Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
What should have been a week to boost industry confidence has now added another layer of "uncertainty" due to repeated legislative delays.
On July 16, Beijing time, Trump announced on social media that he had met with 11 key congressmen and gained their support to push the "GENIUS Act" into the formal voting stage.
In the early hours of July 17, the U.S. House of Representatives passed a procedural vote with a count of 217 to 212, officially establishing the legislative process for three cryptocurrency bills, including the "GENIUS," "CLARITY," and "Anti-CBDC" acts. Although this vote does not finalize the bill's content, it signifies that legislation has entered its final stages, with the stablecoin bill expected to enter final review voting as early as this Thursday.
This "Crypto Week" is moving from anxious waiting to reality, while the market quietly strengthens on the other side.
Real-time data from OKX shows that ETH strongly broke through the $3400 mark this morning, peaking at $3428, with a maximum increase of 11.91% in 24 hours. As of the time of writing, it has retreated to 3380 USDT; BTC remains relatively calm, fluctuating around the $120,000 mark, with a maximum increase of only 3.14% in 24 hours, currently priced at 118740 USDT.
Other altcoins also saw a general rise this morning, with BONK showing a 24-hour maximum increase of 21.2%, currently priced at 0.000037854 USDT; CRV with a 24-hour maximum increase of 13.31%, currently priced at 0.9226 USDT; JUP with a 24-hour maximum increase of 9.56%, currently priced at 0.53 USDT; BOME with a 24-hour maximum increase of 18.43%, currently priced at 0.002113 USDT; and SOL with a 24-hour maximum increase of 6.55%, currently priced at 170.81 USDT.
With the U.S. House of Representatives passing the procedural vote on cryptocurrency-related bills, cryptocurrency concept stocks saw a broad rise, including: Coinbase (COIN) up 4.21%, currently priced at $404.26; Circle (CRCL) up over 22%, currently priced at $238.58; Strategy (MSTR) up 2.29%, currently priced at $452.42; and Mara Holdings (MARA) up 5.17%, currently priced at $19.73.
In terms of derivatives trading, Coinglass data shows that in the past 24 hours, the entire network saw liquidations of $469 million, including $172 million in long positions and $297 million in short positions. In terms of cryptocurrencies, BTC saw liquidations of $73.99 million, while ETH saw liquidations of $193 million.
The rise of ETH is not a sudden explosion but the result of structural capital driving it. On-chain data shows that in the past 48 hours, several institutions and large addresses have completed "silent accumulation" of ETH.
Profit-taking and bottom-fishing intertwine, on-chain main forces split and battle
The significant reduction in holdings by Trend Research has undoubtedly become the focus of market attention.
According to Lookonchain data, it sold a total of 69,946 ETH in the past 24 hours, cashing out $218.3 million, with a single transaction last night selling 21,000 ETH worth about $67 million. Nevertheless, the institution still holds over 115,000 ETH, with a book value close to $380 million.
However, other forces are quietly taking over.
SharpLink Gaming today added 10,614 ETH through its strategic account, worth about $35.62 million. Its total holdings have reached 296,508 ETH, with a value approaching $1 billion, making it one of the most aggressive ETH financial allocators on-chain.
Buyers and sellers are not opposites but two ends of a game. The main forces are divided, and the market is pricing. The rise of ETH is not a castle in the air but a re-evaluation after a "chip exchange."
Why did ETH surge despite the bill stalling?
On the surface, the delay of the bill should be a negative factor. However, the market did not decline as a result; instead, it showed signs of a rebound.
Oppenheimer analyst Owen Lau pointed out in an interview with CNBC that the passage of bills like GENIUS is a "matter of time," not "whether they will pass." The passage of the procedural vote has cleared institutional obstacles for formal legislation.
But what truly drives ETH's strong rise is the increasingly clear asset narrative behind it.
On one hand, in May 2024, the SEC has approved multiple applications for Ethereum spot ETFs, which officially began trading in July, marking ETH's entry into the mainstream U.S. investment market after Bitcoin. The current focus of the market has shifted to subsequent capital inflows, whether staking functions will be supported, and whether related options products will be allowed.
On the other hand, since the Ethereum Foundation initiated structural reforms at the beginning of the year, the acceptance of ETH in traditional financial markets has been continuously improving. Following the MicroStrategy effect, U.S. listed companies like SharpLink Gaming have also begun to include ETH in their balance sheets as a long-term reserve.
Moreover, ETH's core position in on-chain finance also gives it the inherent property of a "digital sovereign asset" to resist liquidity tightening and dollar fluctuations. In short, ETH is no longer just a "crypto platform token," but is slowly becoming "on-chain government bonds."
Future Market: A Triple Game of Legislation, Rate Cuts, and "Altcoin Season"
ETH's breakthrough may just be the beginning of this new cycle.
The FOMC meetings on July 22 and July 30 are seen as key windows in this round of macro games. Once the Federal Reserve signals a rate cut, the crypto market will welcome a second layer of liquidity drive.
In terms of legislation, the U.S. House of Representatives has today advanced the GENIUS, CLARITY, and Anti-CBDC bills into the final voting stage. The stablecoin bill is expected to be voted on as early as Thursday, and if passed, it will be sent to the president for signing. Even if the final vote count is uncertain, merely entering the voting process has already boosted market risk appetite.
More importantly, ETH's strength is also reigniting expectations for an "altcoin season."
On-chain data shows that emerging public chain tokens like SUI and HBAR have seen increases of over 12% in 24 hours, while mainstream altcoins like SOL, AVAX, LTC, and DOGE have also turned positive. BitMEX co-founder Arthur Hayes stated in a post yesterday, "The Ethereum season has arrived," predicting that ETH will outperform BTC, and that the DeFi and NFT sectors will also see a revival. He even changed his social media profile picture to a CryptoPunk to show his confidence.
Conclusion: FOMO sentiment has not truly spread
From Trump personally pressuring to advance the bill, to ETH strongly breaking through $3400, and to on-chain institutions steadily building positions, the script of this "Crypto Week" seems to be being rewritten.
However, the current market has not fully resonated; BTC is consolidating, and altcoins are diverging, with FOMO sentiment not truly spreading. Perhaps this is the moment for the calm to enter the market; when you next hear the crowd shouting "altcoins take off," ETH may have already soared ahead.
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