Ethereum Surges, XRP Hits All-Time Highs, and Altseason Gains Momentum

Market Highlights

• Ethereum Steals the Show: ETH surged +26%, breaking above US$3,500 on record ETF inflows and growing demand from corporate treasuries.
• XRP Hits New All-Time Highs: XRP rallied +21.86%, fuelled by the launch of the ProShares Ultra XRP ETF and favourable U.S. legislation.
• Crypto Week in the U.S. Fuels Momentum: The House passed three key crypto bills this week, fuelling renewed investor confidence and sparking gains across ETH, XRP, and DeFi tokens.
• Altseason Signals Strengthen: Broad-based gains across large caps and DeFi tokens point to rising risk appetite and the early stages of altseason.

Market Overview

It was a breakout week across crypto markets, headlined by Ethereum’s (ETH) explosive rally and record-breaking institutional inflows that decisively shifted momentum across the sector. ETH surged over +26%, breaking above US$3,500 for the first time since January and posting one of its strongest weeks of 2025. The move was fuelled by a trifecta of catalysts: record ETF inflows, the signing of the GENIUS Act, and growing interest in ETH-based corporate treasury strategies.

Bitcoin (BTC) entered a consolidation phase following last week’s record high, trading between US$117,000 and US$122,000 and closing down -1.17%. Despite the pause, ETF flows remained strong, with BlackRock’s IBIT alone drawing US$2.57 billion. Notably, the market absorbed a historic 80,000 BTC whale liquidation with minimal disruption—highlighting improved depth and resilience.

Altcoins followed ETH’s lead, with early signs pointing to the onset of a new altseason. XRP surged +21.86% to fresh all-time highs, boosted by the launch of the ProShares Ultra XRP ETF and favourable U.S. regulatory developments. DeFi tokens such as Curve (CRV) and Ethena (ENA) also delivered strong performances, as investors repositioned around on-chain yield strategies following the GENIUS Act. Meanwhile, Dogecoin (DOGE) jumped +37.90%, leading a broader memecoin resurgence fuelled by renewed retail enthusiasm.

Bitcoin (BTC)

Following last week’s breakout to new all-time highs, Bitcoin (BTC) posted a more subdued performance this week, entering a consolidation phase near the top of its recent range. After briefly surpassing US$122,000 on Monday, BTC pulled back and traded between US$120,000 and US$117,000 for most of the week, ultimately closing down -1.17%. The pullback appears to reflect healthy consolidation after a strong upward move.

​​One headline-grabbing event came early in the week, when a Satoshi-era wallet moved more than 80,000 BTC—worth US$9.53 billion—to OTC desks. The transfer marked one of the largest known liquidations of dormant coins. Despite the size of the sale, the market absorbed the supply with minimal disruption, underscoring the depth of institutional demand and reinforcing bullish sentiment around Bitcoin’s growing maturity as an asset class.

That institutional interest was further evident in ETF flows. US-listed spot Bitcoin ETFs recorded US$2.39 billion in net inflows over the past week, among their strongest since launch. BlackRock’s iShares Bitcoin Trust (IBIT) dominated with US$2.57 billion in inflows, absorbing outflows from other funds and signalling investor preference for IBIT’s scale and structure. Growing expectations of interest rate cuts and Bitcoin’s maturing status as a macro asset continue to fuel institutional interest.

On the corporate front, Bitcoin advocate Adam Back has teamed up with Cantor Fitzgerald to launch the Bitcoin Standard Treasury Company (BSTR). The firm plans to go public via a SPAC merger with Cantor Equity Partners I, debuting with 30,000 BTC—worth over US$3.5 billion—on its balance sheet. This would make BSTR the fourth-largest corporate holder of Bitcoin at launch. The company is also aiming to raise up to US$1.5 billion through a private placement, further signalling institutional commitment to Bitcoin as a treasury reserve asset.

Ethereum (ETH)

Ethereum (ETH) has been the talk of the market this week, soaring more than +26% and breaking through the US$3,500 level for the first time since January. Building on last week’s double-digit gain, ETH’s momentum has accelerated, driven by a powerful combination of bullish catalysts. 

A key driver has been record-setting inflows into US-listed spot Ether ETFs, which brought in US$2.18 billion over the past week—capped by a single-day record of US$726.74 million on 16 July. The inflow spike coincided with the signing of the GENIUS Act, a landmark US stablecoin law. The legislation tightens rules for yield-bearing stablecoins, which may push more institutional capital toward native ETH staking and transparent restaking vaults.

The Ethereum treasury race is also intensifying, with Sharplink Gaming and Bitmine Immersion Technologies both making significant acquisitions in the past week. Sharplink’s latest purchase brought its ETH holdings to approximately 280,700 ETH—valued at over US$1 billion. However, Bitmine has now taken the lead, acquiring additional ETH to reach a total of 300,657 ETH (worth around US$1.13 billion), surpassing even the Ethereum Foundation. Chaired by Fundstrat co-founder Tom Lee, Bitmine has publicly stated its ambition to control up to 5% of ETH’s total circulating supply.

Meanwhile, Bit Digital also joined the race, adding 19,683 ETH to its treasury using proceeds from a US$67.3 million institutional raise. The company now holds over 120,000 ETH and recently announced a full strategic pivot away from Bitcoin mining to focus exclusively on ETH staking and treasury operations.

Altcoins

Altcoins surged this week, extending their recent momentum as bullish sentiment swept across the market. Dogecoin (DOGE) led large-cap gains, soaring +37.90% amid revived enthusiasm in the memecoin sector. XRP (XRP) followed with a breakout rally of +21.86%, hitting new all-time highs for the second time this year. The move was fuelled by the launch of the ProShares Ultra XRP ETF and renewed optimism following the passage of U.S. legislation this week. Cardano (ADA) gained +16.42% on growing retail participation, while Solana (SOL) climbed +12.62% in a continuation of its steady uptrend. Tron (TRX) posted a more modest +3.54% but remained in positive territory.

The shift was reinforced by on-chain signals: the Altcoin Season Index climbed to 45 (up from 33 last week), while Bitcoin dominance dropped sharply by -5% to 60.75%—one of its largest weekly declines in recent years. These moves reflect a growing appetite for altcoins and suggest the early onset of altseason.

Biggest Gainers:

• Conflux (CFX) +116.06%: CFX surged ahead of the upcoming launch of Conflux Network 3.0, scheduled for 30 July. The upgrade is set to introduce a new hybrid PoW/PoS consensus mechanism, improved smart contract execution, and higher throughput—positioning the network to appeal more strongly to institutional users.
• Osaka Protocol (OSAK) +59.70%: OSAK extended its impressive multi-week rally. While no major catalyst was identified, the token benefited from renewed online buzz and broader strength in the memecoin sector.
• Curve DAO (CRV) +47.79%: CRV gained on the back of a broader repricing of Ethereum-based DeFi protocols. As one of the most established DeFi platforms, Curve attracted renewed interest amid improved risk appetite in the sector.
• Ethena (ENA) +43.30%: ENA jumped to its highest level since February, as its synthetic dollar product, USDe, saw over $750 million in new inflows this week—bolstering confidence in the protocol’s growth trajectory.

Biggest Losers:

• CHEX Token (CHEX) -30.22%: CHEX was this week’s worst performer, tumbling without any identifiable catalyst. The decline may reflect waning interest or capital rotation away from real-world asset-linked tokens.
• Syrup (SYRUP) -15.34%: SYRUP continued its decline this week, with profit-taking pressure mounting after an extended period of strong outperformance in recent months.
• Useless Coin (USELESS) -14.30%: USELESS fell this week as momentum from its extraordinary +3,000% June rally began to fade, with early holders likely taking profits.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• US House Passes Key Crypto Bills: The House of Representatives passed three bipartisan crypto bills, introducing new frameworks for stablecoins, CBDCs, and the broader regulation of digital assets.
• GENIUS Act Signed into Law: The White House confirmed that President Trump signed the GENIUS Act into law, creating a federal framework for dollar-backed stablecoins aimed at enhancing US competitiveness in digital finance.
• Trump Set to Open US$14 Trillion Retirement Market to Crypto: The Trump administration is preparing an executive order to permit 401(k) accounts to invest in digital assets, gold, and private equity, directing regulators to remove existing barriers to alternative investments.
• Pudgy Penguins Expand into Asia via Suplay Partnership: Pudgy Penguins announced a strategic partnership with Chinese collectibles firm Suplay to launch Pudgy-themed merchandise across Asia, tapping into the region’s US$30 billion collectibles market.
• XRP Ledger Chosen for Dubai’s Property Digitisation Drive: Ripple announced a partnership with UAE-based tokenisation firm Ctrl Alt to issue and custody tokenised real estate deeds for Dubai’s Land Department on the XRP Ledger.
• PayPal USD Expands to Arbitrum: PayPal revealed that it is expanding PayPal USD (PYUSD) onto Layer-2 blockchains starting with Arbitrum. This deployment provides developers with their first Layer 2 option for PYUSD integration, combining the stablecoin's established reliability with Arbitrum's low-cost, high-throughput transaction processing.
• TAO Synergies Invests $10M in Bittensor: TAO Synergies disclosed a US$10 million purchase of Bittensor’s TAO token, becoming its largest public holder and signalling confidence in decentralised AI as an emerging investment theme.
• Ether.fi Expands to HyperLiquid with New ‘beHYPE’ Token: Ether.fi shared plans to join the HyperLiquid ecosystem and launch a new liquid staking token, beHYPE, developed in collaboration with HyperBeat.
• MEI Pharma Adopts Litecoin Treasury Strategy: MEI Pharma announced a US$100 million private stock offering to fund a Litecoin-based treasury strategy, with Litecoin creator Charlie Lee set to join the board and GSR managing reserves.
• Aethir Launches First DePIN-backed Crypto Credit Card: Aethir and Credible Finance unveiled the first crypto credit card backed by DePIN infrastructure, initially available to Aethir node operators and token holders.

Looking Forward - The Week Ahead

Key upcoming events to watch:

• Trump BTC Reserve Plan (22 July): The Trump administration is expected to unveil a formal proposal this week for a new Bitcoin reserve funding plan.
• Sonic Airdrop Portal Launch (22 July): The claiming portal for Sonic’s airdrop will go live over the next couple of days enabling $S token distribution to eligible users.
• Optimism Superchain Upgrade 16.0 (This Week): Optimism will roll out its latest Superchain upgrade, introducing smart contract improvements designed to boost interoperability, decentralisation, and on-chain security.
• AVAX ETF Deadline (28 July): The SEC is scheduled to respond this week to VanEck’s application for a spot Avalanche ETF, a key milestone in expanding institutional access to AVAX.

Thanks for reading this week’s Market Pulse. We’ll be back next week with more insights from the crypto markets!