Bitcoin’s meteoric rise of breaching all-time highs in the last seven days has seen Indian investors join in the rally. Top Indian exchanges CoinDCX, Coinswitch, Mudrex and Zebpay have cumulatively recorded net inflows of $150-200 million in the past seven days, estimates showed.

CoinDCX said daily trading volume in July has gone up 40% to 12.82 million from 9.17 million last month. Coinswitch saw a 22% increase in spot and futures trading volume week-on-week. Spot volumes alone have grown 145%, it said. Mudrex reported doubling of trading volumes in the past week, with tier-2/3 cities and towns accounting for 40%. ZebPay noted an average 75% increase in weekly volumes.

While Bitcoin and Ethereum continued to dominate trading activity, other meme tokens like Pengu and Bananas31 have also seen a sharp rise in volume, Zebpay said.

“The spike was most notable between July 10 and 15, when BTC (Bitcoin) prices surged past $116K, driving higher engagement from both retail and high-value investors,” said CoinDCX founding partner Mridul Gupta.

“BTC trading volumes in July (till July 15) touched 16.69 million, with a daily average of 1.11 million, nearly 80% higher than June’s daily average of 0.62 million,” he said.

Meanwhile, analysts said the crypto party may calm down in the coming weeks, as US Congress on July 15 voted against President Donald Trump’s three bills on digital assets: the GENIUS Act, CLARITY Act and the CBDC Act.

“Bitcoin’s current growth momentum is being powered by a confluence of institutional adoption, regulatory clarity and macroeconomic tailwinds,” said Harish Vatnani, head of trade at ZebPay.

“Major players like BlackRock, Fidelity, and Franklin Templeton have made sizable allocations to spot Bitcoin ETFs. Corporates such as Strategy (formerly MicroStrategy) continue to accumulate Bitcoin, reinforcing market confidence,” he said, adding that the markets appeared to be approaching a new bull run, one that mirrors the highs of 2022 but with greater maturity.

Edul Patel, CEO and cofounder of Mudrex, expects Bitcoin breaching the $140,000 mark in near term. “Awareness around Bitcoin is significantly higher, and institutional players are now entering the space in a meaningful way. However, retail adoption remains relatively untapped suggesting that despite the current surge, there is still substantial room for upside,” he said.

CoinDCX’s Gupta cautioned that investors must tread carefully. “Risks such as thinning liquidity near resistance levels, surprise macroeconomic shocks (e.g., inflation prints) and rising leverage in derivatives markets could lead to heightened short-term volatility.”

However, the market is entering the second half of 2025 with “clear tailwinds”, and “we may even see BTC eye the $150K–$185K zone by year-end”, he said.

Himanshu Maradiya, founder and chairman at blockchain company CIFDAQ, said the rejection of Trump-backed crypto Bills is more of a procedural hiccup than a fatal blow to the current crypto bull run.

“While Bitcoin dipped around 3% post-vote and crypto stocks like Coinbase, Circle and MicroStrategy also saw declines, the broader momentum remains intact, supported by strong institutional demand,” he said, adding that the US House plans to revisit the vote soon.