ETH gains ground over BTC
One of the central points of the report is the change in market dominance. After all, Bitcoin, which had been leading the cycle, lost 5.2 percentage points, falling to 60.6%. At the same time, the best altcoins rose to a 39.2% share.
Ethereum was the big highlight. Since the cryptocurrency appreciated 51% in July, driven by two main factors: a record 19 consecutive days of positive net inflows in ETH ETFs and a surge in corporate treasuries.
This means that companies holding the asset now own more than 2.7 million ETH, which is an increase of 127.7% compared to June.
In summary, this movement indicates a capital rotation similar to what occurred in past cycles, with investors seeking assets beyond Bitcoin to capture larger gains.
Corporate treasuries bet on ETH and stablecoins consolidate
The Binance report also highlights that 24 new companies added Ethereum to their balance sheets in July. Among them are names like Bitmine and Sharplink, which have already surpassed even the reserves of the Ethereum Foundation.
Corporate interest is explained by unique advantages of ETH, such as, for example, yield from staking, deflationary mechanism, and a central role as collateral in the DeFi ecosystem.
These factors, combined with increasing regulatory clarity, enhance the asset's attractiveness for long-term strategies.
Another important chapter of the Binance report is the analysis of the stablecoin sector. The highlight was the sanctioning of the GENIUS Act in the United States, creating the first federal framework for 100% backed stablecoins.
In summary, the law requires reserves in cash or short-term Treasury securities and restricts emissions to regulated institutions. After approval, major players moved quickly.
Just to illustrate, JPMorgan expanded its pilot for tokenized deposits, Citi began testing for international payments; and Visa confirmed plans to expand settlements with stablecoins.
In volume, the sector reached $2.1 trillion in on-chain transactions in the month. Since the end of 2024, stablecoins have outperformed Visa in this indicator, signaling their advancement as global payment infrastructure.
Equity tokenization accelerates and recalls the DeFi boom
The tokenized stock market also showed significant growth. After all, the total value reached $370 million in July, with highlights like TSLA and SPY, which recorded a 220% increase in the month.
The number of active wallets jumped from 1.6 thousand to 90 thousand, indicating greater interest from investors. For Binance, the pace and scale of growth remind of the beginning of the DeFi boom in 2020 and 2021, when the value locked in the sector surged in a few months.
In fact, according to the report, the tokenization of just 1% of global equities could create a market of $1.3 trillion, increasing the demand for DeFi infrastructure and on-chain assets.
In addition to Ethereum, other cryptocurrencies had strong gains in the month. XRP rose 34.6%, ADA advanced 33.8%, DOGE gained 30%, and BNB recorded a 22.1% increase.
Binance's report also points out that the movement was driven by risk appetite, network upgrade launches, and announcements from corporate treasuries focused on these assets.
Binance report also brings perspectives for August
Despite the optimism, the Binance report lists risks that could affect the market. Among them, the return of trade tariffs by the U.S., the Federal Reserve's cautious stance on interest rate cuts, and the possible impacts of the crypto report released by the White House.
Still, Binance Research sees solid fundamentals for the crypto market in the short term. With the advancement of Ethereum, the consolidation of stablecoins, and the expansion of tokenization, the outlook remains favorable for new upward movements.
