Ethereum Open Contracts Surge Amid Summer Market Slowdown, Bitcoin Faces Resistance at $122,000

As the crypto market transitions into a traditionally subdued summer phase, trading activity is expected to decline, with many participants opting to close positions. Notably, the surge in Ethereum open interest signals heightened market exposure, which, coupled with escalating funding rates, may erode investor sentiment and prompt further market recalibrations. Concurrently, increased profit-taking by early adopters has amplified selling pressure, influencing short-term price dynamics. Market analysts at Matrixport project that Bitcoin will face significant resistance near the $122,000 threshold, anticipating a period of consolidation extending through August. Meanwhile, regulatory developments have shifted as the White House delays the release of its cryptocurrency report from July 22 to July 30, with expectations that the focus will pivot towards stablecoin regulation rather than Bitcoin reserve frameworks, underscoring evolving policy priorities in the digital asset space.