Weekly Yield Overview Report (Issue 3 · Week 30, 2026)

01Yield Market Overview

[Core Conclusion]. This period’s data shows that Ethereum’s market value has rebounded to $233.2 billion, exceeding the critical 10% psychological threshold, indicating a significant improvement in market sentiment. Morgan Stanley submitted revisions for Ethereum and Solana spot ETFs at a fee rate of 0.14%, coupled with the push for the CLARITY法案在8月会议前通过， all of which are signaling accelerated interest from traditional finance sectors. The scale of Avalanche RWA has reached $2.1 billion, demonstrating that institutions are restructuring underlying assets through tokenization; investors should pay attention to the structural opportunities arising from policy implementation and fee competition.

02Mainstream Staking and Liquidity Yields

As of the benchmark date of 2026-07-22, there is a significant divergence among mainstream public chains and L2 platforms in terms of collateralization and liquidity yield opportunities. ETH maintains its position as the market leader with a current price of $1,932.71 and daily trading volume of $11.8B. Its overall score is 65, with a technical rating of 88, indicating strong short-term momentum. However, its liquidity score is only 31, suggesting risks related to insufficient depth. SOL has a current price of $78.36 and an overall score of 57. Its technical rating is 78, while its fundamental rating is 63, showing a relatively balanced outlook. Its liquidity score of 27 is the lowest among the samples, reflecting the pressure on liquidity under high volatility.

AVAX, a competitor in the L1 space, has a current price of $6.58 and an overall score of 55. Its fundamental rating is as low as 45, significantly lower than its technical rating of 79, indicating weak valuation support. In the L2 category, OP and ARB perform poorly. OP’s current price is $0.09843; although it saw a 24-hour increase of +5.2%, it declined by -3.1% over 7 days. Its overall score is 52, with a very low fundamental rating of 36. Its liquidity score of 64 is the highest in the sample, indicating ample liquidity but price pressure due to selling pressure. ARB’s current price is $0.08998, with a 7-day decline of -3.4%. Its overall score is 51, with a significant disparity between its technical rating of 78 and fundamental rating of 38. Its liquidity score of 37 is moderate, suggesting a lack of catalysts for price increases.

The data shows that high technical ratings do not necessarily translate into price advantages. AVAX, OP, and ARB, all of which have fundamental ratings below 45, recorded negative returns over 7 days, whereas ETH, with a fundamental rating of 73, achieved positive returns, confirming the decisive role of fundamentals in medium-term performance.

03Yield Trend Analysis

As of 2026-07-22, the yield market has seen structural differentiation in capital flows, driven simultaneously by innovations in institutional products and regulatory expectations.

Morgan Stanley launched spot trading for BTC, ETH, and SOL via the E*TRADE platform on 07-16, charging a fee of 0.5%. This move signifies that traditional financial giants are accelerating their entry into the crypto asset space through low-barrier strategies, providing new compliant entry points for retail and institutional investors, and is expected to boost liquidity premiums for related assets.

T. Rowe Price listed its multi-token spot ETF TKNZ on NYSE Arca on 07-18. Over 95% of the fund’s holdings consist of six major cryptocurrencies such as BTC and ETH, and it allows managers to dynamically adjust the allocation ratios. This flexible risk management mechanism offers investors seeking stable returns a tool to diversify risks, helping to mitigate the impact of fluctuations in any single asset on overall yields.

Circle’s 2025 financial report revealed that $1.4 billion in Coinbase distribution costs consumed more than half of its revenue. This figure highlights the challenges faced by stablecoin issuers in terms of profit models. High compliance and distribution costs are reshaping the yield distribution dynamics within the stablecoin ecosystem, forcing the market to reassess the sustainability of traditional interest-bearing strategies based on stablecoin reserves.

04High-risk/high-return opportunities

As of July 22, 2026, the competitive landscape in the high-risk, high-return sector showed significant divergence. ETH held an absolute dominant position with a market capitalization of $233B, trading at $1,932.71 with a 7-day increase of 2.3%. It scored 65 overall, leading in technical aspects with 88 points, but its liquidity score was only 31, reflecting a structural mismatch between institutional capital accumulation and retail liquidity. SOL had a market capitalization of $46B, trading at $78.36 with a slight 7-day rise of 0.8%. It scored 57 overall, 78 in terms of technology, but only 27 in liquidity. Its ecosystem’s vitality relies on high throughput, yet its weak fundamental metrics scored 63, indicating limited valuation support.

AVAX focused on RWA settlement, with a market capitalization of $3B and a price of $6.58. It saw a 7-day decline of 1.4%, scoring 55 overall. While it excelled technically with 79 points, its fundamentals scored only 45, and liquidity was 33. Its strength lay in deep institutional partnerships. In the L2 segment, OP had a market capitalization of $225M and a price of $0.09843, experiencing a 7-day drop of 3.1%. It scored 52 overall, with very high liquidity at 64 points, but its low fundamental scores of 36 and token economy score of 46 revealed weaknesses in its profit model. ARB had a market capitalization of $595M and a price of $0.08998, dropping 3.4% over 7 days. It scored 51 overall, 78 in technology, 37 in liquidity, and 56 in token economy. Although its ecosystem was large-scale, its efficiency in converting gains into profits needed further verification.

ETH provided a relatively safer option among high-return strategies thanks to inflows from ETFs and its technical stability. SOL and AVAX relied on strong ecosystem growth, carrying higher volatility risks. While OP and ARB had advantages in liquidity or scale, their low fundamental and token economy scores meant that high returns came with high risk of significant losses.

05Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-22

Operational Recommendations

1. ETH Liquidity Defense Strategy (Time Frame: This Week) Although ETH has a comprehensive rating of 65 and a technical score as high as 88, its liquidity score is only 31, significantly lower than its fundamental score (73) and token economy score (85). Given ETH’s current price of $1,932.71 and 24h trading volume of $11.8B, the low liquidity score amid high volatility indicates an increased risk of slippage. If ETH’s intraday volatility rises further and its liquidity score remains below 35, it is recommended to take moderate defensive measures for highly leveraged long positions to avoid large slippages due to insufficient liquidity.

2. Differential Allocation in the L2 Sector (Time Frame: Next 2 Weeks) There is a significant disparity between OP and ARB: OP has a comprehensive rating of 52 and a liquidity score of 64, while ARB has a comprehensive rating of 51 with a liquidity score of only 37. OP is currently trading at $0.09843 with a 24h increase of +5.2%, indicating that funds prefer assets with higher liquidity; ARB, meanwhile, is trading at $0.08998 with a 7-day decline of -3.4%, and its lack of liquidity exacerbates downward pressure on prices. If OP’s liquidity score stays above 60 while ARB’s remains below 40, it is suggested to allocate more of the L2 exposure to OP, building positions in stages to capture liquidity premiums while avoiding the tail risks associated with ARB’s liquidity crunch.

3. Wait-and-See Approach and Regular Investing Amid Neutral Sentiment (Time Frame: This Month) The current overall AI sentiment score is stable at 49/100 (neutral), meaning the market lacks clear directional guidance. Under such neutral conditions, it is advisable to avoid investing in assets that have seen significant price gains recently. If the sentiment score fluctuates within the 45–55 range for more than 3 trading days, it is recommended to adopt a phased buying strategy for core assets such as ETH and SOL, using market volatility to accumulate holdings rather than making one-sided directional bets.

Key Risk Warnings

1. Risk of Liquidity Crunch ETH’s liquidity score is only 31, and SOL’s is 27, both of which are at extremely low levels. If the 24h trading volume of ETH or SOL on major exchanges drops sharply to below $10B or $1.2B respectively, it could trigger severe price fluctuations and increased slippage, necessitating caution against potential liquidity traps.

2. Risk of Fundamental Divergence Among L2 Tokens ARB has a fundamental score of 38 and a token economy score of 56, both lower than those of OP (fundamental score: 36, token economy score: 46), yet ARB also has worse liquidity. If unlocking pressures on ARB increase or on-chain activity data falls short of expectations, its low liquidity will amplify price declines, resulting in a much slower recovery in value compared to more liquid competitors.

3. Risk of Market Sentiment Reversal The current sentiment score of 49/100 sits at the neutral threshold. If it drops rapidly below 40 into a fearful zone, especially if accompanied by a further rise in BTC’s dominance rate (56.8%), altcoins such as SOL, AVAX, and L2 tokens may face liquidity withdrawal and additional price drops. It is crucial to closely monitor the correlation between sentiment indicators and BTC’s dominance rate.

06Related Reads

1. “ETH/BTC比率飙升：以太坊市值占比再度回到10%大关”
2. “0.14%的费率引发争议：摩根士丹利看好以太坊与Solana”
3. “伦理条款取得进展，CLARITY法案力争在8月休会前通过”
4. “RWA规模达21亿美元：Avalanche如何逆袭成为结算领域领军者”
5. “T. Rowe Price推出多Token现货ETF TKNZ”
6. “传统行业巨头纷纷入场：0.5%的费率开启现货加密货币交易时代”
7. “USDC供应量居首但利润却被侵蚀：Circle付出的14亿美元代价”