CoinEx News: Bitcoin traded near $66,000 on July 21 after U.S. spot Bitcoin ETFs recorded $226.8 million in net inflows on July 20, extending their inflow streak to five trading sessions and bringing cumulative inflows to approximately $727 million. CoinEx Research believes returning ETF demand provides firmer near-term support, although fund flows alone are insufficient to confirm a sustained market recovery.

CLARITY Act negotiations have progressed but remain unresolved. President Trump met privately with Republican senators on July 16 over the disputed ethics provisions, while the merged Senate package reportedly incorporated stronger consumer protections sought by Democrats. Later industry reports suggested that the White House may have tentatively accepted an ethics package and circulated proposed language to selected Republican senators. However, no official statement or updated public text has confirmed an agreement, and a Senate floor-vote date has not been set. If the final legislation preserves the core provisions of earlier drafts—including clearer SEC-CFTC jurisdiction, stronger customer-asset protections, and safeguards for qualifying non-custodial developers—it could provide the industry with a more predictable regulatory framework. The potential benefit remains conditional on the final language and successful passage.

Strategy added another stabilizing, though mixed, signal. From July 13–19, the company sold approximately 2.73 million MSTR shares through its at-the-market program, raising $263.5 million in net proceeds. Its dollar reserve increased to $3.225 billion, while Bitcoin holdings remained unchanged at 843,775 BTC. Based on its current annualized preferred-stock dividends and debt interest, the reserve provides roughly 22 months of coverage. This materially reduces near-term payment pressure and the risk of Strategy being forced to sell Bitcoin for liquidity. However, the share issuance dilutes existing shareholders, while the absence of new Bitcoin purchases means the financing creates no immediate additional demand for BTC.

If ETF inflows continue, viable CLARITY Act language advances toward a Senate vote, and Bitcoin holds above $64,000, the current recovery would gain credibility. Conversely, a reversal in ETF flows, another breakdown in policy negotiations, or a move below the recent intraday low near $63,700 would weaken this outlook.