Who is pumping Ethereum?

#Eth# #BTC# #特朗普允许401(k)投资加密货币#
August 9, 2025 19:58
After Bitcoin broke through 120,000 USD, altcoins took over, especially Ethereum, which soared 60% in July and has now surpassed the 4,000 USD mark today! Many people are asking me, "Is it still possible to get on the ETH train?" Hold on, let's first uncover the truth behind this market trend—who is pumping Ethereum?

PART 01
The fundamentals haven't changed much; capital is the main character.
On-chain activity, income, and other fundamentals have not only failed to show any qualitative leap compared to last year, but have also presented a downward trend. The only change is that Ethereum changed its management a few months ago, claiming to improve efficiency. Therefore, the engine of this market movement is not the business, but the capital, and the capital is likely coming from - US stock capital.

PART 02
Capital dismantling - US stock ETFs are big buyers
In July, the ETH spot trading volume exceeded 1.2 trillion USD, but the price surged by 60%, resulting in only 1.8 million ETH in buy orders. The newly added ETH quantity represents institutions/companies, among which the US stock market's Ethereum spot added 1 million ETF shares, representing institutions/companies like BlackRock, Grayscale, Bitwise, etc.; secondly, US stock companies hoarding coins added 300,000 shares, representing institutions/companies such as SharpLink, BitMine, The Ether Machine; additionally, other institutions/whales added 400,000 shares; while retail investors added 100,000 shares—conclusion: US stock ETFs + hoarding stocks accounted for over 70% of the newly added ETH, a definite Wall Street capital feast.

PART 03
Coin-stock linkage: The advanced play of capital giants
Starting from April, ETF inflows accelerated, accompanied by the operation of coin-stock linkage~ First, SBET announced its transformation from a gambling company to an ETH hoarding company, with endorsements from: Joseph Lubin (ETH co-founder), Pantera Capital, Cantor Fitzgerald. Many people think that Ethereum co-founder Lubin is the star, but in fact, he is just in the spotlight. Among them, the founder of Pantera comes from Goldman Sachs and is a Wall Street veteran in the crypto industry; the owner of Cantor is the current U.S. Secretary of Commerce and a close friend of Trump, Wilbur Ross. In May, BMNR announced its participation, with shareholders including: Peter Thiel (Founders Fund), Cathie Wood (ARK Invest), Pantera, and Cantor. Here we can see not only the Cantor + Pantera combination but also even more hardcore big shots! Peter Thiel is the godfather of the Silicon Valley right, the boss of the PayPal mafia, and the true owner of Vice President Pence; Cathie Wood is the strongest stock picker in the U.S.~ These individuals, besides hoarding ETH stocks, have also invested in Solana hoarding stocks like DFDV~

PART 04
Future Outlook
Short-term: Funds will continue to flow into mainstream public chains such as ETH and SOL, and the capital market amplification effect may continue to drive up prices. Long-term: Ultimately, it will depend on business implementation. The ecological scale of ETH vs the high-performance route of SOL is likely to become apparent in this round of market.