The cryptocurrency market showed strong momentum in mid-July 2025, with Bitcoin reclaiming key psychological and cost-based thresholds. As digital asset adoption accelerates globally and institutional interest deepens, this week’s trends highlight a maturing ecosystem—from exchange-traded products to regulatory advancements and infrastructure growth.
Market Overview: Bitcoin and Ethereum Rebound
As of July 20, 2025, the total global cryptocurrency market capitalization reached $2.43 trillion, reflecting a notable recovery from the previous week. According to CoinMarketCap data, Bitcoin (BTC) accounted for 54.1% of the total market cap, while Ethereum (ETH) held 17.3%.
Bitcoin surged to $66,700 per coin**, marking a **15.2% weekly gain**. Ethereum followed closely with a price of **$3,500, up 11.9% over the same period. This upward movement pushed Bitcoin’s price above both short-term and long-term investor cost bases—currently estimated at $64,700** and **$20,000 per BTC, respectively—signaling renewed confidence among market participants.
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Trading Activity and Exchange Volumes
Trading volumes across major platforms remain robust, underscoring sustained market engagement. Year-to-date, the total trading volume in the crypto market hit $16.5 trillion, an increase of 89.9% compared to the same period last year.
Coinbase, one of the leading U.S.-based exchanges, reported $142.3 billion** in trading volume for the week ending July 19—a slight **6.6% decline** week-over-week but still strong in absolute terms. Its year-to-date volume reached **$5.63 trillion, soaring 123.4% year-on-year.
Meanwhile, BTC perpetual futures contracts saw improved sentiment, with total open interest rising to $33.89 billion as of July 19, indicating growing institutional participation and hedging activity.
Institutional Adoption and ETF Developments
One of the most significant developments this week was the full disclosure of management fees for all nine approved spot Ethereum ETFs in the United States. Fee structures ranged from a low of 0.19% to a high of 2.50%, with most major asset managers—including BlackRock and Fidelity—opting for competitive rates below 0.5%. This transparency is expected to boost investor confidence and drive inflows once trading begins.
Additionally, Grayscale announced that its Ethereum Trust (ETHE) is scheduled to begin trading on NYSE Arca on July 23, 2025, marking a pivotal step in Ethereum's journey toward mainstream financial integration.
In Asia, Hong Kong’s stock exchange launched the region’s first Bitcoin inverse product on the same day, offering traders new tools to hedge or speculate on downward price movements—further expanding the global derivatives landscape.
Global Regulatory and Infrastructure Trends
Regulatory progress continued across multiple jurisdictions:
- In Russia, the Ministry of Finance proposed allowing licensed exchanges to offer cryptocurrency trading services. A bill regulating Bitcoin mining passed its first legislative review, signaling increasing government acceptance. Notably, crypto mining now accounts for 1.6% of national electricity consumption, highlighting its growing economic footprint.
- Former U.S. President Donald Trump is set to speak at the 2025 Bitcoin Conference, where he also plans to launch his fourth NFT collection—an event expected to draw widespread media attention and potentially influence public sentiment.
- In France, VanEck partnered with Inter Invest to launch the country’s first Bitcoin ETN (Exchange Traded Note), enabling pension funds to include digital assets in their portfolios. This marks a major milestone in European institutional crypto adoption.
Mining Metrics and Network Health
The Bitcoin network continues to strengthen technically:
- The average hashrate for the week of July 13–19 reached 594.41 EH/s, up 2.0% from the prior week.
- Mining difficulty rose to an average of 79.86 trillion, reflecting increasing competition among miners.
- Despite higher operational costs, miner wallet balances declined slightly to 1.7926 million BTC, continuing a long-term trend of miners selling holdings—possibly to cover expenses or take profits.
U.S.-listed mining companies now control 26.6% of global hashrate, a record high. In June alone, publicly traded U.S. firms added 17 EH/s of mining capacity—the highest monthly increase ever recorded—demonstrating strong capital investment and bullish sentiment.
Stablecoins and On-Chain Liquidity
Stablecoins remain a critical component of crypto liquidity:
- The combined market cap of USDT, USDC, and DAI reached $153.1 billion as of July 19, showing resilience despite macroeconomic headwinds.
- However, CEX stablecoin trading volume declined for the third consecutive month, falling 18% to $970 billion—the lowest level in seven months—suggesting reduced speculative activity or shifting trading patterns.
U.S. spot Bitcoin ETFs attracted significant capital inflows, with a weekly net addition of $1.245 billion** and a year-to-date total of **$17.04 billion, reinforcing institutional demand.
User Adoption and Market Penetration
Adoption continues to expand worldwide. According to a report by Triple-A, approximately 562 million people now own cryptocurrency as of 2025—an increase of 33% year-over-year. This growth is driven by emerging markets, mobile-first platforms, and increasing accessibility through fintech integrations.
In a related development, the Mt. Gox trustee completed repayments to over 13,000 creditors by July 16, distributing both Bitcoin and Bitcoin Cash. The process is ongoing and could impact short-term market dynamics if large recipients choose to sell.
Key Keywords
- Bitcoin price recovery
- Ethereum ETF fees
- Cryptocurrency market cap
- Spot Bitcoin ETF
- Institutional crypto adoption
- Mining difficulty
- Stablecoin market trends
- Crypto trading volume
Frequently Asked Questions (FAQ)
Q: What does it mean that Bitcoin is above short-term investor cost basis?
A: When Bitcoin trades above the average price paid by recent buyers (short-term holders), it indicates that most new investors are in profit, which can reduce selling pressure and support further price gains.
Q: Why are Ethereum ETF fee disclosures important?
A: Fee transparency helps investors compare products and make informed decisions. Lower fees typically attract more assets under management, benefiting both issuers and end users.
Q: How do rising mining difficulty and hashrate affect Bitcoin?
A: Higher difficulty and hashrate reflect increased network security and miner confidence. They also suggest long-term bullish sentiment, as operators invest heavily in infrastructure despite volatility.
Q: What impact do stablecoin volume declines have on the market?
A: A drop in stablecoin trading may signal reduced speculation or temporary market consolidation. However, stablecoin supply growth still reflects underlying demand for crypto on-ramps.
Q: Are U.S. mining companies becoming dominant players?
A: Yes—U.S.-listed miners now control over a quarter of global hashrate, benefiting from favorable regulations, access to capital, and renewable energy resources.
Q: How might political figures like Trump influence crypto markets?
A: High-profile endorsements can boost public awareness and sentiment. While not fundamental drivers, such events often trigger short-term volatility and increased retail interest.
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While external liquidity remains constrained—with M2 growth across major economies showing modest improvement—crypto fundamentals continue to strengthen. The dollar index rose to 104.37 and 10-year Treasury yields climbed to 4.25%, reflecting tighter monetary conditions. Yet within this environment, digital assets are demonstrating increasing resilience.
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In summary, the current phase appears to be an early stage of the fourth Bitcoin cycle, characterized by price consolidation followed by gradual upward momentum. With institutional adoption accelerating, regulatory clarity improving, and infrastructure expanding globally, the long-term outlook remains positive despite near-term volatility.
Investors are advised to focus on high-quality exposure via regulated platforms and maintain diversified positions across layers of the crypto economy—from core assets like BTC and ETH to emerging DeFi and Web3 innovations.