The stablecoin market has shed more than $10 billion since May, but the outflow is not a sign of bearish sentiment. Instead, investors are rotating into memecoins on Robinhood Chain, chasing higher returns. Meanwhile, Bitcoin and Ethereum prices remain steady as the CLARITY Act advances toward a potential congressional vote on July 17.
CLARITY Act Progress Lifts Bitcoin Price Sentiment
The CLARITY Act, which aims to clarify which digital assets are securities versus commodities, could reach Congress as early as July 17. Supporters believe the bill would remove a major regulatory hurdle for the crypto industry. Despite the positive news, Bitcoin briefly slipped below $63,000 over the weekend due to geopolitical tensions, triggering over $14 million in long liquidations. Buyers quickly stepped in, pushing the price back into the $63,000–$64,000 range.
Fresh demand is emerging elsewhere. The Coinbase Premium Index has climbed back toward neutral after 55 straight days in negative territory, indicating U.S. buyers are becoming more active. Spot Bitcoin ETFs also recorded net inflows after nine weeks of withdrawals, boosting bullish sentiment. However, Fidelity's Jurrien Timmer expects one more shakeout before the next rally, with $60,000 acting as support. Michael Saylor fueled speculation of another MicroStrategy purchase after sharing his latest Bitcoin tracker update.
Another topic of debate is BIP 110, a proposal to limit arbitrary data stored in Bitcoin transactions. Critics like Adam Back and Michael Saylor argue it could split the community without solving a meaningful problem. So far, traders remain focused on the CLARITY Act.
Ethereum Price Draws Institutional Attention
Ethereum has been trading in a tight range around $1,800 despite a quieter weekend. Price action has slowed, but institutional interest remains strong. At WebX 2026, Fundstrat's Tom Lee described Ethereum as the settlement layer for the AI economy, citing growing adoption from financial firms, the Robinhood Chain launch, and improving macro conditions. Lee's firm, Bitmine, now holds 5.74 million ETH—about 4.8% of the total supply—and plans to increase its stake. Ethereum whales also bought another $20.6 million worth of ETH after several days of exchange outflows.
Network development continues to advance. The Ethereum Foundation confirmed that one of its AI agents detected a validator crashing bug before human researchers verified the issue. A Cambridge study found that Ethereum's shift to Proof of Stake reduced electricity consumption by over 99.9%, strengthening its appeal among sustainability-focused institutions.
Outlook for the Week
The next few days could be pivotal for the market. Traders are watching the CLARITY Act for signs of regulatory progress while tracking institutional buying across Bitcoin and Ethereum. If those trends continue, both major coins could build on their recent resilience. The move out of stablecoins appears less like an exit from crypto and more like a rotation into assets with higher upside, while Ethereum continues to find support from long-term buyers.