• Retail Bids Alone Aren’t Enough: Small wallets keep buying every dip while the largest holders have not accumulated since the April 24th peak.
• The CLARITY Act Is the Swing Factor: Optimism about passage drove $BTC to $66.2K, and a few days of silence was enough to send price back down.
• Divergences Across Ethereum DeFi: $AAVE, $LDO and others set July highs on dead network activity, historically one of the weaker foundations for price action.

July has been difficult to read. The month opened grim, turned optimistic in its second week, and has since drifted back toward the range that has held since early June. The Santiment team gathered to check whether the recent softness is visible in the data or only in the mood, working…