Ether-led rally pushes crypto market cap to $3.7T in July, says JPMorgan
The cryptocurrency market experienced a sharp rebound in July, with ether leading the charge and outpacing bitcoin by a significant margin. Record ETF inflows, surging trading volumes, and renewed DeFi activity fueled the gains, according to a JPMorgan report.
- Total crypto market cap jumped 14% to $3.7 trillion in July.
- Ether (ETH) surged 49%, while Bitcoin (BTC) rose 8%.
- U.S. spot ETH ETPs saw $5.4B in net inflows – a record high.
- Trading volumes rose 49% overall, with ETH volumes up 60%.
- DeFi and NFT activity also recorded strong growth.
- Key drivers included the GENIUS Act, upcoming crypto IPOs, and TradFi–DeFi partnerships.
According to JPMorgan’s latest research, July marked one of the strongest months for crypto in 2025, with total market capitalization climbing 14% to $3.7 trillion. The rally was broad, spanning tokens, decentralized finance (DeFi), non-fungible tokens (NFTs), and exchange-traded products (ETPs).
Ether stood out as the month’s top performer, gaining 49% compared to bitcoin’s 8% rise. JPMorgan attributed the move to Ethereum’s dominant role in stablecoin issuance and the growing wave of institutional capital entering ETH-linked products. U.S. spot ether ETPs saw $5.4 billion in net inflows in July, setting a record and pushing total ETH ETP assets to $21.5 billion. Bitcoin ETFs, meanwhile, attracted $6 billion, bringing their combined assets under management to $152 billion.
Market activity also saw a significant boost. Average daily trading volumes across the crypto ecosystem rose 49% last month, according to JPMorgan. CoinDesk data confirmed a similar trend, with token volumes climbing 51% month-over-month. Ether volumes surged 60%, far outpacing bitcoin’s 15% gain, while DeFi and NFT markets also recorded notable increases.
The bank identified several catalysts behind the rally: the passage of the GENIUS Act in the U.S., a growing pipeline of crypto-related IPOs, and strengthening partnerships between traditional finance and decentralized finance players. A generally risk-on mood across global markets further reinforced the momentum.
Final thought
With ETF inflows hitting records, trading activity accelerating, and legislative support building, JPMorgan suggests July’s rally may have legs. If these trends hold, the current momentum could continue to fuel the crypto market in the coming months.
