TLDR
- Bitcoin fell to about $65,500, down 0.7%, as oil prices and Treasury yields both rose.
- WTI crude oil hit $88.60 per barrel, its highest level since June 11.
- The Clarity Act’s odds of passing dropped from 46% to 38% on Polymarket after Senate Democrats raised concerns.
- U.S. Treasury yields climbed, with the 2-year at 4.31% and 10-year at 4.66%.
- Bitcoin ETFs logged 7 straight days of inflows, with $981.2 million moving in since July 14.
Bitcoin dropped to around $65,500 early Thursday. That’s a decline of about 0.7% since midnight UTC. The drop follows a pullback from a high near $66,700 reached the day before.
Other major cryptocurrencies also fell. Ether, solana, and XRP all traded lower alongside bitcoin.
Oil prices played a big part in the move. West Texas Intermediate futures climbed to $88.60 per barrel. That’s the highest level since June 11.
Higher oil prices can push up inflation. This makes it harder for central banks to cut interest rates.
Treasury Yields Rise to Multi-Month Highs
Bond markets reacted to the same pressures. The U.S. two-year Treasury yield jumped to 4.31%, its highest level since February 2025.
The 10-year yield rose to 4.66%, the highest since May. Higher yields make bonds more attractive compared to assets like bitcoin that don’t pay interest. This can lead investors to move money out of crypto and into fixed-income products.
Geopolitical events added to the uncertain mood. Axios reported that the U.S. military used a B-1 long-range bomber on Tuesday to strike targets linked to Iran’s Islamic Revolutionary Guard Corps. This marked a larger scale of operation compared to previous strikes.
Clarity Act Odds Drop on Polymarket
Regulatory news also weighed on the market. A group of Senate Democrats said the newest draft of the Digital Asset Market Clarity Act falls short on ethics and other provisions.
Betting markets responded fast. Polymarket odds for the bill passing fell from 46% to 38%.
Senate Republicans had released an updated draft on Wednesday. It included an ethics provision that the White House and President Trump agreed to. Senator Bernie Moreno called it “the most powerful ethics language in U.S. history.”
Despite the price drop, ETF data showed a different trend. Analytics firm Santiment reported that Bitcoin ETFs have logged seven straight trading days of inflows since July 14.
Santiment tracked $981.2 million in net inflows during that stretch. This came as bitcoin pushed as high as $66.3K.
💸 Bitcoin ETFs have now logged 7 straight trading days of inflows since July 14th, with Santiment tracking $981.2M net moving back in as $BTC pushed as high as $66.3K. After the heavy May and June outflow stretch, steady positive days are an encouraging sign that confidence is… pic.twitter.com/g0gvemNdwZ
— Santiment Intelligence (@SantimentData) July 23, 2026
Santiment noted the last time ETF demand saw a streak this long was early October 2025. At that time, bitcoin was pressing toward its $126K all-time high.
The firm said this doesn’t guarantee history will repeat. But it added that steady inflows can signal rebuilding confidence after the heavy outflows seen in May and June.
Santiment also flagged a risk to watch. The firm said conditions look healthy for a rally back to $70K based on ETF behavior. But it warned that a sudden, unusually large single-day inflow could signal that buying has become too aggressive, which sometimes points to a local top forming.
Bitcoin remained near $65,500 as of early Thursday trading, with oil prices and Treasury yields as the main pressures on the market.
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