ETH's market share reached 12.8%, a new high this year.

Market data shows that ETH's market share reached 12.8%, a new high this year. This figure is driven by strong market expectations for the approval of an Ethereum spot ETF and the dual impact of ecosystem technology upgrades, and signs of a quiet shift in capital are becoming increasingly apparent.

Key Data Highlights

Key Breakthrough: ETH's market share climbed to 12.8%, its highest level since the beginning of 2025.

Strong Return: A significant jump from the 2024 low of approximately 8%, demonstrating rapid growth.

Value Support: With rising market share, ETH prices have stabilized above $3,400, with a monthly increase of over 10%.

In-depth Analysis of Three Core Driving Factors:

1. Spot ETF Expectations Ignite the Market: The US Securities and Exchange Commission's approval process for an Ethereum spot ETF has become the biggest catalyst for the market. Following the approval of the key 19b-4 filing in May, the market generally expects the final approval of the S-1 registration statement to be almost certain. High-profile investments by traditional financial giants such as BlackRock and Fidelity have instilled strong confidence in the market, and signs of institutional capital "rushing in" are becoming increasingly apparent.

2. Technological Upgrades Unleash Ecosystem Potential: The successful "Cancun" upgrade in March marked a key turning point in the development of the Ethereum ecosystem. Layer 2 network gas fees plummeted by over 70%, significantly improving user experience. This was followed by a comprehensive resurgence in on-chain activity: DeFi locked-in value returned to the $40 billion mark, NFT weekly trading volume exceeded $120 million, and the developer activity index increased by 15% month-over-month. Technological upgrades have effectively translated into a thriving ecosystem.

3. Market Sentiment and Capital Shifts: On-chain data reveals key changes: ETH reserves on exchanges fell to 18 million, an 18-month low, suggesting a strong tendency to hoard ETH. The ETH/BTC exchange rate premium in the futures market continues to widen, reflecting that investors' short-term expectations for Ethereum have surpassed Bitcoin. Meanwhile, stablecoins have poured into the Ethereum ecosystem, with a weekly net inflow exceeding $500 million, providing solid support for prices.

Future Outlook: The Door to Traditional Finance Is About to Open

If the Ethereum spot ETF is approved as expected, it will mark the official opening of a compliant channel for traditional capital to enter the ETH market. Analysts predict initial inflows could reach $5-10 billion. Bloomberg ETF experts noted: "ETH spot ETFs will transform the crypto market landscape and could trigger a new wave of institutional investment similar to the Bitcoin ETF approval."

Risk Warning!

Despite the market's enthusiasm, investors should remain vigilant to potential risks: the timing of the SEC's final approval remains uncertain; the cryptocurrency market's inherent high volatility remains unchanged; and changes in the macro-financial environment may affect capital flows.