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By Will Canny, AI Boost|Edited by Sheldon Reback
Aug 14, 2025, 1:40 p.m.
- Crypto market cap rose 14% in July to $3.7 trillion, with ether’s 49% gain far outpacing bitcoin’s 8%, the report said.
- The bank noted that average daily crypto trading volumes jumped about 50% last month, with ether volumes up 60%, alongside strong gains in DeFi and NFT activity.
- JPMorgan cited the GENIUS Act, a robust crypto IPO pipeline and growing TradFi/DeFi partnerships as key drivers of the rally.
The crypto market staged a sharp rebound in July, with total market capitalization climbing 14% from the previous month to $3.7 trillion, Wall Street bank JPMorgan (JPM) said in a research report Thursday.
Average market cap rose 12% in the same period, driven by broad-based gains across tokens, decentralized finance (DeFi), non-fungible tokens (NFTs) and exchange-traded products (ETPs), but ether (ETH) stole the spotlight, the report said.
STORY CONTINUES BELOW
Ether’s market cap surged 49% last month, far outpacing bitcoin’s 8% gain. JPMorgan attributed the move partly to the Ethereum blockchain’s dominant role in stablecoin issuance and growing institutional flows into ETH-linked products.
U.S. spot ether ETPs saw a record $5.4 billion in net inflows, lifting total ETH ETP assets to $21.5 billion, JPMorgan said. Bitcoin
spot exchange-traded funds(ETFs)added $6 billion, bringing their combined assets under management to $152 billion.
Trading activity accelerated, with average daily volumes across the ecosystem jumping 49% in July, the bank noted. CoinDesk data showed token volumes rising 51% MoM. Ether token volumes surged 60%, four times bitcoin’s 15% increase. DeFi and NFT markets also logged significant volume growth.
JPMorgan pointed to the passage of the GENIUS Act, a growing roster of crypto-linked initial public offerings (IPOs), and deepening partnerships between traditional finance and decentralized finance as key drivers behind the rally.
The bank said these factors, alongside a broader risk-on sentiment in global markets, suggest the recent gains in prices and volumes could prove sustainable.
Read more: Ether Price Target Lifted to $7.5K at Year-End and $25K in 2028 at Standard Chartered
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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By Krisztian Sandor, AI Boost|Edited by Parikshit Mishra
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Institutional adoption, FX settlement and cross-border flows are expected to drive stablecoin growth, a report by Keyrock and Bitso said.
What to know:
- Stablecoins could process $1 trillion in payment volumes annually by the end of the decade, a report by Keyrock and Bitso said.
- On-chain FX and cross-border payments seen as key areas for disruption if regulatory and liquidity conditions continue to improve, according to the report.
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