With a drop of 4.6% over the last 24 hours, the cryptocurrency market capitalization has dipped below the recently conquered $4 trillion, now standing at $3.99 trillion. Overall, the market is down today, with the large majority of the top 100 coins per market capitalization decreasing. At the same time, the total crypto trading volume is at $269 billion, still maintaining similar levels to those seen over the past week.
TLDR:
Crypto Winners & Losers
Over the past 24 hours, at the time of writing, only one of the top 10 coins per market cap is green.
Bitcoin (BTC) fell by 1.2% in this period to the price of $117,854. While it decreased below $118,000, it’s holding firmly above $117,500.
Also, Ethereum (ETH) fell by 2.7%, currently trading at $3,692. The price is still on track towards the $4,000 mark.
The highest drop is 3.2% by Dogecoin (DOGE). It’s now trading at $0.2647.
The only green coin on this list is Solana (SOL). It appreciated 5.1%, currently changing hands at $198.97.
In the top 100 coins category, Kaspa (KAS) is the highest gainer. It’s up 9.8% to the price of $0.1153.
Jupiter (JUP) follows with an increase of 8.6%, now trading at $0.6531.
Most coins, however, recorded price decreases today. Pump.fun (PUMP) saw a double-digit drop of 13.1% to $0.003751.
SPX6900 (SPX) follows, with a 6.7% fall to the price of $1.84.
The capital flowing out of Bitcoin ETFs, as discussed below, could suggest lowered institutional appetite, though likely a short-term one. This appetite is likely dampened by concerns around global tariffs and trade tensions, particularly as the 1 August deadline approaches when the US may slap massive tariffs on its trade partners, push the deadline, or change its mind again.
Meanwhile, JPMorgan Chase is reportedly looking into lending against clients’ Bitcoin and Ethereum holdings starting next year. Lending against crypto would let users pledge their BTC and ETH holdings to borrow loans.
JPMorgan’s head, Jamie Dimon, confirmed that the bank will soon let clients buy Bitcoin but not custody it.#JPMorgan #Bitcoin #JamieDimonhttps://t.co/ZdCOy8Q1ou
— Cryptonews.com (@cryptonews) May 20, 2025
‘Bull Market Will End by 2026 with BTC at $140,000’
John Glover, Chief Investment Officer of Ledn, recently commented that price action continued to support the wave count he discussed for the last few years. We are in the 5th and final wave of the bull market, as the chart below shows.
It should complete towards the end of 2025 or early 2026, at a BTC price of some $136,000 to $140,000, he said.
“So while people will be worried about where the bear market will take us in 2026, my view is that this is not something to worry about today, as there is still additional upside to BTC prices in this bull market! Stay focused on participating in and enjoying the ride higher until the end of the year.”
However, he warns that if BTC trades below $112,000 in the short term, we could see another test of $100,000 before the next move up. “But this is a low probability outcome in my view,” Glover argues.
Moreover, Werner Brönnimann, Investment Manager at crypto bank AMINA, commented that Bitcoin’s recent push to over $123,000 and breaching $4 trillion market cap appears to represent a fundamental shift in market dynamics.
This shift is driven primarily by institutional capital, not “the retail-led manias of previous cycles.” Now, there seems to be “genuine institutional adoption,” and “not speculative fever.”
Moreover, we’re seeing sustained inflows from pension funds and corporate treasuries, not social media-driven FOMO (fear of missing out), Brönnimann says.
Still, “despite Bitcoin’s remarkable performance, the market is not officially in ‘Altcoin Season’ yet,” he adds.
That said, the macro environment could still challenge BTC’s trajectory regardless of institutional adoption, says Brönnimann. Regulatory clarity supports institutional inflows, but BTC remains sensitive to monetary policy shifts. “Aggressive [US Federal Reserve] tightening in response to tariff-driven inflation could override even strong institutional demand.”
Therefore, “this dynamic underscores Bitcoin’s evolution as institutional money continues to flow into the asset class: it is no longer an alternative asset with its purely idiosyncratic return drivers, but to an extent behaves like a risk-on asset,” Brönnimann concludes.
Levels & Events to Watch Next
At the time of writing, BTC trades at $117,854. The coin began a decline $119,523, reaching the lowest point today of $116,787. It then resumed a climb to the current level. The price is up 1.1% over the past seven days.
Investors are watching for BTC to retake the $118,000 level first, before proceeding to $118,900 and $119,500. However, it may still also drop to $116,000 and into the $115,000 zone after that.
Moreover, Ethereum is currently trading at $3,692. It’s currently slightly above its intraday low of $3,679. Its highest peak over the past day was $3,848. Notably, the coin is up 24.4% over the week.
Market participants are waiting to see if the price will move above $3,900, potentially signaling a future surge towards $4,000. Otherwise, it may revisit the low $3,600s, followed by a dip into the $3,590 territory.
Furthermore, the crypto market sentiment remains within greed territory, but it has dropped slightly over the past three days. The Fear and Greed Index decreased from 71 on Friday to 68 today.
This number still signals a positive outlook on the market and incoming developments. There are currently no indications of the market being overbought. That said, a correction is possible.
Meanwhile, on 21 July, the US BTC spot exchange-traded funds (ETFs) recorded outflows, breaking a 12-day streak. It saw $131.35 million in outflows. The amounts have been declining over the past three days.
BlackRock recorded no flows on Monday, there were no inflows, and the larger outflow is Ark&21Shares’ $77.46 million.
On the other hand, US ETH ETFs saw positive flows for the twelfth day in a row. It recorded inflows of $296.59 million on Monday.
Fidelity is the highest gainer, with $126.93 million in inflows. BlackRock follows with $101.98 million. 21Shares saw outflows of $374,050.
Meanwhile, Western Union showed strong interest in utilizing stablecoins to modernize its global remittance operations. CEO Devin McGranahan argued that stablecoins could streamline cross-border transfers, improve currency conversion in underserved markets, and provide financial tools for populations dealing with unstable local currencies.
“We see stablecoins really as an opportunity, not as a threat,” McGranahan said.
Furthermore, crypto custody firm BitGo confidentially filed for a public listing in the US. The number of shares and price range are not yet disclosed. Also, the move follows an increase in regulatory clarity and institutional inflows.
In South Korea, prosecutors are investigating a possible connection between the former First Lady Kim Keon-Hee and a crypto market maker suspected of manipulating the prices of low-cap altcoins.
Quick FAQ
- Why did crypto move against stocks today?
While the crypto market is mostly down over the past 24 hours, the stock market closed with a mixed performance on Monday. The S&P 500 is up by 0.14%, the Nasdaq-100 increased by 0.5%, and the Dow Jones Industrial Average is down by 0.0.043%. Market participants are now anticipating further tariff-related developments. Notably, the news will arrive soon on trade deals, as the 1 August deadline approaches when the US said it would impose massive tariffs on its trade partners.
- Is this dip sustainable?
This appears to be a typical pullback. Overall, the rally is expected to continue, with BTC and ETH expected to rise further this year.
The post Why Is Crypto Down Today? – July 22, 2025 appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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