Analysis: Bitcoin’s volatility falls to its lowest level since 2016, sustained deleveraging reduces liquidation risks

，加密记者 Eleanor Terrett 发文表示，据一名受邀参加电话会议的业内消息人士透露，加密行业相关方将于当地时间今日上午晚些时候与共和党领导层举行电话会议，以了解《CLARITY 法案》最新文本的进展。

According to market data from BIT (bit.com), the three major U.S. stock index futures fell collectively: Nasdaq 100 Index futures dropped more than 1%, S&P 500 Index futures fell 0.38%, and Dow Jones Index futures fell 0.22%.

CryptoQuant analyst Sunny Mom stated in a post that Bitcoin surged from roughly $64,000 to $66,000 over two days, but the rally was driven more by short squeezes and leveraged capital rather than a meaningful recovery in spot demand. Between July 18 and 19, funding rates briefly turned negative; after short positions were squeezed, this triggered the price rebound. Concurrently, open interest rose from around $21.2 billion to a record $23 billion, signaling continued inflows of new leveraged positions. Data shows Bitcoin’s spot trading volume has been "cooling down" since April and has not yet rebounded significantly, while futures volume remains at a "neutral" level with no notable spike. Stablecoin net flows on exchanges are negative, yet total stablecoin market capitalization has not dropped sharply, indicating most funds are still on the sidelines. US Bitcoin spot ETFs have logged inflows for the second straight week, with a single-day net inflow of approximately $271 million on July 20—including $116.5 million into IBIT—reflecting partial institutional funds returning, though the scale is too small to lift overall spot volume. Sunny Mom added that the rally was kickstarted by a short squeeze, sustained by leveraged capital, with ETF funds trickling back gradually. The current market is not overheated, but the rally’s foundation remains fragile; if momentum weakens, leveraged positions could be unwound rapidly, potentially triggering a sharp market correction.

According to CNN, after SpaceX goes public, the market is closely watching whether Elon Musk will push for a merger between SpaceX and Tesla. Tesla will release its earnings report after U.S. stock market close on Wednesday, followed by an investor call, where Musk may offer more clues about the future relationship between the two firms. JPMorgan analyst Rajat Gupta said that strategically, a merger would align the two companies’ visions, engineering management, and AI operations. The two firms already established a joint venture named Terafab in March this year to build a chip factory in Austin, Texas. Tech analyst Dan Ives estimates the likelihood of a Tesla-SpaceX merger by 2027 is over 80%, though this is only his personal view. If merged, the combined entity could reach a valuation of around $3 trillion, comparable in size to Microsoft. The merger could also boost Musk’s control over Tesla; he currently holds more than 80% of SpaceX’s voting rights, while his stake in Tesla is roughly 20%. However, the potential deal still faces regulatory hurdles. Gupta pointed out that Tesla has a large factory in China and generates a significant portion of its sales and profits there, while SpaceX maintains close ties with the U.S. government. Additionally, both companies’ valuations are heavily reliant on market confidence in Musk, and merging would concentrate related risks.

According to monitoring by Onchain Lens, Abraxas Capital withdrew 13,500 ETH from Aave, valued at approximately $26 million. Additionally, the firm also withdrew 1,790 ETH from Binance, worth around $3.4 million.

Wells Fargo raises SanDisk (SNDK) price target from $1,250 to $1,620.