Wall Street Doubles Down on ETH

Happy Monday, Defiers!

Today’s big story:

Ethereum surged to near $4,000 after ETH ETFs saw second-best week ever

In other news:

ZORA is up nearly 200% in the past week, triggering a heated debate about creator tokens
A new DEX has rocketed to the top of the Sui ecosystem since Cetus’ exploit
SYRUP was the latest altcoin to experience the “Korea Pump” effect
A quiet pivot is underway in Beijing, as blockchain startups pilot yuan-backed stablecoins after the country’s long struggle with a CBDC [FEATURE]
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📈 Markets in the last 24 hrs

TICKER	VALUE	24H
Bitcoin	$118,070	-0.95 %
Ethereum	$3,801.1	-0.77 %
XRP	$3.16	-1.77 %
BNB	$835.98	2.21 %
Solana	$186.75	-0.57 %

MessariPortals	MINDSHARE Rank	MINDSHARE % Change (7d)
		19.57%
		-4.81%
		32.56%
Powered by Messari Portals

Today’s Big Story

Ethereum Nears $4,000 as Demand for ETH ETFs Accelerates

Ethereum (ETH) has long trailed behind Bitcoin (BTC): more flexible, but always second. Its recent performance, however, points to a shift investors might want to keep an eye on.

On Monday, July 28, ETH jumped 2.47%, briefly passing above $3,900 and adding to a bigger monthly rally of over 50% that could signal a quiet change. Daily ups and downs are normal in crypto, but this one might be worth paying attention to, given the context.

ETH 1-month price chart. Source: CoinGecko

BTC 1-month price chart. Source: CoinGecko

Galaxy Pivot?

Last Thursday, July 24, Galaxy Digital founder and longtime Bitcoin bull Mike Novogratz told CNBC that Ethereum could outperform Bitcoin “over the next three to six months,” citing limited liquidity supply as exchange-traded funds continue to buy far more ETH than the network mints daily.

That comment might not have stood out so much on its own, if not for what followed. The next day, Galaxy Digital disclosed in a press release that it had facilitated the sale of more than 80,000 BTC — valued at over $9 billion at the time — for a so-called “Satoshi-era” investor.

The timing is striking, to say the least. First comes the public endorsement of Ethereum. Then, a massive Bitcoin sale. The optics may prompt some to read deeper into the timing.

Although the reason behind the transaction wasn’t clear, Galaxy said it was “part of the investor's broader estate planning strategy.”

Bitcoin’s price briefly dipped from $119,000 to $115,000 following the news but recovered to over $118,000 by today, suggesting that the market, while attentive, remains largely unfazed by even billion-dollar exits.

ETFs and Macro

As of the close of trading last Friday, U.S. spot Bitcoin ETFs recorded just over $72 million in weekly net inflows, the lowest levels since early June, according to SoSoValue data. For comparison, total weekly net inflows for BTC ETFs frequently break over $1 billion and three out of the past six weeks saw over $2 billion flow into the products.

Last week, however, ETH ETFs stole the show. Spot Ethereum ETFs drew in $1.85 billion in net inflows, marking their second-best week ever and continuing a 16-day inflow streak. Last week’s inflows were second only to the week before that, which saw $2.18 billion net inflows into ETH ETFs.

Analysts at Santiment noted in a research note on Friday that despite low greed levels for Bitcoin and XRP, traders remain bullish on Ethereum.

“While Bitcoin & XRP are seeing low greed levels, Ethereum's +147% gains since early April still has traders bullish. Markets move the opposite direction of the crowd's expectations, which actually makes $BTC & $XRP buy-low candidates,” the Santiment report noted.

Retail traders focused on ETH. Source: Santiment

Outside of crypto, the U.S. economy appears caught between slowing growth and persistent inflation, prompting the Federal Reserve to adopt a cautious approach to monetary policy. While inflation remains a concern, the Fed is widely expected to keep interest rates steady at its upcoming meeting to balance cooling price pressures without triggering a sharper slowdown

At the same time, a recently announced trade deal between the U.S. and the EU has improved market sentiment, providing a boost ahead of important central bank decisions.

Until next block, stay on-chain,

Denis, Staff Reporter at The Defiant

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The Global Shift to Bitcoin: What It Means for the Future of Finance

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Jeff shares his journey from contributing to Bitcoin in its earliest days to building innovative scaling solutions for Bitcoin. The conversation covers macroeconomic trends driving Bitcoin adoption, the evolution of decentralized finance, and how Hemi is shaping the future of Bitcoin DeFi.

Top News in the Past 24 Hours

Zora Token Surges as Base and Solana Execs Lock Horns Over Speculative Creator CoinsZORA, issued by the creator-focused Zora protocol on Coinbase’s Base network, has surged nearly 200% in the past week, triggering a heated debate among crypto leaders over whether creator-linked tokens hold lasting value or are purely driven by speculation.
Sui DEX Momentum Teases Expansion Plans After Hitting $100 Million in Daily Volume Since launching in late March, Sui DEX Momentum has seen its TVL surge above $150 million, claiming the top spot among DEXs in the ecosystem, as well as the sixth-largest protocol overall. The protocol’s quick rise follows the high-profile exploit of another Sui DEX, Cetus, in May. The team behind Momentum told The Defiant that it plans to expand to other networks beyond Sui.
Korean Degens Continue to Send Altcoins Soaring Over the last month, the “Korea Pump” has been showcased by SYRUP rallying as much as 29% after its listing on July 25, alongside other alts showing a similar pattern of double and even triple-digit gains after being listed on Korea-based centralized exchanges.
FEATURE: China Turns to Yuan-Pegged Stablecoins to Take On Dollar after Long CBDC Struggle For years, the world has been watching China's efforts to establish the digital yuan as a major player on the global stage. However, despite high-profile trials and substantial government support, a Chinese CBDC hasn’t yet caught on internationally as Beijing likely expected.