Bitcoin Consolidation Means Market Is 'Relatively Healthy', Ethereum, XRP, SOL Will Continue To Do Well, Analyst Says

Khyathi Dalal

July 22, 2025

Bitcoin (CRYPTO: BTC) consolidates as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) show strength, leading market commentators to predict that momentum is starting to flow into altcoins.

What Happened: Crypto analyst Cheshire Capital said on Tuesday on X that the market remains structurally strong, even as price action becomes frothy.

He continues to hold long positions across key assets but is trimming size as a precaution, highlighting a shift to a more staggered cycle.

According to Cheshire, Bitcoin is consolidating roughly 5% above previous all-time highs, driven largely by the presence of a massive 80,000 BTC over the counter (OTC) whale, which has temporarily absorbed spot momentum.

Key Insights:

ETH and SOL are currently the most attractive tokens to bid on, supported by their volume, narrative strength, and mNAV flywheel dynamics driven by Crypto Treasury Companies (CTCs).
XRP (CRYPTO: XRP) and Dogecoin (CRYPTO: DOGE) are viewed as plausible contenders for the next leg up if momentum trickles down from majors.
Altcoins in general remain well below all-time highs, suggesting untapped upside, especially as open interest (OI) and price action show room for expansion.

Cheshire notes the traditional risk curve flow (BTC â†’ ETH/SOL â†’ altcoins) seems disjointed but expects Ethereum and Solana strength to eventually cascade into broader altcoins.

Also Read: ‘I’d Rather Have An iPhone Than A Landline’, Says Ether Machine CEO About Why He Doesn’t Own Bitcoin

Why It Matters: Despite Bitcoin entering a mid-cycle cool-off, Cheshire remains bullish on the broader market.

Funding rates are moderate, and although Bitcoin has only recently broken its all-time high, past risk-on cycles typically last longer (4-6 weeks), suggesting more upside.

He anticipates Bitcoin open interest to climb sharply from the current mid-110s to 125-130 as markets digest the OTC whale flow, potentially reigniting upside momentum.

He emphasizes there are still no clear signs of a cycle top, and that the recent 11-day consolidation is healthy and likely temporary.

Cheshire's current positions are in ETH, SOL, XRP, Pepe (CRYPTO: PEPE), DOGE, and TRUMP (CRYPTO: TRUMP), in decreasing size.

Read Next:

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