Crypto Market Maintains $4 Trillion Cap Amid Shifting Volatility And Institutional Maneuvers

July 23, 2025: The total value of all cryptocurrencies, even though it dropped 3.3% in the last 24 hours, is still a strong $4 trillion. Today has been a good day for the cryptocurrency market, with most of the top 100 cryptocurrencies by market capitalization seeing gains. The total amount of crypto traded is still $222 billion, as it has been for a few days now.

Top Performers and Market Leaders: Five of the top ten coins (not including stablecoins) are up, while three are down slightly.

Bitcoin (BTC) is mostly the same, with a small drop of 0.4% to $118,487. It has gotten back to the $118,000 mark after hitting a low of $117,697 during the day and a high of $120,122 in 24 hours.

Ethereum (ETH) remains mostly unchanged, with a small rise of 0.1% to $3,695. At the moment, ETH is worth $3,692. Its lowest point during the day was $3,630, and its highest point was $3,758. The price keeps going up toward $4,000.

The best-performing coin in the top 10 is Binance Coin (BNB), which rose 4.6% to $794. Notably, just a few hours ago, BNB reached a new All-Time High (ATH) of $801.

Dogecoin (DOGE) had the biggest decrease of the top 10, falling 1.2% to $0.2618.

Two projects have achieved double-digit growth, both over 20%, in the larger group of the top 100 coins:

Flare (FLR) has gone up 23.4% to $0.02592.

The price of Pudgy Penguins (PENGU) went up by 21.6% to $0.04466.

On the other hand, Jupiter (JUP) had the biggest drop, going down 5.4% to $0.6153.

The overall market attitude is still in the “greed” zone, now at 71, up from 68 yesterday. This shows that the outlook is still favorable and there are no strong signals of overbought conditions.

Changes in regulations and the adoption of institutions:
Big moves by institutions and changing regulatory positions are still changing the crypto landscape:

PNC Bank’s Crypto Integration: PNC Bank, a major U.S. financial services company, will soon add Coinbase’s Crypto-as-a-Service platform to its offerings. With this partnership, PNC consumers will be able to buy, hold, and trade digital assets. PNC will also provide financial services to Coinbase. This shows that traditional finance is starting to accept bitcoin more.

The U.S. Department of Justice (DOJ) has apparently withdrawn its investigation into Jesse Powell, co-founder of Kraken. This is a big deal since it means that the DOJ is no longer looking into something that has nothing to do with Kraken’s business.

21Shares has filed with the U.S. SEC for a spot Exchange-Traded Fund (ETF) that would directly track the native token of Ondo Finance (ONDO). This shows that more people are interested in tokenizing Real-World Assets (RWAs).

Warning from South Korea about crypto stocks: The South Korean Financial Supervisory Service has told asset management companies to reduce their exposure to crypto-related equities like Coinbase and MicroStrategy in their ETF portfolios. This is a sign that regulators are still being careful.

DigitalX Buys More Bitcoin: DigitalX, a crypto fund manager listed on the ASX, has bought 74.7 more BTC for about $8.8 million. This brings its total Bitcoin holdings to 499.8 BTC, worth $91.3 million, and strengthens its “Bitcoin-first” approach.

Layoffs at Consensys: The Ethereum-focused software company Consensys, which is renowned for MetaMask, is apparently laying off 49 workers, or around 7% of its staff, as part of a plan to make more money.

Is Bitcoin’s falling volatility a sign of a structural change?
There is a clear trend in Bitcoin’s volatility that analysts are seeing. Przemysław Kral, the CEO of Zondacrypto, says that the recent rise in the price of BTC has caused a time of “relative stability that is healthy for the market,” which lets people digest their gains and stops speculation from getting too hot. Kral says that BTC might be worth between $70,000 and $160,000 in 2025, depending on how many people start using it in the second half of the year.

Sean Dawson, the Head of Research at the on-chain options platform Derive.xyz, said that even if Bitcoin is trading at all-time highs, its implied volatility has dropped to its lowest level in almost two years. Ethereum’s implied volatility, on the other hand, stays “sticky and high,” which has led to the “widest divergence” in BTC vs. ETH volatility in years.

Dawson says that Bitcoin’s volatility is going down because to a number of structural factors:

Institutional Participation: BTC adoption through ETFs is nearly ten times deeper than ETH’s. There are $154 billion in BTC ETFs and $15.3 billion in ETH ETFs. This institutional footprint, which includes more passive, long-term holders, makes volatility less of a problem.

Ethereum’s Yield-Driven Nature: Ethereum is still more speculative and focused on yield.

MicroStrategy’s Strategy: MicroStrategy has bought over 226,000 BTC using convertible bonds as part of their unique “suppressor” strategy, which helps Bitcoin. This gives institutions leveraged upside exposure without immediately raising the price of crypto options, and their hedging efforts help keep Bitcoin’s price stable. There is no similar system for Ethereum.

Dawson says that Bitcoin’s falling volatility is not just a temporary move; it is a permanent transition caused by more institutional involvement, passive ETF inflows, and more advanced hedging flows. On the other hand, Ethereum is still more volatile since it is speculative, yield-focused, and structurally leveraged. But he warns that “nothing stays still for long” in crypto, so this arrangement might change quickly.

ETF Flows and Market Outlook: On July 22, U.S. BTC Spot ETFs had outflows for the second day in a row, totaling $67.93 million. Only Grayscale’s GBTC witnessed inflows of $7.51 million. Bitwise and Ark&21Shares, on the other hand, saw outflows of $42.27 million and $33.18 million, respectively.

On Tuesday, U.S. ETH Spot ETFs had their third-highest day inflow ever, bringing in $533.87 million. This is a great way to celebrate their one-year anniversary. This is the 13th day in a row that ETH ETFs have had positive flows. BlackRock ($426.22 million), Grayscale ($72.64 million), and Fidelity ($35.01 million) are the biggest contributors.

After a short slump, the crypto market surge seems to have picked up speed again, and analysts think it will keep going, perhaps until the end of 2025, with some dips along the way.