Bitcoin and Ethereum prices rose on July 15 after softer-than-expected U.S. inflation data boosted market sentiment, followed by news that a Japan Bitcoin ETF bill cleared a key committee in the country's Upper House. Bitcoin briefly touched above $65,000 before settling near $64,000, while Ethereum outpaced Bitcoin, pushing toward $1,900. The combination of easing inflation and a potential regulatory shift in Japan gave crypto traders fresh reasons to stay bullish.
Japan's Crypto Bill Fuels Optimism
The Japan Bitcoin ETF proposal has become the day's biggest story. The bill would classify cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act and lower crypto taxes to a flat 20%. If passed, it could allow spot Bitcoin ETFs to launch on the Tokyo Stock Exchange by 2027. Lawmakers are now considering a framework that brings digital assets closer to traditional markets, potentially attracting both institutional and retail capital once the legislation clears remaining stages.
Outside Japan, governments moved at different speeds. South Korea advanced plans to recognize virtual assets within national asset rules, while India's Finance Ministry pushed regulators to strengthen oversight without endorsing cryptocurrencies. A joint U.S.-U.K. task force called for greater stablecoin innovation, and Europe pressed ahead with its Digital Euro pilot. Markets welcomed the shifting backdrop, with Bitcoin breaking out from nearly two weeks of muted trading.
Ethereum Outperforms as ETF Flows Improve
While Bitcoin grabbed headlines, Ethereum quietly outperformed, recovering faster and strengthening against BTC. Traders pointed to a healthier ETH/BTC ratio as evidence of improving momentum after weeks of weakness. Fresh institutional flows reinforced that view: U.S. spot Ethereum ETFs posted about $58 million in net inflows, reversing the mixed trend seen earlier this month. Morgan Stanley also updated filings tied to proposed Ethereum and Solana ETFs, naming Coinbase as custodian and staking provider.
Institutional demand improved across the board. U.S. spot Bitcoin ETFs recorded $181 million in net inflows after heavy outflows, with BlackRock accounting for the largest share. On-chain data pointed to continued accumulation by large holders, suggesting long-term investors remain confident despite recent volatility. Analysts said maintaining momentum above recent breakout levels could open the door to another test of psychological resistance near $2,000 for Ethereum.
Looking ahead, traders will closely watch incoming U.S. economic data alongside political developments in Japan and Washington. The Japan Bitcoin ETF proposal still faces additional legislative steps, yet it already marks one of the strongest pro-crypto signals from a major economy this year. If institutional inflows continue and macro conditions remain favorable, both Bitcoin and Ethereum could have room to extend their gains.