As July concludes, Bitcoin has lost some momentum while Ethereum (ETH) is gearing up for a potential surge toward the $4,000 mark. July saw Bitcoin hitting new all-time highs, although it has experienced a slight retrogression. Notably, ETH surged 56% during the month, breaking through the previously significant level at $2,813, which has been a barrier for over a year. This shift sets a new upside target for Ethereum. Despite the overall positive sentiment, market volatility is anticipated as August begins, influenced by macroeconomic factors. Interestingly, Bitcoin has shown resilience, bouncing back after a substantial sale of 80,000 BTC by Galaxy. This resilience is attributed to strong accumulation from treasury vehicles and exchange-traded products (ETPs). Average daily trading volumes remained healthy despite a 12% decline from the previous week, exceeding levels seen earlier in the summer. Analysts indicate that cautious positioning in the futures market may reflect the ongoing uncertainties, signaling a potentially volatile start to August.

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