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Recently, the cryptocurrency market has once again become the focus, especially with Ethereum's impressive performance in July, where the price surged by 60% in just one month. However, the truth behind this surge is worth our in-depth exploration.
Unlike the commonly perceived technological breakthroughs or market recoveries, this price increase resembles a carefully orchestrated capital operation. Data shows that the main driving force behind this wave of market movement comes from U.S. stock ETFs and large institutional investors on Wall Street.
Specifically, BlackRock has purchased 600,000 Ethers, while Bitmine has bought 100,000 Ethers. At the same time, well-known investment institutions such as Pantera and Canter have also already made their moves. It is worth noting that although on-chain activity and transaction fee revenue have not significantly increased, new buying has reached an astonishing 1.8 million Ethers.
These sources of buying can be roughly divided into: 1 million from ETFs, 300,000 from listed companies, 400,000 from institutions and large holders, while retail investors only account for 100,000. This buying structure reveals a typical capital linkage strategy: ETFs provide a compliant entry point, listed companies take the opportunity to boost market value and create hotspots, investment institutions are responsible for shaping market narratives, ultimately passing this packaged 'financial product' to ordinary investors.
It is worth mentioning that this wave of operations on Wall Street is not only targeting Ethereum. Solana has also attracted attention, with a 65% increase in July and daily active users surpassing 1.6 million, driving a significant rise in meme coins within the related ecosystem.
In the face of this situation, investors need to remain rational and analyze market trends in depth, rather than blindly following the crowd. Although there may be price fluctuations in the short term, in the long run, what can truly sustain value is those projects with practical application value and technological innovation.