Bitcoin’s bullish momentum is holding strong at $119,430 in the early hours of Monday, July 28, 2025, buoyed by a significant trade agreement struck between the United States and the European Union over the weekend. This notable deal—announced by former President Donald Trump and European Commission President Ursula von der Leyen in Turnberry, Scotland—lays the groundwork for a 15% U.S. import tariff on EU goods, sidestepping a previously threatened 30% rate. This development is anticipated to invigorate transatlantic economic relations, with Europe pledging $600 billion towards U.S. energy and defense projects over the next three years, aiming to diminish its dependency on Russian energy sources.
Institutional Moves and Market Reactions
CoinDesk’s CD20 Index swelled 2.37% to 4,099.18, extending its recent upward trajectory. The optimism surrounding the trade deal is echoed by Bitcoin’s realized market capitalization, which for the first time, has breached the $1 trillion mark, according to data from Glassnode. This metric, reflecting the aggregate value of BTC based on the last movement of each coin, underscores the growing institutional interest and capital inflow. As explored in our recent coverage of Bitcoin hitting a new all-time high above $119K, the sustained price levels are part of a broader 7-week uptrend that has captured the market’s attention.
“Bitcoin’s ability to sustain above the $118,000 level is a testament to its resilience in the face of macroeconomic shifts,” commented Maria Yao, a senior analyst at CryptoSlate. “The recent trade deal is likely to reinforce confidence among institutional investors, providing a safety net against geopolitical uncertainties.”
The upward trend is attracting new buyers and capital, although it’s also causing some long-term holders to liquidate positions, potentially rebalancing their portfolios. Bitcoin’s dominance in the crypto market has slightly slipped to 60.98%, indicating a cautious diversification into altcoins by some investors. For more on the altcoin market dynamics, see our analysis of Bitcoin’s rise alongside XLM and HBAR’s rally.
Large Transactions and Market Dynamics
In a seismic transaction, Galaxy Digital executed a $9 billion Bitcoin transfer on behalf of a Satoshi-era investor. This deal, involving 80,000 BTC, is part of an estate planning strategy and stands as one of the largest single Bitcoin transfers on record. Remarkably, the transfer did not significantly impact Bitcoin’s price, highlighting the market’s current liquidity and the extensive practice of HODLing among long-term investors.
“Despite the massive size of the transaction, the market barely flinched,” noted James Hollis, a crypto market strategist at CoinShares. “This illustrates the sheer depth and maturity of the Bitcoin market today—it’s not easily swayed by single large trades.”
Polymarket bettors have raised Bitcoin’s chances of reaching $125,000 by the end of July to 24%, up from 18% earlier. This optimism reflects the broader bullish sentiment, supported by macroeconomic tailwinds and increasing on-chain conviction.
Altcoins and Broader Market Trends
Ethereum (ETH), trading at $3,867.76, saw a 3% rise bolstered by strong on-chain fundamentals. With 28% of ETH staked and exchange balances at their lowest in eight years, the influx of new buyers is evident. The altcoin market, although experiencing a modest rotation, continues to ride the coattails of Bitcoin’s success.
Meanwhile, gold’s decline persists, with prices slumping for the fourth consecutive day to $3,335 as developments in U.S.–EU and U.S.–China trade talks diminish the metal’s appeal as a safe haven. The Nikkei 225 remains mixed, with investors eagerly anticipating the outcomes of ongoing U.S.–China trade negotiations.
Elsewhere in the crypto sphere, Michael Saylor’s plans to introduce a Bitcoin-backed money-market-style vehicle to Wall Street and the news of a drug company intending to purchase up to $700 million in BNB following its all-time high, are making waves. Additionally, a fake Bitcoin ATM scheme has managed to waste 4,000 hours of scammers’ time, a quirky yet telling anecdote of the industry’s ongoing battle against fraud.
As we advance through 2025, the cryptocurrency market remains at a fascinating juncture. The U.S.–EU trade deal is a pivotal moment, potentially setting the stage for further economic collaboration. However, questions linger on whether Bitcoin can maintain its robust position, especially with macroeconomic uncertainties looming on the horizon. The coming months are poised to reveal much about the resilience and adaptability of both Bitcoin and the broader crypto ecosystem.
Source
This article is based on: Asia Morning Briefing: Trump’s EU Tariff Deal Holds Bitcoin Near $119K
Further Reading
Deepen your understanding with these related articles:
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- Bitcoin Market Top Is ‘Nowhere Near,’ Say Analysts as Price Pauses at $120K
- Bitcoin Price Reaches Pivotal Moment—Is $120K Next?
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
