July Market Recap: Crypto Resilience Amid Headwinds

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As July closes, a retrospective on major market movements reveals a month characterized by crypto gains following broader economic pauses.

Key events this month include: Bitcoin establishing a new all-time high before slight corrections; the passage of the GENIUS Act gaining potential market implications; and Ethereum (ETH) finishing in the green for the month, climbing 56%.

Kraken’s OTC trading desk highlighted a significant market shift for ETH, noting: “ETH has decisively broken above the long-standing pivot at $2,813, a level that had capped price for over a year. This breakout marks a significant structural shift and clears the path towards the next major resistance zone near $4,000.”

Despite this momentum, forward-looking indicators suggest a potentially volatile start to August, driven by President Trump’s pending tariff deadlines and macroeconomic headwinds. However, private data underscore a softening of buying pressure for Bitcoin. The “resilience” against initial dips saw Bitcoin recently bounce back after Galaxy sold 80,000 BTC for a client.

K33 analysis attributes Bitcoin’s resilience, partly despite Galaxy’s sale, to sustained buying pressure from Bitcoin treasuries and ETPs throughout July. This counteracted broader selling, reigniting investor appetite reflected in rising perpetual futures open interest. Experts suggest the market is positioned for further growth.

BREAKING the pause: July typically sees lower trading volume. K33 stated average daily trading volumes over the past week reached $4bn. This represents “a 12% decline from last week’s level but remains well above May to June levels,” signaling continued activity.

A cautious start to August cannot be ruled out immediately, however. Market data from the Chicago Mercantile Exchange (CME) show the August premium over July futures initially reflected confidence but has since compressed, falling to levels not seen since May. This signals cautious positioning, especially during a traditionally quiet summer trading period.

Ending the dog days of summer, analysts suggest while immediate volatility may be influenced by specific catalysts, the underlying trend remains buoyant for prominent cryptocurrencies, supported by ongoing accumulation.

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