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I. Introduction This week, the crypto market ushered in two blockbuster catalysts - the legislative offensive of Washington's "Crypto Week" and the intensive outbreak of Ethereum's institutional layout, which together constitute the "policy inflection point" and "capital inflection point" of the crypto industry in the second half of 2025. The underlying logic of this crypto cycle is shifting from Bitcoin to Ethereum, stablecoins, and on-chain financial infrastructure. We believe that the policy clarity of the United States + the institutional expansion of Ethereum marks that the crypto industry is entering a stage of structural positive, and the focus of market allocation should gradually transition from "price game" to "rules + infrastructure system dividend capture". 2. U.S. "Crypto Week": The three major bills signal that compliant assets will be revaluation In July 2025, the U.S. Congress officially kicked off Crypto Week, the first time in U.S. history that a legislative agenda has been used to systematically promote the comprehensive governance of crypto assets. In the context of the current drastic changes in the global digital financial landscape and the continuous challenge of traditional regulatory models, the proposal of this series of bills is not only a response to market risks, but also a signal that the United States is trying to dominate the next round of financial infrastructure competition. The most landmark is the GENIUS Act, which establishes a complete regulatory framework for stablecoins, covering key elements such as custody requirements, audit disclosures, asset reserves, and liquidation processes. This means that for the first time, the stablecoin system, which has long been outside of traditional financial regulation and relies on "market trust", will be included in the sovereign legal structure of the United States. The high vote in the Senate (68 votes in favor and 30 against) also shows the bill's strong bipartisan support base, which is an institutional "reassurance" for the entire crypto industry. Once passed by the House of Representatives and sent to the president for signature, the bill will officially go into effect, marking the United States as the first major economy in the world to establish a unified financial regulatory framework for stablecoins. Another key bill, the CLARITY Act, focuses on the classification of securities and commodity attributes of crypto assets. The core intent is to clarify "what crypto assets are securities and what are not", and to clarify the regulatory boundaries between the SEC and the CFTC. In the past few years, disputes over whether to recognize ETH, SOL and other tokens as securities have led to a large number of companies and project parties moving out of the U.S. market. If the bill is successfully passed, it will end the long-pending state of the "regulatory gray area" of crypto assets, provide a predictable legal basis for project parties, exchanges and fund managers, and greatly release the vitality of compliance innovation. More politically symbolic is the Anti-CBDC Surveillance State Act. The bill prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) and prevents the government from establishing real-time monitoring capabilities for individuals' financial activities through the digital dollar architecture. While the bill has not yet been passed by the Senate, it reflects the importance that the U.S. Congress places on financial privacy and market freedom. It actually sends another signal: the United States does not intend to dominate the digital financial revolution with a state monopoly, but instead chooses to support a market-driven, technology-neutral, open and interconnected cryptoasset ecosystem. On the whole, these three bills jointly point to "rule-based innovation and innovation" in the direction, emphasize "clear boundaries and reduce uncertainty" in the means, and their core demands are no longer "restrictions", but "guidance". Once the legislation enters the implementation phase, several immediate consequences are expected: first, the barriers to large-scale entry for institutional investors due to compliance risk concerns will be gradually removed, including pension funds, sovereign wealth funds, and insurance companies will be able to legally deploy crypto positions; Second, the role of stablecoins as "on-chain dollars" will be confirmed by policies, and their efficiency in scenarios such as cross-border settlement, decentralized finance, and RWA will be exponentially amplified. Third, compliant exchanges and custodian banks will receive policy endorsements to reshape the trust structure of the global crypto market. On a deeper level, this series of legislation is a strategic response to the new round of reshaping of the financial order in the United States. Just as the U.S. dollar relied on the Bretton Woods system to become the global settlement currency after World War II, stablecoins are becoming the vehicle for the digital expansion of the dollar's influence, and the U.S. Congress is trying to inject institutional legitimacy into it through regulatory means. This is a game of financial geopolitical power, and a direct response to China's central bank digital currency (e-CNY) and the EU's MiCA regulatory framework. Whoever takes the lead in completing the construction of the regulatory system will set the standard and have the right to speak in the future global financial network. Therefore, "Crypto Week" is not only a moment for the market to re-evaluate the valuation logic of crypto assets, but also an institutional confirmation of the policy on the technological trend. This institutional pricing signal will inject a more stable expectation anchor into the market, and also provide investors with a path to identify "regulatory, sustainable" assets. In our view, this regulatory certainty will gradually translate into valuation certainty, and compliant assets, particularly stablecoins, ETH, and their surrounding infrastructure, will be the core beneficiaries of the next round of structural revaluation. 3. ETH Institutional Arms Competition: ETF entry, staking mechanism transformation, and asset structure upgrading go hand in hand Recently, with the strong rebound of ETH price, market confidence has gradually recovered, and behind this, a new round of "capital arms race" around Ethereum is quietly unfolding. From Wall Street financial giants continuing to increase their positions through the ETF channel, to more and more listed companies including ETH in their balance sheets, Ethereum is undergoing a deep reshaping of the market structure. This not only means that the recognition of ETH by traditional capital has entered a new stage, but also marks that Ethereum is accelerating its evolution from a decentralized asset with high volatility and high technical threshold to a mainstream financial asset with institutional-level allocation logic. Since its official launch in July 2024, the Ethereum spot ETF was once seen as an important catalyst for ETH's price breakout, but the actual performance disappointed the market for a while. The combination of negative factors such as the decline of the ETH/BTC exchange rate, the low price, and the continuous reduction of the fund's holdings made ETH not immediately release upward momentum after the ETF was listed, but fell into a deep correction. Especially against the backdrop of the success of Bitcoin ETFs, ETH seems to be quite lonely. However, in mid-2025, this situation is beginning to quietly reverse. Judging from on-chain data and ETF fund inflows, ETH's institutional fundraising process is underway in a low-key but determined manner. According to SoSoValue statistics, since the ETF's launch, Ethereum spot ETFs have attracted a cumulative net inflow of $5.76 billion, accounting for nearly 4% of its market capitalization. Although the price fell for a while, the inflow performance continued to be stable, showing the recognition of long-term institutional funds for the value of ETH allocation. This trend has begun to accelerate in the past two months, with a number of Ethereum ETF products recording monthly net inflows of more than $1 billion, and traditional financial players such as Bitwise, ARK, and BlackRock have significantly increased their holdings. At the same time, a more symbolic change comes from the rise of the wave of "strategic reserve Ethereum" of listed companies. A number of public market companies such as SharpLink Gaming, Siebert Financial, Bit Digital, BitMine, and many others have successively announced the inclusion of ETH in their balance sheets, marking a new narrative inflection point in which ETH is transforming from a "speculative asset" to a "strategic reserve asset". In particular, SharpLink currently holds more than 280,000 ETH, surpassing the Ethereum Foundation's current 242,500, becoming the world's largest single institutional ETH holder. To a certain extent, this fact has completed part of the transfer of "discourse power" at the symbolic level of capital. Judging from the current institutional participation structure, it can be clearly divided into two camps: one is the "Ethereum native camp" represented by SharpLink, which gathers early Ethereum ecological participants such as ConsenSys and Electric Capital; The other is the "Wall Street Style" represented by BitMine, which directly replicates the logic of Bitcoin reserves, and forms a capital amplification effect with the help of leverage, financial operations and financial report disclosure. This north-south sandwich institutional position building model has made ETH's value anchor and price support system move away from the traditional retail speculation to an institutionalized, long-term, and structured mainstream capital framework. The far-reaching impact of this trend is not only at the price level, but also because the governance, discourse and ecological dominance of the Ethereum network itself may face reconstruction. In the future, if ETH-heavy companies like SharpLink or BitMine continue to expand their holdings, their potential influence on Ethereum's direction cannot be ignored. Although most of these companies are still facing financial pressure, and the allocation of ETH is more out of speculative hedging and capital operation considerations, and has not fully demonstrated their willingness to deeply bundle the construction of the Ethereum ecosystem, their entry has had a magnifying effect in the capital market: ETH has been re-valued, the market narrative has switched, and it has moved from the crowded track of DeFi and L2 to a new space of "reserve assets + ETFs + governance rights". It is worth noting that unlike Michael Saylor (CEO of MicroStrategy), a "spiritual leader" in the Bitcoin reserve story, who constantly strengthens his cognition and preaches and increases his position, Ethereum has not yet appeared such a representative with both a belief background and the appeal of traditional capital. Although the emergence of Tom Lee and others has aroused market associations, it has not yet formed enough narrative penetration. The lack of endorsement from such figures has also slowed down the path of trust transformation in the minds of institutional investors to a certain extent. However, this does not mean that Ethereum lacks a response at the institutional level. Vitalik Buterin and the Ethereum Foundation have recently spoken out frequently, emphasizing Ethereum's technical resilience, security mechanism and decentralization principles, and at the same time beginning to strengthen the "dual-track" architecture of the ecological governance mechanism, with the intention of embracing institutional capital while avoiding governance from being controlled by a single force. In a recent public article, Vitalik argues that user interests, developer-led and institutional compliance must be balanced, and decentralization must be "actionable" rather than just a slogan. All in all, ETH is undergoing a comprehensive capital structure shift: moving from an open market dominated by retail investors to an institutionalized market structure driven by ETFs, listed companies, and institutional nodes. The impact of this shift will be far-reaching, not only determining the future path of ETH price hubs, but also potentially reshaping the governance structure and pace of development of the Ethereum ecosystem. In this arms race, ETH is no longer just a representative of the technology stack, but is becoming a key target in the wave of digital capitalism, not only as a value-carrying tool, but also as the focus of power struggle. 4. Market strategy: BTC builds a high-level platform, and ETH and medium-to-high-quality application chains usher in the logic of making up for the rise As Bitcoin successfully crossed the $120,000 mark and gradually entered the plateau, the structural rotation pattern of the crypto market became clearer. With BTC dominating the logic, Ethereum and high-quality appchain assets are beginning to usher in their own valuation repair period. From the flow of funds to the market performance, the current market shows a typical structure of "large-capitalization platform shock + mid-market capitalization rotation upward", and ETH and a number of L1/L2 protocols with both narrative and technical support have become the most valuable direction after Bitcoin. 1. BTC has entered the stage of building a high-level platform: there is support on the downside, and there is weakness on the upside Bitcoin, as the main driving asset of this round of market, has basically completed the main upward wave driven by the triple narrative of spot ETFs, halving cycles and institutional reserves. The current trend has entered a sideways construction phase, although it is still in a technical upward channel, but the upward momentum tends to weaken in the short term. Judging from the on-chain data, the number of active addresses and trading volume of BTC have dropped to a certain extent, while the implied volatility of options in the derivatives market continues to decline, indicating that the market's expectations for its short-term breakthrough have declined. At the same time, the enthusiasm for the allocation of traditional institutions has not weakened significantly. According to the latest report from CoinShares, BTC ETFs still maintained a small net inflow, indicating that the bottom fund support is still there, but because the expectations have been fully realized, the subsequent upward rhythm of BTC is likely to tend to be slow or even sideways. For institutions, Bitcoin has entered the "core allocation" stage, rather than the main battlefield for continuing to chase short-term profiteering. This also means that the market's attention is gradually shifting from Bitcoin to other growing crypto assets. 2. The formation of ETH replenishment logic: the revaluation from "lost leader" to "value depression". Compared to Bitcoin, Ethereum's performance since the second half of 2024 was once seen as a "disappointment", with its price correction large and its ratio to BTC falling to a three-year low. But it was during the downturn that ETH gradually completed valuation repricing and position structure optimization. At present, the recognition of ETH by institutional funds has increased rapidly, not only the spot ETF continues to have a net inflow, but also the trend of listed companies to reserve ETH has become a climate, and even Ethereum holdings have exceeded the foundation. From a technical point of view, the ETH price has broken through the previous downward trend line, began to establish an upward channel, and regained a number of key technical moving averages in a row. Combined with capital and sentiment indicators, ETH has entered a new round of market sentiment switching cycle. During the sideways trading of BTC, the allocation cost performance of ETH as a sub-mainstream asset has gradually increased, and the market is re-examining its long-term value foundation due to multiple factors such as the expansion of the L2 ecosystem, the stability of staking income, and the improvement of security. From the perspective of asset allocation, ETH not only has the advantage of "valuation depression" at the current stage, but also begins to have institutional recognition and narrative integrity similar to BTC, and has both technical and institutional advantages, becoming the preferred target for replenishment under capital rotation. 3. The rise of medium and high-quality application chains: Solana, TON, Tanssi and other chains have ushered in structural opportunities In addition to BTC and ETH, the market is accelerating the shift to medium-to-high-quality appchain assets that are "backed by a real narrative". Solana, TON, Tanssi, Sui and other chains, due to their multiple advantages of "high performance + strong ecology + clear positioning", have obtained rapid concentration of funds in this round of rebound. Taking Solana as an example, the current ecosystem activity has rebounded significantly, with multiple on-chain applications returning to users' field of vision, and emerging narratives such as DePIN, AI, and SocialFi gradually landing in the Solana ecosystem. As an emerging infrastructure protocol in the Polkadot ecosystem, Tanssi is gaining wide attention from institutions and developers by solving long-term problems such as "complex application chain deployment, high operating costs, and fragmented infrastructure" with the ContainerChain model, and its cooperation with platforms such as Huobi HTX also shows that its marketization process is accelerating. In addition, as Ethereum shifts to a more modular and data-availability optimized path, middle-layer protocols (such as EigenLayer and Celestia) and L2 rollup solutions (such as Base and ZkSync) are gradually releasing value, becoming an important "valuation center" between the public chain and the application layer. These protocols or platforms are scalable, secure, and innovative, and have become the new frontier for breakthroughs in capital concentration. 4. Market Strategy Outlook: Focus on "Value Rotation" and "Narrative Forward" On the whole, the logic of capital rotation in this round of crypto market has become clear: the rhythm of BTC topping - ETH making up for the rise - application chain rotation is gradually unfolding. The current phase of the strategy should focus on the following: (1) BTC allocation is left at the bottom, not the main direction of attack: the core position is unchanged, but it is not appropriate to continue to chase higher, and pay attention to the risk of potential policy or macro disturbances. (2) ETH as the core allocation target of rotation: technical repair + institutional narrative strengthening, suitable for medium-term allocation, if ETF funds accelerate inflow, there may be further upside. (3) Medium- and high-quality public chains and modular protocols focus on: chains with technological innovation, strong ecological foundation, and capital supporters (such as SOL, TON, Tanssi, Base, and Celestia) have the potential to continue to grow. Move the narrative forward and actively look for new opportunities at the edge: Pay attention to the early layout targets in the direction of DePIN, RWA, AI chain, and ZK, which are in the pre-funding stage and may become the core of the next stage of rotation. The final conclusion is that the current market has entered the structural rotation stage from the single asset-driven stage, the main upward wave of BTC is temporarily suspended, and the rotation of ETH and high-quality new public chains will become the key driving force in the second half of the market. Strategically, we should abandon the inertial thinking of "chasing the leader" and turn to the medium-term trend layout of "valuation rebalancing + narrative diffusion". 5. Conclusion: Regulatory clarity + ETH main rise, the market has entered an institutional cycle With the advancement of three key bills of the "Crypto Week" in the United States, the industry has ushered in an unprecedented period of policy clarity. This clarity of the regulatory environment not only eliminates the uncertainty of compliance that has been pending for many years, but also lays a solid foundation for the institutionalization and formalization of the cryptoasset market. With the acceleration of the strategic reserve arms race for core assets such as Ethereum, the market is gradually entering a new cycle dominated by institutions. In the past, the volatility and uncertainty in the crypto market was largely due to regulatory ambiguity and policy swings. Crises such as the collapse of FTX and the Luna incident have exposed the deep risks of the lack of regulation in the industry, and have also cast a shadow in the minds of investors. TODAY, WITH THE IMPLEMENTATION OF REGULATIONS SUCH AS THE GENIUS ACT, THE CLARITY ACT, AND THE ANTI-CBDC ACT, THE MARKET'S EXPECTATIONS FOR COMPLIANCE HAVE INCREASED SIGNIFICANTLY, THE BARRIER TO ENTRY FOR INSTITUTIONAL CAPITAL HAS BEEN STEADILY LOWERED, AND THE TRUST AND LIQUIDITY OF ASSETS HAVE BEEN GREATLY ENHANCED. This not only helps to reduce systemic risk, but also provides a "bridge" between crypto assets and traditional financial markets, legitimizing and standardizing the identities and behaviors of market participants. Catalyzed by this institutional environment, Ethereum, as a leader in smart contract platforms, is ushering in a key window for its main rising wave. Ethereum not only has a clear technical roadmap and active ecological innovation, but also continues to optimize its network security and decentralized governance structure, making it one of the preferred digital assets for institutions. The superposition of strategic reserves and ETF funds marks the beginning of a re-evaluation of Ethereum's value in the capital market. It is foreseeable that Ethereum will maintain a long-term healthy value growth trend in the future, driven by the dual growth of on-chain applications and capital support. More broadly, this linkage between regulatory clarity and the revival of mainstream asset values is prompting the crypto market to gradually move away from the previous "bull-bear cycle trap" and evolve into a more stable and sustainable institutional cycle. The salient feature of the institutional cycle is that market volatility is more guided by fundamentals and policy expectations, and asset price fluctuations are no longer dominated by scattered sentiment and regulatory news, but are reflected in the benign interaction and steady growth of capital and technology. The deep involvement of institutional capital will also promote the improvement of market liquidity structure, prompting investment strategies to shift from short-term speculation to medium- and long-term value investment. In addition, the opening of the institutional cycle also means the diversification of the market structure and the multi-dimensional upgrading of the ecology. The technological innovation and governance reform of the Ethereum ecosystem will continue to promote the diversification of on-chain applications and enhance the utility of the network, while the clarity of supervision will accelerate the compliance development of more high-quality projects and promote the deep integration of on-chain finance and traditional finance. This development pattern will reshape the investment logic of crypto assets and enable the market to enter a new normal of "technology-driven + capital rationality + regulatory support". Of course, the institutional cycle does not mean that market volatility disappears, but that volatility will be more endogenous and predictable, and investors need to pay more attention to the continuous tracking of fundamentals and policies. At the same time, the market governance mechanism, the game between decentralization and centralized forces will also become important variables to promote ecological evolution. To sum up, the regulatory breakthrough of the "Crypto Week" in the United States and the capital trend of Ethereum's main rise are opening an important chapter in the maturity of the crypto market. The market is shifting from the stage of scattered and disorderly "barbaric growth" to the stage of institutionalized and standardized "rational development". This will not only enhance the investment value of assets, but also promote the overall upgrading of the crypto industry ecology and shape the core foundation of the future digital economy. Investors should seize the institutional dividends and the growth opportunities of core assets, actively deploy Ethereum and high-quality application chains, and embrace a healthier and more sustainable new era of crypto.

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