Bitcoin Sets a Record Monthly Close in July, Ethereum Turns Ten

Bitcoin ended July with a record monthly close of $116,480, driven by continued institutional interest — particularly from spot exchange-traded funds (ETFs) and corporates treating bitcoin as a strategic reserve asset.

Despite a modest pullback of 7% from its recent all-time high of $123,200, bitcoin remains in a clear uptrend, forming higher highs and higher lows. At the time of writing, BTC is trading at $114,680, having bounced after briefly testing support at $112,000, the 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.

Ethereum also marked a milestone last week, celebrating the 10th anniversary since its mainnet launch — a decade of smart contracts, decentralised applications, and blockchain innovation.

Meanwhile, altcoins retreated in recent days, with the total market capitalisation excluding bitcoin falling by $115 billion, down 7.5% from its recent peak. Memecoins led the pullback, recording double-digit losses. However, this decline may present a buy-the-dip opportunity for speculative investors.

On the institutional front, spot bitcoin ETFs posted their longest-ever inflow streak, reflecting growing appetite for crypto exposure in traditional portfolios.

Looking ahead, macroeconomic data is expected to be light next week. However, market participants may remain cautious amid trade tensions.

“There may be some choppiness as traders digest the impact of President Trump’s reciprocal tariffs, due to take effect on 7 August for countries that haven’t signed new trade deals with the US,” added Peters. “The implications of these tariffs on global markets are still unfolding.”

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.

With the Bitcoin July Close marking a new record, investor optimism remains strong, buoyed by ETF demand and bitcoin’s evolving role in global portfolios.