Gate Daily Report (July 14): The US government transfers 297 million in cryptocurrency; Trump urges the Senate to pass the “CLARITY Act”

Bitcoin (BTC) gives back the gains from earlier in the week; as of July 14, it is temporarily around $62,530. About $297 million worth of BTC and ETH was transferred to Coinbase Prime ahead of a U.S. government address, sparking concerns about sell pressure. President Trump urged the Senate to pass the CLARITY Act in the final stage, and a White House adviser stressed that deliberations cannot be delayed any longer.

Macroeconomic Events & Crypto Market Hotspots

1. According to on-chain analyst Yu Jing’s monitoring, a U.S. government address transferred 3,940.70 BTC (around $244 million) and 30,007 ETH (around $53.09 million) to Coinbase Prime, for a total value of about $297 million. The address currently still holds approximately $20.5 billion in crypto assets, including 325,000 BTC ($2.02 billion), 145 million USDT, 28,000 ETH ($50.35 million), and 62,000 BNB ($35.38 million).

2. According to a report by Bitcoin Magazine, the Senate will review the CLARITY Act, the most important crypto legislation in recent years, this week. Lawmakers now have only about four weeks to schedule, debate, and pass the bill before entering the August recess period. On Monday, President Trump directly commented on the matter, posting on the Truth Social website that, “To commemorate Senator Lindsey Graham—a steadfast supporter—the U.S. Senate should pass the CLARITY Act,” and warning that China and other countries “want to completely take control of this major financial event,” as well as artificial intelligence.

White House crypto adviser Patrick Veat emphasized the urgency, noting that the key week coincides with the one-year anniversary of the GENIUS Act being enacted, and warning: “We can’t delay any longer.” Many policy observers believe this is the final realistic opportunity for the current Congress to enact comprehensive digital asset market structure legislation.

News Updates

1. Sablier Labs announces it will stop active development due to AI impact and weak market conditions

2. New Hampshire, U.S. signs the Blockchain Basic Law, protecting self-custody and crypto innovation

3. Analysis: Bitcoin’s panic selling may already be near the end, as sellers’ profit margins disappear

4. Franklin Crypto CIO: Crypto prices are decoupled from fundamentals, with institutions adopting faster

5. A U.S. government address will transfer about $297 million worth of BTC and ETH to Coinbase Prime

6. Bitcoin and Ethereum Twitter mentions fall to a 12-month low, with retail attention returning to 2020 levels

7. Hyperliquid’s HIP-3 market trading volume as a share of the platform’s total perpetual contracts rises to nearly 50%

8. Waller sets the tone for Tuesday’s CPI: Hot inflation will support near-term rate hikes

9. Wall Street fights for discourse power over tokenized stock rules: the U.S. Securities Transfer Association lobbies the SEC and warns of risks

Market Performance

1. Latest on Bitcoin: BTC gives back early-week gains, temporarily at about $62,530; liquidations in the past 24 hours reached $107 million, with the largest liquidation in long positions;

2. U.S. stock markets’ four major indexes closed lower on July 13, with technology stocks leading the decline. The Nasdaq fell more than 1%, and the Philadelphia Semiconductor Index plunged nearly 4.8%. Earlier, President Trump announced that the U.S. will restore its blockade of Iranian ports, further escalating tensions between the U.S. and Iran. This caused oil prices to jump by about 10% and hit market risk appetite sentiment. The Dow Jones Industrial Average closed down 138.31 points, or 0.26%, at 52,498.70; the S&P 500 fell 59.92 points, or 0.79%, to 7,515.47; and the Nasdaq closed down 408.43 points, or 1.55%, at 25,873.18.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, using the current 62,557.40 USDT as the reference: if it drops to around $61,722, the total amount of long liquidations would exceed $122 million; if it rises to around $62,906, the total amount of short liquidations would exceed $289 million. The liquidation amount for shorts is significantly higher than for longs. It is recommended to manage leverage levels reasonably to avoid triggering large-scale liquidations during market moves.

(Source: Coinglass)

4. Over the past 24 hours, BTC spot inflows were $2.15 billion, outflows were $2.43 billion, for net outflows of $280 million.

(Source: Coinglass)

5. Over the past 24 hours, net outflows in contract trading led for BABA, DEXE, ALLO, BZ, EVAA, etc., indicating trading opportunities.

Selected Views from X KOL

Phyrex Ni (@Phyrex_Ni): “I had already slowly gotten used to Iran’s fee demand for the Strait of Hormuz, and even felt that the U.S. imposing fees on Iran was a kind of ‘justice’—but then Trump announced that the U.S. is charging 20% of the fee on ships that help pass through the Strait of Hormuz in order to prevent Iran from charging fees, and in that moment my brain completely froze. It’s like preparing to drive out someone who’s sexually harassing a little girl, and not only do you not help stop him or speak up for the girl—but you also, under the name of protection, rob the girl too.”

“I think there’s really nothing I can call this behavior except shamelessness. After following the war between the U.S. and Iran for so long—though it’s always the U.S. that fires first—America somehow always finds reasons that look justified. But this time it’s just blatant. Even Iran probably never thought it would be charged 20%. Iran must be baffled.”

“This U.S. move to attack Iran will have an even bigger impact on oil prices. If it were only about war, the market would still expect oil prices to return to normal after the fighting ends. But now, whether they fight or not, the U.S. still has to collect the 20% toll, and it looks like they’re preparing to take Hormuz revenues for themselves. That’s collecting fees for life. So I’m adjusting the price of my WTI short slightly—I’ll take another look at the situation first.”

“Also, today’s drop may be a hedge against Wednesday’s CPI data. Based on market expectations, June’s U.S. CPI should be lower than May’s, but because of U.S. factors, even if inflation comes down now, August inflation may rise again. That means this month’s decline in inflation could very well end up being meaningless.”

What to Watch Today

1. China June trade balance (ten billion), prior value 723.98

2. China June trade balance (ten billion USD), prior value 105.43

3. China June end M2 money supply (year over year), prior value 8.6%

4. U.S. June unadjusted consumer price index (year over year), prior value 4.2%

5. U.S. June unadjusted core consumer price index (year over year), prior value 2.9%

6. Fed Chair Waller appears at the House Financial Services Committee hearing for the “Fed Semiannual Monetary Policy Report” hearing