Ethereum's recent surge has surpassed over 80% of altcoins, and contract trading volume has exceeded Bitcoin. The main reasons driving Ethereum's rise are as follows:

1. The X.Game ecosystem integrates the Ethereum smart contract ecosystem, with Ethereum as the fuel. Players' transactions and settlements in the game are also based on Ethereum, etc.

2. Favorable technical upgrades: Ethereum 2.0 adopts a Proof of Stake (PoS) consensus mechanism, making it more energy-efficient and effective.

3. Inflows of capital: An increasing number of companies are treating ETH as treasury assets. For example, Bit Digital plans to gradually convert BTC into ETH, and SharpLink Gaming has recently increased its holdings of ETH multiple times. Meanwhile, whales are also frequently making large purchases. On July 10, seven institutions or whale accounts collectively bought approximately $358 million worth of ETH in a single day.

4. Increased demand for stablecoins: The issuance of stablecoins on the Ethereum network is active, with stablecoins like USDT and USDC playing important roles in trading and lending. The adoption rate of stablecoins based on Ethereum has reached an all-time high, driving Ethereum's trading volume and asset liquidity, thereby pushing up Ethereum's price.

Operational advice:

Bitcoin: The upward momentum is nearly at its peak, with heavy selling pressure at high levels. Do not chase high prices.

Ethereum: If Ethereum touches $5,000 by the end of this month, there will certainly be a significant pullback! It is also possible for Ethereum to unilaterally break historical highs.

The fuel for July is nearly exhausted, so prepare for a pullback. A drop followed by another push aligns with market logic. Otherwise, it could genuinely signal the end of the bull market.