Why Is Crypto Up Today? – July 23, 2025

Over the past 24 hours, the cryptocurrency market capitalization has dropped by 3.3%, but it still holds at $4 trillion. That said, the market is up today, with the large majority of the top 100 coins per market capitalization increasing in this period. At the same time, the total crypto trading volume is at $222 billion, maintaining similar levels for days now.

Crypto Winners & Losers

Over the past 24 hours, of the top 10 coins per market cap, three are red and five are green (not taking the two stablecoins into account).

Bitcoin (BTC) decreased by 0.4% in a day, meaning it’s largely unchanged. The current price is $118,487. The price is back above the $118,000 level.

Then, Ethereum (ETH) is up by 0.1%, meaning that it too is currently unchanged. It’s now trading at $3,695. The price is still moving towards the $4,000 mark.

Binance Coin (BNB) is the highest gainer in this category. It’s up 4.6% to $794. Notably, it hit its latest ATH of $801 just hours ago.

On the other hand, Dogecoin (DOGE) dropped the most: 1.2%, now trading at $0.2618.

The other coins in this category saw a change of less than 1% each.

In the top 100 coins category, two coins recorded double-digit increases, and both above 20%.

Flare (FLR) is up 23.4% to the price of $0.02592, while Pudgy Penguins (PENGU) rose by 21.6%, now changing hands at $0.04466.

Others appreciated by up to 9.8% per coin.

Also, around a dozen coins are red. The highest decrease is 5.4% by Jupiter (JUP), trading at $0.6153.

The rally has regained its momentum after a brief and expected pullback. For now, analysts expect it to continue on the same or similar note.

Meanwhile, the US-based financial services corporation PNC Bank said it would add Coinbase’s Crypto-as-a-Service platform, enabling customers to buy, hold, and sell crypto. “Traditional finance is slowly waking up to crypto’s call and is vying for a piece of the pie,” Gadi Chait, Xapo Bank’s Investment Manager, told Cryptonews.

Also in the US, the Department of Justice has allegedly dropped its investigation against Kraken founder Jesse Powell.

“I knew I had done nothing wrong, and discovery in my defamation case against Verge has shown this is undeniable,” Powell told the media outlet.

‘Bitcoin’s Collapsing Volatility Isn’t Just a Blip, It’s Structural’

According to Zondacrypto’s CEO Przemysław Kral, following BTC’s recent price surge, we’ve seen a period of “relative stability that is healthy for the market.” This period allows investors to digest gains and prevents speculative overheating, he says. Also, it “can set a foundation for further, sustainable growth.”

“This year, the price of Bitcoin could go down to $70,000 or up to $160,000. This will largely come down to the level of adoption in H2.”

Moreover, there is “a calm confidence” in BTC’s long-term value now, Kral says, but there’s also “fevered interest” in altcoins. In particular, Ethereum, Solana, and XRP have seen significant increases over the past week.

Moreover, Sean Dawson, Head of Research at onchain options platform Derive.xyz, commented that despite trading at all-time highs, Bitcoin’s implied volatility has collapsed to its lowest level in almost two years.

30-day at-the-money implied volatility for ETH (blue) and BTC (orange)

Also, Ethereum’s implied volatility “remains sticky and elevated.” This has resulted in the “widest divergence” in BTC vs ETH volatility seen in years.

Time series of the difference between ETH and BTC ATM volatility for the 30-day tenor between 1 January 2024 and mid-July 2025

There are a few key factors why Bitcoin is becoming less volatile and Ethereum remains significantly more reactive.

One is institutional participation. BTC adoption through ETFs is now some 10 times deeper than ETH’s, with $154 billion held in BTC ETFs compared to $15.3 billion for ETH.

“Institutional footprint in Bitcoin helps dampen volatility. More passive, long-term holders and less speculative trading lead to smoother price action,” Dawson says.

Another factor is that Ethereum is still very yield-driven, he argues. Furthermore, BTC also “has a unique suppressor in Strategy.” It has bought more than 226,000 BTC using convertible bonds.

“These convertibles give institutions leveraged upside exposure to BTC without needing to bid up the crypto options market directly,” Dawson explains. “At the same time, many of these investors hedge their exposure using futures and MSTR equity, which introduces mechanical hedging flows that further stabilize Bitcoin’s price. There’s currently no ETH equivalent to this.”

Dawson continues: “All of this suggests that Bitcoin’s collapsing volatility isn’t just a blip, it’s structural. It’s the result of growing institutional involvement, passive ETF inflows, and sophisticated hedging flows. Ethereum, in contrast, remains speculative, yield-focused, and structurally levered, and that keeps volatility elevated. But in crypto, nothing stays still for long. We could see that structure shift quickly.”

Levels & Events to Watch Next

At the time of writing, BTC trades at $118,487. This is an increase from the intraday low of $117,697. The highest price reached over the past 24 hours is $120,122.

This is significant, as it’s likely that BTC will continue its efforts to retake the $120,000 level. Should it manage to do so and hold it, we could see further growth in the next few days. On the other hand, market watchers are observing its moves downward and whether it will revisit the $117,000 level.

Moreover, Ethereum is currently trading at $3,692. It saw choppy trade over the past day. The lowest it hit was $3,630, and the highest it reached was $3,758.

It now remains to be seen if the price will retake and hold the $3,700 mark, or will it pull back to $3,625.

Meanwhile, the crypto market sentiment keeps moving slightly up and down within greed territory, between 68 and 71. It stands at 70 today, up from 68 yesterday.

While this may indicate a correction, so far, there are no major indications of overbought conditions. The sentiment remains overall positive, but not extremely so.

Furthermore, on 22 July, the US BTC spot exchange-traded funds (ETFs) recorded outflows again, for the second day in a row. The drops followed a 12-day streak. ETFs saw $67.93 million in outflows.

Only Grayscale saw positive flows of $7.51 million.

Bitwise and Ark&21Shares are the only other two funds that recorded flows on Tuesday. They recorded outflows of $42.27 million and $33.18 million.

On the other hand, US ETH ETFs celebrate their one-year anniversary today with the third-highest inflows ever and the 13th consecutive days of positive flows. It recorded inflows of $533.87 million on Tuesday.

Three funds recorded flows, all positive. These are BlackRock, Grayscale, and Fidelity with $426.22 million, $72.64 million, and $35.01 million.

Meanwhile, ETF provider 21Shares has filed with the US SEC for a spot ETF that tracks the native token of Ondo Finance. The proposed ‘21Shares Ondo Trust’ would hold ONDO tokens directly and follow the CME CF Ondo Finance-Dollar Reference Rate.

On the other hand, the South Korean Financial Supervisory Service has recommended asset management firms “not to excessively include” crypto stocks like Coinbase and Strategy in their ETF portfolios.

In Australia, the ASX-listed crypto fund manager DigitalX has increased its Bitcoin holdings, buying 74.7 BTC for approximately $8.8 million.

“This milestone reinforces our Bitcoin-first, Bitcoin-focused strategy,” said Leigh Travers, DigitalX’s non-executive chairman and director of capital markets at Animoca Brands.

Meanwhile, Consensys, the Ethereum-focused software firm behind MetaMask, is reportedly laying off 49 employees, or roughly 7% of its workforce.

Quick FAQ

The crypto market has rallied again over the past 24 hours, while the stock market closed with a mixed performance on Tuesday, following a mixed Monday. The S&P 500 is up by 0.064%, the Nasdaq-100 is down by 0.5%, and the Dow Jones Industrial Average rose by 0.4%. Market participants are now anticipating further tariff-related developments. This was mostly a reaction to quarterly results from a number of major companies. Investors are also sitting tight for the Big Tech earnings reports that will be coming out this week.

For now, still yes. The rally, per analysts, is here to stay for a while longer, likely for the remainder of this year. That said, dips are to be expected.

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