Ethereum (ETH) recorded the highest growth rate last week, backed by new US cryptocurrency legislation. As market-wide funds shifted to Ethereum, the ETH ratio against Bitcoin (BTC) surged by 27%, while Bitcoin dominance dropped by 6%. Bitwise analysts evaluated this trend as a "decisive turning point", analyzing that Ethereum is now emerging as a core infrastructure in tokenization and stablecoin sectors.
Bitwise analysts Ayush Tripathi and André Dragosch stated in a recent report that ETH's surge supports their existing forecast that "the value gap with Bitcoin is narrowing". They added that expectations for an Ethereum deposit-type ETF are growing, with anticipated institutional fund inflows of $20-30 billion (approximately 27.8-41.7 trillion won) annually.
The new legislative environment is also helping Ethereum's growth. The US Congress recently passed the Genius Act and Clarity Act with bipartisan consensus, which were formally enacted into law last week after President Biden's signature. These measures provide clear standards for cryptocurrency regulation and are evaluated as establishing a foundation for institutions to enter the Ethereum-based ecosystem.
According to data, the Ethereum network currently occupies 50% of the stablecoin market, and on July 22nd, the total supply of network-based stablecoins exceeded $140 billion (approximately 194.6 trillion won), setting a new record. This represents nearly a twofold increase in supply compared to the early 2024 low point. Additionally, 55% of tokenized asset value is occurring on Ethereum, serving as a major foundation.
Bitwise emphasized based on these figures that legislative clarity will promote more capital inflow and product innovation in the ETH-based ecosystem. This implies Ethereum's potential to expand its role as a platform in future stablecoin and digital asset securitization sectors.
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