Macro crypto currency market outlook

Bitcoin has been comfortably consolidating just below its July record high. Recent pullbacks appear corrective in nature, with dips finding strong support around the $115,000 level. A break back above the all-time high at $123,155 would likely trigger the next measured move toward the $130,000 area. While a weekly close below $115,000 would temper the near-term outlook, robust support remains in place between $100,000 and $110,000.

July marked a turning point for crypto markets, driven by a clear regulatory pivot and dominant outperformance from Ethereum. ETH was up 50% on the month, compared to bitcoin’s more modest 9% gain. While bitcoin briefly notched a new all-time high just above $123K, it largely consolidated throughout the month, ceding leadership to ETH as the broader macro-regulatory narrative turned decisively more favorable for Ethereum’s ecosystem.

At the center of that shift was the passage of the GENIUS Act, a bipartisan bill that formally recognized stablecoins as regulated payment instruments and laid groundwork for fintech and crypto infrastructure integration across the U.S. financial system. With the majority of stablecoins—by issuance and volume—residing on Ethereum, the legislative breakthrough further validated ETH’s foundational role in on-chain settlement and decentralized finance. Combined with the White House’s July digital asset strategy, which emphasized tax modernization, interagency coordination, and blockchain access in federal systems, the U.S. sent its strongest signal yet of embracing crypto innovation.

That policy shift sparked a wave of institutional interest—specifically into Ethereum. SharpLink Gaming made headlines with a direct 10,000 ETH purchase from the Ethereum Foundation, part of a growing corporate treasury movement that now includes several publicly traded firms. Combined, corporate ETH holdings surpassed 1.26 million ETH, or roughly 1% of total circulating supply, much of it earmarked for staking and long-term reserves.

Bitcoin, though quieter by comparison, remained technically constructive. After tagging the $123K level in mid-July, bitcoin spent most of the month consolidating between $115K and $120K. Notably, the market absorbed a reported $9 billion bitcoin sale by Galaxy Digital with limited volatility—underscoring the asset’s growing liquidity depth and institutional maturity.

Looking ahead, ETH enters August with clear momentum: positive regulatory optics, institutional balance sheet adoption, and growing ETF-driven demand. Bitcoin, meanwhile, continues to act as a macro anchor—solid and stable—with upside potential intact should broader risk sentiment or regulatory tailwinds persist.