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“Bitcoin was again approaching its 50-day moving average. Such frequent testing of the medium-term trend signal line indicates accumulated fatigue in the first cryptocurrency,” one analyst said.
Updated Aug 7, 2025, 1:33 p.m. Published Aug 7, 2025, 4:20 a.m.
The crypto market cap is holding within a tight $3.6 trillion–$3.8 trillion range as traders pull liquidity and shift focus to micro-cap tokens in the first week of August, with some warning of a summer lull to continue.
Bitcoin
tested its 50-day moving average again on Tuesday, signaling exhaustion, while broader market capitalization remains above the trend, currently at approximately $3.72 trillion, versus the 50-day SMA of $3.57 trillion.
“The support received in the area of previous peaks suggests a temporary pause to lock in profits,” said Alex Kuptsikevich, chief market analyst at FxPro, in a Thursday note to CoinDesk. “But sluggishness is turning away the most active traders, who’ve now moved on to very small projects.”
“Bitcoin was again approaching its 50-day moving average. Such frequent testing of the medium-term trend signal line indicates accumulated fatigue in the first cryptocurrency,” he added.
That retreat by short-term speculators stands in contrast to continued institutional accumulation.
Gaming company SharpLink added 83,561 ether (ETH) last week (approximately $264.5 million), bringing its reserves to 522,000 ETH. In total, now 64 corporates hold 2.96 million ETH, or 2.45% of supply, worth $10.81 billion.
Bitcoin also saw meaningful institutional inflows. Strategy acquired 21,021 BTC ($2.46 billion) in July, contributing to the 26,700 BTC added by large entities throughout the month. Public and private companies now collectively hold 1.35 million BTC, or more than 6% of the total circulating supply, according to BitcoinTreasuries.
At a market level, BTC is holding steady around $114,570, while ETH sits at $3,650 as of the Asian morning hours on Thursday. XRP
is trading near $2.97, up 2% over the past 24 hours. Solana’s SOL
(SOL)
and dogecoin
led gains among majors with a 3.5% bump, while total volumes and volatility remain muted.
Meanwhile, Ethena’s USDe earlier this week became the third-largest stablecoin by market cap, surging 75% since mid-July to reach $9.5 billion, likely driven by yields ranging from 10%–19% (based on specific markets or strategies).
The total stablecoin market cap is nearing $275 billion, marking its seventh consecutive month of growth. Rising stablecoin flows are indicative of fresh fiat entering the crypto ecosystem, which may be considered a precursor to further market volatility as traders exchange currency-pegged assets for tokens.
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What to know:
- BNB is currently hovering around $776, having advanced roughly 1.3% over the past 24-hour period.
- The token experienced a sharp rally earlier in the day, reaching a local high of $778, but a rapid sell-off followed, trimming gains made during the advance.
- Despite short-term volatility, BNB's relatively stable performance stands out, with the token being down only 8.7% from its all-time high, compared to larger declines for most other tokens in the exchange token sector.
