The cryptocurrency market pulled back in early trading Friday, with total market capitalization declining 1.3% to $2.26 trillion after rising 2.0% during Thursday’s session. Bitcoin, Ethereum and Solana all moved lower overnight, although the prior day’s gains supported positive daily returns across most major crypto ETFs. The data continued to show stronger short-term momentum in Ethereum, Solana and XRP products than in Bitcoin, while leveraged ETFs magnified both the recent rebound and the sector’s longer-term volatility.
Bitcoin ETFs
Bitcoin traded at approximately $63,636, down 1.4% over 24 hours and 2.2% over the past week. Despite the overnight decline, Bitcoin ETFs reflected Thursday’s recovery, with most spot products gaining roughly 1.8% to 2.1%. The iShares Bitcoin Trust, or IBIT, closed at $36.70, up 1.94% for the day, 0.96% for the week and 10.24% for the month. IBIT also recorded approximately $89.8 million of daily inflows, although its weekly and year-to-date flows remained negative.
The broader Bitcoin ETF group showed consistent daily performance. Fidelity’s FBTC gained 1.94%, Grayscale’s GBTC rose 1.95%, and ARK 21Shares’ ARKB advanced 2.02%. Monthly returns were generally near 10%, but most products remained down more than 15% over three months and roughly 23% over six months, illustrating how the recent rebound has only partially recovered earlier losses.
Ethereum ETFs
Ethereum traded at approximately $1,882, down 1.8% over 24 hours, although it remained nearly unchanged for the week. Ethereum ETFs posted gains of approximately 1.8% to 2.0% during Thursday’s session and continued to outperform Bitcoin products over the past month.
The iShares Ethereum Trust, or ETHA, closed at $14.51, up 1.90% for the day, 3.35% for the week and 22.04% for the month. ETHA attracted approximately $5.2 million of daily inflows and has gathered more than $344 million over the past month, suggesting continued investor interest despite the broader market’s volatility. Fidelity’s FETH gained 1.97%, while Invesco’s QETH rose 2.02%. Most spot Ethereum ETFs have now advanced approximately 22% over the past month, although they remain down roughly 15% over three months and 28% over six months.
Solana ETFs
Solana traded at approximately $73.43, down 0.8% over 24 hours and 2.8% over the past week. However, Solana ETFs posted some of the strongest daily gains among spot crypto products following Thursday’s rebound.
The Bitwise Solana Staking ETF, or BSOL, closed at $10.20, up 2.82% for the day and 1.29% for the week. The Grayscale Solana Staking ETF gained 2.92%, the REX-Osprey SOL and Staking ETF rose 2.92%, and the Fidelity Solana Fund advanced 3.03%. Monthly performance was only modestly positive, generally between 1% and 2%, while three- and six-month returns remained sharply negative. The category therefore continues to offer stronger daily upside than Bitcoin and Ethereum, but with considerably higher longer-term volatility.
XRP ETFs
XRP ended Thursday at approximately $1.08, up 0.8% during the session but still down 2.4% for the week. XRP ETFs broadly gained between 1.5% and 1.9%, while leveraged XRP products posted gains closer to 4%.
The Canary XRP ETF closed at $11.58, up 1.94% for the day, while the Franklin XRP ETF gained 1.89% to $11.84. The Grayscale XRP Trust rose 1.74% to $21.09, and the REX-Osprey XRP ETF advanced 1.88%. XRP ETFs were modestly positive for the week and gained roughly 4% to 4.5% over the month, but remained down approximately 20% over three months and 37% over six months.
Leveraged Crypto ETFs
Leveraged ETFs significantly amplified Thursday’s gains. The Volatility Shares 2x Bitcoin ETF rose 4.03%, while the ProShares Ultra Bitcoin ETF gained 3.77%. These funds have advanced roughly 19% to 20% over the past month, approximately twice the returns of most spot Bitcoin ETFs. However, they remain down close to 50% over six months, highlighting the risks associated with daily leveraged exposure.
Leveraged Ethereum products also performed strongly. ETHU gained 3.70%, ETHT rose 3.77%, and ETU advanced 3.79%. Their monthly gains ranged from approximately 43% to 45%, but six-month losses remained near 60% or more.
Solana produced the strongest leveraged daily returns. SOLT gained 5.96% and SLON advanced 5.74%, although both remained down nearly 70% over six months. Leveraged XRP ETFs also outperformed their spot counterparts, with XXRP rising 4.59%, XRPT gaining 3.86%, and UXRP advancing 3.95%. These products demonstrate how leverage can accelerate short-term gains while also compounding losses over longer holding periods.
Notable Gainers
Uniswap led the broader cryptocurrency market, rising approximately 7.0% to $4.29 and extending its weekly gain to 11.4%. MemeCore rebounded 5.6% to $0.99, although it remained down more than 15% for the week. Cardano gained 3.3% to $0.17, while BNB advanced 2.0% to $589.87 and remained up 3.9% over seven days. The strength in Uniswap continued the momentum from Thursday, when the token gained more than 12% and helped lead a broader recovery across decentralized-finance assets.
Notable Decliners
Zcash was the most significant decliner among the larger tokens, falling 4.1% to $456.93 and extending its weekly loss to 9.9%. Ondo declined 2.9% to $0.40, although it remained up 2.0% for the week. Gram, formerly Toncoin, slipped 2.3% to $1.39. Weakness was otherwise relatively contained, suggesting Friday morning’s decline was more of a broad market pullback than a sharp risk-off move concentrated in one particular segment.
Crypto ETFs entered the final trading day of July with positive short-term momentum but continued evidence of substantial longer-term volatility. Ethereum and Solana ETFs delivered stronger daily and monthly returns than Bitcoin products, while XRP ETFs also participated in the recovery. Leveraged funds provided the largest gains, but their steep three- and six-month losses remain an important reminder that daily leverage can produce very different results over extended holding periods.
For retail investors, the key distinction remains between short-term performance and longer-term risk. Spot ETFs may provide more direct exposure to the underlying cryptocurrencies, while covered-call, income and leveraged strategies can behave differently because of their structures. Recent gains have improved momentum, but the negative multi-month returns across much of the ecosystem suggest that position size, diversification and investment time horizon remain especially important.
