Ether and Dogecoin Lead Crypto Rally as Traders Eye Political Tailwinds and Retail Absence

Crypto markets extended their rally on Thursday, driven by improving risk appetite and growing political focus on digital assets. Ether and Dogecoin took center stage, while onchain analysis suggested the lack of retail involvement could signal further upside.

Bitcoin (BTC) hovered just shy of its record high near $112,000, while Ether (ETH) surged more than 7% to exceed $2,780. Dogecoin (DOGE) climbed 6%, and other major tokens like Solana (SOL) and XRP also posted gains.

The CoinDesk 20 index, which tracks the largest non-stablecoin crypto assets, rose over 2%, reflecting broad strength across the market.

Blockchain analytics firm Santiment highlighted that retail trader wallets remain mostly on the sidelines, a dynamic that historically precedes strong market moves.

“History has shown that this is a prime sign of a potential breakout, as crypto markets typically move the opposite direction of the crowd’s expectations,” Santiment wrote on X.
“When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.”

The crypto gains came even as broader financial markets digested fresh geopolitical tensions. U.S. stocks were steady despite President Donald Trump proposing new tariffs, including a 50% levy on copper imports and higher duties on Brazilian goods, which rattled Brazilian equity markets.

U.S. equity-index futures slipped just 0.1%, while global tech shares extended their rally. Notably, Nvidia briefly touched a $4 trillion market cap, underlining the ongoing enthusiasm for tech. Meanwhile, Treasury yields edged lower, suggesting investors still expect a supportive policy backdrop despite geopolitical noise.

“Crypto prices surged to new all-time highs on the back of a supportive risk and equity backdrop,” said Augustine Fan, Head of Insights at SignalPlus.
“BTC climbed above $112K after the U.S. House Committee announced next week as ‘Crypto Week,’ with a July 16 hearing titled Making America the Crypto Capital of the World. Traders are expecting concrete signals after months of posturing.”

Fan pointed out that the crypto market remains focused on the six-month soft deadline for regulatory recommendations set by President Trump in January. Next week’s hearing could deliver clarity—or at least fresh momentum—toward a long-awaited federal framework for the digital asset industry.