Altcoins stage a power grab after US$9B Bitcoin sale

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Bitcoin spent the last week proving it can still take a punch. After Galaxy Digital unloaded 80,000 BTC from an early wallet - a US$9B hit that briefly knocked prices under US$115K - the market bounced back within hours and settled into a tight US$115K-US$120K range.

With Bitcoin catching its breath, the spotlight swung to altcoins. Ethereum marched toward US$3,900 on record ETF inflows and a fresh “not a security” nod from the SEC. Solana ripped 8% in a single day on ETF whispers, while XRP kept traders busy with heavy inflows and sharp swings.

Outside crypto, trade deals dominated the headlines. Washington and Tokyo struck a new pact that trims tariffs on Japanese imports to 15%, while the UK and India inked a sweeping agreement that cuts tariffs on most British goods. A softer US job market and a Fed still glued to its higher-for-longer stance kept macro sentiment cautious - a reminder that markets are juggling more than just charts right now.

State of Crypto

• Bitcoin holds the line after US$9B liquidation, pinned between US$115K and US$120K
• Ethereum steals the spotlight with record ETF inflows and 15 straight green days
• Solana rockets 8% on ETF whispers, DeFi momentum, and surging user activity
• XRP whipsaws, on whale sell-off before ETF speculation drives rebound
• Capital rotation gathers pace as altcoins pull BTC dominance down to 61.6%

Bitcoin holds the line after US$9B liquidation, pinned between US$115K and US$120K

Bitcoin (BTC) stayed locked in a US$115K-US$120K range through the week after shrugging off a major shock on July 25th. Galaxy Digital’s sale of 80,000 BTC from an early wallet briefly pushed prices just under US$115K, but buyers absorbed the US$9B hit within hours and reclaimed key intraday levels.

Support has firmed around US$114,500 with resistance near US$119,000. Volatility spiked mid‑week but quickly settled, and liquidation data showed long positions bore the brunt: US$678M in long liquidations versus US$199M on the short side, a sign of over‑leveraged bulls. Away from the charts, Trump Media disclosed Bitcoin holdings of more than US$2B in new filings.

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Ethereum steals the spotlight with record ETF inflows and 15 straight green days

Ethereum (ETH) was the standout asset of the week, posting 15 consecutive green daily candles heading into July 30th. ETH climbed to almost US$3,900, its highest since Q1, driven by US$1.59B in spot ETF inflows - the second‑largest week on record.

A “not a security” statement from SEC Chair Paul Atkins and rising activity on Layer 2 networks added fuel, helping ETH outperform Bitcoin and strengthen the ETH/BTC pair as capital rotated into altcoins.

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Solana rockets 8% on ETF whispers, DeFi momentum, and surging user activity

Solana (SOL) jumped more than 8% in a single session as talk of a potential ETF met a surge in DeFi activity. Both active addresses and user growth are on the rise. After a quick run to US$200, SOL eased back to trade around US$190. Momentum is still on Solana’s side, with steady rotation from Bitcoin adding strength to the move.

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XRP whipsaws, on whale sell-off before ETF speculation drives rebound

Momentum in altcoins wasn’t limited to Solana. XRP had a volatile week after a large sell order on Korean exchange Upbit sparked a 15% drop and almost US$90M in long liquidations. Buyers quickly stepped back in. Growing speculation over a potential XRP ETF approval drove renewed interest from traders, pushing nearly US$190 million in XRP-related products by the week’s end – one of the strongest altcoin inflows - and helping prices recover to around US$2.95 after briefly hitting US$3.20.

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Capital rotation gathers pace as altcoins pull BTC dominance down to 61.6%

Altcoins are taking more of the market’s attention. BTC dominance slid to 61.6%, down from 66% earlier this month, as capital moved into Ethereum, Solana and XRP. ETF flow data and price action both point to a broadening market - with even smaller Layer 1s like Sui starting to attract fresh inflows.

Institutional interest remains strong despite volatility. Net inflows into crypto products hit US$1.9B for the week, pushing July’s total to a record US$11.2B. Corporates are stepping in too: SharpLink Gaming added 77,210 ETH to its treasury, and JPMorgan is exploring crypto‑backed lending.

Beyond institutions, adoption trends continue to grow. An industry survey highlights rising crypto use in gaming, travel and payments across Asia‑Pacific and Latin America. On‑chain, Bitcoin saw over 1M active addresses this week, with more coins moving off exchanges – a sign of long‑term confidence.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

AFR: Altcoin returns leave bitcoin in wake, challenging its dominance

“We’re coming into alt-season … bitcoin hits a top and then people start taking their profits,” Rachael Lucas, crypto analyst at BTC Market, said. She highlighted how investors should keep an eye on bitcoin dominance as the rotation toward altcoins continues.

Bloomberg: Crypto altcoins lead slide while bitcoin liquidations increase

“The broader uptrend remains intact, but momentum has cooled, and traders are cautious,” said Rachael Lucas, a crypto analyst at BTC Markets.

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The week ahead: Economic events

Thursday, July 31st 

• United States Fed Funds Interest Rate, Core PCE Price Index MoM, Personal Income, Personal Spending
• China NBS Manufacturing PMI
• Japan Interest Rate, Consumer Confidence
• France Inflation Rate
• Italy Inflation Rate
• Germany Inflation Rate

Friday, August 1st 

• China Caixin Manufacturing PMI
• Euro Area Inflation Rate
• United States Non Farm Payrolls, Unemployment Rate, ISM Manufacturing PMI

Tuesday, August 5th 

• Canada Balance of Trade
• United States ISM Services PMI

Source: Trading Economics

Market reflections

• United States: Growth rebounds but inflation stays sticky

• Eurozone: Outlook steady as new U.S. tariffs take effect

• China: Growth holds at 5.2% despite trade headwinds

• Japan: Easing inflation supports BOJ’s dovish stance

• Australia: Inflation eases, and rate cut bets build

United States: Growth rebounds but inflation stays sticky

The U.S. economy bounced back in Q2 with 3% annualised growth as consumers kept spending and imports dropped. Inflation is still stubborn though, with CPI at 2.7% and core at 2.9%. The Fed has pressed pause on rate cuts for now, keeping markets guessing, and volatility could rise as the next round of jobs and inflation data comes in.

Eurozone: Outlook steady as new U.S. tariffs take effect

Europe is holding steady with 0.3% growth and inflation around 2%. New U.S. tariffs on EU goods from August could shake things up, with traders watching closely for any tit-for-tat moves from Brussels. For now, strong domestic demand and a firm euro are keeping the outlook stable.

China: Growth holds at 5.2% despite trade headwinds

China’s economy is still running at 5.2% thanks to stimulus and strong local demand. Exports surprised to the upside, but trade tensions and geopolitics remain clouds on the horizon. Policy support is expected to stay in place as Beijing tries to balance growth and external pressures.

Japan: Easing inflation supports BOJ’s dovish stance

Tokyo’s inflation cooled to 2.9% in July. That gives the Bank of Japan breathing room to keep policy easy, a backdrop that has lifted equities and nudged crypto activity higher in the region. Investors are also looking ahead to a new fiscal package expected later this year.

Australia: Inflation eases, and rate cut bets build

Inflation slowed to 2.1% - it’s lowest in years. Traders now see a decent chance of a rate cut before year-end, which could be good news for risk assets, including crypto. Softer data has also opened the door for a more accommodative stance from the Reserve Bank of Australia.

Closing thoughts: Rotation sets the tone for August

The market ended July with a clear shift in rhythm. Bitcoin held its ground, but the real story was the growing breadth of participation - from ETH’s institutional flows to Solana’s DeFi momentum and even smaller layer‑1s finding an audience.

August now becomes a test of staying power. Thin holiday volumes can make moves sharper, and policy decisions on trade and rates still hang over markets. What’s different this time is how capital is spreading out rather than clustering in one asset. That rotation could define how the rest of Q3 plays out.

Scam alert

Investment scams: Protect your savings and think before you invest

Scammers are pretending to be finance experts, investment companies, and advisors to trick people into handing over their savings. They use fake websites, slick marketing, and pressure tactics - all designed to steal your money.

These scams often promise big returns with little or no risk. They may even let you withdraw a small amount at first, just to make you believe it’s real. When you try to take out all your money, it disappears.

Warning signs it could be a scam:

• Ads or fake articles that claim a well‑known personality has made a fortune from the scheme.
• Contacts on social media or dating apps that suddenly start talking about investing.
• Websites, emails or ads that feature glowing testimonials and unbelievable returns.
• Messages that pressure you to act quickly so you don’t miss out.
• Advisers that say they don’t need an Australian Financial Services (AFS) licence.
• Schemes that ask you to recruit friends or family to earn commissions.

How to protect yourself:

• Take your time and avoid rushing into an investment, no matter how good it sounds.
• Check ASIC’s Moneysmart investor alert list and the IOSCO alerts portal before you invest.
• Verify a company’s details and contact information using sources you find yourself.
• Deal only with advisers who hold an Australian Financial Services (AFS) licence.
• Be cautious with offers of pre‑IPO shares or investments that seem “too good”
• Review when a company’s website domain was registered and be wary of brand-new sites.

If you think you’ve been scammed, stop sending money, contact your bank immediately, and report it to scamwatch.gov.au.

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