I. Overall market performance
Today's cryptocurrency market shows a divergent trend, with Bitcoin and Ethereum both reaching new highs before retreating, but the altcoin market shows a significant increase in activity. Total market capitalization remains at $3.33 trillion, with a 24-hour trading volume of $6.425 billion, indicating active market trading.
II. Dynamics of mainstream coins
Bitcoin (BTC)
Price trend: BTC price stands at $108,700, with a 24-hour decline of -0.40%. After briefly reaching around $110,000, it slightly retraced. Technical analysis shows that the 4-hour K-line moving average system forms a golden cross above the zero axis, indicating accumulating upward momentum.
Significant events:
Whales complete the sale of 80,000 BTC through over-the-counter trading, potential selling pressure alleviated, bearish sentiment eases.
The US strategic Bitcoin reserve includes 200,000 BTC, strengthening institutional entry expectations.
Standard Chartered predicts BTC may reach $135,000 by the end of the third quarter, further boosting market confidence.
Ethereum (ETH)
Price trend: ETH price stands at $2,560, with a 24-hour decline of -0.28%. Technical analysis shows a golden cross pattern above the zero axis at the 4-hour level, continuing the upward expectation.
Significant events:
The US SEC approves Ethereum spot ETF, attracting traditional institutional capital inflows, promoting mainstreaming.
Ethereum 2.0 upgrade continues to progress, but technical difficulties and competitive pressure remain, requiring attention to ecological development.
Whales have withdrawn 21 million FORM tokens from Binance for three consecutive days, raising market interest in emerging projects.
III. Altcoin market hotspots
Meme concept sector:
Bonk token market value exceeds $2 billion, its exclusive meme launch platform trading volume surpasses Pumpfun, driving Useless, Hosico, and other tokens to new highs.
The activity of meme projects on the Solana chain rises, with SOL price driven by ETF approval expectations, up +3.54% for the day.
DeFi and exchange dynamics:
The perpetual contract exchange Myx on the BSC chain sees a significant price rise due to foundation purchasing operations, indicating accelerated institutional layout in the DeFi sector.
OKX exchange strengthens compliance management, prepares for a US stock market listing, and promotes market normalization.
Binance platform launches Alpha points activity, attracting user participation and accumulating points to reserve funds for future market conditions.
IV. Policy and regulatory dynamics
Global regulatory trends:
United States: The Trump administration signs an executive order establishing a strategic Bitcoin reserve, recognizes USD stablecoins, and strengthens the dollar's hegemony. The SEC approves Bitcoin and Ethereum spot ETFs, promoting the mainstreaming of crypto assets.
European Union: (Crypto Asset Market Regulation Act)(MiCA) implements risk-tiered regulation and imposes strict reserve and disclosure requirements on stablecoin issuers.
Hong Kong, China: Implements licensing for mainstream crypto exchanges and explores the practice of Bitcoin and Ethereum ETFs, becoming a 'stronghold' for crypto regulation in Greater China.
Mainland China: Upholds financial security bottom line, participates in global rule-making, promotes anti-money laundering and asset reserve regulatory frameworks, and explores national crypto asset reserve management.
Regulatory challenges and opportunities:
The convergence of global regulations drives stablecoins from 'wild growth' to 'compliance development', but rising compliance costs may squeeze the survival space for small and medium issuers.
The US leads crypto market rules through strategic reserves, which may further squeeze China's discourse power, necessitating active participation in international standard-setting.
V. Key future events and impacts
SOL ETF approval:
The US SEC's approval process for Solana's spot ETF has entered the final stage, expected to be approved in mid to late July, initially attracting $2 billion to $5 billion in incremental funds, propelling SOL's market value into the top three.
If approved, SOL prices may rise ahead of time, but caution is needed for potential 'sell the news' correction risks.
Central bank policies in Europe and the US:
European Central Bank: The interest rate decision on July 24 is expected to maintain rates unchanged, but September rate cut expectations are rising, which may drive up dollar-denominated assets (such as BTC, SOL).
Federal Reserve: Ahead of the interest rate decision on July 31, if inflationary pressures are controlled, rate cut expectations may strengthen, favoring risk assets.
UK FCA stablecoin new regulations:
The UK's Financial Conduct Authority (FCA) has released a stablecoin regulation proposal, requiring issuers to ensure that token values are strictly tied to anchor assets and to enhance asset transparency and custody security.
The new regulations will be implemented in 2026, providing a transition period for the industry, promoting stablecoins to become cross-border payment and DeFi infrastructure.
VI. Market sentiment and investment advice
Sentiment indicators:
Fear and greed index at 52, at a neutral level, market sentiment is cautiously optimistic.
The total market capitalization of altcoins is in an upward trend on the daily chart, but caution is needed regarding the upper trend line pressure and liquidity risks from the liquidation heat map.
Investment advice:
BTC/ETH: The probability of continuing the upward trend for the day is relatively high, with BTC support levels at $108,500-$109,000 and ETH focusing on the $2,500 level.
Altcoins: After mainstream coins stabilize, consider laying out ETH ecosystem and Solana chain projects, focusing on meme concepts and DeFi opportunities.
Risk control: Closely monitor the Federal Reserve's rate-cutting process, tariff policies, and geopolitical risks to avoid blind chasing of highs.
VII. Conclusion
Today's cryptocurrency market shows structural trends driven by policy relaxation, institutional entry, and technological upgrades, with BTC and ETH providing dual driving forces, and altcoin hotspots frequently emerging. In the future, focus on the approval of the SOL ETF, central bank policies in Europe and the US, and the UK's new stablecoin regulations for their profound impact on market dynamics. Investors should seize trends, balance risks and rewards, and prepare for the opportunities and challenges of the 2025 cryptocurrency golden age.