Bitcoin closed July at a record monthly high of $116,480, signalling continued strength in the world’s leading cryptocurrency. The surge has been largely driven by institutional participation through spot exchange-traded funds (ETFs) and corporations integrating bitcoin as part of their strategic reserves.
Although bitcoin pulled back 7% from its all-time high of $123,200, it remains in a strong uptrend, with the price currently at $114,680 after rebounding from key support near $112,000 — a previous record high.
“We remain in bullish territory. Should the $112,000 level hold as support, it could form the base for bitcoin’s next leg higher,” said Simon Peters, Crypto Market Analyst at eToro.
Meanwhile, Ethereum marked its 10-year anniversary since the mainnet launch on July 30, 2015. Over the past decade, Ethereum has grown into the backbone of decentralised finance (DeFi), NFTs, and stablecoin ecosystems, with more than $80 billion in total value locked.
Ethereum’s price has soared by over 560,000% since launch. Although it remains around 35% below its all-time high of $4,870 from November 2021, market sentiment suggests it could benefit significantly if an altcoin season materialises. Its growing institutional adoption and network improvements aimed at scalability and security further support this outlook.
Record Inflows for Ethereum Spot ETFs
US-based spot Ethereum ETFs recorded their 20th consecutive day of net inflows last Thursday — the longest streak since their launch a year ago. The streak began on July 3, coinciding with ‘Crypto Week’ announced by the US House Committee on Financial Services.
In July alone, Ethereum ETFs attracted over $5.43 billion in net inflows, far surpassing the previous record of $2.08 billion in December 2024. These ETFs now hold $21.52 billion worth of Ethereum, representing 4.77% of the total market cap. During this period, Ethereum’s price climbed 55%, from $2,500 to $3,950.
Altcoin Pullback and Memecoin Volatility
Altcoins faced pressure last week, with total market capitalisation excluding bitcoin dropping by 7.5%, or $115 billion. Memecoins led the decline, with $BONK and $FARTCOIN losing 22% and 30% respectively. However, some investors view this as a potential “buy-the-dip” opportunity.
Not all tokens followed the trend. $IP, the native token of the Story network, gained 12% after Grayscale announced the launch of the Grayscale Story Trust, designed to offer accredited investors exposure to the token.
Macro Backdrop: Trade Tensions Loom
Looking ahead, macroeconomic data is expected to remain light next week. However, traders are closely watching the geopolitical landscape as new reciprocal tariffs by President Trump are due to take effect on August 7 for countries without updated trade agreements.
“There may be some choppiness as traders digest the impact of President Trump’s reciprocal tariffs… The implications of these tariffs on global markets are still unfolding,” added Peters.
