Stable But Uneven: Crypto Market Recovers in July

The crypto market experienced its most stable month since April, but the recovery remains uneven. In July, 55% of the top 100 cryptos ended the month in the green zone, a significant improvement from June's dismal performance when only 13% of this list grew. However, the average return was +5.1%, while the median was only +0.8%, indicating that a limited group of leaders drove the growth.

Bitcoin (BTC) led the recovery, gaining 9.2% over the month and outperforming both the average and median returns of the Top 100 altcoins. BTC remains the primary source of confidence and liquidity in the market.

The positive momentum in July was not accompanied by a comparable inflow of trading liquidity, with aggregate spot volume falling to its lowest level since January 2025. This divergence makes the recovery less convincing, as subdued turnover and limited participation can make small capital flows have a disproportionate effect on prices.