Restaking Track Weekly Report (Issue 4 · Week 30, 2026)

01Recent Developments in the Crypto Sector This Week

As of 2026-07-21, the total TVL in the Restaking sector reached $13.36B, with EigenCloud leading at $5.15B, while Babylon Protocol saw a weekly increase of 24.6% to $3.34B. The key developments this week are as follows:

1. Accelerated penetration by traditional finance: On 07-16, Morgan Stanley launched spot trading for assets such as Bitcoin via the E*TRADE platform, charging a fee of 50 basis points, while simultaneously expanding its stablecoin reserves and low-fee ETF services. On the same day, it partnered with Zero Hash to offer spot trading for BTC/ETH/SOL at a 0.5% fee rate, setting a new benchmark for integrating digital assets into traditional financial systems.

2. Breakthroughs in regulatory legislation: On 07-21, Trump agreed to include ethical provisions to remove obstacles to the CLARITY法案, with the Senate voting deadline approaching. In response, large Whale investors increased their holdings despite market downturns, ETF funds flowed back into the market, and institutional investment accelerated.

3. Exposure of risks in institutional holdings: As of 07-21, Strategy’s Bitcoin holdings suffered a floating loss of $9.05 billion, while BitMine incurred a floating loss of $8.643 billion, drawing attention to the risks associated with institutional Bitcoin holdings. Despite these substantial losses, BitMine still added 7,430 ETH and repurchased 5.5 million shares of common stock last week, bringing its total holdings to 5.77 million coins.

02Core protocol data

As of July 21, 2026, the strength index for the restaking sector stood at 6.1, on par with that of the LST sector, indicating that funds are evenly distributed between liquidity restaking and native restaking. In terms of core assets, ETH is currently trading at $1,924.89, with a 24h gain of +2.6% and a 7d gain of +8.1%. Its 24h trading volume reached $10.8B, and the strong performance of this underlying asset supports the value of collateral used in restaking protocols. As a representative token in this sector, EIGEN is currently priced at $0.2395, with a 24h gain of +2.6% and a 7d gain of +1.8%. Its 24h trading volume is $22.6M. Its price fluctuations are highly synchronized with those of ETH, but its short-term momentum is slightly weaker than that of the underlying asset.

From the perspective of the protocol’s microstructure, EigenCloud leads with a TVL of $5.15B, showing a weekly increase of 6.6%, thus establishing its dominant position in the Ethereum restaking space. Babylon Protocol, driven by the narrative around Bitcoin restaking, has a TVL of $3.34B, with a weekly increase of 24.6%, far exceeding the industry average, reflecting the rapid growth in demand for restaking within the Bitcoin ecosystem. ether.fi Stake ranks third with a TVL of $3.07B, experiencing a weekly increase of 3.8%, demonstrating the stability of Ethereum’s native LRT protocols in competitive environments. It is worth noting that Symbiotic shows a weekly increase of 6.8%, Puffer Stake also has a 6.8% weekly increase, and Mellow Restaking sees a 7.4% weekly increase. Several smaller protocols are experiencing high growth rates, indicating structural opportunities within this sector as funds shift toward protocols with distinct technical advantages or higher potential returns. Overall, driven by both the recovery in ETH prices and innovations in BTC restaking, the restaking sector features steady overall volume alongside structural differentiation.

03Progress of ecological projects

As of 2026-07-21, EIGEN, the core asset in the Restaking ecosystem, is facing significant selling pressure, with 4.05% of its tokens set to become available this week, which constitutes a high-pressure level. Despite the liquidity challenges posed by the release of these tokens, EIGEN’s current price remains at $0.2395, with a 24-hour trading volume of $22.6M and a market value of $177M. Meanwhile, other leading projects within the ecosystem, such as PENDLE and TIA, are also under high unlocking pressure, releasing 4.67% and 3.18% of their tokens respectively, further straining the overall market’s liquidity. On a macro level, BlackRock is transitioning from its ETF business to an on-chain underlying operating system through its BUIDL bond tokenization and Aladdin risk management system, in an effort to gain control over collateral and pricing power. Additionally, Morgan Stanley submitted revisions for Ethereum and Solana spot ETFs on 07-14, proposing a 0.14% fee rate along with a staking mechanism. The deep involvement of traditional finance in these underlying assets brings new liquidity expectations to the Restaking sector.

04KOL Public Opinion and Narratives

On 2026-07-21, the public opinion among key opinion leaders regarding ETH, the core asset in the restaking space, showed a clear bullish trend. Among the 7 key opinion leaders monitored, 5 held bullish views (76%), while 2 were bearish (24%), with no neutral opinions. The prevailing narrative centered on large-scale capital inflows and the verification of returns from early investments. Cointelegraph reported that Arthur Hayes continued to buy ETH recently, adding 1,332.5 ETH in a single day, worth $2.53 million, further reinforcing the bullish signals from institutional-level Whales. Meanwhile, rumors in the market about early ICO participants exchanging $620 worth of capital for 2,000 ETH, achieving a return of 6,113 times, further boosted confidence in long-term holding. Despite a few bearish voices, the increasing holdings by Whales and the narrative of high historical returns together constitute the core logic driving current market sentiment, offsetting some concerns arising from macroeconomic uncertainties.

05Track Outlook

2026-07-21

Outlook for the Restaking Sector in the Next 1-4 Weeks

! Key Risks: Rising unrealized losses in institutional holdings may lead to increased selling pressure. Strategy’s unrealized losses amount to $9.05 billion, while BitMine’s are $8.643 billion. The substantial book losses of these two giants could spark concerns regarding their liquidity management and potential asset sales. Although BitMine increased its ETH holdings by 7,430 units last week and repurchased 5.5 million shares of common stock, indicating confidence in long-term holding, short-term market sentiment remains suppressed by a fear index of 41/100. ETH, currently trading at $1,924.89, is at risk of further decline.

• Positive Catalysts: Traditional finance’s entry into the space with low fees is accelerating asset standardization. Morgan Stanley has launched spot trading services through the E*TRADE platform at a fee of just 50 basis points, and submitted applications for Ethereum and Solana spot ETFs with a fee rate of 0.14%, including a staking mechanism that provides compliant liquidity for Restaking assets. Despite a 38% decline in digital asset holdings in the first half of the year, BlackRock is working to build new growth areas through stablecoin reserves and tokenization strategies. Its BUIDL government bond tokenization project is expected to improve the efficiency of on-chain collateral.

Multiple Scenario Analyses:

• Optimistic Scenario: If the CLARITY bill successfully includes ethical provisions and passes before the August recess, increased regulatory clarity will attract institutional capital back into the market. ETH prices are likely to break through key resistance levels, driving up the price of EIGEN, currently trading at $0.2395. The TVL of Restaking protocols is expected to recover as staking yields improve.
• Neutral Scenario: The market remains volatile, with ETH fluctuating around $1,924.89. The unrealized loss pressures on Strategy and BitMine are offset by their continued buying activities. Market attention shifts to the actual capital inflows from ETF products launched by companies like Morgan Stanley. The Restaking sector continues to see competitive dynamics among existing players.
• Pessimistic Scenario: If the bill faces delays or institutions undergo large-scale deleveraging due to unrealized losses, ETH could fall below key support levels. As a highly volatile asset, EIGEN’s 24-hour trading volume of $22.6M may further shrink. Lack of liquidity could accelerate price declines, putting Restaking protocols at risk of losing their TVL.

Key Monitoring Points:

1. Keep an eye on the voting progress of the CLARITY bill in the Senate and the final implementation of its ethical provisions.
2. Track the approval status and initial capital inflow data for Morgan Stanley’s Ethereum ETF with a 0.14% fee rate.
3. Observe the portfolio adjustments made by Strategy and BitMine amid their huge unrealized losses, as well as any significant transactions on the blockchain.

06Related Reads

1. “8.6百万户家庭可购买加密货币：摩根士丹利收费仅为50个基点”
2. “传统行业巨头入场：0.5%的费率开启现货加密货币交易”
3. “伦理条款取得进展，CLARITY法案有望在8月会议期间通过”
4. “Strategy公司持有比特币的资产价值缩水90.5亿美元”
5. “BitMine上周增持了7430枚ETH，并回购了550万股股票”
6. “比特币ETF会重蹈黄金的覆辙吗？分析师警告情绪驱动的周期性波动”
7. “BlackRock暗中掌控局面：从ETF诱饵到区块链底层操作系统”
8. “0.14%的费率引发竞争：摩根士丹利看好以太坊和Solana的发展”
9. “T. Rowe Price推出多代币现货ETF TKNZ”
10. “Strategy公司资产缩水90.5亿美元，BitMine缩水86.43亿美元”
11. “尽管亏损300亿美元，BlackRock仍坚持投资：50亿美元的钱包成为新的战场”