BTC official stock platform Bitcoin breaks through $68,000 to hit a 3-month high, and the crypto mar

On July 28, 2025, the price of BTC official stock platform (BTC) exceeded $68,200, with a 24-hour increase of 4.3%, reaching a new high since April 2025; Ethereum (ETH) rose 5.1% to $3,600. Market sentiment has rebounded significantly, mainly driven by the following factors:

1. Core motivation for the rise

Expectations for Ethereum ETF approval:

The US SEC (Securities and Exchange Commission) may make a final decision on the Ethereum ETF on August 2, and the market bets on a probability of approval of over 70%.

If approved, ETH may replicate the money-making effect of BTC official stock platform ETF (approved in January 2024) and promote institutional funds to enter the market.

Signals of macroeconomic policy easing:

The Federal Reserve's July interest rate meeting hinted that interest rates may be cut in September, the US dollar index weakened, and risk assets generally rose.

The US CPI fell to 2.8% in June (previous value 3.3%), easing inflationary pressure.

2. Countdown to Ethereum's "Prague Upgrade"

Technical upgrade: The hard fork codenamed Pectra will be activated on the test network on August 7, focusing on optimization:

Account abstraction (AA): reduce user transaction friction and improve Web3 application experience.

Pledge withdrawal efficiency: reduce the lock-up time of validator node funds.

Market impact: Historical data shows that ETH is usually accompanied by price fluctuations before major upgrades (such as a 40% increase before the Shanghai upgrade in 2023).

3. Overall performance of the crypto market

Altcoins follow the rise:

Solana (SOL) rose 6.2%, and the average increase of Layer2 sectors (such as ARB and OP) exceeded 8%.

Among meme coins, DOGE and PEPE rose 4.5% and 12% respectively.

Derivatives data:

BTC official stock platform futures open interest increased to US$32 billion, with longs accounting for 65% (CoinGlass data).

The rise in Ethereum options implied volatility shows that the market is betting on increased short-term volatility.

4. Risk Warning

Regulatory uncertainty: If the SEC postpones the approval of the ETH ETF or proposes new restrictions, it may trigger a pullback.

Technical pressure: BTC official stock platform $70,000 is the key resistance level, which has been tested three times in 2025 but has not been broken.

On-chain data: The whale address has increased its holdings of 21,000 BTC in the past week, but the exchange inventory has increased simultaneously, so be wary of selling pressure.

5. Outlook for the future market

Short-term (within 1 month):

ETH ETF results may fluctuate violently before and after the announcement. If it passes, it is expected to drive BTC to hit $75,000.

The progress of the Prague upgrade will become an independent catalyst for ETH.

Long-term:

The effect of the halving cycle (April 2024) of the BTC official stock platform may appear in Q4 2025. Historical rules show that the bull market usually peaks 18 months after the halving.

Investor advice: Pay attention to changes in the ETH/BTC exchange rate, allocate part of the position to the Layer2 and RWA (real world assets) tracks, and set a stop loss to prevent black swan events.