Table of contents

• Market Interpretation

• Ancient giant whales are shipped in a concentrated manner, and BTC prices are quickly repaired

• ETH is close to $4,000 key position, pledge and fund demand polarized

• Altcoin sector differentiation intensifies, Solana and XRP capital inflows are prominent

• Market hot spots

• Pay attention to macro data and policy trends, market volatility may intensify

Last week (July 22-July 28) BTC maintained a high fluctuation pattern. The ETH capital inflow trend continues to improve, the ETH spot ETF has achieved net inflows for eight consecutive weeks, and the ETH market share has climbed to 11.8%. On July 25, affected by the massive selling of Galaxy Digital, BTC fell below $115,000 support for a short period of time, reaching a low of $114,723.16, but then rebounded quickly and returned to above the consolidation range. The current BTC price is stable around $118,859, and the upward momentum is gradually accumulating, with the maximum volatility during the week being 4.59%.

ETH spot ETF recorded a net inflow of $402 million last week, performing better than BTC-related products, and has achieved net inflows of funds for eight consecutive weeks, with a cumulative net inflow of more than $7 billion. ETH entered the consolidation stage after a brief surge. Driven by funds, it rose again to $3,941 on July 28. The current price remains around $3,876, with a maximum volatility during the week at 12.5%. (Source of the above data: Binance Spot, as of 17:00 on July 29)

Last week, the three major U.S. stock indexes closed higher across the board, with the Dow Jones Industrial Average rising 1.26%, the Nasdaq rose 1.02%, and the S&P 500 rose 1.46%. The yield on the 10-year U.S. Treasury bond was 4.40%, while the yield on the 2-year U.S. Treasury bond was 3.91%.

Market Interpretation

Ancient giant whales are shipped in a concentrated manner, and BTC prices are quickly repaired

In late July, the market focus was on the large-scale transfer incident of the "Ancient Whale". On-chain data shows that Galaxy Digital transferred a total of 80,000 BTC (approximately $9 billion) to major exchanges on July 25. This operation involves 8 old addresses holding 10,000 BTC. Galaxy Digital officially confirmed that the transaction completed the estate planning arrangements for a long-term holder, becoming the single shipment with the highest nominal value in the history of crypto.

Affected by this huge selling pressure, BTC price once fell from $119,000 to $115,000, and short-term fluctuations intensified. However, market buying took on strong results, and the price quickly rebounded to above $117,000, and the selling pressure was quickly absorbed. This time, 80,000 BTC accounted for about 0.5% of the total circulation, and the actual market impact was smaller than expected, reflecting the characteristics of abundant funds and good liquidity in the current bull market.

ETH is close to $4,000 key position, pledge and fund demand polarized

In mid-July, the number of ETH de-pending queues surged, with a total of more than 475,000 coins and a value of about $1.9 billion. This was mainly due to the surge in lending interest rates, and the revolving loan strategy closed positions. A large number of users withdrew cash, exacerbating LST/LRT decoupling and secondary market pressure. At the same time, the demand for new pledges of ETH is still strong, and institutions continue to increase their holdings, effectively alleviating the impact of large-scale pledge releases, and supply and demand show a significant differentiation.

Since June 2025, ETH has accumulated a cumulative increase of nearly 80%, and its current price is approaching $4,000, outperforming most mainstream crypto assets. This round of increase was driven by whale's increase in holdings, reduced exchange circulation and expanded pledge scale. At present, about 30% of ETH has been locked in pledges, with more than 1.5 million new pledges, and the circulation supply continues to shrink. In the derivatives market, the holdings of ETH perpetual contracts hit a record high, the capital fee rate remained neutral, and market sentiment tended to be rational. Institutional allocation has accelerated, and the net inflow of spot ETH ETFs exceeded $3 billion in the past two months, and more than 10 listed companies have held positions, strengthening their long-term allocation logic. Against the backdrop of market rotation, BTC's market share dropped to 60%, ETH/BTC exchange rate strengthened, and ETH became the key target of mainstream capital inflows.

Altcoin sector differentiation intensifies, Solana and XRP capital inflows are prominent

Recently, the trend of the altcoin market has been significantly differentiated, and Solana and XRP have shown strong capital attractiveness. Last week, Solana's net inflows reached $311 million, mainly due to the memecoin trading boom and the active DeFi ecosystem. With its high throughput and low cost advantages, it has become the first choice for developers and users. XRP net inflows of $189 million, benefiting from the close of the lawsuit with the SEC and the advancement of cross-border payments, hit an all-time high of $3.66 in July, and spot ETFs were approved to further enhance their liquidity.

Other altcoins have mixed performance. SUI achieved a net inflow of $8 million, and the market focused on its ecological innovation based on the Move language; while Litecoin and Bitcoin Cash had net outflows of $1.2 million and $66 million, respectively, showing that the attractiveness of "old-established" projects lacking innovation support has declined. Currently ETH is still leading the mainstream currency, and the ecological expansion of Solana and XRP is expected to attract more incremental funds.

Market hot spots

Pay attention to macro data and policy trends, market volatility may intensify

This week, macro policy and technology sector financial reports will become key factors affecting market sentiment. The White House will release its first crypto policy report on July 30, which may provide new regulatory directions for the digital asset industry. On July 31, the Federal Reserve will announce the latest interest rate resolution and Chairman Powell will hold a press conference. The market currently expects the probability of the Federal Reserve cutting interest rates in September to be 62.4%. If the wording of the meeting or the economic outlook changes, it may trigger a re-evaluation of the monetary policy path by the market.

In terms of technology stocks, BTC asset management company listed by Nasdaq will release its second-quarter financial report after the close of US stocks on July 31 and hold an online briefing. As an important holder of BTC assets, its financial performance will receive high attention from the market. In addition, major economies around the world are about to release key data such as GDP, employment and inflation, market volatility may be further amplified under the interweaving of macro and industry fundamentals. Investors need to pay close attention to policy changes and important financial reports, and be wary of market disturbances caused by emotional fluctuations.

The above is the detailed content of Matrixport Market Observation: Bitcoin (BTC) giant whale shipments, Ethereum (ETH) continues to lead the rise, and capital flows become the focus of the market. For more information, please follow other related articles on the PHP Chinese website!