TLDR
The cryptocurrency market rose 1.65% in the last 24 hours, extending a weekly gain of +11.54%. The main factors were: momentum from the Ethereum ecosystem, institutional inflows via ETFs, and optimistic activity in derivatives.
Momentum of the Ethereum ecosystem – Layer-2 updates and optimism around ETFs boost ETH by +4.88%
Institutional demand – Bitcoin and ETH ETFs have received $20 billion since April, according to the latest macro news.
Recovery in derivatives – Volume of perpetual contracts rises 81.76% in 24h, with positive funding rates
Detailed Analysis
1. Momentum of the Ethereum Ecosystem (Positive Impact)
Overview: Ethereum's market capitalization grew by 4.88%, reaching $647.6 billion, driven by the Lido V3 staking update (LidoFinance) and the integration of the .eth domain on Coinbase, which increased the network's utility. The volume of ETH futures is now approaching Bitcoin's volume, as bullish narratives emerge.
What this means: Investors expect Ethereum to consolidate as a yield-generating reserve asset, reinforced by speculation in spot ETFs.
Stay alert: Important resistance at $3,200 – a break above this level could trigger a liquidity rotation to altcoins.
2. Institutional Inflows (Positive Impact)
Overview: Cryptocurrency ETFs attracted $20 billion since April – double the volume of precious metals ETFs – with BlackRock's holdings in ETH growing by 15% in the last week (latest-macro-news). Bitcoin ETF reserves hit 8-year lows, while institutions accumulate positions.
What this means: Traditional capital is treating cryptocurrencies as macroeconomic protection infrastructure, not as speculative bets.
Stay alert: Rumors about the dismissal of Fed Chairman Powell – political changes may impact risk assets.
3. Recovery in Derivatives (Mixed Impact)
Overview: The volume of perpetual contracts increased by 81.76%, reaching $1.89 trillion, while open interest fell by 3.37%. The average funding rate hit +0.01055%, indicating leveraged long positions (global-crypto-derivatives-metrics).
What this means: Traders are rebuilding their positions after the July correction, but the RSI14 at 81.75 indicates that the market may be overbought.
Conclusion
Today's rally combines Ethereum's technical updates, institutional flows driven by ETFs, and the cautious entry of derivatives traders. Although the correlation between cryptocurrencies and Nasdaq remains high (+0.84 with QQQ), the weekly jump of 28.57% in the Altcoin Season Index suggests broader participation. Can ETH maintain momentum above $3,150 without Bitcoin's dominance (below 63%) further weakening? Keep an eye on the ECB-Kima blockchain demonstration tonight (KimaNetwork) for signs of real-world adoption.