Bitcoin News Today: Crypto Market Plummets as 98 Top Coins Drop 5.5% in 24 Hours

The cryptocurrency market experienced a sharp downturn on July 29, 2025, with 98 of the top 100 coins by market capitalization declining in value. The total crypto market cap fell below $4 trillion, dropping 5.5% to $3.97 trillion over the past 24 hours, while trading volume reached $172 billion. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, saw declines of 0.6% and 3.1%, trading at $118,808 and $3,807, respectively. Dogecoin (DOGE) and Sky (SKY) were among the hardest-hit assets, with DOGE falling 7.7% to $0.2282 and SKY dropping 10.2% to $0.08978. Tron (TRX) and Conflux (CFX) were rare bright spots, with gains of 2.3% and 27.9% [1].

Analysts highlighted shifting volatility patterns and institutional dynamics as key factors. Sean Dawson of Derive.xyz noted that BTC’s 30-day at-the-money (ATM) volatility had fallen to 36%, the lowest in two weeks, but warned of heightened volatility over the next 90 days. ETH, meanwhile, showed signs of outpacing BTC, with its price-to-BTC ratio nearly doubling since May [2]. Dawson also pointed to the rise of ETH treasury companies like Bitmine and Ethermachine as indicators of institutional alignment, potentially heralding a new altcoin season in Q3 2025 [3].

XRP’s recent performance drew attention amid renewed speculation about a U.S. spot ETF. James Toledano of Unity Wallet attributed XRP’s 44% monthly gain and 420% annual surge to ETF optimism and improved legal clarity following Ripple’s partial SEC win in March. Despite a 9% weekly drop, institutional confidence and products like ProShares’ UXRP futures suggested continued momentum if inflows persist [4].

Meanwhile, U.S. spot ETFs for BTC and ETH saw sustained inflows. BTC ETFs recorded $157.03 million in inflows on July 28, bringing cumulative net inflows to $54.98 billion, while ETH ETFs notched their 17th consecutive day of positive flows, totaling $9.4 billion. BlackRock led BTC inflows with $147.36 million, though Grayscale and Bitwise saw outflows [5].

Market sentiment shifted toward caution, with the fear-and-greed index dropping to 63, signaling growing wariness among investors. Tom Bruni of Stocktwits warned of overheating in meme stocks and altcoins, noting that major stock indexes showed muted movements despite crypto’s volatility. Upcoming U.S. economic data, including Q2 GDP, the July jobs report, and Federal Reserve rate decisions, were expected to influence market direction [6].

Technical indicators pointed to key price levels for BTC and ETH. Bitcoin’s $117,000 support level attracted demand, with accumulation evident on both sides of the range. Ethereum approached the $4,000 threshold, a target analysts had long anticipated. However, whether these levels hold will depend on macroeconomic developments and institutional activity [7].

The market’s near-term trajectory remains uncertain. While ETF inflows and institutional alignment suggest resilience, volatility and macroeconomic risks could test investor confidence. As the crypto market navigates a pivotal summer, the interplay between regulatory clarity, macroeconomic data, and institutional flows will likely dictate its next move.

[1] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[2] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[3] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[4] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[5] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[6] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/

[7] https://cryptonews.com/news/why-is-crypto-down-today-july-29-2025/