. Bullish options like September 130k BTC calls are gaining traction, hinting at optimism for a big move.
I’m impressed by the market’s ability to brush off bad data—shows how much confidence is baked in right now. Trump’s noise and the fiscal push are keeping things lively, but the real story is crypto’s growing legitimacy. JPMorgan’s move is a game-changer; it’s like the old-school finance world finally admitting crypto’s here to stay. The treasury diversification trend and Circle’s IPO filing just hammer that home. The ETF flow slowdown feels like a summer breather, not a red flag—ETH and BTC fundamentals are still strong. If those bullish structures pay off, we could see some fireworks in crypto prices soon. Exciting times!
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