Welcome to the Crypto.com Monthly Research Roundup Newsletter!

1. Market Index

According to our research dashboard, in July, the price and volume indices grew significantly by +16.93% and +57.40%, respectively, while the volatility index dropped by -13.10%.

2. Charts of the Month

US spot ETH ETFs recorded daily net inflows higher than their BTC counterparts for seven consecutive trading days, reflecting rising institutional interest in Ethereum.

ETH ETFs recorded nearly US$2.9 billion in net inflows, three times that of the BTC ETFs’ $958 million, from 17 to 25 July. Additionally, Blackrock’s iShares Ethereum ETF (ETHA) became the third fastest ETF to hit $10 billion in assets under management, taking 251 days. 

Ethereum’s validator exit queue swelled to its longest waiting time of over 12 days, with nearly 744,000 ETH worth$2.78 billion waiting to exit the network on 26 July. This congestion is due to Ethereum’s Proof of Stake model which limits how quickly validators can join or leave the network. The exodus is likely due to users seeking to take profits after staking ETH at lower prices, and are now cashing out after ETH rallied 52% in July. The total supply staked recently reached an all-time high of around 35.7 million ETH at the end of July.

3. Monthly Feature Articles

Digital Asset Treasury Strategy

Recent institutional interest in digital assets has led to the emergence of Digital Asset Treasury (DAT) companies, which are publicly traded firms that intentionally accumulate and hold significant amounts of digital assets on its balance sheet as a core business strategy. This includes bitcoin treasuries pioneered by Strategy, and more recently, altcoin treasuries.

This report focuses on the rise of altcoin treasury strategies. We examine the motivations behind these new allocations, and the potential opportunities and risks that differentiate altcoin strategies from their bitcoin counterparts.

Key Takeaways:

• Narratives of altcoin treasuries include: 
• • Yield-Bearing Assets: In contrast to BTC treasuries that rely on passive BTC appreciation, altcoin treasuries provide growth through staking and DeFi strategies. These strategies allow for the increase in altcoin holdings even in the absence of capital raising to acquire new tokens, potentially providing a hedge during market volatility by offering a base return. 
  • Increase Token per Share: Public companies adopting altcoin treasuries often use advanced financial instruments, such as convertible debt, equity issuance, and private placements, to raise capital and systematically increase crypto holdings per share over time.
  • Alternative to Regulated Crypto Vehicles: There is an opportunity for altcoin treasury companies to act as a proxy for investors to gain regulated, indirect exposure to altcoins and show conviction to emerging narratives including AI and real-world assets outside of the major altcoins (eg. ETH and SOL).
• However, altcoins are inherently more volatile than BTC, leading to fluctuations in a company’s NAV. Bitcoin also has a larger market depth, which can allow for transactions without significant slippage. 
• DAT companies with weaker balance sheets face a higher risk of debt default if they acquire altcoins through leverage, making them more vulnerable to token price volatility compared to larger DAT companies. In bull markets, strong altcoin rallies can cause shares to trade at a premium to NAV. Conversely, during market downturns, sharp declines in token prices or compression of NAV premiums may force these firms to liquidate their reserves, creating additional downward pressure on token prices in a self-reinforcing cycle.
• Altcoin treasuries need to differentiate from BTC treasuries by tapping into the functional and utility-focused nature of altcoins, to develop strategic value beyond the potential financial upside.

Monthly Market Update (July 2025)

This report provides an overview of market updates in July, highlights new developments, and provides our latest market outlook.

Key Takeaways:

• Both the traditional and crypto markets exhibited a combination of policy-driven stability and increased risk appetite in July. Mainstream equities surged on strong earnings and easing rate fears.  The S&P 500 and Nasdaq achieved record highs, although gold and real estate declined. In crypto, ETH saw significant growth, signalling a new phase of institutional integration.
• The G20 macroeconomic landscape showed slowing growth and persistent inflation, with India and China leading growth amid stagnation in advanced economies. Central banks are cautiously easing policies, navigating geopolitical tensions and trade uncertainties.
• In the crypto market, ETH gained prominence as a treasury asset, with net inflows into spot ETFs signaling a shift in investor preference. Regulatory developments, particularly in the US with the SEC Chair’s announcement of ‘Project Crypto’ to “modernise the securities rules and regulations to enable America’s financial markets to move on-chain”, the GENIUS Act aimed at regulating stablecoins, and efforts to promote crypto investment in retirement accounts.
• The equity markets in the US hit multiple record highs, driven by strong corporate earnings, AI enthusiasm, and stable Fed policies. European markets maintained near-record levels, while Asian markets showed mixed results, with China and Japan advancing, but India facing setbacks because of tariffs.
• Bridgewater Associates’s founder Ray Dalio recommended that investors allocate 15% of their portfolios to BTC or gold. This is a significant increase from his 2022 recommendation of 1 to 2% in BTC. The return of the constructed portfolio with 5% exposure to BTC and ETH indicated a 2% monthly return compared to a 0.7% return with a traditional portfolio.
• Looking ahead, BTC volatility may increase, while ETH’s role as a treasury asset is expected to grow, supported by corporate capital migration and favourable regulatory frameworks. Overall, the environment suggests continued evolution and integration of crypto within traditional finance.

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4. Alpha Navigator

This institutional-focused report dives into macro trends, market-neutral pairs, style-factor screens, and events. Read the full Alpha Navigator report here.

• Crypto and Equities increased in July, while Real Assets and Fixed Income performances were mixed. ETH led the increase while BTC reached a new all-time high above $122,000 in mid-July.
• BTC's one-month performance correlation was positive with most Equity indices, but negative with Real Assets and Fixed Income.

5. Crypto Conference & Economic Calendar

Crypto Conferences Calendar

Economic Calendar

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Research & Insights Team

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