Data & Insights: ETH ETF Inflow Records; Bitcoin Dominance Dump

Ultrasound Flows

• It seems like TradFi can’t get enough ETH as spot Ethereum ETFs went absolutely insane with a record 677K ETH of net inflows in just the last week alone, worth approximately $2.18 billion.
  • Following last week’s inflows, the on-chain holdings for spot Ethereum ETFs, measured in ETH based on known on-chain addresses, made a new all-time high of 5.15 million ETH.
  • Ethereum ETFs also saw record-high volumes, with $10.5 billion worth of volume for the week, which translates to an average of $2.1 billion per day.
  • Over 80% of last week’s inflows and nearly 70% of trading volume came from the iShares Ethereum Trust ETF (Ticker: ETHA)
  • With the rise in the price of ETH itself last week, the assets under management (AUM) of spot Ethereum ETFs also made a new all-time high of over $15.5 billion.
  • Speaking of price, ETH is up a whopping ~27% in the last week alone and over 52% in the month of July so far.
• ETH-treasury corporates, with Sharplink Gaming (SBET) leading the charge, have emerged as a second engine behind ETH’s rally.
  • At the time of writing, SBET holds ~280,706 ETH (~$840 million) after a burst of buys over the past 9 days, vaulting it past the Ethereum Foundation to become the single-largest corporate holder of ETH.
  • The company is able to do this via equity issuance, with an initial $1 billion shelf in May.
  • BitMine Immersion (BMNR) and Bit Digital (BTBT) are also following the same playbook. BMNR raised $250 million in late June and already warehoused ~163K ETH, while BTBT disclosed over 100K ETH after a $172 million raise and BTC divestiture.
  • SBET filed on 17 July to expand its at-the-market (ATM) program to $6 billion, pledging proceeds to fresh spot ETH purchases, with shareholders to hold a meeting on 24 July to vote on approving the program.

Going Bonkers

• LetsBonk, the BONK-backed Solana-based token launchpad, has maintained its momentum from prior weeks and continued to make record highs in every quantifiable metric.
  • There were a total of roughly 150K tokens launched on LetsBonk last week, representing a ~14% increase compared to the 132K tokens launched throughout the prior week.
  • This metric also made a new record with 26.6K tokens launched in a single day on Friday, 18 July.
  • This momentum has been at the expense of pump.fun, as LetsBonk’s market share in terms of tokens launched currently stands at roughly 64%, compared to just 5% a month ago.
  • On the other hand, pump.fun’s market share in this regard has fallen from over 90% to 24% in the same period.
• The exponential growth in tokens launched has not been an isolated metric either, as the number of token graduations on LetsBonk made record highs as well.
  • On Wednesday, 16 July, 282 tokens graduated from LetsBonk, 20% higher than its previous single-day record of 234 graduated tokens from the week prior.
  • LetsBonk has also been dominating the market share in terms of tokens graduated, as it stood at a whopping 79% compared to pump.fun’s 18% on Friday, 18 July.
• Trading volume on LetsBonk has also flipped pump.fun’s, with the former’s figures on Friday being ~$179 million compared to the latter’s $52 million.
  • For context, just a month prior, LetsBonk was averaging under $10 million per day in trading volume, while pump.fun was averaging nearly 15x that amount.
  • The heightened trading volume has led to a rise in fees generated, with over $8m generated by LetsBonk in just the last week alone.
  • Meanwhile, pump.fun generated approximately just half of that in the same period.
• pump.fun’s token launched on Monday, 14 July, following a public sale at a $4 billion valuation a couple of days prior.
  • It peaked at a $6.8 billion valuation roughly 36 hours after its launch and is sitting at a $4.4 billion valuation at the time of writing.
  • On the other hand, at the time of the PUMP token launch, BONK stood at a $2.25 billion valuation, rose to a $3.6 billion valuation mid-week, and is currently sitting at $3 billion.
  • It is worth noting that over the last 30 days, the valuation of BONK has risen by nearly 200%, making it one of the best-performing tokens in that time span.

Alt Szn

• Bitcoin dominance has experienced its second notable decline in three months, dropping to approximately 58% as major altcoins stage a coordinated rally.
• This mirrors a similar pattern observed in May, when dominance peaked around 62% before retreating to 59%, though the current decline appears more pronounced given Bitcoin's sustained consolidation around the $120,000 mark.
• The latest dominance shift has been headlined by Ethereum's remarkable surge, climbing from $2,500 to $3,500 over roughly 10 days. 
  • This rally demonstrates how concentrated moves in major altcoins can meaningfully impact market sentiment, even as Bitcoin maintains elevated price levels and continues to attract institutional flows through ETF products.
• The broader implications extend beyond individual asset performance, with the total cryptocurrency market capitalization reaching just under $4 trillion, a new all-time high. 
  • Altcoins have benefited from the heightened attention Bitcoin has garnered, leading investors to look farther down the risk curve at other coins that aim to catch up to Bitcoin's performance. 
• However, like we’ve mentioned before, altcoin rallies now feel far more siloed into individual sectors or coins, given the dramatically expanded universe of available tokens. 
  • The number of cryptocurrencies has continued growing substantially since earlier this year, creating an increasingly fragmented landscape where investor capital must be distributed across thousands of options. 
  • This proliferation suggests that while major altcoins like Ethereum may benefit from rotation dynamics, the broader altcoin (i.e., those outside of the top 100 by market cap) face heightened competition for attention and liquidity.
• The sustainability of this dominance shift will likely depend on whether leading altcoins can maintain momentum through fundamental developments rather than purely speculative flows.

Stablecoin GENIUSes

• The stablecoin sector achieved a landmark milestone this week as President Trump signed the GENIUS Act into law on July 18, establishing the first comprehensive federal framework for payment stablecoins in U.S. history. 
  • This regulatory clarity arrives as total stablecoin supply has topped $250 billion, with USDT and USDC commanding $226 billion of that market, underscoring the sector's growing systemic importance.
• The GENIUS Act introduces stringent operational requirements that could reshape the competitive landscape. 
  • The legislation restricts stablecoin issuance to federally or state-approved entities, mandates 1:1 reserve backing in safe assets, and enforces monthly transparency disclosures alongside annual audits. 
  • Notably, the framework prohibits interest payments on stablecoins and entirely excludes algorithmic variants, while guaranteeing redemption rights and prioritizing customer claims during bankruptcy proceedings.
• This regulatory framework represents both validation and potential consolidation for the industry. Established issuers like Circle and Tether, who already maintain substantial compliance infrastructure, are positioned to benefit from clearer operational guidelines and enhanced legitimacy in traditional financial markets. 
  • The stringent approval requirements may create barriers for new entrants while strengthening the market position of compliant incumbents.
• The Act's emphasis on anti-money laundering compliance and severe violation penalties signals the U.S. government's intent to integrate stablecoins into the broader financial regulatory structure. 
  • This development could accelerate institutional adoption while establishing a template for global stablecoin regulation, potentially cementing dollar-backed stablecoins' role as the dominant digital currency infrastructure worldwide.

USDC on HL

• USDC supply on Hyperliquid has experienced remarkable growth, more than doubling since the start of the year to reach $4.9 billion.
  This expansion reflects the increasing prominence of the decentralized perpetuals exchange, where USDC serves as the primary settlement currency for derivatives trading activity.
• Hyperliquid's trading momentum has been substantial, processing over $150 billion in volume during July 2025 alone. The platform's volume relative to Binance has climbed to 11.5%, demonstrating its growing position as the leading onchain perpetuals venue and highlighting how decentralized alternatives are capturing meaningful market share from centralized incumbents.
• The USDC inflow pattern suggests a notable shift in trader behavior, with large onchain deposits indicating that sophisticated market participants are increasingly comfortable holding positions and assets directly on the decentralized exchange. 
  • This represents a significant evolution from earlier DEX adoption patterns, where users typically maintained smaller balances due to smart contract risk concerns.
• Hyperliquid's market dominance within the onchain perpetuals space has reached 83%, establishing it as the clear leader in decentralized derivatives trading. 
  • This concentration reflects both the platform's technical execution capabilities and the network effects that emerge when liquidity consolidates around a single venue.
  • The sustained USDC growth on Hyperliquid underscores the broader maturation of DeFi infrastructure, where users are demonstrating confidence in keeping substantial capital deployed onchain for extended periods.
• This trend could signal a fundamental shift toward decentralized trading venues capturing an increasing share of crypto derivatives activity traditionally dominated by centralized exchanges.