The adoption of the GENIUS Act and demand for Ethereum from major corporations are acting as catalysts for the cryptocurrency’s continued growth, according to analysts at Bernstein, reports The Block.
On July 18, U.S. President Donald Trump signed the GENIUS Act. The law sets regulatory requirements for the stablecoin segment. Experts believe this will strengthen Ethereum’s position as the primary blockchain for stablecoins.
“This is not a typical cycle of booms and busts in the crypto market, but a stage in the development of financial services on the blockchain,” Bernstein emphasized.
According to CoinGecko, ETH has appreciated by 45% over the past two weeks. At the time of writing, the altcoin is trading at $3817.
According to SoSoValue, last week saw $2.18 billion flow into spot Ethereum ETFs—a record high for these instruments.
Interest in the asset is confirmed by data from QCP Asia: open interest in perpetual futures based on the altcoin rose from $18 billion to $28 billion in seven days. Meanwhile, its market share increased from 9.7% to 11.6%—for comparison, Bitcoin’s dominance fell from 64% to 60%.
The options market also signals bullish sentiment: demand for Ethereum call options with expirations in September and December is growing.
Major Players Accumulate ETH
Analysts at QCP Asia also noted that public companies continue to actively accumulate Ethereum. Last week, several firms announced purchases of the second-largest cryptocurrency by market capitalization or raised funds for this purpose.
On July 18, Nasdaq-listed SharpLink Gaming acquired 18,712 ETH through Galaxy Digital and 14,180 ETH through Coinbase Prime. According to Strategic ETH Reserve, this makes it the second-largest holder of Ethereum.
On the same day, miner Bit Digital increased its reserve to 120,306 ETH. The firm issued shares worth $67.3 million to purchase 19,683 ETH (~$440 million at the current rate).
On July 21, The Ether Machine, Inc., which provides public investors access to altcoin yields, announced its listing on Nasdaq. The company raised $1.5 billion.
Commemorative NFT for the Decade
On July 30, Ethereum will celebrate the 10th anniversary of its mainnet launch. To mark the occasion, developers will present a commemorative NFT in the form of a torch, which will be “passed” among community members for 10 days leading up to the date. Afterward, anyone will be able to create the token.
0/ The Ethereum Torch is now lit.
The Torch is an NFT honoring the people and values that have shaped Ethereum’s first decade and will help build its future.
It will be symbolically passed from wallet to wallet in the 10 days leading up to Ethereum’s 10 year anniversary. pic.twitter.com/nEIY8JOIna
— Ethereum (@ethereum) July 20, 2025
The first holder of the torch was Ethereum co-founder Joseph Lubin. Local communities worldwide are preparing offline events for the celebration.
In July, developers finalized the timeline for the Fusaka hard fork.