Blueprint – ETF Inflows End $2.73B Bleeding Streak. Macro Overhang Persists Into July FOMC

• The week’s dominant theme was regulatory infrastructure, not price. Circle received final OCC approval for First National Digital Currency Bank, N.A. (“Circle National Trust”) on July 10 — the first stablecoin issuer under direct federal bank supervision. SWIFT launched its live blockchain ledger with 17 banks from six continents on July 9, built on Hyperledger Besu, enabling 24/7 tokenized deposit settlements. The SEC released its “Regulation Crypto” rulemaking agenda. A new merged CLARITY Act draft (Senate Banking + Agriculture) is expected the week of July 20. These are structural milestones, not price catalysts — their institutional impact…