Bitcoin and some other major cryptocurrencies, like ethereum and XRP, are higher in afternoon trading. The crypto complex is seen as treading water to start the third quarter, as investors watch how the world inflation picture, and the next moves of the Kevin Warsh-led Federal Reserve, proceed. "Fed messaging and spot ETF flows remain key watchpoints, with markets likely to consolidate until institutional investors return," Binance Research says in a note. The firm adds that in June, cryptocurrency market capitalization fell 16.9% to $2.13T, "reflecting weak institutional positioning which exposed its dependence on ETF inflows that never materialized." Selling of altcoins--crypto tokens outside of bitcoin or stablecoins--rose to a five-year high, Binance says. (kirk.maltais@wsj.com)