July Monthly Review 2026

This monthly review examines the key events in the cryptocurrency market in July. Overall, July was a month of market strengthening and a gradual recovery in market sentiment. Following weak performance in June, Bitcoin and several major cryptocurrencies rose, although price movements remained moderate compared with the volatility typically associated with the cryptocurrency market.

The key themes in July included the return of institutional capital flows, Ethereum’s stronger performance relative to Bitcoin, growing corporate interest in cryptoassets, and the rapid development of infrastructure for stablecoins and tokenised securities. The integration of cryptocurrencies into traditional investment and payment services continued as major financial institutions expanded their crypto offerings and developed blockchain-based solutions.

              
​July in the Cryptocurrency Market
The cryptocurrency market developed positively overall in July. Bitcoin began the month below the $60,000 (€52,000) level but quickly recovered above $60,000. As the month progressed, Bitcoin rose to approximately $66,000 (€57,000) at its peak and ended July at around $64,000 (€55,000).
Bitcoin’s monthly return was approximately seven percent. Its performance was clearly stronger than in June. Bitcoin traded for much of the month within a range of approximately $62,000–$66,000 (€53,000–€57,000), and no sustained upward or downward trend developed in the market.
Price performance was occasionally supported by positive macroeconomic news, particularly slowing inflation in the United States. More moderate inflation strengthened expectations that the US Federal Reserve could ease its monetary policy in the future. Lower interest rates would generally support demand for Bitcoin and other risk assets, as they would reduce the relative attractiveness of fixed-income investments and improve market liquidity.
However, the upward movement slowed toward the end of the month. The US Federal Reserve kept its policy rate unchanged, and its communication did not provide the market with a clear promise of rapid interest rate cuts. Geopolitical risks and fluctuating ETF capital flows also increased investor caution.
July’s price performance indicated that Bitcoin’s market structure had stabilised following the decline in June. Buying demand emerged below the $60,000 (€52,000) level, while the area around $65,000–$66,000 (€56,000–€57,000) repeatedly formed a resistance level above which Bitcoin was unable to remain permanently.
​Ethereum Outperformed Bitcoin
Ethereum was one of the strongest-performing major cryptocurrencies in July. Ethereum’s price rose during the month from approximately $1,600 (€1,390) to the $1,900 (€1,650) level and briefly traded above $2,000 (€1,730). Ethereum’s monthly return was approximately 18 percent, clearly higher than Bitcoin’s. This was also reflected in the strengthening of the ETH/BTC exchange rate. In practice, Ethereum increased in value both in absolute terms and relative to Bitcoin.
Ethereum’s strong performance can be considered significant, as it had clearly underperformed Bitcoin during the first half of the year. In July, however, investor interest began to broaden from Bitcoin to other major cryptoassets.
Demand for Ethereum was supported in particular by growing corporate ETH holdings, the return opportunities offered by staking, and institutional demand developing around stablecoins and tokenisation. Ethereum continues to serve as key infrastructure for stablecoins, decentralised financial services, and tokenised assets. The growth of these use cases also strengthens ETH’s position.
However, Ethereum’s performance alone did not yet indicate the beginning of a broader altcoin-driven market. Differences between major cryptocurrencies remained considerable, and investor interest focused particularly on projects with a clear institutional use case, strong liquidity, or growing network activity.
​Institutional Capital Flows Recovered
Institutional demand for Bitcoin strengthened during July following weak performance in June. New capital once again flowed into US spot Bitcoin ETFs during the month, with the funds recording total net inflows of approximately $727 million over five consecutive trading days.
Positive capital flows supported Bitcoin’s rise from below $60,000 toward $65,000. ETFs have become one of the most important demand drivers of Bitcoin’s short-term price performance. When new subscriptions are made to the funds, they must acquire a corresponding amount of bitcoin from the market. This increases demand in the spot market and may reinforce price increases.
However, capital flows did not remain consistently positive throughout the month. Outflows were once again recorded from the funds toward the end of July as investors assessed the effects of interest rate policy, the macroeconomy, and geopolitical risks.
The fluctuating performance of the ETF market demonstrates that institutional demand remains sensitive to changes in market sentiment. In the long term, however, ETF structures have made it easier to include Bitcoin in traditional investment portfolios and strengthened its position as an institutional asset class.
​Corporate Interest in Ethereum Increased
Corporate interest in Ethereum also emerged as a significant market theme in July. BitMine Immersion Technologies increased its Ethereum holdings to approximately 5.78 million ETH. This amount represented approximately 4.8 percent of Ethereum’s total circulating supply.
At the same time, the company became the largest publicly known corporate holder of Ethereum. A significant portion of its ether holdings was placed in staking, allowing the company to earn protocol-generated staking returns on its ETH holdings.
Corporate Ethereum strategies differ from traditional Bitcoin strategies. Companies acquiring Bitcoin typically justify their holdings based on Bitcoin’s limited supply and its role as a long-term store of value. In addition to potential capital appreciation, Ethereum offers the possibility of staking returns and exposure to the growth of stablecoins, tokenisation, and decentralised applications.
This development may strengthen Ethereum’s position as a corporate treasury asset. At the same time, however, large centralised holdings increase concentration risk if a significant portion of the ETH supply comes under the control of individual companies.
​Morgan Stanley Expanded Its Crypto Services
The entry of traditional financial companies into the crypto market continued in July when Morgan Stanley introduced spot cryptocurrency trading on its E*TRADE investment platform.
Through the service, customers can buy, sell, and hold Bitcoin, Ethereum, and Solana. Cryptocurrency holdings can be viewed through the same service as stocks, funds, and other traditional investment products.
Morgan Stanley’s decision is significant because E*TRADE is one of the best-known investment platforms for retail investors in the United States. Adding cryptocurrencies to the service lowers the threshold for customers to participate in the crypto market.
This development reflects a broader transformation in the financial sector. Cryptocurrencies are no longer treated as a completely separate market but are gradually being integrated into the standard product offerings of banks, asset managers, and investment service providers.
​Institutional Adoption of Stablecoins Continued
The institutional development of the stablecoin market progressed in July when Visa announced a new stablecoin platform designed for financial companies.
The platform is intended to enable the issuance, custody, transfer, and redemption of stablecoins through a single technical infrastructure. The service is aimed particularly at banks, fintech companies, payment service providers, and crypto companies.
Visa also provides wallet infrastructure as part of the service, allowing financial companies to build blockchain-based payment services for their customers without having to develop the entire technical system independently.
Visa’s involvement reinforces the view that stablecoins are becoming part of the international payment infrastructure. Their use cases are no longer limited to cryptocurrency trading, as stablecoins are increasingly used in corporate payments, international money transfers, cash management, and securities settlement.
The key advantages of stablecoins include round-the-clock availability, fast transfers, and the ability to programme payment transactions directly into digital systems. In traditional international payments, transfers may pass through several banks and take several days. In a blockchain-based system, the transfer and final settlement of funds can take place almost in real time. The growing use of stablecoins could significantly transform international payment and corporate cash management models over the long term.
​Tokenisation Advanced Toward Practical Market Infrastructure
Tokenisation remained one of the most important structural development trends in the crypto market in July. The US securities depository and clearing organisation DTCC launched an extensive tokenisation initiative together with several major financial and technology companies.
Under the initiative, traditional stocks, ETFs, and US government bonds are converted into digital tokens stored on blockchains. The objective is to build infrastructure that enables securities to be transferred, held, and settled more quickly than at present.
A tokenised security represents the same economic and legal ownership as a security held in the traditional system. Shareholders retain, for example, the right to dividends and any associated voting rights.
This distinguishes genuinely tokenised securities from synthetic products, which merely track the price of a stock without providing investors with direct ownership of the underlying security.
The objective of tokenisation is to shorten securities settlement times and enable markets to operate around the clock. Under the current system, the final settlement of a securities transaction generally takes place on the day following the trade date. In a blockchain-based system, the transfer of ownership and payment could take place simultaneously and almost in real time.
The involvement of major banks, asset managers, and clearing organisations demonstrates that tokenisation is moving from individual experiments toward the construction of actual financial market infrastructure.
​Progress of the CLARITY Act Slowed
The development of cryptocurrency regulation in the United States remained one of the market’s key political themes in July. The objective of the CLARITY Act is to clarify the division of authority between the Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, as well as to define more precisely when a cryptoasset is classified as a security and when it is classified as a commodity.
A clear division of authority is important for the entire US cryptocurrency market. The current uncertainty has made it more difficult for crypto companies to plan their operations and has slowed the participation of banks, asset managers, and other regulated financial institutions in the market.
However, optimism surrounding the bill’s progress weakened during July. The Senate’s tight schedule, demands related to political conflicts of interest, and objections raised by the banking sector complicated the bill’s consideration.
From the perspective of the cryptocurrency market’s long-term institutional development, clear legislation would represent a significant step forward. It would improve market predictability, facilitate risk management, and enable the development of new products based on cryptoassets and tokenised securities.
​Summary
July was a month of recovery in the cryptocurrency market. Bitcoin rose from below $60,000 to approximately $64,000 and recorded a monthly return of around seven percent. Price performance was positive, but Bitcoin was unable to establish a clear upward trend and traded for much of the month within a range of approximately $62,000–$66,000.
Ethereum clearly outperformed Bitcoin. Its price rose by approximately 18 percent during the month and once again approached the $2,000 level. Ethereum’s strengthening was supported by growing corporate ETH holdings, demand for staking, and institutional development surrounding stablecoins and tokenisation.
The market recovery was also supported by positive capital flows into Bitcoin ETFs. The funds received total inflows of approximately $727 million over five consecutive trading days. However, capital flows remained variable, reflecting the continued caution of institutional investors toward market conditions.
The events of July reinforced the integration of cryptocurrencies into traditional investment services. Morgan Stanley introduced trading in Bitcoin, Ethereum, and Solana on its E*TRADE platform, enabling cryptocurrencies to be managed through the same service as traditional investments.
Corporate interest also expanded from Bitcoin to Ethereum. BitMine’s Ethereum holdings rose to approximately 5.78 million ether, representing nearly five percent of Ethereum’s total supply. This development strengthened the discussion of Ethereum as a potential yield-generating corporate treasury asset.
The structural development of stablecoins and tokenisation remained strong. Visa announced a stablecoin platform for financial companies, while DTCC launched an initiative with major financial institutions to tokenise traditional securities. Both developments demonstrate that blockchain technology is being integrated increasingly closely into payment and securities market infrastructure.
From a regulatory perspective, the month was more uncertain. The CLARITY Act remained the most important legislative initiative for the US cryptocurrency market, but its progress slowed due to political disputes, opposition from the banking sector, and the Senate’s schedule.
Overall, July strengthened the long-term institutional development of the cryptocurrency market. Cryptocurrencies are being introduced to traditional investment platforms, global payment infrastructure is being built for stablecoins, and tokenised securities are being prepared for broader adoption.
In the short term, however, the market remains dependent on interest rate expectations, ETF capital flows, and the geopolitical situation. July’s price performance was constructive, but the beginning of a clear bull market would likely require stronger and more sustained capital flows, as well as a reduction in macroeconomic uncertainty.