ETH Ecosystem Weekly Report (Issue 12 · Week 31, 2026)

01Market Review

The price of ETH has stabilized and started to rise, with the weekly chart showing a double bottom pattern, as institutional funds continue to flow in. As of the reference date of July 27, 2026, ETH is trading at $1,948.06, with a 7-day increase of 4.1% (indicating that bullish momentum has recovered during the week, and a technical breakout above the neckline confirms a W-bottom pattern). The 24-hour trading volume reached $6.1B, reflecting high market activity levels. On a macro level, the market sentiment index rose rapidly from a fearful range of 36 to a neutral level of 51 (showing reduced risk aversion and an increase in investors’ willingness to take risks). In terms of capital flows, Ethereum spot ETFs continued their five-day upward trend, with a daily net inflow of $38.08 million (indicating growing interest from institutions in investing in these assets). The activity level of large-scale Whale holders on the blockchain increased by 60 points, suggesting that significant capital is being deployed in this asset. Although BTC ETFs saw redemptions worth $202.5 million on July 24, 2026 (indicating that some institutions were taking profits or rebalancing their portfolios), ETH performed better relative to BTC, with the ETH/BTC ratio rising significantly. Ethereum’s market value once again reached the key psychological threshold of 10%, highlighting its relative advantages within the ecosystem.

• Pay attention to the impact of the CLARITY法案的进展对合规资金进入市场的促进作用。 • Monitor whether ETH can successfully hold above the $2,000 psychological threshold and aim for the $2,240 target level.

02Dynamics of the L2 ecosystem

2026-07-27

Friction on the Ethereum mainnet has decreased by 98%, reinforcing its core role and easing concerns about L2 encroachment. Institutional funds have shifted from Hyperliquid ETFs to spot Ethereum ETFs, with net inflows exceeding $300 million for three consecutive weeks. BitMine increased its holdings by 7,430 ETH last week, bringing its total holdings to 5.77 million ETH—only 257,000 ETH away from its 5% target—generating approximately $247 million in staking rewards. The total AUM of Ethereum spot ETFs has reached $10.295 billion, with cumulative net inflows surpassing $11.1 billion. The ETH/BTC ratio has risen significantly, pushing the market value back to $233.2 billion and breaking through the key psychological threshold of 10%. Technical analysis shows a breakout above the neckline, confirming a double bottom pattern, with a weekly gain of 10.7% and a target price of $2,240.

03DeFi data

The Ethereum TVL is $41.70B, with a 1-day change of +1.4% and a 7-day change of +1.8%, totaling 1,731 protocols. The DEX liquidity pool size is $414M, while the stablecoin reserves amount to $150.1B. Solana’s TVL is $4.88B, with a DEX scale of $1,125M, significantly higher than that of Ethereum. BSC has a TVL of $4.87B and a DEX scale of $1,269M, placing it among the top. Base’s TVL is $4.58B, with a DEX scale of $396M. Arbitrum’s TVL is $1.22B, but its DEX scale is only $42M. Polygon’s TVL is $869M, with a DEX scale of $154M. Provenance’s TVL is $1.70B, showing a sharp 7-day increase of +12.0%, yet its DEX scale is merely $1M. Monad’s TVL is $754M, with a 7-day growth rate of +8.1%, and its DEX scale is $14M. Robinhood Chain’s TVL is $337M, experiencing a dramatic 7-day surge of +43.0%. The price of ETH is $1,948.06, with a 7-day increase of +4.1%. The ETH/BTC ratio has risen sharply, with Ethereum accounting for over 10% of the total crypto market value. BitMine has increased its holdings by 7,430 ETH, bringing its total holdings to 5.77 million ETH. Ethereum spot ETFs saw a daily net inflow of $38.08 million, with a total AUM of $10.295 billion. In terms of institutional holdings, Strategy suffers a floating loss of $9.05 billion, while BitMine faces a floating loss of $8.643 billion.

04Derivatives Analysis

As of July 27, 2026, the derivatives market showed significant short-side deleveraging trends. The total 24h liquidations across the market reached 95.26 million, with 80.9% coming from short positions and only 19.1% from long positions. ETH’s open interest was $27.71B, up 1.38% from the previous day, with a funding rate of 0.0039%/8h (long), indicating a modest increase in the cost for long holders. BTC’s open interest dropped slightly to $48.02B, down 0.47%, with a long/short ratio of 1.55 and a funding rate of 0.0030%/8h (long).

In terms of systemic risks, although ETH’s current price remained stable at $1,948.06, the high proportion of short liquidations suggests that short-term selling pressure has been fully released, resulting in a market sentiment index of 51/100 (neutral). The majority of liquidations occurred in coins such as RIVN (90,000) and LTC (180,000). While ETH did not show particularly high direct liquidation figures, the overall leverage structure was skewed toward short-stop losses driven by long positions. There is a need to be cautious, as further price increases could trigger additional consecutive short liquidations, thereby increasing volatility.

05Developer Events

On 2026-07-27, activities related to the ETH ecosystem’s development were driven by both macroeconomic policies and institutional actions. The CLARITY法案在07-21加入了相关伦理条款，随着参议院的投票期限日益临近，监管层面的确定性提升有助于改善底层开发环境。在机构层面，BitMine在07-20增持了7,430枚ETH并回购了550万股股票，其总持有量达到了577万枚，质押收益约为2.47亿美元，这体现了长期资本对以太坊生态的持续投入。尽管BitMine的购买速度有所放缓，距离5%的目标仅剩25.7万枚，但其稳定的质押收益预期依然为生态系统带来了信心。目前ETH的价格为1,948.06美元，7天涨幅为4.1%，其市值已回升至2332亿美元，所占比例突破了10%的大关，同时ETH/BTC比率也显著上升，反映出市场资金正在回流到以太坊生态系统中。在ETF方面，07-21单日的净流入额为3808万美元，总管理资产规模则达到了102.95亿美元，机构资金的持续流入进一步增强了该生态系统的流动性。

06Emotions and Capital

The market sentiment index remained stable at 51/100 between 00:00 and 00:10 on 2026-07-27, indicating a neutral stance. The market had experienced severe fluctuations earlier, with the sentiment index soaring from 14.2 to 50.1, an increase of 36.0 points, before dropping sharply by 15.6 points to 36.2, reflecting intense battles between bulls and bears. There were two significant fluctuations in the activity level on the Whale chain, rising by 46 points and then 60 points respectively, suggesting the involvement of large-scale capital. There was a sharp shift in KOL consensus, with the bullish-bear gap changing by +85.0 percentage points. Currently, bulls hold 70% of the position while bears hold 15%, with a total of 10 KOLs expressing their views. Popular topics focused on the flow of funds among Whales and the battle over market sentiment. Meanwhile, issues such as outflows from BTC ETFs, Bitcoin falling below $55,000, and varying financial conditions among crypto mining companies all ranked at level 1, reflecting both changes in institutional holdings and macroeconomic pressures. The dominant narrative is that the entry of Whales is driving sentiment recovery, but geopolitical tensions and macroeconomic headwinds continue to limit the sustainability of bullish trends.

07Outlook and Risks

Neutral outlook: The current price of ETH is $1,948.06, with its market value accounting for over 10% of the total. Compared to the previous period, ETH has maintained an upward trend amid fluctuations, but trading volume dropped from $7.2B to $6.1B, indicating weakening buying momentum.

• Positive signals: The CLARITY bill is heading toward approval before the August recess. Ethereum ETFs have seen five consecutive periods of gains. BitMine increased its holdings by 7,430 ETH, reflecting growing interest from institutional investors. ! Risk warnings: Tensions between the US and Iran have pushed oil prices above $95 per barrel. Abraxas Capital transferred $223 million to exchanges, suggesting short-term selling pressure alongside macroeconomic inflation risks.

08Related Reads

1. “ETH/BTC比率飙升：以太坊的市值占比再度回到10%大关”
2. “美伊停火希望破灭：油价突破95美元，地缘政治因素重塑全球能源定价”
3. “距离5%的目标仅剩25万枚，BitMine的代币采购量骤降73%”