The latest report from Binance Research highlights strong growth in the crypto asset market during July, which climbed 13%. Bitcoin (BTC) reached an all-time high of US$123,000 on July 14, 2025, before setting a new record above US$124,400 on August 14.

This expansion was mainly driven by three major catalysts: altcoins, stablecoins, and tokenized equities.

Altcoins Fuel Crypto Market Rally in July

According to Binance, last month’s rally was largely powered by altcoins, with Ether (ETH) standing out as the main driver. ETH surged 48% after 24 new companies added it to their balance sheets, pushing total corporate holdings up 128% to 2.7 million ETH, nearly half the amount held by ETFs.

Binance attributed this trend to staking rewards, ETH’s deflationary supply mechanics, and rising corporate confidence in holding crypto directly.

Meanwhile, Bitcoin’s market dominance slipped 5.2 percentage points to 60.6%, pressured by expectations of a Federal Reserve rate cut and greater regulatory clarity in the U.S., following the approval of three major crypto bills, including the GENIUS Act, which requires stablecoins to be fully backed by reserves.

Stablecoins Remain the Backbone of Transactions

Stablecoin transfer volumes held steady at around US$2.1 trillion, once again surpassing Visa’s network, a trend ongoing since late 2024. Several major financial institutions also ramped up experiments with deposit tokenization.

• JPMorgan advanced its deposit-token project,

• Citi explored cross-border settlement with deposit tokenization,

• Visa reinforced the role of stablecoins as a complement to its payment network.

These developments underscore stablecoins as the foundation of crypto transactions and a critical bridge between traditional finance and blockchain-based systems.

Tokenized Stocks Surge Sharply

The tokenization phenomenon also gained momentum, with market capitalization soaring 220% from the previous month, led by tokenized trading of popular stocks such as Tesla (TSLA).

Binance excluded Exodus Movement (EXOD) shares issued via Securitize, arguing they distorted calculations. As of June 2025, the Real World Asset (RWA) tokenization market had already reached US$24 billion.

Active on-chain addresses for tokenized equities skyrocketed to 90,000 from just 1,600, while centralized exchange trading volumes were over 70 times higher than on-chain platforms.

Binance compared this growth to the DeFi boom of 2020–2021 and estimated that tokenizing just 1% of global equities could create a market worth US$1.3 trillion.

The NFT market also showed signs of recovery, rising nearly 50% in July. The surge was led by CryptoPunks, which jumped 393%, followed by a 28% increase in Bitcoin-based NFTs. However, overall NFT trading volumes remain below the peaks of the previous cycle.