Dubai, United Arab Emirates – July 28, 2025
Having retreated 5% last week, crypto markets have bounced back and are now within a whisker of the $3.94 trillion market capitalisation all-time high. Simon Peters, crypto analyst, eToro said
Bitcoin’s short-term support of $116,500 was momentarily broken, with the number one cryptoasset sliding down to as low as $114,500. This was potentially due to a bitcoin whale selling 80,000 bitcoin on the open market.
In the past a sale of this size would have triggered a real crash in prices. It’s positive to see that these days, as bitcoin has matured, the demand is there to absorb an order of this size, and that the bitcoin price barely moved.
Simon Peters, crypto analyst, eToro added, US M2 money supply, that is cash on hand, money in checking and savings accounts as well as other short-term saving vehicles like money market funds, has climbed to a record high of $22.02 trillion US dollars. Bitcoin and other cryptoasset prices have historically followed this metric suggesting we could be shaping up for another leg higher very soon.
We also have the latest Federal Reserve meeting and interest rate decision on Wednesday that could spark a further move higher in cryptoasset prices. Whilst it is widely expected that the Fed will hold rates, there has been growing pressure in recent weeks – particularly from President Trump himself – for the central bank to cut.
Could we see a shock cut this week? We wait to see.
BIGGEST MOVERS
Ethena $ENA, the governance and utility token of the Ethena ecosystem, was one of the biggest movers last week, up 40%.
This follows news that Ethena Labs has partnered with crypto bank Anchorage Digital to bring the USDtb stablecoin to the US as the first stablecoin with a clear pathway to becoming compliant with the recently enacted GENIUS Act.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
BlackRock’s ethereum spot ETF becomes third-ever ETF to hit $10 billion in AUM in one year or less
BlackRock’s ethereum spot ETF ETHA last week became the third-ever exchange-traded fund to hit $10 billion in assets under management in one year or less since launch, 251 days specifically.
The only other two funds to achieve this are bitcoin spot ETFs, BlackRock’s IBIT and Fidelity’s FBTC, 34 days and 53 days respectively.
A vast majority of the AUM growth has come in the last two weeks, in the build up to and following the US House of Representatives ‘Crypto Week’, where the combined assets-under-management has doubled from approximately $5 billion to $10 billion.
Posting on X, Eric Balchunas, Bloomberg Senior ETF Analyst, likened the AUM growth to a ‘God Candle’, a green candlestick in technical analysis that is significantly larger than those around it, indicating a surge in buying pressure.
The ethereum cryptoasset price has benefited too. After seeing multi-year lows in market capitalisation dominance at the end of April, ETH now accounts for 12% of the total crypto market capitalisation, with the ETH price climbing 140% against the US dollar in that time.
Contacts:
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have over 38 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
Disclaimer
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“) as an Authorised Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Its registered office and its principal place of business is at Office 207 and 208, 15th Floor Floor, Al Sarab Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates (“UAE”)
