Bitcoin Dips After Dominance Surge Amid Institutional Activity and Derivatives Expiry

The prolonged sideways trend in Bitcoin has ended with a sharp rise in dominance to 62%, followed by a correction that allowed altcoins some relief. Over the past day, 230,110 positions worth $670.8 million have been liquidated, with the largest order in BTCUSDT at $3 million. Investment flows show a decrease of $86 million into Bitcoin ETFs and an increase of $332 million into Ethereum ETFs. Deribit anticipates options expirations on $BTC and $ETH worth $12.4 billion on July 25. Large holders withdrew $1.7 billion worth of ETH from Aave over a week. The Coinbase Derivatives indicator for 'US perpetual style futures' exceeds 1 million contracts, signaling active trading. Institutional activity continues to grow, with MicroStrategy planning to issue $2 billion in convertible bonds to buy more Bitcoin. Semler Scientific increased its reserves by 175 BTC. BlackRock’s ETH ETF, ETHA, has reached $10 billion AUM in its first year, making it the third fund to do so. The Ton Foundation and Kingsway Capital are preparing a $400 million raise for the $TON treasury. Polychain acquired $43.4 million of TIA from Celestia. GameSquare bought CryptoPunk #5577 for $5.15 million. Injective is tokenizing corporate reserves, launching SBET backed by staked ETH. On the infrastructure and security front, a dormant address was activated after 14.5 years, holding 3,962 BTC (~$468 million). WOO X reported a possible hack of $12 million. Tether issued an additional $2 billion USDT and plans to expand into the US market. MultiversX successfully implemented the Barnard v1.10 hard fork with on-chain voting. Coinbase moved JITOSOL-USD and MPLX-USD pairs into auction mode for smooth order book opening. From macroeconomic and political perspectives, US manufacturing PMI fell short of expectations, but it didn't impact the crypto market significantly. President Trump signed orders related to AI and announced a visit to the Fed to review a $3.1 billion project. Discussions about Jerome Powell's potential resignation on July 30 are ongoing, though unconfirmed. Michael Novogratz believes Trump’s positive rhetoric about crypto supports Bitcoin’s bullish momentum, targeting $150,000. Focus is on preparing for major derivative expirations and increasing institutional demand for $BTC and $ETH.