July 2025 in returns

July 2025 belonged to Ethereum. It gained 48.8% — the single best month any major posts in this record — dragging the asset class with it to 70 of 86 coins green (81%), the widest crypto participation since November 2024. Bitcoin's 8.0% and Solana's 11.2% were afterthoughts beside it, and the tail ran hard behind: Conflux +187.1%, Pudgy Penguins +129.0%, Bonk +79.6%, Curve +79.5%, Convex +77.2%. Equities were steady rather than spectacular, the Nasdaq up 3.7% and Nvidia 12.6%, with 520 of 868 stocks (60%) higher.

The equity story was healthcare, and it was ugly. Centene fell 52.0%, Molina's peers followed, and Elevance dropped 27.2% — an insurer-wide repricing rather than a single disappointment — with Charter -34.1%, Align -31.9% and Novo Nordisk -31.8% adding to a losers' list dominated by companies whose economics had visibly changed. Against them, Astera Labs gained 51.2%, Generac 36.0%, Invesco 33.2% and Comfort Systems 31.2%. Notably CoreWeave fell 30.0%, only two months after rising 169.5% — the first crack in the trade that had defined the spring. July looks like a strong month in the headline numbers and is better read as a divergent one: crypto euphoric, equities selective, and the AI complex beginning to separate winners from the merely adjacent.