Bitcoin shrugs off US$9B Satoshi sale to post record weekly close

TLDR:

• Bitcoin logs its highest weekly close after rebounding from a mid-week dip
• Short squeeze setup builds, BTC eyeing a breakout above US$120K
• ETH spot ETFs pull in record inflows, as investors rotate beyond BTC
• Markets rise on trade optimism, as interest rate uncertainty elevates volatility
• Altcoin rotation picks up, driven by ETH breakout and SOL rally

July is wrapping up with crypto showing some serious resilience. Bitcoin hovered around US$119K despite a multi‑billion‑dollar sale from a Satoshi‑era wallet, while Ethereum climbed above US$3,800 on record ETF inflows. Falling Bitcoin dominance pointed to fresh interest in altcoins, with capital rotating beyond BTC.

Global markets got a lift from progress on a US–EU trade deal, but upcoming macro events – from tariff deadlines to the FOMC decision and key data – are likely to keep volatility elevated.

In Australia, rising unemployment has strengthened expectations of an RBA rate cut in August.

Here’s how the week played out across Bitcoin, ETFs, altcoins, and global markets.

The weekly trading stats as of Monday, July 28th at 10:00 AM AEST, based on data from TradingView in USD.

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Bitcoin logs its highest weekly close after rebounding from mid-week dip

Bitcoin ended the week at US$119.4K, its strongest weekly close to date. A brief drop to US$114K mid‑week was quickly absorbed, showing how well the market handled heavy selling pressure.

The broader trend remains constructive. Price held above key support levels and trades comfortably above the 50‑day (US$110.9K) and 200‑day (US$97.8K) moving averages. On shorter timeframes, Bitcoin continues to consolidate just below US$120K. Momentum indicators are neutral and volume steady.

Support sits between US$113K and US$117K. A clear break through US$120K would signal renewed upside momentum.

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Short squeeze setup builds, BTC eyeing a breakout above US$120K

Short positions have built up between US$120K and US$122K. A break into this zone could trigger forced liquidations and a rapid move higher. On the downside, lighter long positions are clustered near US$116K and US$113K. These levels offer some support but are less likely to spark the same reaction.

The market remains finely balanced heading into August. A clean break above US$120K could set off a short squeeze, while dips toward support continue to attract buyers.

ETH spot ETFs pull in record inflows, as investors rotate beyond BTC

Ethereum stole the spotlight last week, with spot ETFs raking in US$1.85B of net inflows – the biggest weekly total on record. That surge in demand pushed ETH through the US$3,800 mark and underscored how much institutional attention has shifted its way.

Bitcoin ETFs stayed in the green, notching their ninth straight day of inflows, but the numbers tell the story: for now, the weight of fresh capital is tilting toward Ethereum. The move comes as investors broaden their focus beyond Bitcoin, encouraged by clearer rules and a wider range of use cases across the ecosystem.

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BTC dominance slides to 61% with capital rotation spreading across altcoins

The share of total crypto market cap held by BTC has slipped to 61%, down from almost 66% earlier in July. This drop reflects growing flows into Ethereum, Solana and other Layer 1 networks.

While BTC remains the market anchor, the decline in dominance points to broader investor confidence in assets beyond Bitcoin, particularly those with ETF exposure. If the trend continues, altcoins could see further upside, though these rotation phases often reverse quickly when BTC pulls back.

Beyond crypto, the macro backdrop also influences sentiment.

Markets rise on trade optimism, as interest rate uncertainty elevates volatility

Global markets finished the week on firmer ground, helped by progress on a US–EU trade deal and another round of strong corporate earnings. Risk sentiment improved, with major equity indices hitting fresh highs, though caution hasn’t disappeared.

Rising bond yields, tariff deadlines on 1st August, the upcoming FOMC decision, and key US economic data are all in focus over the next few days. Any of these could add volatility to risk assets, including crypto.

In Australia, a softer jobs market and slower growth have strengthened expectations for an RBA rate cut in August.

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Altcoin rotation picks up, driven by ETH breakout and SOL rally

Fresh capital is starting to spread beyond Bitcoin. Ethereum climbed past US$3,800 on the back of record ETF inflows, while Solana bounced off recent lows on speculation around future ETFs and a lift in retail activity.

XRP’s run has been more subdued. Reports of a large token sale by an early holder added some short-term supply pressure, holding it back from the broader altcoin rally.

These moves show how quickly attention shifts when BTC dominance eases. The next question is how long this rotation can hold if Bitcoin takes a breather.

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Closing thoughts: Strong July finish sets the stage for a busy August

The month wraps up with a market that has proven it can absorb heavy selling, rotate capital, and find fresh leadership beyond Bitcoin.

August brings a different kind of test. With macro decisions and data crowding the calendar, the focus now shifts from resilience to reaction: how crypto responds when the next wave of headlines hits.

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