Post-Breakout Blues? BTC Stalls at $120K While ETH Rallies and TON Keeps Climbing

by
Victoria d’Este

Revealed: July 21, 2025 at 10:36 am Up to date: July 21, 2025 at 10:36 am

by Ana

Edited and fact-checked:
July 21, 2025 at 10:36 am

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Bitcoin (BTC)

As chances are you’ll keep in mind, final week Bitcoin hit a recent all-time excessive – 120K – and now, every week down the road, it’s simply type of pacing in circles. Value-wise, BTC’s been doing laps between ~$115K and ~$122K, at present hanging round $119,500. That breakout feeling is clearly light. It’s appearing like somebody who climbed Everest, took a selfie on the prime, and is now slowly descending with sore calves.

BTC/USD 4H Chart, Coinbase. Supply: TradingView

Which really is smart. In spite of everything, BTC’s come a great distance quick, and now it’s brushing up in opposition to heavy resistance at $120K prefer it’s not sure whether or not to punch by or take a breather. A few of the pressure is narrative-based. On the bullish facet, you’ve acquired twelve straight days of ETF inflows – over $6.6 billion pouring in 

Spot Bitcoin ETFs see 12-day influx streak. Supply: SoSoValue

Additionally, there’s been information about Trump really signing a crypto invoice (the GENIUS Act), which, no matter what’s in it, marks a really actual shift in tone from the U.S. authorities.

Tom Emmer

However then – simply when vibes had been getting too cozy – an historical Bitcoin whale from the Satoshi period wakened and shuffled almost $10B value of BTC. Not offered, simply moved, but it surely nonetheless rattled the cage. 

Onchain Lens 

And there was a spicy rumor that the UK is prepping to unload $7B in seized Bitcoin (presumably exaggerated, however hey, the market doesn’t like nuance), so now surprise that $120K breakout feels just a little heavy.

Susie Violet Ward

So, proper now BTC’s taking a second and cooling off. The construction nonetheless appears to be like bullish – RSI’s impartial, transferring averages are high-quality, macro’s not freaking out – but it surely’s just like the market’s ready for a brand new excuse to care.

Ethereum (ETH) 

Now, ETH didn’t appear to get the memo about “taking it sluggish.” After clearing $3,400 earlier this week, it’s been climbing with nearly embarrassing enthusiasm, now up round $3,800 and flirting with the concept of $4K.

ETH/USD 4H Chart, Coinbase. Supply: TradingView

And it’s acquired some actual teasons for that. Spot ETH ETFs lastly hit their stride, with at some point alone seeing $727 million in inflows. 

Spot Ether ETFs witnessed web inflows of just about $727 million on Wednesday. Supply: Farside Traders.

Most significantly, there have been some huge treasury strikes – for one, Sharplink dropped a $6B ETH-heavy plan, which added gasoline to the rally. 

Lookonchain

And total Ethereum is lastly getting love as extra than simply tech – it’s turning into an institutional asset class. BlackRock likes it, Constancy likes it, Even Nasdaq needs to allow ETF staking. In the meantime, Wall Avenue is clearly warming up.

Common Ethereum fuel limits over time. Supply: Etherscan

On the community facet, validators are backing a fuel restrict bump to 45 million, and the Fusaka improve (coming this November) is ready to enhance throughput and validator effectivity. All that scaling momentum is, as soon as once more, making Ethereum appear to be a stable long-term maintain for  institutionals.

So whereas BTC takes a breather, ETH is convincing the gang the present’s nonetheless going. Except BTC dumps onerous, ETH in all probability tags $4K quickly – and if issues actually get wild, perhaps extra. However let’s not jinx it.

Toncoin (TON)

TON, in the meantime, appears to be working its personal playbook totally. TON’s worth has simply been casually climbing from $2.85 to $3.36, exhibiting constant increased lows and total good vibes.

TON/USD 4H Chart. Supply: TradingView

Now, let’s be clear up entrance: nothing within the TON information cycle this week screams “worth catalyst.” There was no ETF submitting, no large partnership announcement, no shock itemizing on a significant US change. However nonetheless – one thing has been brewing.

There’s been some launches within the ecosystem, and in addition a Visible Studio Code extension from TON Core. Certain, it makes dev work on TON smoother and lowers the barrier to constructing, but it surely’s a slow-burn developer story, not a buying and selling one.

Supply: @toncorepublic

Additionally, Telegram – TON’s religious mothership – additionally began registering an official presence in Russia this week. That issues within the regulatory chess sport and hints at Telegram making ready for deeper integrations or monetization methods that would loop again to TON. 

Supply: Roskomnadzor

However erhaps most eyebrow-raising headline was that the TON Ecosystem Reserve, which holds over $1.7 billion in TON, moved funds for the primary time in years. It was only a take a look at transaction, however in an area this small, that type of motion doesn’t go unnoticed. It sparked hypothesis about whether or not huge issues – grants, incentives, or deployments – is likely to be on the horizon.

Supply: Tronscan

And let’s not neglect: TON simply tapped into Ethereum DeFi through Tac mainnet. It’s beginning to straddle two worlds – Telegram-native and EVM-compatible. Even when the headlines aren’t as loud, the basics are stacking up quick.

So, no single piece of reports was sufficient to ship TON flying, however collectively, they’ve created a way of quiet momentum, which is mirrored within the charts. Value has climbed from round $2.85 to above $3.30 this week, steadily and with out drama. Proper now RSI is peaking, however the MAs are nonetheless exhibiting assist. 

The place It Feels Like We’re Heading

So right here we’re. The all-time highs have been hit, the confetti’s already on the ground, and the market’s catching its breath. On the floor, nothing’s damaged – macro circumstances are comparatively supportive. Spot ETF inflows stay sturdy, with establishments nonetheless exhibiting up. Inflation information is softening. 

If Bitcoin can lastly punch by $120,000 with actual quantity and keep above it, that would re-ignite threat urge for food throughout the board. In that case, Ethereum appears to be like well-positioned to speed up – doubtless pushing by $4K – and TON, with its quiet momentum, could proceed climbing in its personal impartial rhythm.

However, if Bitcoin stalls once more, we could also be just a few extra weeks of sideways chop – a time for the market to digest beneficial properties, shake out weak palms, and look forward to the subsequent sturdy catalyst.

Both means, the important thing takeaway is that this: the market is clearly awake. 

About The Writer

Victoria is a author on quite a lot of expertise subjects together with Web3.0, AI and cryptocurrencies. Her intensive expertise permits her to put in writing insightful articles for the broader viewers.

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Victoria d’Este