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Unless there is a major surprise in the coming days, Bitcoin is set to record its fourth consecutive month of gains. The price remains just a few percentage points from its record high, trading at $119,000 USD at the time of writing. The total cryptocurrency market capitalization is flirting with the $4 trillion mark.
Ethereum, for its part, is showing strong momentum. Once again approaching the symbolic $4,000 threshold, the asset is benefiting from significant institutional interest, with over $5 billion injected into ETFs in recent weeks. Ethereum now far surpasses Bitcoin in terms of open interest on derivatives markets, reflecting growing confidence from professional investors. Several analysts are anticipating a rapid surge to the $4,500–$4,800 range if the $4,000 mark is solidly breached.
Regarding XRP, investor sentiment is improving as regulatory prospects become clearer, especially thanks to the CLARITY bill in the United States. This potential clarification could not only strengthen XRP’s position, but also open the door to wider use of the token by Ripple for large-scale tokenization strategies. Currently, XRP is considered one of the few altcoins to significantly attract retail investor interest, alongside Solana.
Finally, analysts are closely monitoring several major economic events, such as upcoming U.S. Federal Reserve interest rate decisions and the release of Nonfarm Payroll (NFP) figures. However, some believe these factors may have a limited impact compared to the evolution of the U.S. money supply (M2), which is currently at record levels. A loosening of U.S. monetary policy could nevertheless create favorable market conditions for further gains, particularly for Ethereum, towards new highs.
The Bitcoin market experienced a correction last Friday, as several large holders moved significant quantities of BTC to exchanges. In total, around $3.7 billion in Bitcoin, part of which came from Galaxy Digital, was transferred, creating strong selling pressure. This massive sale, much of it from short-term holders selling at a loss, caused the Bitcoin price to drop by 1.8%, temporarily reaching $115,000. However, it was especially encouraging to see the market absorb this pressure with ease, quickly returning to pre-drop price levels. This demonstrates the market’s maturity and excellent liquidity.
The U.S. SEC has just postponed its decision on approving a Bitcoin ETF proposed by Truth Social, Donald Trump’s affiliated social network, to next September 18. Initially filed in June by Trump Media & Technology Group, this application is part of the platform’s effort to strengthen its presence in the crypto market. The regulator justified this additional delay by the need to further review certain technical points raised in the process. This delay doesn’t concern only Truth Social: the SEC, now led by Paul Atkins, has also postponed decisions on several other crypto ETFs, including those from Grayscale Solana Trust and Canary Capital Litecoin ETF. This approach is part of a broader regulatory caution, with the SEC typically taking the entire available 270-day window before ruling on such financial products.
Under Paul Atkins’ leadership, the SEC appears especially focused on key issues such as staking and in-kind redemption mechanisms, which are of particular concern to regulators in the context of Solana-linked ETFs. These concerns partly explain the in-depth behind-the-scenes discussions between the SEC and crypto fund issuers, slowing the overall approval process. Nonetheless, despite this cautious context, Truth Social continues to actively pursue its ambitions in the crypto sector. In addition to the Bitcoin ETF currently under review, the company has recently filed to launch two other products: the Truth Social Crypto Blue Chip ETF and a mixed ETF combining Bitcoin and Ethereum. These initiatives come about 18 months after the SEC, then led by Gary Gensler, approved the first spot Bitcoin ETFs, which have since attracted over $55 billion in investments.
PayPal is expanding its crypto services by now allowing U.S. businesses, including smaller ones, to accept up to 100 different cryptocurrencies, including Bitcoin, Ethereum, and Solana. This new service, called “Pay with Crypto,” will make payments easier by allowing users to easily convert their cryptocurrencies into stablecoins or fiat currencies. Among the compatible digital wallets are Coinbase, Kraken, and MetaMask. According to Alex Chriss, PayPal’s CEO, this innovation aims to reduce costs, simplify international payments, and remove technical barriers that often hinder small businesses’ international growth. The service will also allow merchants to benefit from lower transaction fees and near-instant access to received funds.
This development comes as part of PayPal’s broader strategy to strengthen its position in the digital and crypto payment sector. Recently, the company announced the upcoming launch of “PayPal World” this fall, a platform designed to connect several digital wallets to its global network. Moreover, PayPal continues to improve the use of its stablecoin PYUSD, launched in 2023, which can now be converted into dollars for international payments via its Xoom platform. PayPal estimates that “Pay with Crypto” will cover about 90% of the crypto market, whose total capitalization is now approaching $4 trillion. This initiative, which allows users to earn up to 4% annual interest on PYUSD held, represents, according to the company, the future of inclusive, borderless global commerce, promoting business growth and greater choice for consumers.
The American Bitcoin mining company MARA has just completed a major $950 million private fundraising round to boost its Bitcoin purchasing capacity. Initially, the company aimed to raise $850 million, but due to strong institutional demand, MARA increased the offering amount. The funds were raised through a private issue of zero-interest convertible bonds due in 2032. Based in Fort Lauderdale, Florida, MARA is pursuing a strategy similar to Strategy (formerly MicroStrategy), using debt to acquire more Bitcoin. This approach has become common among companies seeking to strengthen their balance sheets with digital assets to boost their market valuations. MARA currently holds around 50,000 BTC, or nearly $5.8 billion, making it the second-largest corporate holder of Bitcoin after Strategy. Nevertheless, MARA’s stock price fell by about 1% this Monday and is down 10% over the past five days, after a marked rise earlier in the summer. Over the past year, the stock has dropped more than 16%. In a more challenging mining environment, notably after the recent Bitcoin halving, several sector companies are diversifying into artificial intelligence or building up Ethereum reserves. By contrast, MARA remains committed to its “HODL” strategy, declaring its intent to never sell its newly acquired bitcoins, unlike most miners who typically sell their rewards to cover costs.
Billionaire Ray Dalio, founder of Bridgewater Associates, recommends that investors allocate at least 15% of their portfolio to gold and Bitcoin as protection against major economic risks. According to him, current financial markets do not sufficiently factor in the risks associated with rising public debt, especially in the United States, where the government spends 40% more than it brings in. Dalio warns of the growing vulnerability of the U.S. financial system, pointing out that accumulated debt now stands at six times the government’s annual revenue. With spending cuts impossible, the only solution is for the Federal Reserve to print money, which could ultimately destabilize markets. He even mentions the risk of a new massive monetary stimulus cycle or direct government control over the Fed, scenarios that could trigger a deep crisis. However, Dalio notes that he largely prefers gold over Bitcoin, mainly because he doubts central banks would ever adopt cryptocurrency as a reserve asset due to its lack of privacy. He also expresses concerns about Bitcoin’s long-term protocol security and its ability to remain a reliable store of value. Thus, while he holds a small amount of Bitcoin, gold remains predominant in his personal portfolio.
Bitcoin is once again approaching the symbolic $120,000 threshold after a strong rebound, regaining ground following a recent dip to around $114,500. This rise comes as markets were reassured by the announcement of an agreement between the U.S. and China, further delaying new trade tariffs. Several analysts, however, stress that Bitcoin must break through certain key levels, particularly around $119,500, to trigger a more significant upward move.
Some observers, such as Ted Pillows, believe Bitcoin could surpass this resistance as early as next month, opening the door to a new bullish cycle. Other analysts, like Rekt Capital, are watching a slightly higher threshold, around $120,000, noting that any temporary pullback could serve as a technical confirmation before the rally continues.
The Rivemont Crypto Fund took some profits in ETH after the rise in the ETH/BTC ratio stalled. However, we are watching this ratio closely, as we may resume new positions if the recent high is surpassed again.
The presented information is as of July 29th, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
