Highlights
This blog summarizes the findings of the recent Binance Research report analyzing the key developments in cryptocurrency markets over the past month.
In July, the cryptocurrency market capitalization rose by 13.3% thanks to new all-time highs for Bitcoin and the trend of tokenized stocks reflecting the early surge of DeFi.
Favorable regulations for cryptocurrencies gained momentum in the U.S. with the advancement of key bills promising to provide greater clarity on stablecoins and regulatory oversight.
Thanks to Binance Research, you can leverage industry-level analyses on the processes shaping the world of Web3. By sharing these reports, we hope to empower our community with the latest insights in cryptocurrency research.
In this blog, we explore the key Web3 developments in July 2025 to provide an overview of the current state of the ecosystem. We analyze the performance of cryptocurrencies, DeFi, and NFT markets before anticipating the key events to watch for this August.
Crypto market performance in July 2025
In July, the total cryptocurrency market capitalization increased by 13.3%, driven by BTC reaching new all-time highs of $123,000 and the stable performance of ether amid growing corporate treasury adoption in ETH. This bullish momentum was further supported by the U.S. "Crypto Week," which saw the advancement of three key bills that could provide regulatory clarity on stablecoins (the GENIUS Act, already in effect) and market oversight. While Bitcoin's price soared, its market dominance fell to 60%, while ether's share rose beyond 11.8%, reflecting a shift in investor focus. ETH Spot ETFs also hit a new milestone with 19 consecutive days of net inflows.
Despite the overall positive month, signs of uncertainty began to resurface towards the end of July. Contributing factors include the reinstatement of tariffs by the Trump administration and the Federal Reserve's cautious stance in maintaining rates steady without signaling future relief.
The monthly cryptocurrency market capitalization increased by 13.3% in July
Source: CoinGecko
As of July 31, 2025
Monthly price performance of the top 10 coins by market capitalization
Source: CoinMarketCap
As of July 31, 2025
Ether (ETH) led the July rally with an astonishing increase of 51%, driven by strong ETF inflows and growing interest from corporate treasuries, particularly due to its staking performance. Gains were bolstered by greater regulatory clarity around stablecoins and increasing confidence in tokenization and DeFi. SUI also saw significant momentum, rising 34.6% as the total value locked in its network reached $2.2 billion and plans for a corporate treasury for SUI were revealed. ADA closely followed, increasing 33.8% in anticipation of the Starstream upgrade, which aims to enable Zero-Knowledge Proof generation in browsers. DOGE rose 30% as enthusiasm for meme coins returned, while BNB increased 22.1%, reaching a new all-time high of $858 due to interest from corporate treasuries and ecosystem growth.
Other notable winners included TRX, which rose 18.8% due to its dominance in USDT transactions and favorable regulatory winds like the GENIUS Act. SOL increased 16.4% after $100 million in net inflows towards the new REX-Osprey SOL ETF, although its gains were moderated by the SEC's delay in deciding on the Grayscale Solana Trust. Bitcoin continued its steady ascent with an 8.9% gain and a new all-time high driven by ETF demand and bullish sentiment. HYPE recorded a more modest increase of 7.8% favored by new inclusions on exchanges and on Grayscale's watchlist.
Among the few that did not perform well, XRP stood out as a cryptocurrency in notable decline. Although it initially rose to new highs, the token experienced a sharp slowdown towards the end of July due to strong selling pressure and concerns about large token transfers to exchanges. This loss of momentum triggered significant profit-taking, highlighting the sensitivity of certain assets to changes in sentiment and liquidity.
The overall conclusion: July was marked by strong institutional flows, renewed optimism in DeFi, and the first signs of a capital rotation from BTC to altcoins.
Decentralized Finance (DeFi)
TVL of major blockchains
Source: DeFiLlama
As of July 31, 2025
In July 2025, the total value locked (TVL) in DeFi increased by 23.63% month over month, reflecting a broader increase in crypto market activity and a return to risk-on sentiment driven by regulatory optimism. Ethereum led the DeFi recovery with notable gains in market share, while BNB Chain, Solana, and Arbitrum saw slight declines. Tron recovered after a dip in June, indicating renewed user commitment.
Activity in stablecoins also rebounded, with overall market growth of 5.1%. This expansion was largely due to positive regulatory momentum, including the passage of three significant cryptocurrency laws that increased confidence and clarity. USDC recorded modest gains, but USDT remained dominant, widening its lead as the most chosen stablecoin on most platforms.
Non-fungible Tokens (NFT)
Monthly NFT trading volume
Source: CryptoSlam
As of July 31, 2025
The NFT market recovered in July 2025 with a total sales volume jumping by 49.9%. A major driver was the purchase of 45 CryptoPunks by a single whale, sparking renewed interest and raising the floor prices in key collections. Ethereum reaffirmed itself as the leading NFT chain with a 58% increase in sales, while Bitcoin NFTs continued to see a 28.1% increase. In contrast, Polygon NFT sales fell by 51.5%. Among the top collections, Ethereum's CryptoPunks led with a 393% increase in sales, followed by the stable performances of Pudgy Penguins (+371%) and Moonbirds (+296%). Polygon's Courtyard maintained its position but experienced a 16% decline.
Overall, the NFT sector seems to be entering a recovery phase, with market capitalization nearly doubling since June, although still below previous highs. There is growing speculation about the integration of NFTs into ETF structures, which could increase institutional interest and make NFTs more accessible to retail investors, potentially laying the groundwork for more widespread adoption.
Upcoming events and token unlocks
In order to help users stay updated on the latest Web3 news, the Binance Research team has summarized the key events and token unlocks for the upcoming month. Stay alert to these upcoming events in the blockchain space.
Highlighted events in August 2025
Source: Cryptoevents, Binance Research
The largest token unlock in USD
Binance Research
The Binance Research team is committed to providing objective, independent, and comprehensive analyses of the cryptocurrency space. We publish informative opinions on Web3 topics, including, among others, the cryptocurrency ecosystem, blockchain applications, and the latest market developments.
This article is just a summary of the full report, which contains additional analyses of the most important charts from last month. The full report delves into the growing trend of Ethereum holdings by companies, how stablecoins are gaining traction as payment avenues, and how the market for tokenized stocks reflects the early surge trend of DeFi.
Read the full version of this Binance Research report here.
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Binance Research: Key trends in the cryptocurrency space (June 2025)
Binance Research: Key trends in the cryptocurrency space – May 2025
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