Bitcoin is consolidating just below its mid-July all-time high, hovering near $118,000 even as investors rotate into higher-risk digital assets. The largest cryptocurrency’s share of total market value has fallen to about 60 %, its lowest level this month. Capital is shifting toward Ethereum and other large-capitalisation tokens. Ethereum has climbed to roughly $3,800 and Solana briefly approached $200, while Binance’s BNB set a fresh record. Net inflows of $403 million and $534 million into U.S. spot-listed Ethereum exchange-traded funds on 21 and 23 July contrasted with Bitcoin ETF outflows of $131 million and $68 million over the same period. Glassnode data show the altcoin market capitalisation has expanded by about $216 billion in July, and aggregate open interest in major altcoin futures has surged to $44 billion from $26 billion at the start of the month. Bitcoin’s realised cap — a measure of invested capital — has meanwhile crossed the $1 trillion threshold for the first time, underscoring the depth of liquidity supporting the broader rally. The risk-on shift is also drawing traditional finance participants. PNC Bank this week agreed to offer crypto services through Coinbase, adding to signs of institutional engagement even as analysts warn that rising leverage across the sector could amplify volatility if momentum falters.