Ethereum has just regained a level of dominance it had not reached for months. By crossing again the 10% threshold of the total market capitalization, the second largest global crypto records
Ethereum has just regained a level of dominance it had not reached for months. By crossing again the 10% threshold of the total market capitalization, the second largest global crypto records a surge that exceeds that of the ten biggest assets over a week. This comeback reignites speculations about a new bullish phase, especially since no major event seems, at first glance, to explain such a movement.
Market data confirm a clear acceleration of Ethereum’s valuation, whose market capitalization now stands around 233.2 billion dollars. This recovery fits into a positive overall dynamic, with the total crypto capitalization having appreciated by nearly 2% to slightly exceed 2.34 trillion dollars.
In his analysis note released on July 21, Markus Thielen, analyst at BIT, describes crossing this 10% market share as a psychologically important threshold. The analyst furthermore notes that such a recovery in ETH dominance has historically coincided with favorable buyer phases, although he emphasizes that this time there was no immediate catalyst behind the rise in this dominance. Over 24 hours, the asset recorded an increase of more than 4%, confirming several days of continuous buying pressure.
On a weekly time scale, Ether tops the ranking of the ten largest cryptos by market capitalization. Spot market indicators highlight this momentum :
While the spot market reflects the price appreciation, the explanation of the movement also lies in large investor transactions and BIT’s weekly report macroeconomic interpretation. BitMEX co-founder Arthur Hayes made an impression by spending more than 2.5 million dollars to acquire 1,332.5 ETH, a transaction performed following a first massive purchase of 1,293 tokens on June 16 for a similar amount. This direct investment by a major industry figure illustrates the return of buyer appetite focused on Ether.
At the same time, the macroeconomic environment played a decisive supporting role. According to BIT’s study, the situation cleared up thanks to U.S. inflation figures which corrected a difficult start of the week marked by geopolitical tensions between the United States and Iran, temporarily pushing Bitcoin below 62,000 dollars.
Thanks to this respite, Bitcoin closed the week above 65,000 dollars (+4%), while Ethereum posted more than 7% over the same period. This second consecutive week of ETH outperformance versus BTC brought the ETH/BTC ratio to 0.0293, moving clearly away from its low point of 0.0264 recorded in June.
Join the ‘Read to Earn’ programThis link uses an affiliate program.Analysis of the internal structure of derivative markets provides essential insight into understanding the exact nature of this rise. Unlike chaotic speculative bubble phases, perpetual funding rates have remained close to neutral despite recent price increases, and implied volatility has stayed relatively contained. This indicates that the market is not disturbed by excessive leverage, which theoretically gives greater robustness to the current price structure.
Furthermore, the BIT report reveals a distinct strategy depending on the typology of options market participants. Institutional actors have clearly favored call options, which represent more than three-quarters of block trades made on Ether. On their side, retail investors have mainly oriented towards “call spreads” strategies, aiming to expose themselves to upside potential while capping their entry cost and risks.
Ultimately, Ethereum’s reconquest of the 10% dominance threshold witnesses a strategic and structured liquidity reallocation rather than a wave of irrational euphoria. The neutrality of funding rates, coupled with the massive repositioning of institutional investors on derivatives and whale accumulation, lays healthy technical foundations. Although the absence of a unique fundamental catalyst calls for caution, the firmness of the ETH/BTC ratio and strength of spot volumes indicate that Ether has solid arguments to maintain its tactical leadership in the forthcoming sessions.
