Bitcoin Rebounds, ETFs Reverse Course, and CBDC Ban Takes Effect

Bitcoin climbed back above $64,000 on Saturday morning as investors digested a wave of U.S. policy developments that shifted sentiment across the broader crypto market. The global crypto market capitalization rose to $2.28 trillion, up 1.2% over 24 hours, with Bitcoin holding a 56.4% dominance share and trading volume reaching $62.8 billion.

On the regulatory front, a four-year ban on a U.S. central bank digital currency quietly became law after President Donald Trump declined to sign or veto a housing bill that contained the restriction. The measure prevents the Federal Reserve from issuing a digital dollar through the end of 2030, removing what the crypto industry has long viewed as a potential rival to privately issued stablecoins. Separately, sources told CoinDesk that a revised version of the Digital Asset Market Clarity Act could be introduced as soon as next week, though the bill still lacks full bipartisan support heading into a push for late-July action.

Bitcoin ETFs End a 10-Day Outflow Streak

U.S. spot Bitcoin ETFs snapped a 10-day losing streak, pulling in $221.7 million in a single session, their largest daily haul in two months. The reversal came after a brutal June that marked the worst month on record for those products, with the funds shedding roughly $7 billion in May and June combined. Analysts noted that a single session of positive flows still leaves open whether buyers can hold the $64,000 level once July 14 CPI data arrives, with Treasury yields and Fed rate expectations set to respond quickly to any inflation surprise.

Meanwhile, the post-IPO landscape for publicly traded crypto companies continued to disappoint. Gemini's stock has plunged 89% from its $37 opening price last September to just $4.19, while BitGo Holdings sits 77% below its January 2026 debut and Bullish shares have sunk roughly 71% from their August 2025 open. The persistently weak performance has effectively frozen the pipeline for future crypto listings, forcing several firms to delay their planned 2026 public debuts as they wait for markets to stabilize.