TL;DR
- Bitcoin's quantum discount hit a record 30% as Core developers resist freezing dormant addresses and Galaxy Digital launches a $5 million Quantum Readiness program
- XRP's 30-day MVRV turned positive, but the token still faces resistance at $1.146 and a bigger trend barrier at $1.416
- A new whale moved $2.76 million in SHIB off Coinbase to a fresh wallet, the second major withdrawal this week as the token consolidates near multi-month lows
- Bitcoin ETFs posted $727 million in net inflows over five days even as Bitcoin Knots developers and Michael Saylor clash over the BIP-110 proposal
- Thursday's US jobless claims data is the next volatility catalyst ahead of the Federal Reserve's meeting later this month
30% for fear: Why Bitcoin is trading at a quantum discount
Bitcoin's quantum discount has reached 30% for the first time in history, according to fresh data from the Capriole Investments model. With the current market price at $65,472, investors are pricing in an unprecedented risk discount: fundamentally, the asset is valued at almost twice as much, but uncertainty surrounding Q-Day continues to drag the price lower.
The discount continues to deepen, as it stood at 28% at the beginning of the summer.
Capriole founder Charles Edwards added fuelby publicly taking aim at Bitcoin Core developers and directly asking whether they planned to do anything about the issue.
The SHIB chart clearly shows that large capital is carefully buying the local bottom. After a prolonged decline from the May highs, the price found firm support in the $0.00000412–$0.00000423 range, where a bullish RSI signal formed.
The asset is currently trapped in a narrow corridor and trading at $0.00000428. However, the moving average at $0.00000450 is limiting the price from above, while the global downtrend, shown by the red line, remains much higher at around $0.00000594.
Major players are clearly using this prolonged consolidation and reset RSI to accumulate without drawing attention before a potential breakout from Shiba Inu's multi-month decline.
Crypto market outlook: Bitcoin ETFs stage a $727 million comeback while Saylor fights for code
The crypto market appears to have found a local bottom. Spot Bitcoin ETFs snapped a steep outflow streak, pulling in around $727 million in net inflows over the past five days.
Institutional investors are adding fresh capital while a dispute over the BIP-110 upgrade splits Bitcoin's developer community. Bitcoin itself is holding in the $65,700–$67,200 range after US funds absorbed $227 million on July 20 alone.
Key checkpoints:
- ETFs are back in the game: After a prolonged period of capital outflows, Bitcoin funds delivered a five-day inflow streak of $727 million, their best result in almost three months. Ether ETFs added another $38 million on the same day, pointing to fading seller pressure.
- Bitcoin is holding its ground: The leading cryptocurrency is locked in a narrow range between $65,700 and $67,200. A breakout above resistance would open the way toward local highs, while a drop below support would put the market under pressure.
- BIP-110 splits developers: Bitcoin Knots developers, whose software runs around 23% of nodes, want to limit OP_RETURN to 83 bytes to cut spam transactions, NFT inscriptions and shitcoins off the network. Michael Saylor has publicly opposed the upgrade, calling it censorship and "monetary purity imposed from above." Opponents counter that market fees, not code restrictions, should regulate network use.
- Macroeconomic trigger: The main volatility catalyst this week arrives Thursday, July 23, when the US releases initial jobless claims data. The reading will shape rate expectations ahead of the Federal Reserve's meeting later this month.