July 21 Market Update & Vol Analysis Macro signals following yesterday’s America. market close, including a stronger America. dollar, rising Treasury yields, and muted tech stock performance have created headwinds for risk assets. However, crypto markets have remained relatively resilient and have not followed the broader weakness. Over the past 24 hours, BTC rebounded from a low of $63,100 to a high of $65,799, marking a 4.28% move. The key divergence signal is that BTC spot ETF flows remained positive despite the macro pressure, recording $84.4M in net inflows. Recent developments also point to signs of decoupling from traditional tech equities. This suggests that current buying pressure is primarily driven by crypto-native demand and specific allocation flows, rather than broader risk appetite spillover from traditional markets. Meanwhile, moderate funding rates indicate that speculative activity in the derivatives market has not yet accelerated, with limited leverage-driven momentum. Overall: Range-bound with a bullish tilt. The market may continue to digest macro headwinds in the short term, but spot demand from ETF inflows provides solid downside support. BTC’s relative strength versus ETH is likely to continue. - Deribit Top Strategy: BTC BULL PUT SPREADS - Deribit Top Option: BTC-31JUL26-68000-C Join the Deribit × SignalPlus Trading Competition for a chance to win private islands, a Rolex, and a share of the 600,000 USDC prize pool: https://t.(signalplus.com)/deribitislandcompetition