Bitcoin's throne is shaken! According to the latest data from PANews, Bitcoin's market cap share has seen a cliff-like decline, falling below 58.5%, a new two-year low! Meanwhile, Ethereum's market cap share has surged against the trend to 11.4%. Behind the split of the two giants, a rebellion of altcoins, conspired by policy, technology, and capital, has quietly begun!!!
On July 17, the U.S. Congress passed the Genius Act, clearing the legislative obstacles for stablecoins. With this boost, the total market value of cryptocurrencies surged to $4 trillion, and traditional financial giants finally tore open the iron curtain of regulation!
Banking giants swiftly enter the market, with Bank of America, Citigroup, and JPMorgan announcing they will issue their own stablecoins, leading hundreds of billions in compliant hot money straight into the altcoin market!
The White House is plotting to include Ethereum in its strategic reserves, with an executive order possibly starting in 2025, instantly transforming ETH into digital gold 2.0.
BlackRock's IBIT Bitcoin holdings reached 274,000 coins, valued at over $32 billion. However, the trading volume of Ethereum ETFs is surging, with weekly funds increasing by 200%. Goldman Sachs' internal report claims ETH is severely undervalued!
Technological revolution, DEX trading volume crushes CEX, and the Ethereum ecosystem is draining Bitcoin.
When Binance's spot trading volume plummeted by 27.7%, with only $3.9 trillion in the second quarter, decentralized exchanges (DEX) staged an epic comeback.
PancakeSwap's quarterly trading volume skyrocketed by 539%, crushing all CEX platforms, and the daily wealth creation myth of Meme coins on the BSC chain frequently appears.
Ethereum's gas fees have dropped to 3.5 Gwei, the lowest this year, with daily on-chain transaction numbers exceeding 1.3 million and DeFi protocol TVL surging 40% in a single month, activating explosive ecological growth with low-cost high concurrency.
Institutions are hoarding ETH and frantically buying spot, with the top 50 holding institutions sweeping up 1.34 million ETH worth $3.95 billion. SharpLink Gaming tops the list with 270,000 ETH holdings, even surpassing the Ethereum Foundation!
A dark battle of capital, Bitcoin whales retreating, with hundreds of billions turning to the altcoin season.
Grayscale's GBTC saw a net outflow of $1.8 billion in one week, with some funds redirected to ETH futures and the Solana ecosystem.
Korean retail investors' XRP strike team created a 33% trading volume share on Upbit in a single day, with Ripple soaring 70% in a month, crushing Bitcoin's growth.
A mysterious address with 79,957 bitcoins has suddenly moved after being frozen for ten years, and on-chain analysts are warning that a whale may be shifting to Layer 2 protocols!
#ETH
Brother Lei's viewpoint:
Why isn’t Bitcoin appealing anymore? Policies are opening the floodgates! The U.S. recently implemented the Genius Act, which is equivalent to giving stablecoins an ID card. Banking giants (like Bank of America, Citigroup, etc.) immediately announced they would issue their own stablecoins! Hundreds of billions in compliant hot money are rushing into the crypto market, but they’re not buying Bitcoin; they specifically target Ethereum and altcoins! It’s like the legalization of black market trading; large institutions can finally enter and buy openly, but Bitcoin is too expensive, so they prefer to buy potential stocks!
Brother Lei's analysis:
In the past, trading cryptocurrencies meant going to major exchanges like Binance or OKX, but now decentralized exchanges (DEX) are going crazy! Cheap and user-friendly is the way to go! The Ethereum ecosystem is draining users and funds from Bitcoin! Grayscale's GBTC saw an outflow of $1.8 billion in one week and immediately turned to buy ETH futures and Solana ecosystem coins. Korean retail investors are madly pushing up XRP, which has a 33% trading volume share on Upbit exchange. Ripple has surged 70% in a month, crushing Bitcoin's growth. Even more alarming is a Bitcoin whale address that has been dormant for 10 years with 80,000 bitcoins! It suddenly moved, and on-chain big shots are warning that it might shift to Layer 2 coins!
Even the coin hoarding monster MicroStrategy can't keep it under wraps anymore; smart money has already slipped away to ambush altcoins!
Brother Lei's summary:
The bull market is really coming, but the main character has changed! Bitcoin's share has fallen below 60%, and altcoins are bound to go crazy this season! This wave of market trend is not a solo act by Bitcoin, but a group fight led by Ethereum and its little brothers against the big brother!
