Gate Daily: Trump's new tariffs are "unexpectedly" lower than expected; the female stock god is selling her holdings to bet on ETH; JPMorgan allows crypto assets to be used as collateral for loans.

Bitcoin (BTC) has welcomed a rebound market, with today's (23rd) Asian early session reporting around 119,850 USD. U.S. President Trump announced a major trade agreement with Japan, with the imposed 15% tariff being lower than expected. Ark Invest, led by Wood, has shifted its bets to Ethereum assets, dumping its holdings to buy BitMine stocks. JPMorgan is preparing to offer loans backed by digital assets held by clients, including Bitcoin and Ethereum, marking a historic milestone.

Today's Outlook

1. The change in API crude oil inventories in the United States last week (in ten thousand barrels) (as of July 18) was 83.9.

2, U.S. June NAR seasonally adjusted existing home sales annualized month-on-month rate (, previous value was 0.8%

3. U.S. EIA crude oil inventory change (10,000 barrels) (as of 0718), previous value was -385.9

4. U.S. President Trump delivered a speech at an event called "Winning the Artificial Intelligence Race."

5. Federal Reserve Board member Bowman hosted a fireside chat session at the Federal Reserve's large bank capital framework conference.

Macro Events & Coin Circle Hotspots

1. On Tuesday local time, U.S. President Trump announced that a major trade agreement has been reached with Japan. Under the agreement, this major ally of the United States will invest $550 billion in the U.S., while the U.S. will impose a 15% "reciprocal" tariff on products imported from Japan. The latest tariff is lower than the 25% that Trump threatened earlier this month. Trump stated on the "Truth Social" platform: "We just reached a major agreement with Japan, which could be the largest deal ever."

2. Cathie Wood, the "Queen of Stocks," and her firm Ark Invest have changed their cryptocurrency-focused investment strategy by reducing their holdings in Robinhood and Block, and instead investing in the Ethereum-focused financial company BitMine Immersion. According to Ark's trading disclosure on July 21, the company increased its stake in BitMine Immersion (BMNR) by 4.4 million shares across its three actively managed exchange-traded funds (ETFs). This marks a strategic shift for Ark as institutional investor interest in Ethereum funding strategies continues to rise. BitMine Immersion has become a significant player in the Ethereum treasury space. Data from Strategic ETH Reserve indicates that the company is the largest holder of Ethereum, possessing over 300,000 ETH.

3. According to reports, JP Morgan is preparing to offer loans backed by digital assets held by clients, including Bitcoin and Ethereum, marking the first direct involvement of a globally systemically important bank in crypto collateral. According to reports from the Financial Times and Reuters, the plan will expand the bank's current initiative to accept spot Bitcoin ETFs as collateral. Sources indicate that if the plan is implemented, it could be launched as early as 2026. The proposed expansion signifies a further increase in the acceptance of digital assets in the regulated financial sector, consistent with the broader trend among major U.S. banks. Reports suggest that JP Morgan's initial phase will accept BlackRock's iShares spot Bitcoin ETF and other spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC).

On Monday, the spot Bitcoin ETF experienced a net outflow of $131.35 million, ending a streak of 12 consecutive days that attracted $6.6 billion in capital inflows. The largest outflow came from ARK Invest's ARKB, which saw $77.46 million leave in a single day. Following closely was Grayscale's GBTC, with an outflow of $36.75 million, while Fidelity's FBTC lost $12.75 million. Bitwise's BITB and VanEck's HODL also saw moderate outflows of $1.91 million and $2.48 million, respectively. BlackRock's IBIT (the largest fund by net assets, with a size of $86.16 billion) saw no inflows or outflows.

Market Trends

1. $BTC Rebounded again, tentatively reported at around $119,850, with a liquidation of $64.32 million in the past 24 hours, and the main explosion was long;

2. The S&P 500 index rose slightly by 4.02 points, an increase of 0.06%, closing at a new high of 6,309.62 points. The Nasdaq Composite index fell by 81.48 points, a decrease of 0.4%, reporting at 20,892.69 points. The Dow Jones Industrial Average rose by 179.37 points, an increase of 0.4%, reporting at 44,502.44 points. Dragged down by NVIDIA, the Philadelphia Semiconductor index plummeted by 1.8%;

3. In the Gate BTC/USDT liquidation map, based on the current 119,827.50 USDT, if it drops to around 118,098 USD, the cumulative liquidation amount for long positions exceeds 281 million USD; if it rises to around 120,507 USD, the cumulative liquidation amount for short positions exceeds 158 million USD. The liquidation amount for shorts is significantly lower than for longs, suggesting a reasonable control of leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

![])https://img.gateio.im/social/moments-87a9b3933a-a5055ac57f-153d09-7649e1(

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 2.95 billion USD, outflow was 3.08 billion USD, with a net outflow of 130 million USD.

![])https://img.gateio.im/social/moments-87a9b3933a-000a4f80d6-153d09-7649e1(

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $SOL, $DOGE, $XRP, and $SUI have seen net outflows leading to trading opportunities.

![])https://img.gateio.im/social/moments-87a9b3933a-8c7ee7e67d-153d09-7649e1(

(Source: Coinglass)

News Updates

1. WisdomTree has renamed its stablecoin WUSD to USDW and plans to launch it on other blockchains in the future.

2. Two funds under Dan Tapiero will merge to form a new brand, 50T, and will launch a new cryptocurrency fund worth $500 million.

3. Sources: Polymarket is considering issuing its own stablecoin.

4, 6 ETF issuers submitted amendments for physical redemption of cryptocurrency ETFs, conveying a "positive signal" from the SEC.

5. Arca transferred 2,183,000 PENDLE to CEX 2 hours ago, expecting a profit of 2.13 million USD.

6. Square will launch a native Bitcoin payment service for some merchants starting today.

7. LetsBonk's market share on the Solana Meme token launch platform has grown to 64%.

8. The SEC approved Bitwise's application for the conversion of its cryptocurrency index fund, but then urgently called it off.

9. 21Shares submitted S-1 documents related to the ONDO ETF to the US SEC.

10. a16z leads a $15 million seed round for Poseidon, driving the development of a decentralized data layer for AI.

11, President Trump: Interest rates should be lowered by 3 percentage points, or even lower.

12. Vitalik: The paradox of utilitarianism lies in the setting that "utility is infinite," which does not align with the limits of human emotions.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "From the data of Bitcoin itself, no obvious anomalies have been found. The main players in the turnover are still investors whose holding cost is above 100,000 USD. The majority are short-term profit-taking investors, and the decrease in turnover rate indicates that the market has gone through another wave of FOMO emotions, with both buyers and sellers starting to return to rationality. The supporting data has not changed significantly, but the support between 103,500 USD and 108,500 USD is gradually being consumed. Although it looks stable now, if negative sentiments arise, the support at this position may be quite difficult, as it is mainly short-term investors. Moreover, I am also concerned about the two gaps at 112,000 USD and 114,000 USD. If these two gaps are filled, it is very likely to put pressure on the support. Let's keep an eye on it for now."