Author: Dingdang, Odaily Planet Daily
The crypto market is surging, with Ethereum leading this accelerating trend.
In the past 48 hours, ETH has strongly broke through the psychological barrier of $4,000, reaching a high of $4,200, currently trading at $4,194, creating a new high in 45 months (since December 2021). Starting from the low point of $1,385 on April 9, ETH has cumulatively risen over 300%, with a 65% increase in July alone - significantly outperforming most Altcoins and becoming the core target of capital inflow.
In comparison, Bitcoin is relatively weak, currently oscillating between $112,000 and $119,000, trading at $117,200. Solana has rebounded from its low of $155.8 on August 3 to around $180, with a strong performance in the past two days. The Altcoin sector is fully activated, with project positive news driving market sentiment, and signals of an "Altcoin season" gradually strengthening.
In terms of liquidation data, the total liquidation amount in the past 24 hours was $362 million; long liquidations were $78.14 million, and short liquidations were $286 million, with ETH alone contributing $203 million in liquidation scale; the largest single liquidation occurred on OKX ETH-USDT-SWAP, amounting to $10.6284 million.
In terms of capital flow, Bitcoin spot ETF turned to net inflow after four consecutive days of net outflow; Ethereum spot ETF also ended its two-day net outflow trend, recording net inflow for four consecutive days, indicating that capital is accelerating its return to the crypto market.
Macro Catalyst: Trump's Executive Order and Negative Factors Clearing
On August 7, Trump's executive order officially allowed 401(k) retirement plans to embrace crypto currencies, private equity, and real estate. With a management scale of $9 trillion, even if only 2% is allocated to crypto assets, it could theoretically bring $17 billion in incremental capital - enough to leverage the entire spot ETF market. Although the policy may take months or even years to fully implement, its symbolic significance is enough to ignite market imagination.
[The translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms.]Ripple CEO Brad Garlinghouse stated that the company will thoroughly end this legal dispute and focus on more important matters—building the "value internet". Meanwhile, Ripple's USD stablecoin RLUSD's supply exceeded $600 million in July, a 32% quarter-on-quarter increase, with trading volume reaching $3.3 billion, hitting a historical high.
Digital Wealth Partners Management, LLC (DWP Management) also announced that its series of private investment funds have raised approximately $200 million in funds since April. As a private fund manager accepting physical digital asset investments, all physical contributions to date have been completed in the form of XRP.
Ethena (ENA): Stabilizing Confidence through Buyback
On July 21, Ethena Labs announced a $360 million PIPE transaction with stablecoin issuer StablecoinX, which plans to list on NASDAQ with the stock ticker "USDE" (same name as Ethena's stablecoin USDe). Simultaneously, the Ethena Foundation launched a $260 million ENA token buyback plan, expected to invest approximately $5 million daily over the next 6 weeks to establish an ENA reserve. Related reading refers to 'ENA's "Confidence Game": $260 Million Buyback to Stabilize Price, $360 Million Transfusion to StablecoinX Rushing to List'.
defillama data shows that Ethena's synthetic stablecoin USDe has reached a market value of $9.293 billion, with a 75.13% increase over the past month. USDe is currently the third-largest stablecoin by market cap, behind only USDT and USDC.
Chainlink (LINK): Locking Revenue on-chain
Chainlink announced the launch of Chainlink Reserve, a strategic on-chain reserve for LINK tokens, planning to convert enterprise integration user fees and on-chain service fees into LINK tokens to support Chainlink network's long-term sustainable growth, which also means a long-term and continuous buyback plan.
Chainlink co-founder Sergey Nazarov stated that market demand for Chainlink has brought hundreds of millions of dollars in revenue to the project, mostly from large enterprises. The reserve has already accumulated LINK tokens worth over $1 million at the initial release and will continue to grow.
BounceBit (BB): A New Play in CeDeFi
BounceBit partnered with Wall Street asset management giant Franklin Templeton to launch a new product BB Prime and simultaneously start a token buyback plan. The product integrates Franklin Templeton's tokenized money fund, creating a CeDeFi structured product combining basis arbitrage and Treasury yield. This tokenized fund belongs to the BENJI product series and will serve as collateral and settlement tool in investment strategies. Through this approach, investors can not only obtain underlying Treasury rate returns but also stack additional revenue sources. The announced BB token buyback plan is supported by over $10 million in protocol revenue, aimed at strengthening the token's long-term value support.
Overall, this rebound is fueled by macro policy, on-chain data collaboration, and fund sentiment. Whether it's ETH's accelerated breakthrough or the collective warmup of the Altcoin sector, the market seems to be accelerating towards a familiar and exciting rhythm.
