Hotter-than-expected U.S. producer price data for July set a cautious tone across global markets, trimming expectations for aggressive interest rate cuts. The shift in sentiment led to profit-taking in crypto after a strong run to record highs. Asian equities posted mixed results, and U.S. Treasury yields eased only slightly, creating a backdrop where traders chose to lock in gains.
Bitcoin: From Fresh ATH to a Controlled Cool-Off
Bitcoin reached a new all-time high earlier this week before slipping around 2–3% to the $119,000 range. This move triggered roughly $1 billion in leveraged liquidations, according to data from derivatives market trackers. ETF outflows and changes in futures positioning amplified the dip, but analysts from multiple trading desks suggest this is more of a post-ATH breather than the start of a deeper correction.
What to Watch on BTC
- A shift to negative funding rates and compressed futures premiums could signal a quicker reset and fresh base formation.
- Sustained ETF outflows would point to a longer consolidation, while renewed inflows could spark another leg higher.
Ethereum: Flows Take the Wheel
Ethereum took the spotlight from Bitcoin as U.S. spot ETH ETFs logged their first $1 billion single-day net inflow, led by issuers like BlackRock and Fidelity. Multi-day totals now stand at approximately $2.3 billion, showing a level of demand that market analysts say could sustain upward momentum well beyond a short-term spike.
Why ETH Flows Matter
- ETF-driven demand shifts the market’s primary buyer from short-term traders to long-term allocators.
- Historically, large sustained inflows into ETH have trickled into Layer-2 networks and blue-chip DeFi projects once volatility eases.
Solana: SEC Hits Pause on Spot ETFs
The U.S. Securities and Exchange Commission has extended its review period for all spot Solana ETF applications, setting a new decision date of October 16, 2025. SOL’s price underperformed other major assets on the news, but traders note that this provides a clear timeline for potential catalysts. Until then, on-chain metrics and altcoin rotation patterns will likely drive Solana’s price action.
IPO Heat Check: Bullish Roars Onto the NYSE
Bullish, a crypto exchange operator, made a dramatic debut on the New York Stock Exchange with shares more than doubling from their $37 IPO price at one point, briefly surpassing $100 intraday. This surge pushed the company’s valuation into the $10–$13 billion range depending on the moment of measurement. ARK Invest disclosed buying more than 2.5 million shares across its funds, reinforcing investor appetite for publicly traded crypto infrastructure.
Why the Bullish Listing Matters
- Adds another regulated, transparent proxy for exchange economics alongside Coinbase.
- Signals that traditional equity markets are willing to reward well-capitalized, compliant crypto firms.
Cross-Currents: How the Pieces Fit
- Macro vs. Micro: Hot inflation data pressured risk appetite, but Ethereum-specific ETF inflows counterbalanced the broader market pullback.
- Altcoin Rotation Risk: ETH’s surge may draw liquidity away from smaller caps short term, but if volatility cools, capital often migrates to other networks.
- Structural Bid vs. Event Risk: Bullish’s IPO excitement highlights renewed public market sponsorship for crypto, while Solana’s ETF delay and macro data create event-driven trading windows.
The Next 1–2 Weeks: Playbook
For Momentum Traders
- Watch Bitcoin’s range between recent highs and $115,000–$118,000 support zones. Failed breakdowns could produce fast rebounds.
- Track ETF flow data—especially for ETH. Consecutive days of more than $500 million in inflows would likely extend the rally.
For Long-Term Investors
- Scale into ETH on pullbacks triggered by macro headlines rather than chasing highs.
- Consider a balanced exposure: core holdings in BTC and ETH for ETF-driven demand, with selective positions in infrastructure equities like Bullish and Coinbase.
For Solana Watchers
- Expect range-bound trading until October ETF decisions.
- Monitor network activity, transaction fees, and stablecoin volumes for signs of underlying strength.
Key Takeaways:
- Ethereum ETFs recorded record inflows, outshining Bitcoin’s pullback.
- Solana ETF applications face an SEC delay until October 2025.
- Bullish’s NYSE debut more than doubled its valuation above $10 billion.
Bottom Line
Market leadership is shifting from Bitcoin’s broad beta rally to Ethereum’s flow-driven strength, even as macro data injects short bursts of volatility. Add in a blockbuster crypto IPO that public investors embraced, and the message is clear: institutional capital is still flowing into the digital asset space—just not always in a straight line.
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