Bitcoin opened Tuesday at approximately $63,997, up 0.7 percent from the previous session, extending a July rally that has pushed the token 8.4 percent higher for the month to a two-week high near $64,500. Ethereum traded at roughly $1,798, up 0.8 percent.
The gains, however, may not stick. Analysts at CoinDesk noted that U.S. demand for Bitcoin remains weak and that open interest in futures contracts has been declining, a signal that institutional traders are not adding to their positions. As of July 6, Bitcoin had pulled back to $62,716, down 1.8 percent over 24 hours.
The broader crypto market capitalisation sits at roughly $2.13 trillion. The SEC's recent guidance clarifying that airdrops, staking, and protocol mining generally fall outside securities law could shift the regulatory landscape for institutional investors, but the effect on near-term flows appears limited.