Ethereum leads major cryptocurrencies in weekly gains

Ethereum regained 10% market share, returning its dominant position strongly

Ethereum has just regained its dominant market position not seen in months. When the total market value of global cryptocurrencies once again exceeded the 10% threshold, the increase in the world's second-largest digital asset in the past week has exceeded that of other top ten crypto assets in the market value. This strong return has rekindled the market's expectations that it will enter a new round of gains, especially at first, it seemed that there were no major events that could directly explain this trend.

Quick overview of market dynamics

Ethereum's dominant position in the global cryptocurrency market has returned to more than 10%. The increase in the past week has been close to 9%, outperforming Bitcoin and the entire top ten assets by market capitalisation. BitMEX co-founder Arthur Hayes spent more than $2.5 million on Ethereum for the second time in a month. More than 75% of bulk derivatives transactions point to call options.

The spot market rallied strongly

Market data confirmed the significant acceleration in Ethereum's valuation, which currently stands at approximately US$233.2 billion. This rebound is consistent with the positive trend in the overall market, with the total market value of cryptocurrencies rising by nearly 2%, slightly exceeding US$2.34 trillion.

Analyst Markus Thielen pointed out in his analysis report that crossing the 10% market share threshold has important psychological significance. He further pointed out that historically, such a rebound in Ethereum's dominance is usually accompanied by a favorable buyer stage, but he also emphasized that there was no direct catalyst behind this rise in dominance. Within 24 hours, Ethereum recorded a gain of more than 4%, confirming several days of buying pressure.

On a weekly timescale, Ethereum leads the gains among the top ten cryptocurrencies by market capitalisation. Spot market indicators highlight this momentum: performance on the 7th: an increase of about 8.8%, and the price remained firmly above US$1900; performance on the 30th: a cumulative increase of more than 12%, significantly outperforming other assets in the market; Top Ten Asset Comparison: In the same weekly cycle, performance was significantly better than Ripple (+6%) and Bitcoin (+5.7%); trading volume: Daily trading volume increased significantly by more than 31% to US$11.6 billion.

Giant whale holdings and macro background

In addition to the price rise in the spot market, the trading trends of large investors also provide an explanation for this trend. BitMEX co-founder Arthur Hayes made another move and spent more than US$2.5 million to purchase 1,332.5 Ethereum, another similar operation following the first large-scale purchase of 1293 tokens on June 16. The direct investment from this key industry figure suggests that buyer interest in Ethereum is returning.

At the same time, the macroeconomic environment played a decisive supporting role. According to relevant analysis, after the release of U.S. inflation data, the market situation became clear, thus alleviating the difficult start caused by geopolitical tensions between the United States and Iran-which once pushed Bitcoin below $62000.

Benefiting from this respite, Bitcoin closed above $65000 (+4% weekly gain), while Ethereum gained more than 7% over the same period. This is the second consecutive week that Ethereum has outperformed Bitcoin, raising the ETH/BTC ratio to 0.0293, significantly away from the low of 0.0264 set in June.

Derivatives Market Structure and Investor Behavior

An analysis of the internal structure of the derivatives market provides an important perspective on understanding the exact nature of this rally. Unlike the chaotic speculative bubble stages, despite recent price increases, perpetual contract funding rates remain close to neutral levels and implied volatility remains relatively controllable. This shows that the market has not been disrupted by excessive leverage, which in theory gives the current price structure greater robustness.

In addition, relevant reports reveal differences in strategies adopted by options market participants based on different types. Institutional investors clearly favor call options, which account for more than three-quarters of Ethereum's block transactions. Retail investors, on the other hand, mainly prefer the "call spread" strategy, which aims to gain upside potential while controlling their entry costs and risks.

Overall, Ethereum's return to the 10% dominance threshold reflects more a strategic and structured reallocation of funds than an irrational wave of fanaticism. The neutrality of funding rates, coupled with the large-scale redistribution of institutional investors in the derivatives market and the increase in holdings of giant whales, have laid a healthy technical foundation for the market. Although the lack of a single fundamental catalyst calls for caution, the strength of the ETH/BTC ratio and strong spot trading volume suggest that Ethereum has good reasons to maintain its tactical lead in future trading sessions.