Houthis Again Target Tel Aviv, As Israelis Plead for More US Raids on Yemen

Political

Summary:

Official says Houthis aggression "can no longer remain solely an Israeli problem"...

The Houthis have clearly been ramping up their attacks on Israeli interests and assets out of Yemen, and on Thursday another ballistic missile strike on Tel Aviv was attempted.

Israel's military said it intercepted a missile launched from Yemen, shortly after conducting airstrikes on Houthi targets. The Iran-aligned group later confirmed responsibility for the launch, calling it a "qualitative military operation" involving a ballistic missile.

Prior missile intercept over Tel Aviv in June, via AFP

As a result, multiple alert sirens were active across Israel during the dawn hours. All of this comes after the Houthis attacked and sank two commercial vessels bound for Israel, in complex operations which they boasted of and captured on film.

Israel is now reportedly formally asking the United States to renew its military strikes on the Iran-backed group, according to Kan public broadcaster..

Israel told the US that the attacks on shipping "can no longer remain solely an Israeli problem," and called for "more intense combined attacks against Houthi regime targets — not just [Israeli] air force fighter jet strikes, but also a renewal of American attacks and the formation of a coalition including additional countries."

"A broad coalition is needed to convey to the Houthi regime that it is in danger," an anonymous Israeli defense official told Kan.

At the moment, the Houthis are still actively targeting Tel Aviv international airport, along with any vessel in the Red Sea bound for Israel. Ben Gurion airport has been directly hit at least once during the conflict.

President Trump had in May declared a US ceasefire with the Houthis, to the chagrin of Israel, which stepped up its own aerial attacks on Yemen.

Trump, perhaps realizing the futility of the US bombing raids - amid Houthi resolve - essentially declared 'victory' and departed the war theatre. Many war analysts believe that the Houthis cannot ultimately be defeated short of a full, comprehensive ground operation.

Source: Zero Hedge

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Glendon

Cryptocurrency

On July 11, 2025, Bitcoin (BTC) surged past $118,000, marking a historic high. According to CoinMarketCap real-time data, Bitcoin rose 6.56% in the past 24 hours, 7.5% over the week, and an impressive 152% year-to-date.

Market sentiment is blazing hot, with investors on social media cheering: “BTC broke $118,000, the Asian session is still soaring, those waiting for a pullback are missing out!”

However, the rapid ascent caught pullback-awaiting investors off guard, as no meaningful correction materialized—and FOMO took hold across the board.

INSTITUTIONAL FUND INFLOW: ETF FUELS PRICE ROCKET

The biggest short-term driver behind Bitcoin’s break above $118,000 is institutional capital inflows.

In particular, spot Bitcoin ETFs have served as the “rocket fuel” for this rally. According to Bloomberg, as of July 11, global Bitcoin ETFs saw record weekly net inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) alone netting $448 million on July 10.

A market participant on social media noted: “Institutional buying is unstoppable—IBIT accumulation is directly pushing BTC to new highs, retail simply can’t keep up!”

Through massive ETF purchases, institutions have sharply reduced Bitcoin’s available supply on exchanges. Glassnode data shows that on July 11, BTC holdings on major crypto exchanges declined to 1.8 million BTC, the lowest level in three years.

The resulting supply-demand imbalance has directly propelled price gains. At the same time, ETF-driven FOMO has gripped retail investors.

Fearful of missing out on further gains, many abandoned their wait-and-see strategies and rushed in, amplifying upward momentum.

Social sentiment captures this echo: “ETF inflows are like a flood—BTC just won’t stop!” This synergy between institutions and retail stands at the heart of Bitcoin surpassing $118,000.

MARKET MOMENTUM & TRADING FRENZY: ASIAN SESSION FUELS SURGE

Bitcoin’s rise is underpinned by strong market momentum. On the night of July 10, BTC broke the key $114,000 level, and during the Asian trading session on July 11, it pushed past $118,000.

Glassnode shows on‑chain transaction volume spiked 35% at the breakout—reaching a monthly peak—indicating unprecedented market participation.

One social media trader stated: “Volume exploded when BTC crossed $114,000—this is a full-on bull signal, no pullback in sight.”

Asia’s trading surge injected massive energy. Crypto exchanges in Hong Kong and Singapore hit monthly highs in night trading, with Binance and OKX seeing BTC volume spike 45% during the early hours of July 11.

Especially between 2 AM and 4 AM HKT, activity surged and leveraged trading climbed. Investors commented online: “Asian session buys have gone crazy—BTC directly blasted past $118,000!”

This fervent activity not only cemented the upward move, but also squeezed out pullback opportunities.

MARKET SENTIMENT: FOMO SWEEPS, CHASING HIGH BECOMES MAINSTREAM

Social media has become the sentiment barometer of investor frenzy. After Bitcoin topped $118,000, hashtags like #Bitcoin and #BTCnewhigh exploded, with discussions generating over 60 million views.

As one investor wrote: “BTC hit $118,000—retail still waiting for a $110k pullback? You don’t wait in a bull market, get on board now!” Such comments resonated widely, prompting even more investors to abandon wait-and-see postures and join the rally.

WHY DID THOSE AWAITING A PULLBACK MISS OUT?

In this bull cycle, pullback windows have become extraordinarily brief—or non-existent. At the end of June, BTC dipped from $110,000 to $105,000, only to recover within 48 hours.

The July 11 breakout came without any discernible pullback—the price shot from $116,000 straight through $118,000, leaving those waiting for it in the dust.

One social media user complained: “Every time I wait for a pullback, the market just pumps instead—it feels like it’s mocking me.”

Several factors lie behind this phenomenon. First, institutional buying heavily suppresses pullback potential. ETFs and large institutions buying into dips quickly absorb selling pressure.

For example, when BTC briefly fell to $115,000 during trading on July 10, buying demand lifted it back above $116,500 in under two hours. Second, global crypto market liquidity is higher and order book depth deeper, meaning retail selling rarely moves the needle.

As one investor put it: “Institutions were waiting at $115k—retail hoping for $110k? No chance!” So those expecting 10–20% deep pullbacks were repeatedly disappointed, missing optimal entry points.

Compared to 2017 or 2021’s bull cycles, the 2025 Bitcoin market is fundamentally different. Previously, retail-driven speculation led to swings of 20–30%, creating entry windows. Now, with institutional dominance, everything has changed.

Companies like MicroStrategy have continued to buy: as of July 11, their holdings exceed 250,000 BTC, while exchange BTC supply sits at a three‑year low of 1.8 million BTC. This shortage has made prices highly responsive to buys and resilient to sells.

One trader commented: “Institutions setup at $110k—retail waiting for $100k? Forget it!” Institutional depth not only lifts the market floor, but compresses the pullback timeline.

For instance, after BTC broke $112,000 on July 9, a correction was expected—but institutions quickly drove it to $118,000, blindsiding patient traders. Under this new market regime, “waiting for pullback” is obsolete strategy—and missing out is inevitable.

LESSONS FROM MISSING OUT: REBUILDING STRATEGY IN A BULL MARKET

DROP THE “PERFECT LOW” FIXATION

Historical BTC bull runs repeatedly show that chasing “the perfect dip” often means missing the rally entirely. Instead, adopt a staggered buying approach.

For example, gradually build positions around $105,000, balancing risk and participation. Disciplined entry trumps blind waiting for perfection.

EMOTIONAL CONTROL & TRADING DISCIPLINE

Online discussions capture the regret of those left behind: “Every time a pullback seems possible, prices fly and my mindset collapses.”

Many retail traders give in to FOMO or regret, lacking clear plans. The takeaway: investors need structured strategies—like target-based approaches or dollar-cost averaging—to stay on course.

Emotional control is equally crucial. When BTC topped $118,000, social media buzz surged—and with it, panic and FOMO. Those who stayed calm, focused on on-chain data and fundamentals, were better equipped to make rational decisions.

As one analyst advised: “Don’t let hype on social media cloud your judgment—set your plan, that’s how you win in a bull market.”

DERIVATIVES TOOLS: FLEXIBLE OPTIONS FOR BULL MARKET DYNAMICS

For those hesitant to chase high prices, derivatives offer viable alternatives. Short-term call options—e.g., July expiration at $120,000—let you play the upside with fixed risk. One market participant said: “Don’t want to chase high?

Buy a call option—low cost, high potential upside.” Similarly, futures hedging can lock in profits or protect against dips.

Derivatives offer exposure with lower capital and reduced fear of missing out. For instance, on July 11, BTC options volume on Binance surged 60%, highlighting traders’ eagerness to deploy derivatives in this rally.

But caution is key—derivatives require sophistication, and high leverage can lead to liquidations. As shared online: “Options let me profit and sleep easy during the bull run.”

CONCLUSION

On July 11, 2025, Bitcoin rocketed past $118,000, fueled by institutional capital, market momentum, supply scarcity, and rampant FOMO.

Investors hoping for a pullback were left behind—pulled down by narrow correction windows, new market dynamics, and emotion-based trading. Social media captures the mood: “BTC won’t wait—you board now or get left behind.”

The lesson is clear: in bull markets, waiting for the perfect dip can mean missing the rally. Investors must rethink their approach—embrace staggered entry, reinforce discipline, and make smart use of tools like derivatives.

Source: CryptoSlate

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Michelle

Economic

Forex

The hurdle for another interest rate cut by the European Central Bank is "very high" as the euro zone economy is holding up better than expected despite uncertainty over trade, ECB board member Isabel Schnabel said in an interview published on Friday.

Having halved its policy rate in just a year, the ECB has signalled it will now stay put and see how the economy copes with a simmering global trade war stoked by U.S. President Donald Trump.

Schnabel expressed a clear preference for keeping rates steady as inflation was moored at ECB's 2% target, the euro zone economy was proving resilient and more government spending in Germany was brightening the outlook.

"Inflation is projected to be at 2% and inflation expectations are well anchored," Schnabel told financial newswire Econostream. "In view of this, our interest rates are also in a good place, and the bar for another rate cut is very high."

The ECB cut its policy rate to 2% last month - a level that Schnabel said was "becoming accommodative". The ECB's official range for the neutral rate, which is neither accommodative nor restrictive, is 1.75% to 2.25%.

She said she would only back a cut if she saw "signs of a material deviation of inflation" from 2% and spoke against "fine-tuning" the rate in response to data such as swings in oil prices.

The ECB's chief economist Philip Lane also said recently that the central bank would react to "material" changes in the euro zone's inflation outlook and ignore "tiny" ones.

Striking a different tone to some of her colleagues, Schnabel played down recent strength in the euro's exchange rate, saying its "pass-through" to inflation would be limited and it reflected an improved economic outlook.

"It seems that the uncertainty is weighing less on economic activity than we thought, and on top of that, we’re expecting a large fiscal impulse that will further support the economy," she said. "So overall, the risks to the growth outlook in the euro area are now more balanced."

She argued tariffs would prove inflationary over the medium term because of higher costs and less efficient supply chains, "which are not included in our standard projection models".

Source: Reuters

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Gerik

Economic

BOJ Expected to Pursue Cautious ETF Exit Strategy Through Gradual Market Sales

Goldman Sachs analysts forecast that the Bank of Japan (BOJ) will opt for a measured, long-term plan to reduce its 37-trillion-yen ETF holdings valued at approximately 70 trillion yen on the market through small-scale sales in the open market, rather than pursuing more disruptive alternatives like transferring assets to public or government-controlled entities.

The BOJ has remained vague about the timeline and mechanism of offloading the ETFs it amassed during 13 years of aggressive asset purchases as part of its ultra-loose monetary policy. While ETF buying officially halted in 2024, the central bank continues to face mounting pressure over the exit strategy for what now amounts to $252 billion in book value assets, with market value nearly double that amount.

Key Objectives: No Losses, Minimal Market Distortion, Price Stability

Goldman’s report, authored in part by Akira Otani, a former BOJ official and financial markets department head, emphasizes that any exit plan must meet three critical conditions outlined by the BOJ: avoid realizing losses, minimize market volatility, and maintain appropriate selling prices. According to Goldman, a gradual divestment strategy in the open market is the only practical method that aligns with all three objectives.

While some experts have suggested more aggressive or centralized options such as transferring the ETFs to government-backed institutions or redistributing them to the public Goldman views such alternatives as either politically complex or potentially destabilizing for markets.

Proposed Timeline: Fiscal 2026–2027 Onward

The report proposes that the BOJ could begin its divestment around fiscal 2026 or 2027, at an annual pace of approximately 600 billion to 1 trillion yen in book value. This slow, steady rhythm would reduce risks of flooding the equity market and provide time for investors to absorb the sales.

BOJ Governor Kazuo Ueda has maintained a cautious stance, stating that the bank needs further time to study the most appropriate strategy. The prolonged silence suggests that internal debate is ongoing and that any hasty action could undermine financial stability, especially given the BOJ’s influential presence in Japan’s equity markets.

Market Implications: Delicate Balance Between Exit and Stability

If the BOJ proceeds with Goldman’s forecasted strategy, Japanese equities could avoid short-term shocks, though the overhang of future ETF sales may weigh on sentiment. Conversely, a transparent and pre-communicated schedule could ease investor concerns and reduce volatility, much like the Fed's balance sheet runoff strategy in the U.S.

The BOJ’s handling of this delicate unwind will be a litmus test for post-QE central bank normalization, especially for institutions with large-scale equity exposures. As global central banks retreat from pandemic-era stimulus measures, Japan’s unique challenge will be executing a market-sensitive exit without igniting instability.

In short, while the BOJ’s ETF exit remains on the horizon, the favored path forward appears to be one of patience, gradualism, and precision a reflection of Japan’s signature central banking style.

Source: Reuters

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Blue River

Economic

Forex

On Friday, the USD/JPY pair advanced to 146.93, marking a three-week high as the US dollar continued to strengthen against a backdrop of escalating global trade tensions.

Recent developments in US trade policy have further unsettled markets. US President Donald Trump announced additional tariffs, including a 35% levy on Canadian imports, alongside plans for sweeping 15-20% duties on most other trading partners.

Of particular concern are US-Japan relations, following Trump’s imposition of a 25% tariff on Japanese goods this week, set to take effect on 1 August. The move has intensified bilateral strains, with Japanese Prime Minister Shigeru Ishiba warning of the need to reduce Japan’s reliance on the US in defence, food security, and energy.

Ishiba described the ongoing negotiations as a “battle for national interests”. At the same time, a leading Japanese think tank projected that the tariffs could shave 0.8% off Japan’s GDP in 2025, with a cumulative decline of 1.9% by 2029.

Technical Analysis: USD/JPY

H4 Chart:

The USD/JPY has established a consolidation range around 145.65, now extending to 147.17. A short-term pullback to 145.65 (testing from above) is anticipated, followed by a potential upward wave targeting 147.47 at minimum. This outlook is supported by the MACD indicator, with its signal line firmly above zero and trending upward.

H1 Chart:

A consolidation phase near 146.41 preceded an upward breakout, completing a wave structure at 147.17. A downward correction towards 145.65 is now in view, corroborated by the Stochastic oscillator, where the signal line sits at 80 and points sharply downward.

Conclusion

The yen’s weakness persists amid dollar strength and trade uncertainties, with technical indicators suggesting near-term volatility. Traders should monitor 145.65 as a key support level, while further upside towards 147.47 remains plausible.

Source: ACTIONFOREX

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Daniel Carter

Commodity

Economic

The International Energy Agency on Friday raised its forecast for supply growth this year after Opec+'s latest decision to pump more oil, while it trimmed its outlook for demand, saying that in recent months, oil use has slowed down significantly.

The IEA expects global supply to rise by 2.1 million barrels per day this year, up 300,000 bpd from the previous forecast, the agency, which advises industrialised countries, said in a monthly report.

Opec+ is adding more crude to the market after the group decided to unwind its most recent layer of output cuts in April and accelerate the hikes from May, June, July and August.

Even so, the IEA said that rising refinery processing rates to meet summer travel and power-generation demand were tightening the market.

"Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances," the agency said.

Source: Theedgemarkets

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Gerik

Economic

Commodity

Gold Holds Ground Amid Trump Tariff Threats and Fed Policy Uncertainty

The gold market maintained its upward momentum into Friday, as traders absorbed two key forces: escalating trade tensions initiated by President Donald Trump and an increasingly divided U.S. Federal Reserve over the timing of potential interest rate cuts. The metal traded at $3,334.27 an ounce by 8:15 a.m. London time, extending gains from Wednesday and Thursday but still recovering from an earlier weekly drop.

The rise in gold’s value reflects its traditional role as a safe-haven asset during periods of global uncertainty. President Trump this week proposed sweeping new tariffs targeting countries such as Canada and Brazil, and notably slapped a substantial tariff on copper imports set to take effect August 1. These policy shifts sparked fresh investor concerns about the fragility of global trade and industrial demand, driving money back into gold.

Interest Rate Outlook Remains Divided as Fed Officials Signal Uncertainty

On the monetary policy front, the Federal Reserve has so far maintained steady interest rates in 2025, but internal disagreements have started to surface. Mary Daly, President of the San Francisco Fed, reiterated her view that two rate cuts are still possible this year, citing confidence that the inflationary effects of tariffs might be milder than markets fear.

Lower interest rates tend to favor non-yielding assets like gold by reducing the opportunity cost of holding them. This prospect, combined with Trump's aggressive stance on trade, has led to continued speculation that the Fed may have to ease policy in response to a cooling global economy or deteriorating sentiment.

Gold’s Rally Fueled by Multiple Drivers

The latest uptick in gold comes after a sharp rally earlier this year, when prices breached $3,500 an ounce in April, fueled by central-bank purchases, geopolitical instability, and dovish expectations from global monetary authorities. So far in 2025, gold has gained over 25%, making it one of the best-performing assets in a volatile macroeconomic environment.

Traders now eye both macroeconomic data releases and any signals from upcoming Fed meetings to refine their expectations. At the same time, the Trump administration's unpredictable trade policies continue to act as a source of volatility, strengthening gold's appeal as a risk hedge.

Broader Precious Metals Market Mixed

In other metals markets, silver prices edged higher, benefiting from both industrial and haven demand, while platinum and palladium slipped, reflecting lingering concerns over global auto production and industrial consumption. The Bloomberg Dollar Spot Index, a key gauge of dollar strength, rose 0.2%, capping further upside for dollar-denominated commodities like gold.

Gold's continued resilience underscores a fragile risk sentiment across global markets. As long as Trump's tariff strategy injects uncertainty into trade flows and the Federal Reserve remains ambiguous about its policy path, gold is likely to maintain a strong floor, with traders watching closely for signs of renewed upside toward April’s highs.