ETH Outpaces BTC Again as ETF Inflows Surge

Market Highlights

• ETH Extends Winning Streak: ETH gained +3.14%, marking its fifth straight weekly rise and flipping Bitcoin in both ETF inflows and price performance.
• BNB Breaks All-Time Highs: BNB surged +11.53% to a new record above US$800, driven by a US$520 million treasury allocation from biotech firm Windtree Therapeutics.
• Ethena Makes Bold Moves: ENA jumped +36% as Ethena unveiled a US$260 million token buyback and partnered with Anchorage to launch a GENIUS-compliant stablecoin.
• DeFi Momentum Builds: Headline catalysts, regulatory clarity, and capital rotation suggest the DeFi renaissance is gathering pace.

Market Overview

After several weeks of strong momentum, crypto markets took a breather as traders locked in profits ahead of month-end and the looming 1 August trade tariff deadline set by President Trump. This appears to be a healthy phase of consolidation, with capital rotation and selective accumulation still evident across key sectors.

Ethereum (ETH) remained firmly in the spotlight, notching its fifth consecutive weekly gain and outperforming Bitcoin (BTC) in both price action and ETF inflows. The trend reflects growing institutional appetite for ETH, buoyed by regulatory clarity from the GENIUS Act and a wave of high-profile corporate adoption headlines.

Altcoins also showed renewed momentum. From DeFi to memecoins, market activity was fuelled by policy tailwinds and high-profile capital commitments. Ethena’s US$260 million buyback, Solana’s US$1.51 billion ecosystem fund, and BNB’s breakout to fresh all-time highs all signal that institutional capital is increasingly flowing into the broader altcoin landscape.

Bitcoin (BTC)

Bitcoin (BTC) returned to positive territory this week, gaining +1.84% to close around US$119,000. Price action was marked by midweek volatility, including a brief dip to US$115,000 following reports that Galaxy Digital had facilitated the sale of more than 80,000 BTC, worth over US$9.3 billion, for a Satoshi-era investor who had held the coins for over 14 years. The transaction ranks among the largest notional Bitcoin sales in crypto history.

Despite initial concerns, the market absorbed the supply with minimal price disruption, a signal many traders interpreted as bullish. The smooth execution reinforced confidence in BTC’s growing liquidity and institutional depth.

On the institutional front, Michael Saylor’s firm Strategy upsized its Stretch Preferred Stock offering to US$2.52 billion, strengthening its capital reserves for continued BTC accumulation. Separately, Japan-based Metaplanet announced the purchase of an additional 780 BTC, worth approximately US$92.5 million. This brings its total holdings to 17,132 BTC acquired at a cumulative cost of roughly US$1.73 billion.

ETF flows reflected broader sentiment shifts during the week. While US-listed spot Bitcoin ETFs experienced outflows in the first half, inflows on Thursday and Friday helped turn the tide, resulting in net weekly inflows of approximately US$72.9 million, according to SoSoValue.

Ethereum (ETH)

Ethereum (ETH) continued its outperformance this week, rising +3.14% to close near US$3,900. This marks its fifth consecutive weekly gain, fuelled by growing institutional demand, supportive regulatory developments, and sustained ETF inflows. Attention now turns to the key US$4,000 level, one of the final major resistance zones before a potential push toward new all-time highs is on the cards.

Corporate adoption headlines continued to accelerate. BitMine Immersion Technologies announced its Ethereum holdings have reached US$2.1 billion, making it the largest known corporate ETH treasury. The mining firm currently holds 566,776 ETH. Meanwhile, Ethereum’s institutional infrastructure expanded further with the launch of Ether Machine, a purpose-built platform backed by US$1.5 billion in committed capital. The firm is focused on delivering secure, regulatory-compliant ETH yield strategies tailored specifically for institutional investors.

On the ETF front, Ethereum funds surpassed their Bitcoin counterparts in weekly flows. Spot ETH ETFs attracted more than US$1.8 billion in net inflows, extending a 16-day streak of positive momentum, according to Farside Investors. BlackRock’s iShares Ethereum Trust (ETHA) led the charge with US$1.29 billion in new capital. On Wednesday, ETHA became the third-fastest ETF in history to surpass US$10 billion in assets under management, achieving the milestone in just 251 days.

Altcoins

Altcoin momentum eased this week, with large-cap tokens delivering mixed results amid sector rotation and profit-taking.

Binance Token (BNB) led the market with an impressive +11.53% gain, reaching a new all-time high above US$800. The surge was fuelled by a strategic treasury allocation from Windtree Therapeutics, which pledged nearly US$520 million, 99% of its new funding, to accumulate BNB. Solana (SOL) gained +3.97%, buoyed by the announcement of Accelerate, a new investment firm aiming to raise US$1.51 billion to build the largest Solana treasury in the ecosystem. Tron (TRX) also posted a modest +1.48% gain, extending its low-volatility trend and showing resilience in quieter trading conditions.

On the downside, Cardano (ADA) slipped –2.92%, reflecting a broader cooldown after several weeks of steady gains. XRP (XRP) fell -6.31% after a wallet linked to Ripple Co-Founder Chris Larsen transferred 50 million XRP, worth approximately US$140 million, to exchanges, raising concerns about potential liquidation. Dogecoin (DOGE) was the weakest among large-cap altcoins, dropping –12.07% as traders took profits following a strong four-week rally.

Biggest Gainers:

• Useless Coin (USELESS) +43.65%: USELESS rebounded strongly after last week’s dip, gaining over 43% and entering new all-time highs and price discovery. The rally was driven by renewed traction among crypto KOLs and ongoing accumulation by large holders.
• Pudgy Penguins (PENGU) +39.25%: PENGU continued its march higher, supported by a wave of community-driven initiatives, viral marketing, and recent announcements. The project remains in price discovery as momentum builds.
• Ethena (ENA) +36.28%: ENA jumped over 36% this week following major announcements from Ethena Labs, including a US$260 million token buyback programme and a strategic partnership with Anchorage Digital to launch the GENIUS-compliant USDtb stablecoin.
• Syrup (SYRUP) +35.21%: SYRUP rebounded from last week’s dip to become one of the top gainers, following its listing on South Korea’s leading exchange, Upbit. The token also gained momentum from governance proposal MIP-018, which recommends increasing token buybacks using protocol revenue. Voting began on 25 July and is currently trending in favour of the proposal.

Biggest Losers:

• Pump.fun (PUMP) -37.80%: PUMP fell nearly 38%, earning the title of this week’s biggest loser as it continues its decline following a record-breaking ICO. The drop appears to stem from waning sentiment and growing competition from BonkFun, which is gaining market share.
• Kaito (KAITO) -17.83%: KAITO declined almost 18% after its new Web3 Capital Platform announcement failed to gain traction. Market response was muted, suggesting the rollout lacked the momentum or clarity investors were hoping for.
• Grass (GRASS) -16.35%: GRASS lost over 16% this week, with no specific news catalyst. The decline likely reflects broader cooling in the crypto AI sector, as traders rotate capital into more active narratives.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• Ether Machine Launches US$1.5B Institutional ETH Yield Fund: Ether Machine has announced its official launch with US$1.5 billion in committed capital, aiming to offer secure, compliant ETH yield strategies tailored for institutional investors.
• Strategy Upsizes STRC Preferred Stock Offering to US$2.52B: Strategy announced the pricing of its Stretch Perpetual Preferred Stock ($STRC) and increased the deal size from US$500 million to US$2.52 billion.
• Windtree Therapeutics Backs BNB With US$520M Allocation: Nasdaq-listed biotech firm Windtree Therapeutics announced funding agreements totalling US$520 million, pledging 99% of it to purchase Binance Coin (BNB) for treasury allocation.
• Accelerate Unveils US$1.51B Fund to Build Largest Solana Treasury: New investment firm Accelerate has announced plans to raise US$1.51 billion to create the largest Solana (SOL) treasury in the ecosystem, signalling a major institutional bet on Solana’s long-term growth.
• Former BlackRock Exec Joins SharpLink Gaming: Joseph Chalom, a former senior executive at BlackRock, has been appointed co-CEO of SharpLink Gaming, one of the world’s largest corporate holders of Ethereum (ETH). 
• NFT Market Rebounds With 66% Growth: NFT market capitalisation has risen to US$6 billion over the past 30 days, signalling renewed interest in digital collectibles. CryptoPunks led the rebound with a +29% gain, while Pudgy Penguins surged +66.7%.
• BonkFun Allocates Revenue Share to BONK Ecosystem Buybacks: Solana memecoin launchpad BonkFun (also known as LetsBONK) has committed 1% of its total protocol revenue, previously earmarked for marketing, to weekly buybacks of leading tokens within the BONK ecosystem.
• Ethena Unveils US$260M ENA Buyback via StablecoinX: Ethena Labs has initiated a US$260 million buyback of ENA tokens over six weeks through StablecoinX, funded from a broader US$360 million capital raise. According to its announcement, StablecoinX will acquire and hold locked ENA on behalf of a foundation subsidiary, with daily open market purchases already underway.
• Ethena and Anchorage Partner to Launch GENIUS-Compliant Stablecoin: Ethena Labs has announced a partnership with Anchorage Digital, the only federally chartered crypto bank, to issue USDtb onshore. The move will make USDtb the first stablecoin aligned with the U.S. GENIUS Act’s compliance framework.
• Kaito Launches Web3 Capital Platform: Web3 data firm Kaito announced its new Capital Launchpad, a crowdfunding and capital allocation tool tailored for crypto-native projects.

Looking Forward - The Week Ahead

Key upcoming events to watch:

• Trump Crypto Working Group Report (30 July): Trump’s crypto task force will release its 180-day report on July 30 which is expected to outline stablecoin regulation, token classification, and enforcement strategy.
• SUI Token Unlock (1 August): US$184 million worth of SUI tokens, approximately 1.27% of the circulating supply, will be unlocked this week, potentially triggering short-term volatility.

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