The crypto market edged lower on Tuesday, July 29, with Bitcoin (BTC) hovering in a tight band between $118,700 and $119,000, easing about half a percent as it failed to break past the $120,000 mark. BTC is currently near $117,625, registering a 1% loss on the weekly timeframe.

Ethereum (ETH) slid about 1% today, settling near $3,800, though it held above that mark for the past several days amid strong spot ETF inflows and ongoing institutional interest

XRP (XRP), the third-largest cryptocurrency by market cap, is down about 2% on the day and trading at $3.10, while its weekly losses are still a more substantial 11%. Solana (SOL) lost the most among large-cap crypto assets today, sliding 4.2% and is trading at around $180.

The total market capitalization of cryptocurrencies stands at $3.92 trillion, down 5% over the past 24 hours, while trading volume across exchanges reached $153 billion during the same period.

About $431 million in crypto positions were liquidated in the past 24 hours, with Ethereum accounting for nearly $102 million, followed by a mix of other altcoins at $79 million, per data from CoinGlass.

In the exchange-traded fund (ETF) space, spot inflows into Ethereum exchange-traded funds fell sharply, though still posted positive net inflows. On Monday, July 28, spot Ethereum ETFs attracted just $65.14 million, the lowest daily figure since the early stages of the July rally, when net inflows saw a multi-week streak with daily inflows in the hundreds of millions. On July 16, net inflows into ETH ETFs surpassed $720 million, the highest daily inflow yet, according to data from SoSoValue.

In the meantime, yesterday spot Bitcoin ETFs attracted over $157 million in net inflows, marking the third consecutive day of net inflows into the products, which have underperformed ETH ETFs over the past two weeks.

Despite the slowing of ETH ETF momentum yesterday, analysts at Glassnode noted in an X post today that Ethereum perpetual futures open interest dominance has climbed to nearly 40%, which is the highest level since April 2023, the firm noted.

Only 5% of days have seen a higher reading, the analysts say, adding that the figure marks a “clear shift in speculative focus, with capital rotating from BTC to ETH at the margin.”

Glassnode also noted that ETH perpetuals volume dominance is above BTC perps’ for the first time since 2022, again marking shifting interest away from Bitcoin. “This shift confirms a meaningful rotation of speculative interest toward the #altcoin sector,” Glassnode stated.

The macro picture looked a bit brighter today, with U.S. consumer confidence ticking up to 97.2, Bloomberg reported, citing data from The Conference Board. The number is just above the media estimate from a Bloomberg survey of economists. Expectations for the next six months hit 74.4 — the highest since February — though views on current conditions slipped.

Inflation remains on consumers’ minds, and while some were upbeat about the impact of the so-called One Big Beautiful Bill that President Donald Trump signed into law earlier this month, most weren’t focused on it, noted Stephanie Guichard, a senior economist at the Conference Board.