Crypto: Ether signs the best week in the top 10 and regains 10% of the market

Ethereum has just regained a level of dominance that it has not reached for months. By once again crossing the threshold of 10% of the total market capitalization, the second largest crypto in the world marks a surge that exceeds that of the ten largest assets over a week. This strong comeback revives speculation about a new bullish phase, especially since no major event seems, at first glance, to explain such a movement.

Ether: the improvement of the spot market

Market data confirms a clear acceleration in the valuation of Ethereum, whose market capitalization now stands at around $233.2 billion. This recovery is part of a positive overall dynamic, with the total capitalization of cryptos having appreciated by almost 2% to slightly exceed 2.34 trillion dollars.

In his analytical note released on July 21, Markus Thielen, analyst at BIT, qualified crossing this psychologically important threshold of 10% market share. The analyst further observes that such a recovery in ETH dominance has historically coincided with phases favorable to buyers, 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%, reflecting several days of continuous buying pressure.

On a weekly time scale, Ether ranks at the top of the ranking of the ten largest cryptocurrencies by market capitalization. Spot market indicators highlight this dynamic:

• Performance over 7 days: an increase of around 8.8%, keeping the price well above $1,900;
• Its performance over 30 days: a cumulative gain of more than 12%, clearly outpacing the rest of the market;
• The comparison of the top 10: a clear outperformance against XRP (+6%) and bitcoin (+5.7%) over the same weekly period;
• Trading volume: a dramatic increase of over 31% in daily volume to $11.6 billion.

Whale accumulation and the macroeconomic context

If the spot market reflects the price appreciation, the explanation for the movement also lies in the transactions of large investors and the macroeconomic reading of the weekly BIT report. BitMEX co-founder Arthur Hayes made his mark by spending more than $2.5 million to acquire 1,332.5 ETH, a transaction made following a first massive purchase of 1,293 tokens made on June 16 for a similar amount. This direct investment from a major figure in the sector illustrates the return of a targeted buying appetite for Ether.

At the same time, the macroeconomic environment played a decisive supporting role. According to the BIT study, the context became clearer thanks to American inflation figures which corrected a difficult start to the week marked by geopolitical tensions between the United States and Iran having temporarily pushed bitcoin below $62,000.

Thanks to this respite, bitcoin closed the week above $65,000 (+4%), while Ethereum gained more than 7% over the same period. This second consecutive week of outperformance of ETH against BTC brought the ETH/BTC ratio to 0.0293, significantly moving away from its low point of 0.0264 recorded in June.

The structure of derivatives markets and investor behavior

Analysis of the internal structure of derivatives markets provides essential insight into understanding the exact nature of this increase. Unlike chaotic speculative bubble phases, perpetual funding rates have remained close to neutral despite recent price increases, and implied volatility has remained relatively contained. Thus, this indicates that the market is not disrupted by excessive leverage, which gives greater theoretical robustness to the current price structure.

In addition, the BIT report reveals a very distinct strategy depending on the typology of options stakeholders. Institutional players have clearly favored call options, which represent more than three-quarters of block transactions carried out on Ether. For their part, individual investors have mainly focused on investment strategies. call spreadsseeking exposure to upside potential while capping their entry cost and risks.

Ultimately, Ethereum’s reconquest of the 10% dominance threshold demonstrates a strategic and structured reallocation of liquidity rather than a wave of irrational euphoria. The neutrality of financing rates, coupled with the massive repositioning of institutional investors on derivatives and the accumulation of whales, lays a sound technical foundation. Although the lack of a single fundamental catalyst calls for caution, the firmness of the ETH/BTC ratio and strength in spot volumes indicate that Ether has a strong case to maintain its tactical leadership in the coming sessions.