Many people think the bull market has returned, but this round of market activity is not due to technical breakthroughs or an increase in on-chain activity, but rather a capital bull market dominated by Wall Street.
📊 The data is straightforward
In July, the total net spot buying of ETH across the network was about 1.8 million
Of this, over 70% came from U.S. stock spot ETFs and listed token companies
Retail investors added only about 100,000
Entering August, ETH continued to rise, breaking through $4,300 in early August, currently fluctuating around $4,250
🏦 Core driving force
1️⃣ U.S. stock market ETH ETF (BlackRock, Bitwise, etc.)
2️⃣ U.S. stock listed token companies: SharpLink Gaming (SBET), BitMine Immersion
Backing capital: Pantera Capital, Cantor Fitzgerald
Operational path: Find projects → Legalize → Push to capital markets (form a capital closed loop)
🔄 Dual-line layout
ETH: Asset faction → Increase market cap, strive for institutional consensus
Solana: User faction → Boost on-chain activity, create grassroots consensus
Representative company: DeFi Development Corp. (DFDV, listed on NASDAQ)
In July, SOL spot trading volume exceeded60 billion dollars, daily active addresses exceeded1.6 million
💼 Potential stocks
BNB: Ecosystem and fee income are leading, and there are reports of a compliance listing plan on U.S. stock market; ETF has not yet been approved, capital pathways are just starting
TRX (Tron): USDT is the most actively circulated on-chain, with a high market share in Asia; participation from U.S. institutions is low, relying more on the founder's capital operations
⚠️ This is not a retail investor's bull market
The dominators are ETFs, listed companies, and institutional funds
The impact of on-chain technology and activity on prices is limited in the short term
ETH has risen from $2,600-$2,700 all the way to $4,300, at which point new funds are needed to continue the momentum
📌 Three key signals
1️⃣ Scale of ETF capital inflow (BTC/ETH net inflow exceeded $1.6 billion in July)
2️⃣ U.S. regulatory progress (stablecoin bill has passed, digital asset market and anti-CBDC bill are in progress)
3️⃣ Institutionalization of holding structure (robust capital from retirement funds, family offices, university endowments, etc.)
🎯 Strategy reference
First tier: BTC (leading), ETH (core asset)
Second tier: Solana (rapid growth)
Potential targets: BNB, TRX (waiting for capital catalysis)
💡 In one sentence
No matter how good the technology and on-chain data are, they may not necessarily drive up prices; the direction of capital determines the trend.