Ethereum’s ETF story is improving but remains uneven. US spot Ethereum ETFs recorded a third consecutive day of net inflows on July 21, taking in $37.47 million. BlackRock’s ETHA led with $52.79 million in net inflows, while Fidelity’s FETH posted $15.32 million in net outflows. The headline number was positive, but the flow picture was not evenly distributed across issuers. BlackRock continued to attract capital, while Fidelity saw money leave the product.
Broader market sentiment stayed cautious. The Fear & Greed Index sat at 39, back in “fear” territory after briefly touching neutral, while the Altcoin Season Index eased to 51. Total crypto market capitalization was essentially unchanged.
Two legislative and monetary policy events now loom over the market. The Senate released a 616-page version of the Clarity Act, adding an ethics provision that bars public officials and their spouses from issuing or sponsoring digital assets while still permitting personal investment, with mandatory disclosure of crypto sales above $1,000. Senate Majority Leader John Thune said he plans to bring the bill to a vote as early as next week even without Democratic agreement. Meanwhile, traders are closely watching the Fed’s July 28–29 meeting, which could shift rate expectations and alter the risk appetite that has supported crypto.