A Recap of Last Week’s Crypto Activity: Bitcoin Surges while TON Remains Watchful

It feels like we’ve all been on edge for what seems like weeks, just waiting for that long-awaited shift to occur. Well, last week finally brought some action! Bitcoin managed to break through its initial resistance, prompting the rest of the market to regain its trading instincts. Ethereum’s response has been cautious but optimistic. As for TON, it’s still observing from the sidelines, keeping a close eye on Bitcoin's movements. Let's dive into the details of this week’s developments and what they could mean down the line.

Bitcoin (BTC)

Bitcoin burst from its week of stagnation as if it had a destination in mind, shooting past $87,500 after being caught between $83,000 and $86,000 for several days.

BTC/USDT 4H Chart, Coinbase. Source: TradingView

The breakout signals didn’t arise overnight. We've seen a range of factors at play — trade policy adjustments, a shift in ETF flows, and a marked increase in buying interest from large players.

Saylor

Saylor jumped back in with a hefty purchase of $285 million, ETF fund inflows have stopped declining, and it appears that whales have absorbed three times the newly minted Bitcoin supply this month.

Bitcoin annual absorption rates. Source: Glassnode

On a different note, Trump’s relaxation of tariffs on tech imports has given risk assets some room to breathe. Coupled with the Fed's surprisingly lenient stance on stablecoin regulations, Bitcoin appears to be gearing up for a comeback.

The momentum is certainly palpable, though it’s heating up quickly – with the RSI already signaling overbought conditions on the 4H chart. However, if Bitcoin can maintain a position above $85K for a sustained period, we could see a move towards $90K sooner than expected. At present, the markets seem to have brushed off the slump we saw in early April — at least for the moment.

Ethereum (ETH)

Ethereum is keeping pace, reclaiming the $1,650 mark after its own version of back-and-forth trading.

ETH/USDT 4H Chart, Coinbase. Source: TradingView

In contrast to Bitcoin’s clear breakout, Ethereum’s movement feels more like a hesitant follow-up. Sure, it's up, but it hasn’t truly broken away from its established range. This hesitation can be attributed to its scarcity of catalysts; the SEC has postponed decisions on Ether staking ETFs, and Layer 2 expansions are no longer the headline news they once were. Even Vitalik's proposal to transition the EVM to RISC-V — significant in developer discussions — hasn’t stirred the market much.

 

Buterin indicates that adopting this proposal could lead to efficiency improvements of up to 100 times. Source: Vitalik Buterin

However, there is a silver lining: transaction fees are at their lowest in five years. While this is fantastic for users, it may also reflect a lull in activity across the DeFi and NFT spaces.

Source: Santiment

Therefore, Ethereum finds itself in a peculiar position — buoyed by overall market positivity yet waiting for a trigger to take the lead. Until such a catalyst appears, it seems likely to remain in Bitcoin's shadow.

Toncoin (TON)

TON is still present; it just hasn’t made any significant moves yet.

TON/USD 4H Chart. Source: TradingView

After remaining in a narrow band between $2.88 and $3.10, Toncoin has managed to rise slightly above the $3.00 mark — just barely. It hasn’t shown the conviction to follow Bitcoin or Ethereum, but there’s a consistent upward pressure. Meanwhile, the fundamentals are quietly stabilizing. Recently, concerns regarding the legal issues surrounding Telegram's founder Pavel Durov in France have eased. Durov publicly confirmed that Telegram adheres to EU laws, and he noted a shift towards more constructive dialogue with French authorities since his detention in 2024. His legal team have even described the outlook of the case as “positive,” which has relieved concerns in the close-knit TON community.

Source: @rove

On the product front, MyTonWallet has quietly introduced a new feature: collectible NFT cards that enhance wallet interfaces. While not ground-breaking, these understated innovations, along with Telegram's continued influence, are gradually solidifying the fundamentals behind the token's price.

Although TON hasn't surged like Bitcoin, groundwork is being established. If Bitcoin continues to rise, don’t be shocked if TON finally breaks past the $3.10 resistance it has been testing for days.

As of now, however, none of this development has reached a tipping point. TON’s RSI is rising, yet not jubilantly, and the price still sits just below the 50 SMA. The chart suggests it’s simply biding its time for Bitcoin to ignite a strong move. Should Bitcoin exceed the $90K threshold and reintroduce risk appetite into the market, it's likely that TON will ride the momentum. Until then, it tends to shadow the larger players.

What’s the market vibe?

Clearly, the market sentiment has shifted. While we’re not in a state of euphoria just yet, we’re also far from the lackluster trading seen earlier this month. The overarching macro uncertainties — such as tariffs, Powell’s position, and liquidity concerns — haven’t entirely dissipated, but it feels like a significant portion of them has been accounted for. With Bitcoin leading the charge, Ethereum showing potential from behind, and altcoins like TON just beginning to awaken, this appears to be a market preparing for a serious move.

If Bitcoin can maintain its breakout and generate momentum above the $88K mark, the rest of the market might finally start to catch up.