Altcoins are leading the charge this week, with most of the top 10 posting double-digit gains. According to CoinMarketCap, the total crypto market cap hit a new end-of-day all-time high of $3.98 trillion, while Coingecko data shows the market briefly touched the $4 trillion mark on Friday.
The top 100 is overwhelmingly in the green, with just a few exceptions like AAVE. Bitcoin, however, remains flat despite several bullish headlines.
Bitcoin (BTC)
Bitcoin is trading sideways, consolidating just below the $120,000 resistance level. Despite reports of JPMorgan exploring crypto-backed loans and Trump Media disclosing $2 billion in Bitcoin exposure, spot ETFs have shown two consecutive days of outflows after a record 12-day streak of inflows.
On-chain, CryptoQuant data flagged Bitcoin’s biggest net inflow to exchanges in over a year on July 17th — over 32,000 BTC ($3.8B) moved, likely linked to profit-taking or capital rotation into altcoins. Historically, such inflows often precede corrections. Unless fresh institutional buying emerges at $120K, a pullback toward $110K looks possible.
Ethereum (ETH)
Ether briefly pushed above $3,850 this week, hitting its highest level in seven months before pulling back to around $3,700. Even with the dip, ETH is still on track for its best monthly performance since July 2022.
Institutional demand is driving the rally. Farside data shows a record $2.5B in net inflows into ETH ETFs over the past five business days. Most of these flows went into BlackRock’s ETHA, now holding $9.6B AUM. For context, BlackRock’s Bitcoin ETF (IBIT) has $87.9B AUM, ranking among the top 20 U.S. ETFs.
Altcoins
Altcoins are stealing the spotlight as Bitcoin dominance dropped from 65% to 60% in just two weeks — its sharpest decline this year.
Solana (SOL) reclaimed the $200 mark, peaking at $205.87 before retracing to $197.
Dogecoin (DOGE) posted strong gains, continuing its momentum.
XRP recently hit a multi-year high of $3.65, its strongest level since January 2018. However, momentum faces risks after the SEC paused approval for two XRP-linked ETFs. Optimism remains tied to expectations of a settlement in the SEC v. Ripple case.
Analysts warn that the negative correlation between Bitcoin and altcoins — flagged by Alphractal — could be a red flag. Historically, such setups often precede sharp volatility and large-scale liquidations, suggesting caution even as capital rotates into high-visibility altcoins.
Regulation & Policy
On the policy front, Trump signed the Genius Act into law after it cleared Congress with broad bipartisan support (308 votes in the House). The law introduces a regulatory framework for U.S. stablecoin issuers, a move expected to encourage adoption and innovation in the sector.
Macro & Equities Link
Global equities continue to support crypto sentiment. The S&P 500 and Nasdaq hit new all-time highs yesterday, with tech sector strength feeding into crypto markets.
This week also brings a critical earnings season test:
Alphabet/Google reports today
Meta on July 30
Amazon on July 31
Results from the “Magnificent Seven” are likely to influence risk appetite in both stocks and crypto.
Outlook
The market is entering a highly reactive phase. Bitcoin faces resistance at $120K, and exchange inflows hint at potential selling pressure. At the same time, altcoins are enjoying their strongest season in years, supported by institutional flows into ETH and retail momentum in SOL, DOGE, and XRP.
The next major move will likely hinge on whether institutions step in at Bitcoin’s current levels — or if capital rotation continues to fuel an altcoin-led rally.