Cryptocurrency Revaluation? Total Market Cap Hits $4 Trillion Milestone — Traders Eye $140K Bitcoin, $4K Ethereum

TradingKey - On Thursday, July 17, major cryptocurrencies surged as the U.S. House of Representatives overwhelmingly passed three key crypto bills — setting the stage for a potential regulatory overhaul and a new wave of institutional adoption.

As a result, the total cryptocurrency market cap surpassed $4 trillion for the first time in history, signaling a new phase of structural revaluation in the digital asset space.

Kronos Research noted that this milestone is more than symbolic — it could mark a turning point in how crypto is viewed within the global financial system.

The firm pointed to several catalysts, including bitcoin hitting new all-time highs, strong inflows into crypto ETFs and clarity in U.S. regulatory policy.

U.S. Crypto Legislation Clears Final Hurdle

On Thursday afternoon (ET), the U.S. House passed the following bills — which are now set to become law:

1. GENIUS Act – Establishes a regulatory framework for stablecoins
2. CLARITY Act – Provides legal clarity for crypto market structure
3. Anti-CBDC Act – Restricts the Federal Reserve from issuing a central bank digital currency (CBDC)

These legislative developments have laid the first clear regulatory path for crypto compliance in the U.S., fueling a rally in digital assets.

As of writing:

• Bitcoin (BTC) traded at $119,306.17
• Ethereum (ETH) at $3,618.54, with ETH outperforming BTC, up over 5% in 24 hours, compared to BTC’s 1% gain

Record Bullish Options Positions

Data from Deribit shows that traders are increasingly bullish on crypto:

• Over $2.36 billion in notional open interest is currently placed on $140,000 Bitcoin call options — the most popular strike price.
• In contrast, the most popular put option at the $100,000 strike holds only half the OI of the top call, indicating strong confidence in BTC’s upward momentum.

Amberdata reported that the most popular Ethereum options are those with a strike price of $4,000, with $651 million in open interest. More aggressive bets are also emerging — with around $280 million in positions targeting a $6,000 ETH price.

Analysts described this as a strong bullish signal, suggesting that traders are aligned on the potential for rapid and sustained price breakouts.