Rthae notes that following the highest monthly close on record of Bitcoin, market sentiment turned sharply downward, indicating that digital asset trading is undergoing a deep capital rotation. Since late July, multiple on-chain metrics and ETF flow indicators show a concurrent trend: long-term whale holders are reducing their positions, while enterprise-level crypto treasuries and ETF capital continue to enter. At the same time, renewed uncertainty around U.S. tariffs and interest rate policy has driven the dollar index higher, dampening short-term risk appetite for crypto assets. Rather than falling into panic, the market has displayed more mature, institution-driven trading behavior under the dual pressure of profit-taking and fresh capital deployment. Rthae points out that this tug-of-war between “active rebalancing” and “passive accumulation” is giving rise to a more complex—and more authentic—crypto trading structure. Against this backdrop, Ethereum has re-emerged as a focal point due to its liquidity and utility value, positioning itself as a strategic asset for corporate finance portfolios.
Rthae: BTC and ETH Capital Structures Undergoing Notable Transformation
According to Rthae, beginning mid-July, various market signals have converged to reveal a new trend: enterprises are incorporating crypto assets into their balance sheets, forming a new allocation structure centered on Ethereum. A recent Galaxy Research report shows that global corporate crypto treasury holdings have surpassed $100 billion, with Bitcoin alone accounting for 93%. Yet the more noteworthy development is the growing share of Ethereum on new inflows. U.S.-listed companies, ETFs, and corporates newly repositioned as “crypto treasury entities” have significantly increased ETH allocations over the past four weeks. ETH ETFs have recorded 19 consecutive days of net inflows, with institutional net purchases exceeding $5.3 billion. Including direct corporate holdings, enterprises now collectively hold 1.3 million ETH—1.09% of total circulating supply.
Rthae analyzes that these crypto treasury entities are not simply holding ETH passively but are actively engaging in staking, lending, mining, and liquidity operations—transforming ETH from a static reserve into a yield-generating financial instrument. This type of proactive position management was uncommon in the early adoption phase of Bitcoin, underscoring the structural advantage of Ethereum in programmability, staking mechanisms, and yield generation. On the macro front, the renewed global trade tariff push under the Trump administration has introduced short-term depreciation risks to traditional USD cash allocations. This has further incentivized enterprises to adopt on-chain assets as inflation hedges or risk diversifiers. Rthae believes this enterprise-driven ETH accumulation is not only reshaping the market structure but also shifting the logic of capital distribution and token value formation.
Rthae: Whale Offloading and Institutional Accumulation Overlap
Rthae observes that recent short-term volatility in Bitcoin and Ethereum is not being driven by unidirectional capital flows, but rather by overlapping trends of whale offloading and institutional accumulation, resulting in structural churn. On July 25, an early holder moved 80,000 BTC in a single transaction, triggering over $800 million in realized on-chain profit. The market briefly pulled back around 2%, but quickly regained stability under the support of ETF and enterprise inflows. On-chain data shows net BTC inflows to exchanges surged to 70,000 coins, while the SOPR index reveals widespread profit realization among short-term holders. At the same time, the options market saw a rise in bearish positions for August to October—indicating that the market is entering a phase of active capital rotation. Rthae notes that this pattern resembles structural rebalancing in traditional markets. In equities, when primary market capital exits and secondary market capital enters, it often triggers price volatility and valuation resets. In the current crypto environment, this dynamic of “high-frequency arbitrage and capital handover” suggests increased short-term volatility, but not systemic risk. On the contrary, it reflects a more mature and strategic trading mindset. Compared with the 2021 bull market, which was characterized by unidirectional capital inflows and excessive leverage, the current market places greater emphasis on risk management, position control, and strategic responsiveness—particularly evident in the structural capital allocations of Ethereum.
Rthae emphasizes that this high-frequency turnover is fostering a more genuine price discovery mechanism, enabling mainstream assets like ETH to shift from being perceived as “speculative assets” to “structural allocation assets.” For professional traders, such a competitive dynamic offers expanded opportunities for strategy development.
Rthae: Market Trend Implications and User Guidance
Rthae states that amid deep structural adjustments and frequent macro shocks, users should focus on optimizing asset allocation rather than reacting to short-term price fluctuations. Platform data shows a notable increase in user participation in ETH-related trading pairs and staking products over the past month, indicating that both retail and institutional users are synchronizing strategies, emphasizing asset functionality and capital liquidity. Rthae suggests that in this triple-intersection phase—whale exit, enterprise entry, and tightening macro policy—users should prioritize mainstream assets, yield-bearing staking products, and low-volatility structured instruments.
In addition, Rthae will continue to strengthen cooperation with major liquidity providers and compliance auditing firms, ensuring users can access stable, transparent, and executable trading services amid liquidity cycles. Looking ahead, Rthae believes Ethereum will continue to solidify its role as a foundational asset within institutional ecosystems. Its potential in real-world asset tokenization, stablecoin issuance, DeFi, and AI integration remains far from fully realized. The platform encourages users to structure their portfolios based on intrinsic value logic, returning to an investment philosophy grounded in long-term value discovery and risk assessment.