Vice President Kamala Harris is now the leading contender for becoming the new Democratic Party nominee for the 2024 race, according to another Polymarket contract. Biden gave his No. 2 a shout-out in his departure letter, endorsing her in a second tweet shortly after announcing the end of his campaign.

With Biden Out, Polymarket Favors Harris for Democratic Presidential Nominee

Merrill Lynch will have to shell out nearly $3.7 million in damages and other costs after arbitrators sided against the wealth management firm following a private equity complaint.

Two customers, Qun He and Haihui Zhang, filed a complaint against Merrill, Bank of America’s wealth management division, in late 2023, alleging the firm violated securities laws, industry standards and its fiduciary duty.

The complainants also alleged the firm acted with negligence and negligent supervision and breached its contract related to various unspecified securities. Merrill Lynch denied the allegations.

The U.S. Financial Industry Regulatory Authority (FINRA) made an independent arbitration forum available, and a public panel of arbitrators decided Merrill Lynch should pay the claimants $2.73 million in compensatory damages, $2,002 in costs and $954,634 in attorneys’ fees.

Michael Bixby, a Florida attorney who represented the two customers, tells AdvisorHub that a broker recommended investments in illiquid proprietary feeder funds sold by Merrill. Bixby says that the feeder funds pooled capital into private equity investments overseen by institutional investors such as Apollo Global Management, KKR and Blackstone.

The lawyer says the recommended funds were advertised as having potential annual returns of 15% to 20%, but ended up recording annual returns around 3% after subtracting private equity fees and administrative charges from Merrill.

“We’re pleased with the result, and we think it reflects the arbitrator’s decision that Merrill was responsible for misconduct and held them accountable.”

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Merrill Lynch Ordered To Pay $3,684,163 in Damages and Other Costs Following Unsuitable Private Equity Recommendations: Report

An ancient Bitcoin whale that woke up for the first time in 14 years earlier this month is making headlines again with another multi-billion-dollar BTC transfer.

About 10 days ago, two Bitcoin addresses that each had 10,000 BTC were each emptied within minutes of each other on the 4th of July.

The two wallets had received their respective Bitcoin on April 3rd of 2011 when BTC was trading at $0.78 a piece.

Then, last week, Coinbase director Conor Grogan suggested that the whale wallets could potentially be linked to a hack after finding that one of the wallets appears to have made a test transaction on the Bitcoin Cash (BCH) network just hours before the big move happened, suggesting that whoever was responsible for the transfer was trying to go unnoticed.

Now, according to pseudonymous crypto analyst Satoshi Stacker, one of the two whales is at it again, moving almost $5 billion worth of BTC to new wallets.

“The 80,000 BTC whale has moved 40,000 BTC worth around $4.7 billion to new addresses.

Around $2 billion of that BTC has then been transferred to centralized exchanges, likely to be sold.

Are you buying this dip?”

While the wallets were dormant since April of 2011, they also received trace amounts of Bitcoin during the intervening period, possibly due to dusting attacks conducted to try to sniff out the entities behind the addresses. Dusting attacks are typically conducted by researchers, law enforcement officials or criminals.

The phenomenon of long-dormant addresses suddenly getting active spurs media interest due to their potential link to the pseudonymous creator of Bitcoin, Satoshi Nakamoto, who remains a mystery more than one and a half decades since the crypto king was introduced to the world.

Bitcoin is trading for $117,195 at time of writing, a 2.2% decrease on the day.

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Bitcoin Whale Abruptly Moves $4,676,108,000 in BTC – Here’s Where the Crypto Is Heading

As it sped into Crypto Week on Tuesday, the U.S. House's process toward passing digital assets bills ground to a sudden halt over a procedural vote as the House Freedom Caucus objected to the way some of the legislation has developed under Senate dominance.

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The misfire on the procedural vote quickly slammed the crypto markets over uncertainty about the good news expected this week when the House was expected to pass two of the industry's top priorities. The legislation still has strong, bipartisan support, suggesting the procedural mishap may be overcome as a further vote was scheduled for later Tuesday afternoon. More than a dozen Republicans joined Democrats in voting against the motion.

Two people familiar with the matter told CoinDesk another vote has been scheduled for 5:00 p.m. ET, meaning this hiccup could be resolved without delaying the more important votes currently expected on Wednesday and Thursday.

U.S. President Donald Trump urged Republicans to vote in favor of the rule earlier Tuesday in a post on Truth Social, saying passing GENIUS would help keep the U.S. ahead of other countries in crypto development.

Bitcoin

and ether (ETH) each knee-jerked lower by about 0.5% on the news, but both have recovered most of those declines. High-flying stablecoin issuer Circle (CRCL) has moved to its session low, down 5.3% on the day. The stock remains higher by roughly six-fold since its IPO last month.

U.S. House Sees Hiccup in Crypto Bills Procedural Votes as Freedom Caucus Objects

Institutional investors are riding the crypto industry’s record-breaking momentum and pouring billions into digital asset investment vehicles, reports crypto investment firm CoinShares.

According to the latest Digital Asset Fund Flows report, institutional investors coughed up $3.7 billion in crypto inflows last week alone.

“Digital asset investment products saw inflows of $3.7 billion last week, marking the 2nd largest weekly inflow on record. Notably, July 10th recorded the third-highest daily inflow ever. This also represents the 13th consecutive week of inflows, bringing the cumulative total to $21.8 billion and pushing year-to-date (YTD) inflows to $22.7 billion.

Assets under management (AuM) surged past the US $200 billion threshold for the first time, reaching a new record of $211 billion. ETP (exchange-traded product) trading volumes reached $29 billion, twice this year’s weekly average.”

The US led globally with $3.7 billion worth of inflows. Switzerland and Canada followed with $65.8 million and $17.1 million in inflows, respectively, while Germany suffered outflows to the tune of $86 million.

Top crypto asset by market cap Bitcoin (BTC), per usual, enjoyed the lion’s share of inflows at $2.7 billion.

“For the first time, this equals 54% of the total AuM held in gold ETPs. Short Bitcoin ETPs showed minimal activity.”

Ethereum (ETH) continued its 12-week run of inflows with $990 million last week. Meanwhile, XRP and Solana (SOL) also enjoyed large inflows of $104 million and $92.6 million, respectively.

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Institutional Crypto Inflows Reach Second-Largest Week on Record With $3,700,000,000: CoinShares

Crypto industry insiders so far expect the long-awaited House of Representatives bill to set up rules for U.S. crypto markets will garner at least 30 Democrat voters when it reaches time for a vote as soon as Wednesday afternoon, alongside the 220-member majority of Republicans in the chamber.

Even as much of the sector prepares to celebrate one of its most consequential legislative wins, some in the industry still want to fix what they see as serious flaws in the Digital Asset Markets Clarity Act when it moves to the Senate. That may be an option, because crypto lobbyists have been advised by Senate contacts that the chamber expects to write its own bill, which will have some strong overlap with Clarity but may take different approaches in key areas.

"After years of regulatory unclarity and regulation by enforcement, the Clarity Act passing the House will be a major and welcome step, even if it isn’t perfect," Chen Arad, co-founder and chief experience officer at Solidus Labs, said in a statement to CoinDesk. When the bill gets to the Senate, he said he'd expect more work on "jurisdictional clarity" between the regulators — the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) .

Behind the scenes, in venues including group phone calls among crypto executives and their lawmakers allies, leaders have urged the diverse crypto crowd to show a united front on the legislation to finally establish U.S. regulations for the industry, according to people familiar with the discussions. But the decentralized finance (DeFi) arm of the digital assets space — for one — has had significant reservations about the wording of the Clarity Act.

If the legislation passes with a bipartisan surge this week, it next heads to the Senate for consideration. House Republicans took to calling this "Crypto Week," and they're already moving on procedural votes Tuesday to tee up the more consequential bill votes, with the Clarity Act expected on Wednesday and the GENIUS Act on Thursday.

President Donald Trump urged Republicans to get behind the crypto legislative push on Tuesday, boasting in a post on Truth Social that it's putting the U.S. ahead of foreign competitors in China and Europe.

"We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!" Trump concluded.

Senate do-over?

The lengthy Clarity Act would establish a wholly new regulatory regime for oversight of the crypto markets, setting clear definitions for different types of digital assets and assigning the watchdog agencies to specific roles — most notably elevating the CFTC as a primary regulator of most of the crypto sector's trading, because its most popular asset (BTC) is a commodity.

While Senate Banking Committee Chairman Tim Scott has said the Clarity Act will be a "strong template" for the Senate's work, the Senate demonstrated with the other major crypto bill, the stablecoin-regulating Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, that it may favor its own version. House lawmakers openly expressed concerns as recently as Monday night that details of their Clarity Act will be ignored by their Senate counterparts. Last week, the House acknowledged it would dump its own stablecoin bill in favor of the Senate version rather than try to reconcile the two pieces of legislation.

Industry lobbyists have been eagerly awaiting the specific language of the Senate's own market structure bill, having so far only received a list of principles the key Republican lawmakers intended to follow in its drafting. As the lobbyists wait, the Senate Agriculture Committee — one of the two panels that needs to sign off on the legislation — is holding its opening hearing on the topic on Tuesday afternoon.

Among the points of debate between the chambers may be the maturity test in the Clarity Act that would effectively draw a border delineating whether a project belongs under the securities jurisdiction (SEC) or commodities oversight (CFTC) .

"It's great that the bill encourages blockchains to decentralize," said Linda Jeng, founder and CEO of Digital Self Labs and an academic who has focused on crypto. "But there could be unintended consequences granting the SEC and CFTC with the authority to determine if a blockchain is 'mature.'"

That's one of the central tenets of the Clarity Act, the method by which a project can eventually move into a decentralized status that pulls it out of the reach of securities regulation. And it's a component that some within the DeFi space argue isn't being handled fairly.

DeFi insiders told CoinDesk that there's insufficient protection for self-custody of digital assets in the bill and that its maturity test would favor a few incumbent projects, making it harder for new entrants to compete. They also shared concerns about the need to make sure federal preemption over the patchwork of state rules is clear, and one executive called for expanding current language about exemptions for "digital commodity" transactions to be expanded to "digital assets," because DeFi projects would struggle if they were required to pre-determine whether each action did or didn't involve a commodity under the law's definition.

When the Senate takes the reins, the chamber will be further deluged with crypto interests looking for such changes. And if it writes a different market structure bill, the House may be pressured to vote on that rewrite without making further changes, if the situation with the GENIUS Act repeats. Congress is already likely to press past Trump's initial August deadline for crypto legislation, and the president has been eager for results.

In the end, even the Senate's work won't be the last word, because once a regulatory bill becomes law, the relevant watchdog agencies have to write their own rules to implement it — a complex process that can take more than a year to complete and longer to put it into effect.

But the House has to act first before any of the rest can begin.

House progress

As the Clarity Act vote approaches, digital assets lobbyists are laser-focused on the number of Democrats that ultimately add their yes votes with Republicans. During last year's vote on the predecessor bill, the Financial Innovation and Technology for the 21st Century Act (FIT21) , 71 Democrats threw their hats in, though the Senate never acted.

This time, advocates hope for another big, bipartisan number that will give the Senate a hefty push on the House's market structure ideas. (The Senate's own GENIUS Act drew an impressive 68-30 approval in a chamber that's accustomed to scraping by with razor-thin votes.)

House Democratic leaders have chosen not to erect a roadblock for their own members on this bill, so they'll be free to vote as they wish, said Rashan Colbert, the U.S. policy director for the Crypto Council for Innovation, noting it as an important development removing headwinds from crypto-friendly Democrats.

"If we can get an overwhelming bipartisan vote here, then this clearly becomes a must-do priority," Colbert said in a CoinDesk interview. "If it's a disappointing number, then I think it becomes harder," he added.Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, has been trying to marshal a resistance to the bill. She has some prominent allies in the AFL-CIO and in the North American Securities Administrators Association, the organization of state-level securities regulators.

Consumer advocates have also weighed in, with a coalition of them saying in a letter to Congress that the Clarity Act "guarantees the crypto industry will be given kid-glove treatment by captured regulators, putting investors and the economy at significant risk."

Still, the industry is counting on a wide margin of Democrat support — especially from younger Democrats that have routinely bucked their leadership on crypto matters.

"It was a long road to get here, and I think that it's not practical to believe that we're going to be able to spin up this type of momentum again," CCI's Colbert said. "For those who want regulation, this is an important moment to focus and be supportive of the process."



Read More: House Gears Up for Crypto Market Structure Vote on Wednesday, Stablecoins Thursday

House's Crypto Markets Bill on Track, But Some in Industry Hope For Senate Overhaul

Analyst and trader Michaël van de Poppe is warning that the top two crypto assets by market cap may have deeper corrections as markets trade lower with new US data showing a rise in inflation.

Van de Poppe tells his 795,100 followers on the social media platform X that after Bitcoin (BTC) printed new all-time highs and Ethereum (ETH) surged into the $3,000 range, the digital assets will likely start trending lower based on historical precedent.

“Classic move on the markets here. Likely we’re going to be seeing some more downside on Bitcoin and Ethereum to squeeze out the longs. Remember: volatility goes up, price goes up. This means harsh corrections are around the corner.”

Looking at his chart, the analyst suggests ETH may decline to the $2,750 level before a trend reversal.

Bitcoin is trading for $116,947 at time of writing, down 5% from its all-time high of $122,838 on Monday.

Meanwhile, Ethereum is trading for $3,048 at time of writing, up 19% in the last week.

Next up, the analyst says that layer-1 blockchain SUI Network (SUI) is showing strong market fundamentals after regaining the $3 level, and he believes the digital asset has more upside potential.

“Strongest ecosystems bounce back the strongest when a market is reversing. SUI is one of them. Did held strong support at $2.35 and started to rally substantially as it broke the downtrend. Crucial breakout above $3, and it’s basically into ‘buy the dip’ territory as it will be trading upwards.”

SUI is trading for $4.01 at time of writing, up 2.4% in the last 24 hours.

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Analyst Warns More Downside Likely for Bitcoin and Ethereum, With One Altcoin Far Outperforming the Competition

Key Takeaways:

Sonnet BioTherapeutics announces a $888 million merger to launch a public HYPE token reserve.

The new entity, Hyperliquid Strategies Inc (HSI), aims to be the largest U.S.-listed holder of HYPE.

Major crypto investors like Paradigm, Galaxy Digital, and Pantera Capital are backing the deal.

In an unprecedented turn for a Nasdaq-listed biotech company, Sonnet BioTherapeutics has pivoted into crypto, unveiling plans for an $888 million business combination to build one of the largest HYPE token treasuries in the United States. This move marks a significant crossover between traditional finance, public equity, and the blockchain sector.

Sonnet’s Strategic Shift: From Oncology to On-Chain

Sonnet BioTherapeutics (NASDAQ: SONN), previously focused on oncology biotech, announced on July 14 that it had signed a definitive agreement with Rorschach I LLC, a crypto-focused entity formed by affiliates of Atlas Merchant Capital and Paradigm Operations LP. The transaction will result in the formation of Hyperliquid Strategies Inc. (HSI), a publicly traded crypto treasury company focused on HYPE, the native token of the Hyperliquid Layer-1 blockchain.

Under the terms of the deal:

HSI will hold 12.6 million HYPE tokens , worth around $583 million .

12.6 million HYPE tokens $583 million It will also receive $305 million in cash , giving the new entity a total value of $888 million at closing.

$305 million in cash $888 million HSI will remain listed on Nasdaq under a new ticker, becoming one of the largest public holders of HYPE globally.

This marks one of the most aggressive crypto treasury moves by a publicly listed U.S. company since MicroStrategy’s pivot to Bitcoin.

Read More: Hyperliquid Review 2025; Is This Crypto Exchange Safe or a Scam?

Crypto Meets Wall Street: Major Backers Line Up

The transaction is backed by a powerhouse of institutional investors including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. These players bring extensive crypto experience, signaling high confidence in both the Hyperliquid ecosystem and the long-term value of HYPE.

Hyperliquid’s Growing Influence in the Blockchain Sector

Hyperliquid is an emerging Layer-1 blockchain known for its high-throughput on-chain trading infrastructure. It features two core components:

HyperCore , which powers on-chain perpetual futures and supports up to 200,000 orders per second .

200,000 orders per second HyperEVM , a general-purpose smart contract platform that extends HyperCore’s liquidity to dApps and developers.

The network’s consensus mechanism, HyperBFT, facilitates its speed and scalability, and forms part of the technology advantage against established chains.

Featuring on Forbes’ list of the top 20 largest cryptocurrencies by market cap (as of July 6), HYPE is currently the 13th-largest, status that few, even in the industry, could have predicted. The token isn’t accessible; U.S. investors won’t be able to buy it easily, which is where HSI sees an opportunity — to offer indirect exposure through equity markets.

Leadership Reshuffle and Strategic Direction

Upon closing, HSI will be led by industry veterans:

Bob Diamond , Co-founder and CEO of Atlas Merchant Capital, will serve as Chairman .

Chairman David Schamis , also of Atlas, will become CEO of HSI .

CEO of HSI Eric Rosengren , former President of the Boston Federal Reserve, will join the board, alongside two independent directors from Sonnet.

The team aims to turn HSI into a leading model for crypto-native treasury management in the public markets. A Sponsor Advisory Agreement (SAA) will be established with Rorschach to integrate HYPE into long-term treasury strategy.

This approach is similar to the strategy deployed by MicroStrategy with Bitcoin, but with a different token and infrastructure in focus.

Why HYPE and Why Now?

Matt Huang, Co-founder of Paradigm, stated that Hyperliquid has “broken out” as a protocol with strong fundamentals, citing:

High product quality

A rapidly growing community

Technical capabilities that rival Ethereum

The fact that HYPE is scarce, in contrast to solid US investor demand, offers the HSI’s setup an attractive framework as a public equity proxy for tokens.

As crypto embarks on a new market cycle and institutional involvement continues to increase, the timing appears to be a strategic one. Spot ETF approvals, overall regulatory clarity and post-halving dynamics are influencing the revival in confidence in the market.

Dual Business Model: Biotech Remains for Now

Interestingly, Sonnet’s legacy biotech operations will continue under the HSI umbrella as a wholly owned subsidiary. The company will retain focus on its clinical pipeline, including SON-1010, while disposing of other non-core assets.

To support this transition:

Sonnet raised $5.5 million via private placement of convertible preferred shares and warrants.

$5.5 million via private placement $2 million in convertible notes will be converted at the time of the transaction.

A Contingent Value Right (CVR) will be issued to shareholders tied to the biotech assets.

This structure provides investors with direct exposure to the crypto pivot, while retaining the potential upside from Sonnet’s oncology programs that are currently underway.

$888M Crypto Pivot: Nasdaq Biotech Firm Goes All-In on HYPE Token with Bold Treasury Bet

Macroeconomics expert Raoul Pal says risk assets could witness massive eruptions if the US dollar continues to weaken.

In a new video, Pal tells his 242,000 YouTube subscribers that if the US dollar index (DXY) falls further amid an improving business cycle, risk assets such as stocks and crypto could experience an extended bullish phase.

“So what happens is when the business cycle picks up, there’s more disposable income and businesses have more investment income and that gets driven out of the risk curve always…

And I think the inverse to the business cycle being so low for so long will be the flip side of the cycle will be longer than people expected because we’ve got this slight dislocation still working through post-Covid that then extends the business cycle…

But if financial conditions keep moving, if they really have done some sort of Mar-a-Lago Accord, and they get the dollar [DXY] below 90. Okay, then we’re going on further and yeah, maybe it’s a full bubble cycle then.”

The DXY, a measure of the value of the dollar relative to a basket of six other leading currencies from major economies, is currently at 98.

Pal further says an increase in global liquidity could also act as a bullish catalyst for asset prices amid high government debt levels.

“Just using the liquidity framework, the business cycle framework, the financial conditions framework, it’s all suggesting that the probability is because they need to roll the debt, they’re going to have to increase more liquidity, and this is just going to drive assets up strongly.”

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Falling US Dollar Could Trigger ‘Full Bubble Cycle’ in Risk Assets, According to Ex-Goldman Sachs Exec Raoul Pal

SharpLink Gaming (SBET) , the Nasdaq-listed firm with a crypto treasury strategy centered on ether {{ETH}} , on Tuesday said it has become the largest corporate holder of the asset with 280,706 ETH worth roughly $840 million at current prices.

The firm raised $413 million via the issuance of over 24 million shares between July 7 and July 11, according to a press release. It purchased a total of 74,656 ETH over the past week at an average price of $2,852 each.

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Roughly $257 million of that fundraising remained for future ETH acquisitions, the firm said.

SBET shares were trading 5% higher in U.S. action on Tuesday even as ETH slipped modestly to $2,990. The stock has risen roughly six-fold since the ETH treasury pivot several weeks ago.

With the latest purchase, the firm said it has now surpassed the Ethereum Foundation, the development organization behind the blockchain, to become the largest corporate owner of ETH. Notably, the foundation recently sold 10,000 ETH to SharpLink Gaming in an OTC deal. The Ethereum Foundation holds $665 million in ETH, according to blockchain data by Arkham Intelligence.

Sharplink Gaming is one of the public companies that have recently pivoted to a crypto treasury strategy, following the bitcoin-focused {{BTC}} playbook of Michael Saylor's Strategy. Ethereum co-founder and Consensys CEO Joseph Lubin joined the firm as chairman.

The firm uses capital markets to raise funds to acquire ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. The company said it has earned 415 ETH, roughly $1.2 million at current prices, through staking since its treasury pivot in June.

Other U.S.-listed firms such as Tom Lee's Bitmine Immersion Technology (BMNR) and bitcoin miner BIT Digital (BTBT) also turned into an ETH treasury play.

Read more: BitMine Immersion Surges 40% After Revealing $500M ETH Treasury

UPDATE (July 15, 15:35 UTC) : Adds Ethereum Foundation holdings.

Ethereum Treasury News: Sharplink Gaming (SBET) Holds $840M in ETH

An economist known for calling a blow-off top for the markets predicts that the total crypto market cap will skyrocket over 250% from current levels.

Henrik Zeberg tells his 186,700 followers on the social media platform X that he’s keeping a close watch on the TOTAL chart, which tracks the total market cap of crypto, excluding stablecoins.

The economist predicts that TOTAL will soar to $12.95 trillion in a wave five rally, supported by rising momentum as indicated by the relative strength index (RSI) and the relative vigor index (RVGI). His chart also notes that the moving average convergence divergence indicator (MACD) is on the up and up, suggesting that the asset class is amid a strong uptrend.

Both the RSI and the RVGI are momentum indicators, while the MACD is a trend-following oscillator.

Zeberg says that the rally will be fueled by a massive euphoria phase as witnessed in 2017 and 2021.

“12 Trillion USD Crypto Market?

Just imagine….”

At time of writing, TOTAL is trading at $3.681 trillion.

Looking at Bitcoin, Zeberg says that BTC is in the midst of a wave three surge, a period when an asset witnesses a steep rally based on the Elliott Wave theory.

The Elliott Wave theory is an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.

“BTC pumped, and we are now very clearly in a wave three setup.

This is what I think we may see.

A pump which continues much higher for the coming weeks. Then likely a STRONG PULLBACK into late-summer.

Finally, the last pump into the autumn.”

At time of writing, Bitcoin is worth $119,476.

Zeberg also believes that altcoins will ignite rallies in the coming weeks as Ethereum (ETH) flashes signs of life.

“ETH making the expected move.

Soon it will be leading the alts rally.

This is what we want to see in Altseason.

I expect much higher for ETH – BEFORE the onset of the Summer Doldrum for Alts.

A lot of money can and will be made over the coming weeks.

BUT ….. YES – there will very likely be a strong pullback into late Summer.”

At time of writing, ETH is trading for $2,984.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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$12,950,000,000,000 Crypto Market Cap Incoming As Massive Euphoria Phase Unfolds, Predicts Economist Henrik Zeberg – Here’s His Outlook

Bank of America (BofA) is unveiling its outlook for the S&P 500 for the rest of the year as the stock market surges to new record highs.

In a new CNBC interview, Paul Ciana – BofA’s head of fixed income, currency, commodity, and equity technical research – says he expects the S&P 500 to rally in the coming weeks after breaking out from a bullish reversal pattern.

“Yes, the S&P 500 is getting a little bit overbought, and we’re seeing signs of tactical weakness. But that’s okay. We’re also seeing plenty of signs for a bullish trend.

We think back to May, when we initiated our bullish outlook for this summer. We had that very nice [inverse] head and shoulders bottom in the daily chart of the S&P 500. That, like the technical textbooks would say, measures up to about 6,625.

So we’ve been looking for a rally into the 6,500 this summer, maybe with a little upside risk to that.”

While Ciana is bullish on the S&P 500, he warns that its ascent will not happen in a straight line. The BofA executive predicts that the stock market index will witness a correction once it hits his target level based on a technical analysis rule.

“In technicals, we like to say that the rule of alternation occurs with corrections, and there are a lot of parallels between 2025 markets and macro with 2018. In 2018, we had that shallow correction in the first half, big rally to all-time highs and a deep correction at year-end.

So I think the rule of alternation suggests we get this rally to new all-time highs, we have a mean reversion toward year-end. So maybe if we get up to 6,500, 6,600 toward year-end, maybe we come back down toward 6,200.”

Ciana clarifies that the S&P 500 succumbed to a deep pullback earlier this year, and that a modest correction could occur in the coming months – an inverse scenario of what happened in 2018.

As of Monday’s close, the S&P 500 is trading at 6,268.

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Bank of America Sees S&P 500 Showing Bullish Signals, But Warns a Modest Pullback Could Be Near – Here’s When

Inflation in the U.S. perked up in June but was mostly in line with expectations, perhaps helping to set the stage for another Federal Reserve rate cut as soon as September.

The headline Consumer Price Index (CPI) rose 0.3% last month versus economist forecasts of 0.3% and just 0.1% in May. On a year-over-year basis, CPI rose 2.7% against 2.7% expected and 2.4% in May.

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The core CPI, which strips out food and energy costs, climbed 0.2 % in June versus 0.3% expected and 0.1% in May. Core CPI year-over-year was higher by 2.9% compared to 3.0% anticipated and 2.8% in May.

In the midst of a steep decline from record highs of nearly $124,000 just a bit over 24 hours ago, the price of bitcoin

gained a bit back to $117,300 just following the release of the data.

A check of traditional markets finds U.S. stock indices futures adding a bit to gains, with the S&P 500 higher by 0.4%. The 10-year Treasury yield has dipped two basis points to 4.41%.

The new data comes as investors watch for signs of whether inflation is easing enough for the Federal Reserve to consider cutting interest rates later this year. Though at least two Fed members have agitated for a rate cut as soon as the central bank's late July meeting, there's doesn't seem to be wide support from either Fed Chair Jerome Powell or the rest of the central bank policymakers.

That's led to the Fed's subsequent meeting — in September — as the leading candidate for the possible resumption of rate cuts. Prior to this morning's inflation data, the odds of a September move were just shy of 62%, according to CME FedWatch.

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