Bitcoin Reaches a New All-Time High of Over $123,000 While the GENIUS Act Passes

Stay up to date with our monthly market commentary:

• President Trump signs the GENIUS Act into law.
• U.S. spot Bitcoin ETFs recorded $6.09 billion in net inflows this month.  
• Bitcoin (BTC) closed the month up 9.7%, while Ether (ETH) is up 54.7% compared to last month.*

Market Overview - July 

The price of Bitcoin (BTC) increased by 9.7% in July, closing the month at around the $118,300 mark.

July was a great month for digital assets. Bitcoin was able to take the momentum from the second half of June into July, and continued to rally to a new all-time high. On July 14, it reached that by crossing $123,000 for the first time in history. 

One of the reasons for this was a substantial net inflow month for U.S. spot Bitcoin ETFs, which saw positive inflows of $6.09 billion in July. This marks the strongest month for Bitcoin ETFs since their launch in January 2024. An increase in corporate treasury purchases also put more buying pressure on the price of Bitcoin. 

There was also exciting news on the legislative and administrative side of things. William J. Pulte, Director of the U.S. Federal Housing Finance Agency (FHFA), ordered Fannie Mae and Freddie Mac to allow the use of Bitcoin and other digital assets as collateral for mortgages.

However, the even bigger news was the announcement surrounding the GENIUS Act (officially called the Guiding and Establishing National Innovation for U.S. Stablecoins Act), which President Trump signed into law on July 18, establishing a regulatory framework for stablecoins in the U.S.

Further, the U.S. House of Representatives passed the Market Structure bill, which would expand the Commodity Futures Trading Commission's oversight of the digital assets industry. With this, the U.S. would receive a strong legal framework and legislative clarity for the usage of stablecoins, digital assets, and Bitcoin. 

Crypto Asset Market Performance Review 

The crypto asset market closed July in the green, with Bitcoin (BTC) finishing the month 9.7% up and Ether (ETH) emerging as the best performer this month with 54.7%. 

BTC followed the strong run in the second half of June, reaching a new all-time high of over $123,000 on July 14. However, it wasn't the best performer this month, as the second-largest cryptocurrency, ETH, took that spot. 

Ethereum’s ETH was able to recover in July from an overall slow start to 2025 with a strong rebound of 54.7% in July alone. It reached a new yearly high of $3,933 on July 28 and saw a continuous price rally since the GENIUS Act was signed into law on July 18. 

The interest in Ethereum was also visible in net inflows into the Ethereum spot ETFs in the U.S., with a monthly total of $5.42 billion. This marks the second-biggest net inflow month for Ethereum ETFs since its inception in July 2024. 

Next to Ethereum, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) exhibited a similar pattern, with major price rallies following the announcement of the GENIUS Act. Overall, the majority of the crypto asset market reacted extremely positively to legislative clarity in the U.S. 

Institutional Interest in Bitcoin

July was another exciting month for institutional investors, with the U.S. spot Bitcoin ETFs recording $6.09 billion in net inflows in July (the biggest month for inflows to date) and a new SPAC with Adam Back and Cantor Fitzgerald joining the ranks of Bitcoin treasury companies.

U.S. Spot Bitcoin ETFs Recorded $6.09 Billion in Net Inflows in July, the Biggest Month of Inflows Since Inception

There is no stopping the records that the U.S. spot Bitcoin ETFs break. Last month, they broke the record for the fastest ETF to reach over $80 billion in assets under management. 

This month, U.S. spot Bitcoin ETFs recorded $6.09 billion in net inflows, the highest since the ETFs launched in January of 2024. 

In total, all U.S. spot Bitcoin ETFs hold over $152 billion in net assets, with BlackRock's IBIT ETF being the clear leader at over $84 billion in assets under management.  

Adam Back and Cantor Fitzgerald Launched the Bitcoin Standard Treasury Company in a SPAC to Join the Ranks of Bitcoin Treasury Companies

Bitcoin treasury companies continue their run on Wall Street and in the public markets worldwide. 

This month, we saw another announcement of a newly formed firm called the Bitcoin Standard Treasury Company. Prominent Bitcoin personality Adam Back, who was cited in the Bitcoin Whitepaper by Satoshi Nakamoto, partnered with Cantor Fitzgerald in a SPAC and plans to finalize the merger in August. 

The company aims to raise up to $1.5 billion through private investments in public equity financing. They kick-started their launch with the announcement of 30,021 BTC on their balance sheet. 

With that BTC balance, the company is the fourth-largest public holder of Bitcoin and aims to merge as a pure‑play bitcoin treasury firm with a formidable leadership team, deep institutional backing, and a balance sheet rich in BTC.

Bitcoin on Balance Sheets

Strategy, the largest publicly traded holder of Bitcoin, continued its efforts to buy Bitcoin as a strategic reserve asset. In July, the company purchased 31,466 BTC in total, bringing its total balance sheet holdings to 628,791 BTC. 

Trump Media & Technology Group, the media group of the U.S. President's family, was the latest publicly traded company to announce Bitcoin as a strategic reserve asset. It announced its first buy on July 21, with 18,430 BTC on its balance sheet. 

Metaplanet, a publicly traded Japanese company, announced last month that it will issue $208 million in 0% interest rate ordinary bonds to acquire more Bitcoin. In July, the Japanese company bought 3,782 BTC and ended the month with 17,132 BTC on its balance sheet. 

Bitcoin Standard Treasury Company, a newly formed SPAC by prominent Bitcoin personality Adam Back and Cantor Fitzgerald, announced its first purchase of Bitcoin on July 22. The company holds 30,021 BTC on its balance sheet. 

Semler Scientific, a publicly traded company in the U.S., acquired 385 BTC, bringing the company's total BTC holdings to 5,021 BTC on its balance sheet. 

‍*Closing price data is from July 30th, 2025, at 10:30 CEST

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