Bitcoin gains 8.9% in July; Ethereum reclaims $4,300 level

Bengaluru: With Bitcoin, the largest cryptocurrency by market cap, reaching new all-time high, the global crypto market capitalisation surged 13.3 per cent in July.

Binance Research, the research arm of cryptocurrency exchange Binance, in its monthly market insights, said Bitcoin maintained its upward momentum, gaining 8.9 per cent in July to reach a new all-time high of $123,000.

On Wednesday evening, Bitcoin was trading at $120,550 with a market capitalisation of $2.39 trillion.

Binance Research also pointed out that the surge in global crypto market cap was also due to institutional demand for Ethereum and other major altcoins, apart from stronger regulatory clarity following the passage of stablecoin legislation in the US.

Ethereum is the second-largest cryptocurrency by market cap, and on Wednesday its price hovered near $4,700. Edul Patel, Co-founder and CEO of Bengaluru-based Mudrex, which is a global crypto buying, trading and investment platform, said, “We’re seeing institutional capital recognising Ethereum’s unique position as both a store of value and the foundation for programmable money. In the past week alone, ETH ETFs (Ethereum Exchange-traded fund) saw about $1.8 billion in net inflows, showing investor appetite higher than that of Bitcoin ETFs.”

He added that, unlike previous cycles driven by speculation, this rally shows genuine demand for utility, with about $91.6 billion in DeFi (Decentralised Finance) total value locked and corporate treasuries now controlling about 1% of ETH’s total supply, taking advantage of staking yields.

Binance Research said in its insights that Ethereum emerged as the July standout performer, rallying 51% amid record-breaking institutional participation. Corporate ETH holdings surged 127.7% to over 2.7M ETH, now equivalent to 46.5% of ETF-held ETH, as 24 new companies added ETH to their balance sheets. “This demand was driven by staking yield advantages, ETH’s deflationary supply model, and a growing preference for direct holdings over passive ETF exposure,” it said.

“July marked a pivotal moment for the crypto market, with altcoins, especially Ethereum, stepping into the spotlight. The market is showing a clear evolution from being price-driven to being shaped by deeper structural shifts. We are seeing stronger institutional participation, regulatory clarity that builds long-term confidence, and growing use cases that connect blockchain technology directly to real-world finance,” said Kushal Manupati, Regional Growth & Ops Lead of South Asia, Binance.

The report concludes that regulatory clarity, growing institutional allocations, and emerging narratives around tokenisation are accelerating the market’s maturation.