The cryptocurrency market opened Thursday, July 31, in subdued fashion, with top-10 digital assets by market capitalization showing little movement. Bitcoin remains rangebound near the $118,000 mark, reflecting ongoing low volatility and indecisive market sentiment.
Most tokens are trading within narrow day-to-day ranges, exhibiting fluctuations of only a few percent. The only standout is Pump.fun—the leading memecoin platform on Solana—which surged 20% and outperformed the broader market. Declines across major assets are limited, with hardly any tokens registering losses.
Institutional Flows Into Ethereum ETFs Accelerate
A clear divergence is emerging beneath the surface: Ethereum spot ETFs continue to attract consistent, moderate inflows, routinely in the tens of millions of dollars. Except for two isolated trading days, the month has been marked almost entirely by net-positive flows into Ethereum-based exchange-traded products.
This trend is particularly evident when viewed on a weekly basis: Since May 16, 2025, Ethereum spot ETFs have notched uninterrupted net inflows, signaling robust and sustained institutional demand for ETH.
Ethereum Eyes $4,000 as Altseason Index Holds Steady
Ethereum’s price has advanced nearly 8% over the past seven days, now hovering just below the critical $4,000 psychological barrier. The network’s market capitalization stands at $466 billion, making Ethereum the 20th most valuable entity globally—just behind Netflix.
The relative strength of Ethereum against Bitcoin is often cited as a signal for the onset of “altseason,” a market phase where alternative cryptocurrencies outperform. The current Altseason Index sits at 47%, signaling a market in equilibrium rather than a definitive trend in either direction.