rewrite this title Post-Breakout Blues? BTC Stalls at $120K While ETH Rallies and TON Keeps Climbing

by
Victoria d’Este

Published: July 21, 2025 at 10:36 am Updated: July 21, 2025 at 10:36 am

by Ana

Edited and fact-checked:
July 21, 2025 at 10:36 am

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Bitcoin (BTC)

As you may remember, last week Bitcoin hit a fresh all-time high – 120K – and now, a week down the line, it’s just kind of pacing in circles. Price-wise, BTC’s been doing laps between ~$115K and ~$122K, currently hanging around $119,500. That breakout feeling is clearly faded. It’s acting like someone who climbed Everest, took a selfie at the top, and is now slowly descending with sore calves.

BTC/USD 4H Chart, Coinbase. Source: TradingView

Which actually makes sense. After all, BTC’s come a long way fast, and now it’s brushing up against heavy resistance at $120K like it’s unsure whether to punch through or take a breather. Some of the tension is narrative-based. On the bullish side, you’ve got twelve straight days of ETF inflows – over $6.6 billion pouring in 

Spot Bitcoin ETFs see 12-day inflow streak. Source: SoSoValue

Also, there’s been news about Trump actually signing a crypto bill (the GENIUS Act), which, regardless of what’s in it, marks a very real shift in tone from the U.S. government.

Tom Emmer

But then – just when vibes were getting too cozy – an ancient Bitcoin whale from the Satoshi era woke up and shuffled nearly $10B worth of BTC. Not sold, just moved, but it still rattled the cage. 

Onchain Lens 

And there was a spicy rumor that the UK is prepping to sell off $7B in seized Bitcoin (possibly exaggerated, but hey, the market doesn’t like nuance), so now wonder that $120K breakout feels a little heavy.

Susie Violet Ward

So, right now BTC’s taking a moment and cooling off. The structure still looks bullish – RSI’s neutral, moving averages are fine, macro’s not freaking out – but it’s like the market’s waiting for a new excuse to care.

Ethereum (ETH) 

Now, ETH didn’t seem to get the memo about “taking it slow.” After clearing $3,400 earlier this week, it’s been climbing with almost embarrassing enthusiasm, now up around $3,800 and flirting with the idea of $4K.

ETH/USD 4H Chart, Coinbase. Source: TradingView

And it’s got some real teasons for that. Spot ETH ETFs finally hit their stride, with one day alone seeing $727 million in inflows. 

Spot Ether ETFs witnessed net inflows of almost $727 million on Wednesday. Source: Farside Investors.

Most importantly, there were some big treasury moves – for one, Sharplink dropped a $6B ETH-heavy plan, which added fuel to the rally. 

Lookonchain

And overall Ethereum is finally getting love as more than just tech – it’s turning into an institutional asset class. BlackRock likes it, Fidelity likes it, Even Nasdaq wants to enable ETF staking. Meanwhile, Wall Street is clearly warming up.

Average Ethereum gas limits over time. Source: Etherscan

On the network side, validators are backing a gas limit bump to 45 million, and the Fusaka upgrade (coming this November) is set to improve throughput and validator efficiency. All that scaling momentum is, once again, making Ethereum look like a solid long-term hold for  institutionals.

So while BTC takes a breather, ETH is convincing the crowd the show’s still going. Unless BTC dumps hard, ETH probably tags $4K soon – and if things really get wild, maybe more. But let’s not jinx it.

Toncoin (TON)

TON, meanwhile, seems to be running its own playbook entirely. TON’s price has just been casually climbing from $2.85 to $3.36, showing consistent higher lows and overall good vibes.

TON/USD 4H Chart. Source: TradingView

Now, let’s be clear up front: nothing in the TON news cycle this week screams “price catalyst.” There was no ETF filing, no giant partnership announcement, no surprise listing on a major US exchange. But still – something has been brewing.

There’s been some launches in the ecosystem, and also a Visual Studio Code extension from TON Core. Sure, it makes dev work on TON smoother and lowers the barrier to building, but it’s a slow-burn developer story, not a trading one.

Source: @toncorepublic

Also, Telegram – TON’s spiritual mothership – also started registering an official presence in Russia this week. That matters in the regulatory chess game and hints at Telegram preparing for deeper integrations or monetization strategies that could loop back to TON. 

Source: Roskomnadzor

But erhaps most eyebrow-raising headline was that the TON Ecosystem Reserve, which holds over $1.7 billion in TON, moved funds for the first time in years. It was just a test transaction, but in a space this small, that kind of movement doesn’t go unnoticed. It sparked speculation about whether big things – grants, incentives, or deployments – might be on the horizon.

Source: Tronscan

And let’s not forget: TON just tapped into Ethereum DeFi via Tac mainnet. It’s starting to straddle two worlds – Telegram-native and EVM-compatible. Even if the headlines aren’t as loud, the fundamentals are stacking up fast.

So, no single piece of news was enough to send TON flying, but together, they’ve created a sense of quiet momentum, which is reflected in the charts. Price has climbed from around $2.85 to above $3.30 this week, steadily and without drama. Right now RSI is peaking, but the MAs are still showing support. 

Where It Feels Like We’re Heading

So here we are. The all-time highs have been hit, the confetti’s already on the floor, and the market’s catching its breath. On the surface, nothing’s broken – macro conditions are relatively supportive. Spot ETF inflows remain strong, with institutions still showing up. Inflation data is softening. 

If Bitcoin can finally punch through $120,000 with real volume and stay above it, that could re-ignite risk appetite across the board. In that case, Ethereum looks well-positioned to accelerate – likely pushing through $4K – and TON, with its quiet momentum, may continue climbing in its own independent rhythm.

On the other hand, if Bitcoin stalls again, we may be looking at a few more weeks of sideways chop – a time for the market to digest gains, shake out weak hands, and wait for the next strong catalyst.

Either way, the key takeaway is this: the market is clearly awake. 

About The Author

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Victoria d’Este