In July, US policymakers officially signed the GENIUS Act, marking the re-entry of the cryptocurrency market into a bullish phase. This move propelled the global cryptocurrency market cap to surpass $4 trillion, with Bitcoin soaring to a historic high of over $123,000. Ethereum also recorded a 54.3% monthly increase, driven by $5.3 billion in ETF inflows and rising corporate adoption.
Despite the stagnation in China-US trade negotiations and the Federal Reserve maintaining interest rates, market sentiment turned cautiously optimistic. At the same time, a significant reshuffle occurred in the token issuance market on the Solana chain, with monthly inflows of stablecoins reaching $8 billion, indicating that the next phase of the bull market may soon unfold.
Table of Contents
- Policy Drives the Market: GENIUS Act Ignites Rally
- Technical Trends: BTC and ETH
- Altcoin Rotation Accelerates, Risk Appetite Increases
- Details of the GENIUS Act Signing
- The Rise of “Ethereum Version of MicroStrategy”
- Tokenization of US Stocks: Open vs Closed Ecosystem
- Solana Token Issuance Reshuffle: Letsbonk Surpasses Pump.fun
- Stablecoin Inflows Reach $8 Billion: Signaling the Next Wave of the Bull Market
- Looking Ahead: Stable Regulation, ETH Treasury, Continuation of the Bull Market
- About CoinEx
Policy Drives the Market: GENIUS Act Ignites Rally
On July 18, US President Donald Trump officially signed the “Stablecoin National Innovation Guidance and Establishment Act” (GENIUS Act), marking a historic moment for digital assets. The passage of this act enhanced market confidence in stablecoins, further driving market momentum. Bitcoin reacted swiftly, soaring to a historic high of over $123,000, while Ethereum also achieved a 54.3% monthly increase.
On a macroeconomic level, while tariff agreements were reached with the EU, UK, and Japan, trade negotiations with China remain at a standstill. The Federal Reserve maintained the federal funds rate in the range of 4.25%–4.50% during its July meeting.
Technical Trends: BTC and ETH
After Bitcoin broke new highs, it is currently consolidating in the “blue zone,” still maintaining an overall upward trend without any significant signs of weakness.
On the other hand, the ETH/BTC exchange rate broke above the 338-day EMA moving average for the first time, showing bullish signals for the first time in a year, which may indicate further upside potential for Ethereum.
Altcoin Rotation Accelerates, Risk Appetite Increases
With Bitcoin reaching new highs and ETH/BTC strengthening, the CoinEx Research Institute noted an “explosive rebound” in several mainstream altcoin ecosystems. The increase in risk appetite and capital inflows suggests that the market may welcome a broader rise.
Details of the GENIUS Act Signing
The GENIUS Act was signed by President Trump on July 18, establishing the first formal regulatory framework for stablecoins in the United States. The bill passed the House of Representatives with a vote of 308–122 and the Senate with a vote of 68–30, demonstrating strong bipartisan support. Its framework aligns with the EU’s MiCA legislation and Hong Kong’s Stablecoin Regulation, positioning the United States as a global leader in stablecoin regulation. To learn more, please read our latest research report: “Global Stablecoin Regulation and Market Outlook: Trends and Competitive Landscape for 2025.”
The Rise of “Ethereum Version of MicroStrategy”
In July, several listed companies in the United States began incorporating Ethereum into their financial reserve assets, following the Bitcoin strategy of MicroStrategy. Companies including SharpLink Gaming (SBET), BitMine Immersion Technologies (BMNR), Bit Digital (BTBT), and BTCS Inc. (BTCS) have started allocating ETH as a strategic asset. Unlike Bitcoin, which emphasizes passive storage, these companies utilize ETH’s staking and DeFi functionalities to generate active income, indicating that Ethereum is being deeply integrated into traditional corporate financial systems.
Tokenization of US Stocks: Open vs Closed Ecosystem
Tokenization of US stocks significantly heated up in July:
- xStocks (operating on Solana) advocates for an open decentralized architecture, providing tokenized stocks of companies like Apple and Tesla, supporting 24/7 trading, DeFi integration, and lending functionalities through platforms like Jupiter.
- Robinhood (operating on Arbitrum) adopts a regulatory-priority closed model, offering tokenization services for over 200 stocks and ETFs, including private companies like SpaceX, compliant with EU standards but limiting decentralized applications.
Both promote faster trading and global accessibility, yet still face challenges related to liquidity and compliance.
Solana Token Issuance Reshuffle: Letsbonk Surpasses Pump.fun
Significant changes have occurred in the Solana ecosystem: Letsbonk has surpassed Pump.fun to become the dominant token issuance platform. As of July 29, Letsbonk held an 83.5% market share, issuing 256 new coins in a single day. The key to its success lies in its deep integration with the BONK ecosystem and its community-oriented revenue distribution model, emphasizing transparency and fair issuance. In contrast, Pump.fun’s market share has declined to 7.94% due to controversies surrounding the $PUMP token, regulatory pressures, and security concerns.
Stablecoin Inflows Reach $8 Billion: Signaling the Next Wave of the Bull Market
Stablecoin inflows in July reached $8 billion, marking the second consecutive month of accelerated growth, supporting the bull market structure. The CoinEx Research Institute states that if this inflow trend continues into August, the market will enter the second momentum phase of the bull market.
Looking Ahead: Stable Regulation, ETH Treasury, Continuation of the Bull Market
July 2025 is expected to be a turning point for policy alignment, institutional participation, and market structure reconstruction.
- The GENIUS Act legitimizes stablecoins, stimulating risk appetite;
- Companies adopting ETH as a financial asset indicate deeper institutional integration;
- Surges in stablecoin funding, tokenization of US stocks, and Solana’s issuance reshuffle are constructing a diverse ecosystem.
If stablecoin inflows continue and interest rate cut expectations materialize, the market may enter a sustained bull market phase.
About CoinEx
Founded in 2017, CoinEx is an award-winning cryptocurrency exchange focused on users, developed by the leading global mining pool ViaBTC. As one of the first exchanges to release “proof of reserves,” CoinEx is committed to ensuring 100% security of user assets. The platform offers over 1,400 cryptocurrencies and professional trading features, serving over 10 million users across more than 200 countries and regions. CoinEx also possesses a native token CET, enriching user participation through incentive mechanisms and empowering the overall ecosystem.
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This article is a content provided by the official source and does not represent the position or investment advice of this site. Readers are advised to conduct their own careful evaluations.
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