Bitcoin News Today: Bitcoin Traders Cautious in July as Ethereum Surges 56% Toward $4,000

Bitcoin and Ethereum ended a mixed July amid significant price movements and market developments. Bitcoin briefly touched a fresh all-time high but has since lost some momentum, closing out the month with a softening trend. Meanwhile, Ethereum posted a 56% gain over the past 30 days, breaking through a key resistance level at $2,813 and setting its sights on $4,000 as the next upside target [1].

Kraken’s OTC desk highlighted the structural significance of the ETH breakout, noting that the move beyond $2,813 opens the door to higher price levels and suggests a bullish shift in market sentiment [1]. However, near-term volatility loomed as traders braced for potential turbulence from macroeconomic factors, including Trump’s tariff deadlines and other market-moving events [1].

The month also saw a major event on the Bitcoin front: Galaxy Digital sold 80,000 BTC for a client, initially triggering a price dip. However, Bitcoin quickly rebounded, supported by strong accumulation from BTC treasury vehicles and ETPs, according to K33 [1]. This buying interest helped offset the negative impact of the large sell order and contributed to a renewed appetite for risk in the market, evidenced by perpetual futures open interest approaching Q4 2024 highs [1].

Despite this resilience, K33 pointed out that July, typically a quieter month for trading, defied expectations with average daily volumes holding at $4bn, 12% lower than the previous week but still above levels seen in May and June [1]. The firm also noted a compression in the futures premium for August over July, suggesting cautious positioning ahead of a seasonally slower period [1].

Analysts remain cautious ahead of the first week of August, with uncertainty stemming from macroeconomic developments. Yet the underlying strength in Ethereum and continued institutional demand for Bitcoin signal that the market remains active and poised for potential upside, albeit amid a backdrop of near-term volatility.

Source: [1] Bitcoin loses momentum to close out July, as ETH eyes new upside target (https://blockworks.co/news/close-out-july-2025-eth-btc)