As Bitcoin (BTC) consolidates near the $119,000 mark following a new all-time high (ATH) above $123,000 last week, several on-chain indicators are presenting a mixed picture regarding the cryptocurrency’s next major move. Bitcoin On-Chain Data Shows Mixed Outlook According to a CryptoQuant Quicktake post by contributor Chairman Lee, BTC exchange reserves have risen noticeably since late June. This sharp uptick suggests increased profit-taking activity, which could weigh on BTC in the short-term. Large holders and miners have also been ramping up their deposits since July 18. However, overall inflows to centralized exchanges remain relatively low compared to the levels observed during major market tops earlier this year. Related Reading: Bitcoin Rally Ahead? DXY Breakdown Suggests Capital Shift To Risk-On Assets Meanwhile, the Unspent Transaction Output (UTXO) count continues to decline – a trend often interpreted as a sign of long-term accumulation. Investors appear to be consolidating their coins, reducing active transactions and indicating strong conviction in Bitcoin’s long-term potential. For context, a declining UTXO count typically reflects reduced short-term selling pressure as holders move BTC into fewer wallets rather than trading them. This behavior is commonly associated with an overall bullish market outlook. Chairman Lee also pointed out that institutional and exchange-traded fund (ETF) flows remain robust. Year-to-date (YTD), nearly $50 billion has flowed into Bitcoin investment products despite temporary pauses due to profit-taking. Data from SoSoValue shows that US-listed spot BTC ETFs have recorded four consecutive months of positive inflows, with more than $18 billion added since April 2025. Similarly, total net assets held by these ETFs now exceed $151.6 billion. Can BTC Still Eye $180,000 Target? From a technical standpoint, Chairman Lee highlighted the $116,400 area as the immediate support zone. The analyst remarked: A breakdown below this level could extend the correction toward $112K–$110K. On the upside, holding above $116K keeps the structure intact for another push toward $124K–$130K. The analyst emphasized that as long as Bitcoin defends the $110,000 level, the broader bullish trend will remain intact. Moreover, if ETF and institutional inflows gain further momentum, BTC could still reach the ambitious year-end target of $180,000. Related Reading: Bitcoin Set To Soar? Analyst Sees Fresh $2 Billion Liquidity Triggering Next Leg Up That said, some cautionary signs are beginning to emerge. On-chain data indicates that long-term holders are accelerating distribution, while short-term investors are entering the market in hopes of benefitting from further upside – behavior that has historically preceded local tops. On the contrary, the Bitcoin short-term holder Market Value to Realized Value (MVRV) suggests that there may still be room for further growth in BTC’s price. At press time, BTC trades at $119,241, up 0.9% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Crypto prediction market Polymarket is considering launching its own stablecoin to gain control over the interest-bearing reserves currently backing USDC deposits on its platform, CoinDesk reported, citing sources familiar with the matter. The deliberations reflect a broader industry trend as platforms seek to internalize stablecoin-related revenue, particularly in closed ecosystems. The source told the news […]
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Out of the 58 entities holding Ethereum (ETH) in their treasuries, the 10 public-listed companies have roughly $3.2 billion, equivalent to 865,265 ETH. According to Strategic ETH Reserve data, four publicly listed companies recently added 113,300 ETH to their holdings. Furthermore, the number of entities jumped from 40 in June to 58 as of July […]
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Cboe has submitted amendments for five crypto-related exchange-traded funds (ETFs) that would allow authorized participants to create and redeem shares in-kind, which is a positive sign for the approval of such funds. Bloomberg ETF analyst James Seyffart shared on July 22 a screenshot of the exchanges’ docket showing the amended rule filings. The amendments relate […]
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Solana’s (SOL) recent climb back above $200 is a sign that the altcoin pivoted from a “meme-driven ecosystem” to a “high-beta, blue-chip alternative” that is attracting institutional attention. According to MEXC Research chief analyst Shawn Young, the over 34% increase in July to the $202.52 price, as of press time, marks a shift in how […]
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Citadel Securities has urged the U.S. Securities and Exchange Commission to proceed cautiously with any initiatives that would accelerate the adoption of tokenized securities, warning that a hasty approach could disrupt existing capital markets and marginalize institutional investors. The market-making giant submitted its recommendations in a formal letter to the SEC’s Crypto Task Force, arguing […]
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PNC Financial Services Group has formed a partnership with Coinbase to let the bank’s customers access crypto services, as Bloomberg News reported on July 22. According to PNC’s head of treasury management Emma Loftus, the arrangement is in its early phase. It will begin by allowing wealth and asset management clients to trade cryptocurrencies directly […]
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The US Justice Department has closed its investigation into Kraken’s founder Jesse Powell, and returned dozens of laptops and mobile phones agents seized during an FBI raid two years ago, Fortune reported on July 22. The federal case did not revolve around Kraken’s operations, but rather a bitter governance fight at the Verge Center for […]
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DogeOS, a Dogecoin-based application layer, has submitted a proposal to enhance the blockchain network with native zero-knowledge proof (ZKP) verification, according to a July 22 statement shared with CryptoSlate. The proposed upgrade, dubbed OP_CHECKZKP, aims to unlock new functionality by enabling smart contract interoperability with Ethereum. DogeOS is currently building its own Ethereum-compatible zkVM, which […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. Happy Tuesday! Here’s what you need to know in crypto today. Traditional finance is moving deeper into digital assets. JPMorgan is reportedly exploring crypto-backed loans, Western Union may integrate stablecoins, and PNC Bank has partnered with Coinbase to offer crypto access to clients — while […]
A group of US senators has introduced a discussion draft of a new bill that would establish clearer regulations for the country’s digital asset industry. On July 22, Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno released the draft version of the Responsible Financial Innovation Act of 2025 to solicit public feedback. The […]
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Solana’s price rally reached a new milestone on Monday. SOL traded at $195.50 per coin, pushing the total valuation to over $105 billion for the first time since January 25. Related Reading: Too Pricey? Expert Says XRP Beats Bitcoin And Ethereum Right Now That jump reflects growing optimism around the token. Short‑term gains have been strong, but questions remain about how deep the recovery really runs. DeFi TVL Rises With Price Based on reports, Solana’s total value locked in DeFi hit $14.18 billion. That’s the highest level in six months, back to where it stood in January when SOL first reached its all‑time high. A big chunk of that gain comes from the token’s own price climbing. When SOL moves up, every coin locked in lending pools and vaults gets worth more on paper. Users haven’t needed to rush in and lock fresh tokens to boost TVL numbers. The overall ecosystem feels larger. Yet true usage growth may be slower than those headline figures suggest. Experts are keeping a close eye on how many new deposits actually show up. After all, token value and real‑world demand don’t always rise at the same pace. DEX Trading Activity Shows Uptick Between July 14 and July 20, Solana’s decentralized exchanges handled over $22 billion in trading volume. That’s up from close to $19 billion the week before. Raydium led with $8.4 billion, followed by Orca at almost $6 billion and Meteora at $5.3 billion. Based on data, traders are coming back. But weekly volumes still sit far below the $98 billion peak set in mid‑January. That gap signals a market that’s warming up but not yet boiling over. Volume gains show renewed interest among active users. It also hints that fresh strategies and new tokens may be finding feet after a slower spell. Staking Dominates Network Security According to on‑chain figures, about 355 million SOL remain staked with validators. That stake is worth roughly $69 billion, or about 65% of all tokens in circulation. Those coins aren’t counted in DeFi TVL or in DEX volumes. Instead, they’re busy securing the network and validating transactions. Related Reading: XRP Over Everything? Expert Tells New Investors To Go All In Meanwhile, SOL is predicted to increase another 3.50% and hit $210 by August 21, 2025. Sentiment is currently bullish while the Fear & Greed Index is at 71 (Greed). In the past 30 days, SOL experienced 19/30 green days and 8.61% price fluctuations, indicating both strength and volatility in today’s market, data from CoinCodex shows. Featured image from Meta, chart from TradingView
U.K.-based crypto asset firms also face a high risk of being targeted by North Korean hackers, many of which operate on behalf of sanctioned entities, the report said.
The REX-Osprey Solana Staking ETF (SSK) has crossed $100 million in assets under management (AUM), just 12 trading days after its July 2 launch, according to a July 22 statement. Greg King, founder of REX Shares, highlighted the speed of this growth as a testament to rising investor appetite for innovative crypto exposure through regulated […]
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Ethereum validators are experiencing the longest wait times in over a year to withdraw their staked ETH, as growing demand for staking collides with the network’s built-in exit limitations. According to data from ValidatorQueue.com, validators seeking to exit the Ethereum network must now wait approximately 8 days and 6 hours to complete the process, marking […]
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Strategy (previously MicroStrategy), the world’s largest corporate holder of Bitcoin (BTC), announced on Monday that it had acquired an additional 6,220 BTC during the week spanning July 14 to July 20. This latest purchase brings the company’s total Bitcoin holdings to an impressive 607,770 tokens, acquired at an aggregate cost of approximately $43.61 billion, averaging $71,756 per Bitcoin. Strategy Stock Slumps Despite GENIUS Act Approval This announcement coincided with a breakthrough in the regulatory landscape for cryptocurrencies, as the GENIUS Act successfully cleared the House and received final approval from President Donald Trump on Friday. The new stablecoin legislation establishes federal guidelines for stablecoins. The passage of the GENIUS Act has provided a boost to cryptocurrency exchanges like Coinbase Global (COIN) and Robinhood Markets (HOOD), which saw their stock prices rise by 2.2% and 4.1%, respectively, following the news. Related Reading: Dogecoin Price Breaks Above $0.26 In Weekend Rally As Pundit Predicts 2,600% Surge Despite the favorable regulatory environment, Strategy’s stock did not experience a similar surge. Instead, it fell by 7.2% over the course of Thursday and Friday, marking the company’s worst two-day performance since late May. This decline mirrored the overall dip in Bitcoin prices, which had recently retreated toward the $117,000 zone from record highs above $123,000 earlier in the past week. Saylor Defends Bitcoin Strategy Reports note that the stock’s performance may have been impacted by a bearish research note from Gus Gala, an analyst at Monness, Crespi, Hardt, who reiterated a Sell rating on Strategy shares with a target price of $200. Notably, Gala is the only analyst among 17 surveyed by FactSet to rate the Strategy’s stock as a Sell, which could contribute to investor caution. Amid these fluctuations, Strategy’s Chairman Michael Saylor remains a vocal advocate for the company’s Bitcoin strategy. In a recent post on social media site X (formerly Twitter), he encouraged followers to “Stay Humble. Stack Sats,” referring to Satoshis, the smallest unit of Bitcoin, emphasizing a long-term commitment to accumulating the cryptocurrency. Related Reading: Hold On For Dear Life: This Bullish Bitcoin Metric Just Touched A 15-Year High As the market continues to adapt to shifting regulations, crypto supporters are eagerly awaiting the next legislative development: the CLARITY Act. This bill, which passed the House with a vote of 294-134, aims to create a clearer regulatory framework for digital assets by distinguishing between securities and commodities and delineating oversight responsibilities among various federal agencies. When writing, the market’s leading cryptocurrency trades at $117,500, recording a 14% price surge in the monthly time frame, and nearly 74% year-to-date. With the recent price correction, the Bitcoin price is now 4% below its current all-time high achieved during last week’s rally. Featured image from DALL-E, chart from TradingView.com
The global crypto fund world saw another banner week as investors piled in. According to CoinShares data, net inflows into digital‑asset products jumped to $4.40 billion—beating the prior record of $4.27 billion set after the 2024 US elections. Related Reading: Too Pricey? Expert Says XRP Beats Bitcoin And Ethereum Right Now It was the 14th straight week of positive flows, lifting year‑to‑date inflows to $27 billion and driving total assets under management to a fresh high of $220 billion. Trading also heated up: exchange‑traded product turnover hit nearly $40 billion in a single week, underscoring a surge in both interest and liquidity. Record Inflows Hit New High Last week’s $4.40 billion haul wasn’t just a marginal uptick. It smashed the old record by $120 million. Investors have now pumped capital into these funds every week since early April, showing a clear shift toward digital assets as part of broader portfolios. Last week digital asset products saw all-time high weekly inflows of US$4.39bn, bringing YTD inflows to US$27bn, pushing AuM to a record US$220bn. Ethereum attracted a record US$2.12bn in inflows, while Bitcoin saw inflows of US$2.2bn. https://t.co/y32mEP8Oa2 — Wu Blockchain (@WuBlockchain) July 21, 2025 Total AUM of $220 billion means these products now rival many traditional asset classes in sheer scale. And with $39 billion in weekly turnover, bid‑ask spreads are likely tighter—making it easier for big players to move in and out without major price swings. Ethereum Leads The Charge Based on reports, Ethereum was the standout draw. It pulled in a little over $2 billion—nearly double its previous weekly high of $1.2 billion. Over the past week, ether climbed 24.5%, briefly topping $3,800 for the first time in more than seven months. That price pop clearly caught buyers’ eyes. Bitcoin stayed strong too, with $2 billion in inflows, even if that was down from $2.7 billion the week before. Notably, ETPs made up 55% of Bitcoin’s total exchange volume, signaling that institutions are hunting exposure via these regulated vehicles. Related Reading: Not Even Bitcoin Is Safe: Kiyosaki Warns Of Massive Market Collapse US Market Drives The Wave Regional flows tell their own story: the US was by far largest with $4.30 billion of last week’s inflows. Switzerland contributed $47 million, Australia $17 million, and Hong Kong $14 million. Meanwhile, Brazil and Germany experienced minor outflows of $28 million and $15 million as domestic investors booked profits or changed strategy. The sheer magnitude of US demand is evidence of both regulatory certainty regarding spot crypto ETFs and increasing comfort on the part of asset managers to apply those products. Featured image from Meta, chart from TradingView
Over the last few weeks, XRP has creeped up slowly but surely to become one of the most talked-about cryptocurrencies in the space. Its price has also risen steadily through this time, beating the $3.6 level to reach new seven-year highs and triggering momentum for higher prices. While the community celebrates this milestone, there is the fact that the altcoin has not made a new all-time high, and even with all of the recent push, its inability to reach new peaks has become a cause for concern. Are XRP Investors Getting The Short End Of The Stick? In a TradingView post, crypto analyst ICharted made a shocking allegation, namely that XRP investors are being ripped off. The analyst pointed out that the fact that a number of bullish developments have emerged in recent times and the XRP price is still sitting well below its all-time high levels shows that investors were getting the short end of the stick. Related Reading: Dogecoin Whale Bets $21 Million After $2.14M Profit – What’s Going On? The analyst listed out seven developments that have been bullish for the XRP price and should’ve already pushed it to new peaks. First on the list is the election of US President Donald Trump, who is the first pro-crypto president in history. Despite the market surge triggered by Trump’s election, XRP has remained well below its all-time highs. Next on the list is the fact that the Ripple case brought by the Securities and Exchange Commission (SEC) in 2020 is nearing its end, and this has also triggered a surge. But it was still not enough for new peaks. This also comes amid mass adoption as Ripple becomes the foremost crypto settlement company in the industry. ICharted also pointed out the myriad of partnerships that Ripple has inked, spanning from payments to real estate, and yet the XRP price continues to struggle. This has put XRP in the eye of the public, making it a well-known cryptocurrency, especially as it plans to take on SWIFT, but it is still sitting below all-time highs. Related Reading: Bitcoin Re-Enters Profit Zone As Greed Rises, But Rally To $200,000 Still Possible The rise in the volume in the past year is another development the analyst points to, as well as the fact that it was able to receive an ETF approval this year, which began trading last week. Then, last but not least, is the fact that the US Congress has passed multiple favourable crypto bills this year, and yet the XRP price remains below its 2018 peaks. Given that none of these have been able to push the XRP price to new all-time highs, the analyst warned investors that they are being ripped up on the price action. ICharted pointed to a possible price crash back to the $2 level soon, predicting that a free fall will begin in August. “The Feds are soon going to cut rates multiple times. Bitcoin tanks everytime that happens,” the analyst warned. Featured image from Dall.E, chart from TradingView.com
Bitcoin-focused treasury firm Strategy has introduced a new class of perpetual preferred shares, the Series A Variable Rate Stretch Preferred Stock (STRC), according to a July 21 statement. According to the firm, it plans to issue five million STRC shares at a face value of $100 each, pending regulatory clearance and market conditions. STRC vs […]
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Trump Media experienced a notable uptick in its stock price (DJT) on Monday, closing up 3% after an intraday rise exceeding 5% to reach $19,25 per share. This surge followed the company’s announcement that it had invested $2 billion in Bitcoin (BTC). Two-Thirds Of Assets To Bitcoin Treasury The media group, which encompasses President Donald Trump’s social media platform Truth Social, the streaming service Truth+, and the financial services brand Truth.Fi, revealed that the recent cryptocurrency purchases align with a strategy initially outlined in May to establish a Bitcoin treasury. According to Trump Media, these Bitcoin assets now represent two-thirds of its total $3 billion in assets, signaling a deepened financial commitment to the world’s largest cryptocurrency. Related Reading: $331M In Shorts At Risk As Ethereum Targets Key Supply Level Devin Nunes, CEO and president of Trump Media, emphasized the company’s unwavering focus on executing its publicly announced strategy. He stated that these assets are designed to secure the company’s “financial independence” and protect it from potential discrimination by financial institutions. Furthermore, Nunes mentioned plans to introduce a utility token within the Truth Social ecosystem, which could enhance user engagement and create new revenue streams. In addition to acquiring Bitcoin, Trump Media has allocated $300 million towards an “options acquisition strategy” focused on Bitcoin-related securities. Trump’s Regulatory Push Trump’s support for a more supportive regulatory environment in Washington, D.C., has resulted in significant price increases and surging adoption by public traded companies in the digital asset industry. Recently, President Trump signed legislation that establishes the first federal framework for dollar-backed stablecoins, a significant endorsement expected to foster greater adoption of these digital assets under the GENIUS Act. This move coincides with the launch of World Liberty Financial, a new crypto startup supported by Trump and his sons, which recently introduced its own US dollar-pegged stablecoin, USD1, in collaboration with BitGo. Related Reading: Too Pricey? Expert Says XRP Beats Bitcoin And Ethereum Right Now Trump Media’s ambitious plans include raising $2.5 billion to further expand its Bitcoin treasury. This approach, which blends public equity and debt issuance, has drawn inspiration from Michal Saylor’s pioneering efforts at Strategy (previously MicroStrategy), where the company’s transformation into a Bitcoin powerhouse began in 2020. Despite the stock’s recent rally, the performance of Trump Media has been volatile. Since announcing its Bitcoin treasury strategy in late May, the stock has fallen 25%, and it is down 45% year-to-date. On the other hand, Bitcoin recently reached a new record price above $123,000. Since then, however, the cryptocurrency has struggled to consolidate within its latest range of $118,000 to $119,000 and has fallen back toward its current valuation of $116,960. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s recent price movement reflects a pause in the broader uptrend, with the asset trading at $117,901 following a near 5% weekly decline. While the current downturn may signal a cooling of investor enthusiasm, on-chain indicators suggest the market may still have room to expand before reaching an exhaustion point. Notably, activity among long-term holders and derivatives traders reveals continued interest and potential for price volatility. One of the standout indicators drawing attention is the Spent Output Profit Ratio (SOPR) for long-term holders (LTH), which has climbed to a new high for 2025. Related Reading: Bitcoin Climbs, But NVT Indicator Sends a Surprising Signal SOPR Suggests Continued Room for Growth Before Cycle Peaks According to CryptoQuant analyst Gaah, this metric tracks the profitability of coins moved by holders who have kept their Bitcoin for more than 155 days. The latest reading shows that LTHs are beginning to sell at a profit, but the indicator has yet to reach historically critical levels associated with market tops. Gaah emphasized that although LTH SOPR has crossed the mid-range and currently sits slightly above 2.5, it remains well below the 4.0 threshold historically linked with macro tops in previous cycles. This implies that long-term investors are realizing gains, but not to an extent that would suggest market euphoria or widespread distribution. In past bull cycles, SOPR readings above 4.0 marked the onset of significant corrections or cycle tops. The gradual increase in profit-taking could indicate that the market is maturing while maintaining upward potential. Gaah notes that investors should interpret this as part of the natural progression of a bullish phase, though risks of correction still remain. The ongoing accumulation and realization patterns from LTHs provide insight into how confidence and caution can simultaneously exist in market behavior. Derivatives Market Remains Active Amid High Open Interest and Bullish Funding Rates In a separate analysis, CryptoQuant analyst Arab Chain highlighted ongoing activity in the Bitcoin derivatives market as another crucial component of the current market landscape. Open interest, which represents the total number of outstanding futures contracts, remains elevated near $42 billion. This level, though slightly down from recent peaks, is still near historical highs and reflects strong trader participation. Arab Chain also highlighted the role of funding rates in shaping market sentiment. Currently, rising funding rates suggest dominance by long positions, indicating a bullish market environment. Related Reading: Hold On For Dear Life: This Bullish Bitcoin Metric Just Touched A 15-Year High When this sentiment is paired with high open interest, it may point to heightened risk of volatility, especially in an environment where leveraged trades are becoming more frequent. The analyst warned that a sudden price move could lead to widespread liquidations if funding becomes unsustainable, forcing exchanges to close out positions. Featured image created with DALL-E, Chart from Tradingview
As Bitcoin (BTC) continues to hover in the high $110,000 range, on-chain data suggests that a short-term price pullback may be imminent. That said, the broader market structure remains firmly bullish. Bitcoin Exchange Reserves Hit Near-Month High According to a recent CryptoQuant Quicktake post by contributor ShayanMarkets, BTC reserves on centralized exchanges have risen to their highest level since June 25. This surge in exchange-held Bitcoin may signal increasing profit-taking activity among investors. Related Reading: Bitcoin Set To Soar? Analyst Sees Fresh $2 Billion Liquidity Triggering Next Leg Up A rise in BTC inflows to exchanges typically precedes distribution phases, as more coins become available for potential sale. This shift is often interpreted as a weakening in buy-side pressure, which could lead to a short-term price decline. ShayanMarkets commented: Historically, rising exchange reserves are associated with local market tops, as more BTC becomes available for potential sale. However, this metric alone should not be seen as a definitive trigger for immediate price drops. Broader market liquidity, sentiment, and demand dynamics remain key. The analyst emphasized that while higher reserves may suggest short-term selling pressure, they don’t necessarily indicate a reversal in trend. Any correction should be evaluated in context, unless accompanied by a significant change in macroeconomic or technical indicators. In a separate CryptoQuant post, analyst Darkfost pointed out a sharp uptick in Bitcoin whale activity. Notably, the last two Bitcoin local tops occurred when monthly average inflows from whales exceeded $75 billion. Between July 14 and July 18, average monthly inflows from whale wallets surged from $28 billion to $45 billion – a $17 billion jump. This pattern suggests that some whales may be taking profits following Bitcoin’s recent all-time high of $123,218 on Binance. What Does On-Chain Data Suggest? On-chain data also shows that long-term holders are distributing their BTC, while short-term holders are increasingly accumulating. This kind of rotation is often associated with late-stage rally behavior and potential exhaustion. Related Reading: Bitcoin Set To Soar? Analyst Sees Fresh $2 Billion Liquidity Triggering Next Leg Up Still, the short-term holder Market Value to Realized Value (MVRV) ratio currently sits at 1.15, well below the typical profit-taking threshold of 1.35. This suggests that there may still be room for further price appreciation before a broader selloff begins. However, not all indicators are reassuring. The Bitcoin NVT Golden Cross – a metric that compares network value to transaction volume – is trending higher, which may point to growing market froth. Likewise, exchange data from Binance indicates that BTC could be facing a near-term pullback. At press time, Bitcoin trades at $118,052, down 0.4% over the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Ethereum’s derivatives market has erupted in the past seven days, and the trading desk at Singapore-based QCP Capital argues it is the clearest evidence yet that a long-anticipated altcoin season is finally under way. In a note to clients on Monday, the firm says total perpetual open interest (OI) in ether futures has vaulted from “under $18 billion to more than $28 billion in just a week,” a jump large enough to drag the composite “altcoin-season index” above the critical 50-point threshold for the first time since December. Altcoin Season Ignites As Ethereum Outpaces BTC While it’s no surprise that retail may be chasing the momentum, it’s becoming increasingly clear that institutions are leading the charge this cycle, driven by a shift in narratives and structural developments,” QCP writes, pointing to the unusually large sizing of recent block trades on CME and Binance. Related Reading: Ethereum Set To Hit $10,000, Elliott Wave Analysis Predicts QCP singles out last Friday’s signing of the GENIUS Act as the pivotal spark behind the rotation. The law creates a comprehensive federal regime for dollar-backed stablecoins, forcing issuers to hold 100 percent short-term Treasury or cash reserves and submit to Bank Secrecy Act oversight. The White House cast the statute as “historic legislation that will pave the way for the United States to lead the global digital-currency revolution.” With regulatory clarity finally in hand, corporate treasuries “are racing to build their stockpile,” QCP says, treating ether and other smart-contract platforms—Solana, XRP Ledger and Cardano among them—as the infrastructure layer that will benefit most from an explosion in stablecoin issuance. The desk compares the emerging strategy to the hard-money playbook adopted by publicly listed bitcoin bellwethers such as MicroStrategy and Japan’s Metaplanet. The note argues that the policy tailwind is already reshaping capital flows. Spot ether ETFs attracted $602 million on July 17, out-pulling bitcoin ETFs’ $522 million and marking the first daily flow victory for ETH in the eighteen-month history of US crypto ETPs. BlackRock’s iShares Ethereum Trust recorded the single largest subscription and, according to QCP, is “broadcasting confidence” that its pending amendment to allow on-chain staking will secure SEC approval later this year. Industry analysts concur: the agency is widely expected to rule on the batch of staking amendments before year-end despite BlackRock’s late filing. Related Reading: Tom Lee Predicts $30,000 Per Ethereum As Treasury Frenzy Begins Derivatives positioning mirrors the spot-market exuberance. QCP highlights “aggressive” demand for out-of-the-money call spreads such as the ETH-26 Sep 25 $3,400/3,800 and ETH-26 Dec 25 $3,500/4,500 structures, along with a persistent bid for call-side risk reversals across all listed tenors. Implied volatility skews now favour calls by their widest margin since the April 2024 meme-coin frenzy, signalling traders’ willingness to pay up for upside exposure through the fourth quarter—precisely the window in which ETF staking approval could drop. The Ether surge has already carved four percentage points out of bitcoin’s market-share lead, driving BTC dominance down to 60 percent while lifting ETH’s share from 9.7 percent to 11.6 percent, QCP notes. If that trend holds—and the firm stresses that sustained follow-through in the options market is a key litmus test—“the next leg of altcoin season may already be in motion.” For now, QCP is monitoring three metrics: perpetual OI growth, the altcoin-season index, and relative ETF flows. A decisive break of bitcoin above $121,000 could delay rotation, the desk concedes, but the structural forces unleashed by the GENIUS Act and the prospect of yield-bearing ether ETFs give institutions a tangible reason to diversify. As QCP puts it, “we’ll be watching these signals closely—and if anything else confirms the thesis, you’ll be the first to know.” At press time, ETH traded at $3,846. Featured image created with DALL.E, chart from TradingView.com
Altcoins advanced sharply last week while Bitcoin (BTC) held near record levels, shifting market leadership toward higher-beta tokens, according to the latest edition of the “Bitfinex Alpha” report. Bitcoin reached an all-time high of $123,054, a 65% climb from its April low, before entering a sideways range between $116,000 and $120,000. As the flagship crypto […]
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BitGo has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering, signaling its intent to enter public markets amid renewed momentum in the digital asset sector. The company’s Form S-1 submission does not include share counts or pricing details, and the offering remains contingent on regulatory review […]
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Jito Labs published a proposal for a Block Assembly Marketplace (BAM) on July 21, a transaction-sequencing system that would enable developers to run central-limit order books, perpetual exchanges, and dark pools on Solana without altering the base protocol. The design introduces a network of BAM Nodes that sit beside the existing validator set, order encrypted […]
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Roman Storm’s defense team raised the prospect of a mistrial on July 21 after an FBI agent failed to confirm that the stolen assets from the prosecution’s first witness in his trial had passed through Tornado Cash. Journalist Matthew Russell Lee reported in real-time today’s session of the trial, highlighting that before the jury could […]
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Trump Media and Technology Group, the parent company of Truth Social, revealed it has amassed roughly $2 billion worth of Bitcoin (BTC) and related digital assets, expanding on an investment strategy disclosed earlier this year. The company’s July 21 filing comes days after the U.S. House of Representatives advanced a trio of crypto bills, including […]
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xTAO aims to contribute to Bittensor's ecosystem by fostering the development of valuable products such as machine learning models.
The Ethena Foundation is making a bold push into the public markets by creating a new stablecoin-focused treasury firm, StablecoinX Inc. According to a July 21 statement, the company will go public through a merger with TLGY Acquisition Corp. As part of the deal, StablecoinX plans to invest $360 million into the buyback and accumulation […]
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