While billions are flowing into crypto as its market cap has jumped to $3.89 trillion and headlines highlight rising institutional interest. But according to a fresh report from 10x Research, things might not be as bullish as they look.
Behind the scenes, small changes in the market suggest that today could quietly become an important moment that decides how the rest of the summer goes.
While there’s growing crypto investment, especially from big institutions. But as per 10x Research, more and more public companies are adding Ethereum (ETH) to their holdings. They now hold over $5 billion worth of ETH.
The biggest holder is Bitmine with $2.2 billion, followed by Sharplink, Bit Digital, and BTCS. Together, this makes up about 1.06% of ETH’s total supply.
Adding to this trend, a new firm called Ether Machine is planning to enter the market with around $1.6 billion, which could push institutional ETH ownership even higher.
But despite all this buying, 10x Research says warning signs are starting to show. However, trading volumes are shifting, NAV premiums are dropping, and funding rates are weakening. These small changes often appear before the market slows down, even when headlines are still full of optimism.
Another interesting sign comes from MicroStrategy, the company known for its huge Bitcoin holdings. In past bull runs, it often raised money by selling new shares to buy more Bitcoin. But this time, as 10x Research points out, the company hasn’t raised any capital in weeks.
This unusual silence could mean they no longer see a strong upside—or maybe they sense risk. Either way, 10x Research sees it as a clear sign that momentum might be fading.
However, 10x Research notes that despite these inflows, cracks are forming beneath the surface. Trading volumes are shifting, NAV premiums are fading, and funding rates are beginning to turn.
These are usually early warning signs that market momentum could be slowing, even while the headlines still scream bullish.
As of July 29, 2025, the global crypto market cap is around $3.08-3.99 trillion with mixed performance; some assets are up, others down in the last 24 hours.
NAV premiums mean a fund’s price is higher than its underlying value. Funding rates are payments between long and short positions to align futures with spot prices.
Despite high investment, 10x Research sees warning signs like shifting trading volumes, dropping NAV premiums, and weakening funding rates.
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