Goldman Sachs FICC and Equities
Crypto Insights
GS Crypto: Monthly On-chain & Market Data (July 2025)
A monthly analysis of key market and on-chain metrics across BTC, ETH, and SOL markets.
Highlights:
Ethereum (ETH) Outperformance:
July marked Ethereum’s 10th anniversary, but the spotlight was firmly on ETH’s price movement. The asset surged +48.7% month-over-month (MoM), with the ETH/BTC ratio climbing +37.6% MoM. This breakout was driven by momentum-led demand and several favorable factors:
- Net inflows into US-listed spot ETH ETFs soared by +$5.4 billion (+366.4% MoM), pushing the aggregate assets under management (aUM) to $21.5 billion.
- On-chain activity showed growth, with average daily transaction counts rising +7.7% MoM and daily active addresses increasing +8.7% MoM.
- Positive developments included broader corporate adoption of ETH treasury strategies (led by Sharplink), the passage of digital asset-related legislation in the US, and heightened attention on the stablecoin market, which remains largely Ethereum-centric in terms of total supply.
- Looking ahead, the Fusaka protocol upgrade scheduled for Q4 2025 could serve as the next catalyst for Ethereum's growth.
Solana (SOL) Metrics:
Starting this month, Solana data has been incorporated into the series, reflecting its growing relevance in institutional markets.
- Institutional interest surged, with CME front 3-month futures open interest (OI) and monthly volume increasing by +212.9% and +276.3% MoM, respectively, in dollar terms.
- The average CME front 3-month futures OI in July reached $418.4 million.
- SOL’s price performance closed the month up +11.1% MoM, highlighting its strong market momentum.
Bitcoin (BTC) Market Data:
Bitcoin demonstrated steady growth in July:
- BTC spot prices rose +8.1% MoM.
- Monthly trusted spot and CME front 3-month futures volumes increased by +22.5% and +28.7% MoM, respectively.
- US-listed spot BTC ETFs recorded aggregate inflows of +$6.0 billion, bringing total aUM to $152.0 billion.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!