We look at it from three dimensions:
🧱 ETF trading volume: the main force is returning to BTC.
IBIT (BlackRock) trading volume has returned to historical highs, indicating that institutional funds are re-entering.
This type of fund does not invest in small coins; BTC + high Beta sectors are the next stop for funds.
Typically historical patterns: ETF boosts BTC → hot money spreads to narrative tracks (such as AI, DeFi, Meme) → small coin surge.
Judgment: Rising ETF trading volume → is a leading signal of crypto market activity.
🧱 Stablecoin market capitalization: money has really come in.
USDT and USDC market capitalization is recovering, especially new narrative stablecoins like USDe are expanding.
In on-chain stablecoin distribution, Solana and Tron are steadily increasing in proportion, indicating that funds are migrating towards these chains.
Overall, the recovery of stablecoin market capitalization, coupled with the rise of BTC, is a fundamental characteristic of a bullish environment.
Judgment: Stablecoin inflow → is the essence of trading funds entering.
🧱 Crypto Index trend: the hot and cold tracks are clear at a glance.
The following are core observations as of July 2025:
GM30 has launched; top assets continue to rise, led by BTC/ETH.
GML1 is strongly starting, Layer 1 recovery is evident (ETH, SOL, etc.)
GML2 is showing a strong consolidation; funds remain cautious, waiting for the main chain's heat to be transmitted.
GMMEME is starting to become active; there are signs of launch recently (such as BODEN, TRUMP, etc.).
GMDEFI is clearly rising; DeFi recovery is evident, with LDO, AAVE, etc., warming up.
GMDEPIN is rising sharply; DePIN (such as Nodle, IoTeX) is currently exploding.
GMAI is in a volatile consolidation; AI has yet to explode, but it may be a candidate for the next round.
GMSOL is obviously strengthening; the popularity of Solana ecosystem projects is recovering.
GMETH is consolidating at a low level; the ETH ecosystem is not fully ignited yet, but the trend is upward.
🧱 Summary judgment: current strong tracks & potential candidates.
🔥 Current strong tracks (have launched).
BTC (main line has launched).
Layer 1: SOL, ETH.
DeFi: LDO, AAVE, UNI.
DePIN: hot spots are rising, with a clear narrative.
Solana ecosystem (overall rising).
⏳ Potential tracks are about to launch (consolidating).
Meme coins (have shown a small surge, may continue to rise)
AI (has not yet started, but has a strong narrative).
Layer 2 (such as OP, ARB structure is doing well, but lacks sentiment).
Content is for everyone's reference when selecting varieties.
Data source analysis: theblock.
