This blog summarizes the findings of the recent Binance Research report discussing key developments in crypto markets over the past month.
In July, crypto market capitalization rose 13.3%, driven by bitcoin’s new all-time highs and tokenized stocks trend mirroring early DeFi boom.
Favorable crypto regulations gained momentum in the U.S., marked by the advancement of key bills promising to provide greater clarity on stablecoins and regulatory oversight.
Thanks to Binance Research, you can take advantage of industry-grade analyses of the processes shaping Web3. By sharing these insights, we hope to empower our community with the latest knowledge from the field of crypto research.
This blog explores key Web3 developments in July 2025 to provide an overview of the ecosystem’s current state. We analyze the performance of crypto, DeFi, and NFT markets before previewing major events to look out for in August.
In July, the total cryptocurrency market capitalization rose by 13.3%, driven by BTC reaching a new all-time high of over $123,000 and ether’s strong performance amid growing corporate adoption of ETH treasuries. This bullish momentum was further supported by the United States’ “Crypto Week,” which saw the advancement of three key bills potentially providing regulatory clarity on stablecoins (the GENIUS Act, signed into law) and market oversight. While bitcoin’s price surged, its market dominance fell to 60%, whereas ether’s share climbed past 11.8%, reflecting a shift in investor focus. ETH spot ETFs also hit a new milestone with 19 consecutive days of net inflows.
Despite the overall positive month, signs of uncertainty began to reemerge toward the end of July. Contributing factors included the Trump administration’s reinstatement of tariffs and the Federal Reserve’s cautious stance in holding rates steady without signaling future easing.
Monthly crypto market capitalization increased by 13.3% in July
Source: CoinGecko
As of July 31, 2025
Monthly price performance of the top 10 coins by market capitalization
Source: CoinMarketCap
As of July 31, 2025
Ether (ETH) led July’s rally with a staggering 51% surge, powered by strong ETF inflows and rising corporate treasury interest, particularly due to its staking yield. The gains were amplified by improving regulatory clarity around stablecoins and growing confidence in tokenization and DeFi. SUI also saw significant momentum, rising 34.6% as total value locked on its network reached $2.2B and plans for a corporate SUI treasury were unveiled. ADA followed closely, gaining 33.8% in anticipation of the Starstream upgrade, which aims to enable ZK proof generation in browsers. DOGE climbed 30% as memecoin enthusiasm returned, while BNB gained 22.1%, hitting a new all-time high of $858, boosted by interest from corporate treasuries and ecosystem growth.
Other notable winners included TRX, up 18.8% due to its dominance in USDT transactions and favourable regulatory tailwinds like the GENIUS Act. SOL rose 16.4% following $100M in net inflows into the new REX-Osprey SOL ETF, although its gains were tempered by the SEC’s delay on the Grayscale Solana Trust decision. Bitcoin continued its steady ascent with an 8.9% gain and a new all-time high, driven by ETF demand and bullish sentiment. HYPE posted a more modest 7.8% increase, buoyed by new exchange listings and inclusion in Grayscale’s watchlist.
Among the few underperformers, XRP stood out as a notable decliner. While it initially surged to new highs, the token experienced a sharp pullback toward the end of July due to heavy selling pressure and concerns over large token transfers to exchanges. This loss of momentum triggered significant profit-taking, highlighting how sensitive certain assets remain to shifts in sentiment and liquidity.
The overall takeaway: July was marked by strong institutional flows, renewed DeFi optimism, and early signs of a capital rotation from BTC into altcoins.
TVL share of top blockchains
Source: DeFiLlama
As of July 31, 2025
In July 2025, DeFi total value locked (TVL) surged by 23.63% month-on-month, reflecting a broader uptick in crypto market activity and a return to risk-on sentiment fueled by regulatory optimism. Ethereum led the DeFi recovery with notable market share gains, while BNB Chain, Solana, and Arbitrum saw slight declines. Tron bounced back after a dip in June, signaling renewed user engagement.
Stablecoin activity also picked up, with the overall market growing by 5.1%. This expansion was largely driven by positive regulatory momentum, including the passage of three major crypto bills that boosted confidence and clarity. USDC posted modest gains, but USDT remained dominant, widening its lead as the stablecoin of choice across most platforms.
Monthly NFT trading volume
Source: CryptoSlam
As of July 31, 2025
The NFT market rebounded in July 2025, with total sales volume jumping 49.9%. A major catalyst was a single whale purchase of 45 CryptoPunks, which sparked renewed interest and lifted floor prices across key collections. Ethereum reestablished itself as the leading NFT chain with a 58% sales surge, while Bitcoin NFTs followed with a 28.1% rise. In contrast, Polygon NFT sales dropped by 51.5%. Among the top collections, Ethereum’s CryptoPunks led with a 393% spike in sales, followed by strong performances from Pudgy Penguins (+371%) and Moonbirds (+296%). Polygon’s Courtyard held its rank but saw a 16% dip.
Overall, the NFT sector appears to be entering a recovery phase, with market capitalization nearly doubling since June, though still below previous highs. There is growing speculation around the integration of NFTs into ETF structures, which could boost institutional interest and make NFTs more accessible to mainstream investors, potentially setting the stage for broader adoption.
To help users stay updated on the latest Web3 news, the Binance Research team has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.
Notable Events in August 2025
Source: Cryptoevents, Binance Research
Largest token unlocks in USD terms
Source: CryptoRank, Binance Research
The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. We publish insightful takes on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.
This article is only a snapshot of the full report, which contains further analyses of the most important charts from the past month. The full report dives into the trend of rising Corporate Ethereum holdings, how stablecoins gain grounds as payment rails, and how tokenized stocks market mirrors early DeFi boom trend.
Read the full version of this Binance Research report here.
Disclaimer: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
