It was a big month for crypto in July, with the space gaining about 16%. The Daily Breakdown zooms in on what the size and scope of the rally.
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Friday’s TLDR
- Crypto soars in July
- AMZN, AAPL beat earnings
- META hits record highs
Crypto Corner
What a month it was for crypto. When we measure the crypto space by total market cap, it climbed as high as $3.94 trillion this month — its highest mark ever. For comparison, that’s about in-line with Microsoft’s market cap, but a bit less than Nvidia’s $4.4 trillion value.
The crypto space gained about 16% for the month of July, marking its fourth straight monthly gain and the third monthly gain of 10% or more in that stretch. It’s now up more than 60% from the April lows.
Even if we strip out Bitcoin from the equation, it was still an impressive month. Under those assumptions, the market gained about 28% in the month — although its high of $1.56 trillion was still below the high from December 2024 and the peak from November 2021.
As deregulation gains steam in Washington, bulls are hopeful for a strong second half.
Still, bulls are wondering whether the crypto market will continue its strong run in August or if it will consolidate its recent gains (as it has over the last week or two).
It’s worth mentioning that eToro has now added 19 more cryptoassets, bringing the number of tradable cryptoassets to more than 75. Some recent additions include Aerodrome Finance, Algorand, Injective, and others. Discover all them here.
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The Setup — Meta
Meta reported earnings on Wednesday night that blew past analysts’ expectations, earning $7.14 a share vs. estimates of $5.88 a share. Revenue grew more than 20%, climbing to $47.5 billion and topping estimates of $44.8 billion. Management’s revenue outlook for next quarter came in ahead of expectations, too.
The news was enough to send Meta to record highs and the stock traded well on a day when the Nasdaq 100 initially opened higher by more than 1% but closed in negative territory for the session.
The breakout will likely have bulls looking for more upside in the months ahead. Ideally, they will want to see the stock find support if it pulls back to the $735 area. As long as that’s the case, the bulls can maintain momentum. If META loses this level, technical traders will want to see support from some of its key moving averages — like the 50-day, for instance — although short-term momentum could shift bearish until support is established.
Options
One downside to META is its share price. Because the stock price is so high, the options prices are incredibly high, too. This can make it difficult for investors to approach these companies with options.
In that case, many traders may opt to just trade a few shares of the common stock — and that’s fine. However, one alternative is spreads.
Call spreads and put spreads allow traders to take options trades with a much lower premium than buying the calls outright. In these cases, the maximum risk is the premium paid.
Options aren’t for everyone — especially in these scenarios — but spreads make them more accessible. For those looking to learn more about options, consider visiting the eToro Academy.
What Wall Street’s Watching
Apple reported earnings on Thursday evening, with revenue of $94 billion topping expectations of $89.3 billion, led by stronger-than-expected iPhone sales. Revenue in China also topped analysts’ expectations, while earnings of $1.57 per share beat estimates of $1.43 per share. Down 17% on the year, can AAPL make a comeback? Dig into AAPL’s fundamentals.
Amazon’s earnings of $1.68 a share beat expectations of $1.32 a share, while revenue of $167.7 billion beat estimates of $162.1 billion. However, management’s outlook for Q3 operating income was between a range of $15.5 billion and $20.5 billion — with the midpoint of $18 billion below analysts’ expectations of $19.4 billion. Analysts currently have a consensus price target of about $260 for AMZN stock.
Shares of UnitedHealth Group remained under pressure on Thursday, falling more than 6% and hitting new 52-week lows. Since reporting earnings, the stock has lost nearly 12%. UNH has had a tough year, falling 50% since the start of 2025. Check out the chart for UNH.
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Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.