The crypto market is迎来重要转折点: regulatory clarity and institutional布局 of Ethereum.

1. Changes in Market Landscape

Recently, the crypto market has welcomed two major catalysts: Washington's legislative push during the "Cryptocurrency Week" and the intensive emergence of Ethereum institutional layouts. This marks the formation of the crypto industry's "policy inflection point" and "funding inflection point" in the second half of 2025. The deeper logic of the industry is shifting from Bitcoin to Ethereum, stablecoins, and on-chain financial infrastructure.

The clarification of U.S. policies and the institutional expansion of Ethereum indicate that the crypto industry is entering a structural positive phase. The market focus should gradually transition from "price speculation" to capturing the institutional dividends of "rules and infrastructure."

2. Legislative Progress on the U.S. "Crypto Week"

In July 2025, the U.S. Congress will launch the first "crypto week," systematically advancing the comprehensive governance of crypto assets. This is an important signal of the United States' attempt to take a leading position in a new round of competition in financial infrastructure.

The "GENIUS Act" establishes a complete regulatory framework for stablecoins, covering key elements such as custody, auditing, and asset reserves. This will incorporate stablecoins into the U.S. sovereign legal structure for the first time, bringing a systemic "assurance" to the industry.

The "CLARITY Act" focuses on the classification of the securities and commodities attributes of crypto assets, clarifying the regulatory boundaries between the SEC and CFTC. This will end the long-standing regulatory gray area for crypto assets and provide market participants with predictable legal grounds.

The "Anti-CBDC Surveillance State Act" prohibits the Federal Reserve from issuing central bank digital currency, reflecting the United States' emphasis on financial privacy and market freedom. This also sends a signal: the U.S. will support a market-driven, technology-neutral crypto asset ecosystem.

The core demands of these bills have shifted from "restriction" to "guidance". The following impacts are expected:

1. Institutional investors' compliance concerns have decreased, allowing pension funds and others to legally allocate crypto assets.

2. Stablecoins have received policy confirmation as the "on-chain dollar", significantly expanding application scenarios.

3. Compliant exchanges and custodial banks receive policy endorsement, reshaping the trust structure of the global crypto market.

4. The United States injects institutional legitimacy into stablecoins through regulation, competing for discourse power in the global financial network.

This round of legislation is not only a reassessment of the valuation logic of crypto assets but also an institutional confirmation of the technological trend. The certainty of rules will gradually transform into the certainty of valuation, and compliant assets will become the core beneficiaries of the next round of structural re-evaluation.

III. Ethereum Institutional Layout Accelerates

Recently, the price of Ethereum has rebounded strongly, behind which is a new round of "capital arms race" surrounding ETH. From Wall Street financial giants increasing their positions through ETFs to publicly listed companies adding ETH to their balance sheets, Ethereum is undergoing a profound restructuring of its market structure.

Since the launch of the ETF, the cumulative net inflow of the Ethereum spot ETF has reached 5.76 billion USD, accounting for nearly 4% of the market value. In the past two months, the inflow of funds has significantly accelerated, with several ETF products experiencing monthly net inflows exceeding 1 billion USD. Traditional financial institutions such as Bitwise, ARK, and BlackRock have clearly increased their holdings.

More symbolically, the wave of listed companies "strategic reserve Ethereum" has emerged. Several companies, including SharpLink Gaming and Siebert Financial, have incorporated ETH into their balance sheets, marking the transition of ETH from a "speculative asset" to a "strategic reserve asset." SharpLink's total holding of ETH has exceeded 280,000 coins, surpassing the Ethereum Foundation, making it the largest single institutional holder of ETH in the world.

Institutional participation can be divided into two camps: one is represented by SharpLink, the "Ethereum native camp," which gathers early ecosystem participants; the other is represented by BitMine, the "Wall Street approach," which replicates the Bitcoin reserve logic. This north-south pincer style of building positions has shifted the ETH value anchor towards an institutionalized, long-term mainstream capital framework.

This trend not only affects prices but may also reshape the governance and ecological dominance of the Ethereum network. In the future, if companies with significant holdings of ETH continue to expand their positions, their potential influence on the direction of Ethereum's development cannot be ignored.

It is worth noting that Ethereum has not yet seen a "thought leader" like Michael Saylor to strengthen its recognition. However, Vitalik Buterin and the Ethereum Foundation have recently been vocal, emphasizing technological resilience, security mechanisms, and decentralization principles, aiming to embrace institutional capital while avoiding governance being controlled by a single force.

Overall, ETH is undergoing a comprehensive change in its capital structure: moving from a market dominated by retail investors to an institutional market structure driven by ETFs, listed companies, and institutional nodes. This will not only reshape the price center of ETH but may also alter the governance structure and development pace of the Ethereum ecosystem.

IV. Market Strategy Outlook

The current crypto market presents a "large-cap platform fluctuation + mid-cap rotation attack" structure. ETH and high-quality application chain assets have become the most valuable direction for speculation after Bitcoin. The market strategy suggestions are as follows:

1. BTC allocation for reserves, not a main focus: core holdings remain unchanged, but it is not advisable to continue chasing highs, pay attention to potential policy or macro risks.

2. ETH as a core rotation configuration: technical repair + strengthening institutional narrative, suitable for medium-term allocation. If ETF funds accelerate inflow, there may be further upside potential.

3. Pay attention to mid-to-high quality public chains and modular protocols: Chains with technological innovation, strong ecological foundation, and capital support such as SOL, TON, Tanssi, Base, Celestia( have the potential for sustained growth.

4. Layout of Emerging Narratives: Focus on early targets in DePIN, RWA, AI chains, and ZK directions. These areas are in the funding pre-positioning stage and may become the core of the next round of rotation.

Overall, the market has transitioned from a single asset-driven phase to a structural rotation stage. The main upward wave of BTC has temporarily paused, 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, one should abandon the "chasing high leaders" mentality and shift towards a medium-term trend layout of "valuation rebalancing + narrative diffusion."

![Huobi Growth Academy|Crypto Market Macro Research Report: The "Cryptocurrency Week" in the United States is Coming, ETH Starts Institutional Arms Race Peak])https://img-cdn.gateio.im/webp-social/moments-3e2ab3184e9e5b900dd925e7d40e12f0.webp(

V. Conclusion

The advancement of legislation for the "Cryptocurrency Week" in the United States and the acceleration of institutional layout for Ethereum mark that the crypto market is entering an institutional cycle. This development pattern will reshape investment logic, leading the market into a new normal of "technology-driven + capital rationality + regulatory support."

The institutional cycle does not mean that market volatility disappears, but rather that volatility will become more endogenous and predictable. Investors need to pay more attention to fundamentals and policy tracking. At the same time, the governance mechanisms of the market and the game between decentralized and centralized forces will also become important variables driving ecological evolution.

Overall, the crypto market is transitioning from a phase of "barbaric growth" to "rational development." This not only enhances the investment value of assets, but also promotes the overall upgrade of the industry ecosystem. Investors should seize institutional dividends and the growth opportunities of core assets, actively lay out positions in Ethereum and quality application chains, and embrace a healthier and more sustainable new era of encryption.