Background Information: Ethereum (ETH) performed strongly in the second quarter, with a quarterly increase of nearly 40%, surpassing Bitcoin (BTC) at 28.81%. In the first quarter, Ethereum experienced a nearly 50% decline, and many holders have not fully recovered.
Key Events:
- ETH market share rebounded from 6.95% on April 22 to nearly 10%.
- The ETH/BTC ratio rebounded more than 25% after hitting a five-year low in mid-April.
- Since mid-May, the ETH/BTC ratio has shown a gradual increase in highs, indicating active buying.
- In June, BlackRock invested $750 million to purchase Ethereum without any selling activity, demonstrating strong confidence.
- Increased activity from large investors (whales), with the number of whale addresses reaching a two-year high, indicating a reallocation of funds.
Potential Impact: Ethereum shows a trend of outperforming Bitcoin in terms of technology and capital flow, which may continue to maintain strength in the third quarter, providing expected returns for long-term holders.

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