Japan Bitcoin ETF Bill Clears Upper House Committee; Bitcoin Hits $65K on Softer CPI

A Japan Bitcoin ETF bill cleared a major committee in the country's Upper House on July 15, as Bitcoin and Ethereum prices jumped following cooler-than-expected U.S. inflation data. The proposal would classify cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act while lowering crypto taxes to a flat 20%. If passed into law, the framework could allow spot Bitcoin ETFs to launch on the Tokyo Stock Exchange by 2027.

Bitcoin briefly touched above $65,000 before easing back toward the mid $64,000 range, while Ethereum pushed toward the $1,900 level. U.S. spot Bitcoin ETFs recorded $181 million in net inflows with BlackRock accounting for the largest share, while Ethereum ETFs posted about $58 million in net inflows. On-chain data also points to continued accumulation by large holders.