• How recent CPI and PPI data are shaping inflation expectations
• Why tariff policy and currency moves matter for portfolio positioning
• Key developments in U.S. crypto legislation that could reshape digital asset allocation
• What institutional bitcoin flows are signaling, Strategy, Cantor, and more

U.S. inflation data continues to complicate the Fed’s policy path. June CPI came in slightly hotter than expected at 2.7% YoY (vs. 2.6% forecast), with core CPI ticking up to 2.9%. Goods and energy prices saw the sharpest increases, while car prices declined—likely the result of demand frontloading before tariff hikes. Producer prices, however, painted a more benign picture: June PPI was flat month-over-month and rose just 2.3% YoY, below expectations.

Forward-looking data is more concerning. One-year inflation expectations from the University of Michigan remain elevated at 5%, influenced by sharply rising tariffs (from 2.3% in late 2024 to 13% in June, heading to 17% by August 1). Customs duty collections hit $26 billion in June—nearly 4x the monthly average earlier this year.

Meanwhile, the dollar has weakened 9.3% YTD, and commodity prices (notably industrial metals) are firming—suggesting the inflation risk isn’t behind us.

This week brought significant legislative progress for digital assets:

• The Genius Act, regulating stablecoins, passed the House and is headed to President Trump’s desk for signing.
• The Clarity Act, defining SEC and CFTC roles, now moves to the Senate.
• The Anti-CBDC Surveillance State Act was also passed, further shaping the future of U.S. digital money policy.

Together, these bills mark the most coordinated push for crypto regulation in U.S. history—potentially reducing uncertainty for advisors and clients with digital asset exposure.

MicroStrategy added 4,225 BTC this week, bringing its total to 601,550 BTC. The firm continues to fund its holdings via preferred equity issuance, but obligations from these now total ~$60 million annually, while cash from operations remains negative.

Cantor Fitzgerald is planning a second bitcoin treasury vehicle in collaboration with Blockstream, with an initial proposed contribution of 25,000 BTC (~$3 billion). Blockstream CEO Adam Back is expected to play a leading role.

Advisors should be closely tracking both macro and regulatory tailwinds. Inflation is proving sticky in parts of the economy, with fiscal measures, tariffs and currency depreciation, playing a larger role than monetary policy alone. At the same time, digital assets are entering a phase of structural integration, not just into retail portfolios, but into institutional balance sheets and U.S. law.

For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.