Why Is Crypto Up Today? – July 31, 2025

The crypto market is up today, seeing a minor uptick. Three-quarters of the top 100 coins per market have turned green over the past 24 hours. That said, the cryptocurrency market capitalization has dropped by another 3.6% to $3.96 trillion. At the same time, the total crypto trading volume is at $154 billion.

TLDR:

Crypto Winners & Losers

Only one of the top 10 coins per market capitalization has decreased over the past 24 hours.

Bitcoin (BTC) is largely unchanged, having increased by 0.4% in a day, now trading at $118,386.

At the same time, Ethereum (ETH) increased the most in this category: 1.5%, now changing hands at $3,860.

While XRP appreciated 0.9% to $3.15, the large majority of these coins are up by less than 0.5% at the time of writing.

On the other hand, Tron (TRX) is the only coin in the category that decreased today: 3% to $0.327.

As for the top 100 coins, 75 coins are up today. Ethena (ENA) saw the only double-digit rise. It’s up 12.7% to the price of $0.6464.

It’s followed by Story (IP), with a 9.1% rise to $6.24. Other coins in this category are up 4.9% and less.

On the opposite side, Tron fell the most in this category as well, followed by XDC Network (XDC), with a 2.8% drop to $0.09755.

Other red coins are down 1.7% and less per coin.

The markets across the board, crypto included, have reacted to comments from the US Federal Reserve Chair Jerome Powell that largely squashed any hopes for a rate cut in the coming month. Powell said that the Fed first needs to see more data that would allow it to estimate the tariffs’ effect on inflation.

That said, even though a rate cut would be positive for crypto, suggesting that a lack of news suggesting a cut would dampen the market’s performance, the crypto market is proving its resiliency yet again with the day’s moderate uptick.

Notably, there are positive financial reports coming from major companies. Robinhood’s crypto revenue jumped 98% to $160 million. For Q2 2025, it reported revenue of $989 million, a 45% year-on-year increase.

This is the result of the surging crypto activity and the integration of Bitstamp.

‘BTC Breakout Above $125,000 Could Lead to $141,000’

Glassnode’s analysts found that Bitcoin long-term holders “still command 53% of supply despite recent distribution.” This indicates that, should the price rise, more supply could unlock, which would need continuing demand to absorb it.

Moreover, per Glassnode’s latest report, Bitcoin remains range-bound between $105,000 and $125,000. A decisive breakout above this range could “shift market dynamics” and make way for a move toward $141,000.

The latter is an area where “profit-taking could sharply intensify” and which is likely to see increased sell-side pressure due to the high unrealized profit expected there.

On the other hand, there is a light volume zone between $110,000 and $115,000. This is “a critical area to monitor should a market pullback occur.”

Also, additional metrics show “latent sell-side pressure,” the researchers noted.

Meanwhile, many industry insiders commented on the US Fed news.

Tom Bruni, VP of Community at Stocktwits, described the FOMC meeting as “uneventful with rates staying unchanged.” Most expect the September meeting to be the first cut.

That said, Powell’s commentary is “the wildcard, as the Fed’s updated economic projections in June already told the story of slowing growth and sticky inflation,” Bruni says. “However, after a record run from the April lows, the stock market and other risk assets have stalled as the market’s focus shifts to earnings season.”

“The pause in momentum suggests that investors/traders are looking for reasons to sell in this environment, so any unexpected comments or Q&As from Powell could trigger some weakness,” Bruni writes.

Greg Magadini, Director of Derivatives at Amberdata, added that should Powell be fired or begin to cut rates too early, hard assets, especially BTC especially, could “rally a lot while inflation and bonds would lose a lot of value.”

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Levels & Events to Watch Next

At the time of writing on Thursday morning, BTC trades at $118,386. 24 hours ago from the time of writing, it traded at $117,962. It traded sideways for several hours, then briefly dipped to $116,079 from the daily peak of $118,644.

Over the past few hours, it continued trading sideways, trying to break back into the $119,000 level. This would signal further upside potential and a possible increase above $120,300. While there is a possibility for the coin to drop to the $114,530-$116,500 range, for now it’s attempting to appreciate further.

Also, Ethereum is currently trading at $3,860. The price started the day at $3,808, seeing a sharp drop to $3,708, after which it increased to the peak of $3,868.

Despite the latest pullback, ETH continues rising and is working towards hitting $4,000. If this upwards moment continues, the price is likely to move back above $3,900 in a matter of days.

Meanwhile, the crypto market sentiment has dropped slightly over the past day. The crypto fear and greed index stands at 62 today compared to 63 yesterday.

While still in the greed territory, the sentiment may enter the neutral zone. While there is notable optimism among the investors, there is also an increase in caution. With the ongoing regulatory and economic development, investors are awaiting further signals.

Furthermore, on Wednesday, the US BTC spot exchange-traded funds (ETFs) recorded inflows of $47.04 million. This is their fifth day of positive flows.

That said, only two funds recorded flows, both positive. BlackRock recorded $34.37 million, and Bitwise saw $12.66 million.

At the same time, the US ETH ETFs recorded the 19th consecutive day of positive flows. One more day, and it will set a new record. The inflows stood at $5.79 million on Wednesday, the lowest amount in weeks.

BlackRock took in $20.29 million, and Grayscale saw inflows of $7.77 million. However, Fidelity was $22.27 million in the red.

Meanwhile, JPMorgan estimated that more than $60 billion in new capital has entered crypto markets in 2025, showing the strength of the bull market. This is the result of the ETF adoption, venture capital funding, and renewed confidence in the market following regulatory clarity.

Additionally, crypto exchange Kraken reported $411.6 million in revenue for Q2 2025, marking an 18% year-on-year increase. Its adjusted EBITDA fell 7% to $79.7 million, due to market events and ongoing macroeconomic uncertainty.

Quick FAQ

1. Why did crypto move with stocks today?

Both the crypto and the stock market saw mixed performances. The S&P 500 was down by 0.12%, the Nasdaq-100 increased by 0.16%, and the Dow Jones Industrial Average fell by 0.38%. The markets largely reacted to the US Federal Reserve’s indication that there will be no rate cuts in the coming month.

1. Is this rally sustainable?

This is a very moderate rise, and the market may go either way in the short term, depending on the additional incoming regulatory and economic signals. Long-term, analysts expect the rally to continue.

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