Bitcoin finished July at $116,480, a record monthly close for the number one cryptoasset, driven by institutional demand from the spot ETFs as well as public and private companies who are buying bitcoin as a strategic reserve asset, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Although the price has slipped 7% since forming a new all-time high of $123,200 a few weeks ago, we are still in a clear uptrend – higher-highs and higher-lows.
Price is currently trading at $114,680. We did get to as low as $112,000, the previous all-time high, before bouncing. Another re-test may see this level act as support and hopefully setting the base for the next leg higher.
After seeing impressive gains in recent weeks altcoins also slipped, with the total market capitalization excluding bitcoin losing $115 billion, down 7.5% from its recent high. Memecoins were the biggest losers within the overall altcoin category seeing double-digit drawdowns, however with the lower prices it may provide a good opportunity for the more speculative investor to buy-the-dip on these cryptoassets.
Looking forward to next week there is not much in the way of economic data to cause any significant volatility.
There may be some choppiness as traders and investors continue to digest President Trump’s reciprocal tariffs, which will start from 7th August on countries that have yet to agree a trade deal with the US, and what these tariff increases mean for the global economy.
BIGGEST MOVERS
Memecoins were the biggest fallers last week seeing double digit losses amidst the broader slip in cryptoasset prices. $BONK and $FARTCOIN the largest, down 22% and 30% respectively.
$IP bucked the trend and was up 12% last week on news that Grayscale, the world’s largest digital asset-focused investment platform, will be launching the Grayscale Story Trust, which will provide accredited investors exposure to IP, the native token of the Story network.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Ethereum turns ten
Ethereum marked its ten-year anniversary last week. The mainnet first went live on 30th July 2015.
Over the past decade Ethereum has become the main blockchain for decentralised finance, stablecoins and NFT (non-fungible token) collections, and has over $80 billion in total value locked at the time of writing.
The ethereum price has seen a 560,000% increase in that time, although today it is still 35% away from its $4,870 all-time high seen in November 2021.
Looking ahead, if we do see an altseason, ethereum could be one of the main beneficiaries, particularly with the United States push for crypto regulation potentially becoming the network of choice for institutional DeFi and continued network developments aimed at enhancing security and scalability.
Ethereum spot ETFs set record net inflows streak
US spot ethereum ETFs reported their twentieth consecutive day of net inflows on Thursday last week, marking the longest positive inflows streak since their launch 12 months ago. The run started on 3rd July when the US House Committee on Financial Services announced ‘Crypto Week’.
July has by far been the best performing month for the ethereum spot ETFs in terms of inflows, with over $5.43 billion going in. The previous best performing month was December 2024 which saw $2.08 billion of inflows.
With the record streak of net inflows, the US ethereum spot ETFs currently hold $21.52 billion worth of ethereum, 4.77% of the total ethereum market capitalisation.
The ethereum cryptoasset price in that time has risen from $2500 to $3950, a 55% gain, helped by the spot ETF inflows and well as a growing list of publicly listed companies now adopting ethereum treasury strategies.
