[ETH July big pump 60%, who is behind it?]

Many people think the bull market has returned, but this round of market activity is not driven by technical breakthroughs or an increase in on-chain activity, but rather a capital bull market dominated by Wall Street.

📊 The data is straightforward.

In July, the ETH spot buying volume added approximately 1.8 million coins across the network.
More than 70% comes from US stock spot ETFs and listed token companies.
Retail investors added only about 100,000 pieces.
Entering August, ETH continues to rise, having broken through 4,300 USD at the beginning of August, and is currently oscillating around 4,250 USD.

🏦 Core Driver

1️⃣ US stock ETH ETF (BlackRock, Bitwise, etc.)
2️⃣ US-listed token companies: SharpLink Gaming (SBET), BitMine Immersion

Backed by capital: Pantera Capital, Cantor Fitzgerald
Trading path: Find projects → Legalize → Push to capital market (form capital closed loop)

🔄 Dual-line layout

ETH: Asset faction → Expand market value, strive for institutional consensus

Solana: User faction → Increase on-chain activity, create grassroots consensus
Representing the company: DeFi Development Corp. (DFDV, listed on NASDAQ)
In July, the SOL spot trading volume exceeded 60 billion USD, and the daily active addresses surpassed 1.6 million.

💼 potential stocks

BNB: Ecosystem and transaction fee income are leading, news of compliance listing plans on US stock market; ETF has not yet been approved, capital path is in its early stages.

TRX (Tron): USDT is the most active on-chain circulation, with a high market share in Asia; the participation of US stock institutions is low, relying more on the founder's capital operation.

⚠️ This is not a retail investor's bull market

The leaders are ETFs, listed companies, and institutional funds.
On-chain technology and activity have limited short-term impact on prices.
ETH has risen from $2,600-$2,700 all the way to $4,300, at which point new funds are needed to take over.

📌 Three Key Signals

1️⃣ ETF inflow scale (BTC/ETH net inflow in July exceeded 1.6 billion USD)
2️⃣ U.S. regulatory progress (Stablecoin bill has passed, digital asset market and anti-CBDC bill are in progress)
3️⃣ Institutionalization of position structure (retirement funds, family offices, university endowments, etc. stable capital entry)

🎯 Strategy Reference

First tier: BTC (leading the rise), ETH (core asset)
Second tier: Solana (rapid growth)
Potential targets: BNB, TRX (waiting for capital catalysis)

💡 A sentence
No matter how good the technology and on-chain data are, they may not necessarily drive up prices; the direction of capital determines the trend.

#大漠茶馆 bnb #TRX etf #crypto