BTC’s Bullish Surge Unstoppable – But Can Altcoins Keep Up? Coinbase & Glassnode Drop Truth Bombs
Bitcoin keeps defying gravity while altcoins gasp for air. Here’s why the king crypto won’t kneel—and which tokens might get left in the dust.
The BTC Juggernaut Rolls On
No resistance levels, no FUD—just relentless upward momentum. Institutional inflows and ETF approvals keep fueling the fire, with retail traders scrambling for seats.
Altcoins: Feast or Famine?
For every SOL or ETH carving out gains, three obscure tokens flatline. Market caps don’t lie: liquidity’s consolidating around blue-chips while speculative trash gets purged (again).
The Institutional Endgame
Wall Street’s playing a different game now—loading BTC like it’s 2008-era T-bills. Meanwhile, altcoin teams still promise ‘mainnet launches’ like it’s 2017. Some things never change—except your portfolio balance.
(@coinbase) July 17, 2025
Moreover, when it comes to regulations in the US, 2025 policies have become largely crypto-friendly. Notably, just this week, three key pieces of crypto legislation – the GENIUS Act, CLARITY Act, and Anti-CBDC Act – passed the House of Representatives.
This “unprecedented shift [is] setting the stage for what could be a transformative period for digital assets.”
Finally, as the quarter began and the US announced the massive global tariffs, risk assets were in retreat, says the report. It adds that “the peak of the macro disruption caused by the tariff saga is now behind us.”
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Bitcoin dominance was rising in the second quarter of this year, reaching 64% by 30 June. This is “just shy of its four-year high of 65%,” says the report.
andshare of the total crypto market cap also increased in this period, with investor interest in blue-chip tokens rising.
At the time of writing on Friday noon (UTC), bitcoin dominance stands at 61.7%.
Meanwhile, the report found that Bitcoin’s liquid supply (coins moved within three months) increased 12% in the second quarter. Illiquid supply (coins unmoved in more than a year) fell 2%. The latter suggests that “most long-term BTC owners continued to hold their coins even as prices moved above $100,000.”
Also, the amount of supply in profit recovered from below 75% to nearly 100% in the same period. By quarter end, nearly the entire supply of BTC was in profit.
For ETH, the percentage in profit ROSE from under 40% to nearly 90% in Q2. ETH liquid supply rose 8% and illiquid supply fell 6%. This suggests that “some long-term holders used market strength as an opportunity to sell to newer entrants.”
Also, at the end of Q1, more than 40 million ETH were in loss, but at the end of Q2, this was less than 10 million.
Meanwhile, going back to BTC, investor sentiment reversed from anxiety to optimism. This happened “as global trade tensions receded and macroeconomic data exhibited strength.”
Also, ETH hit the capitulation stage in Q1, but it rallied strongly in Q2, the report added.
Lastly, analysts found that crypto continued showing low or negative correlations with other asset classes. However, BTC’s correlation with US stocks went up from 0.40 to 0.55. Correlations with the broader COIN50 index are unchanged.
That said, in Q2, “Bitcoin has continued to outperform traditional assets on a risk-adjusted basis, as US fiscal developments have helped strengthen the coin’s store-of-value narrative.” Consequently, “institutional investors and corporates increased their allocations to BTC,” the report concludes.
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