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Bitcoin’s dominance crumbled to 60% as altcoins, supercharged by Ethereum’s explosive rally, seized the spotlight. With corporate treasuries loading up on $ETH and stablecoin regulations easing, the market’s risk appetite appears to be undergoing its most dramatic pivot this year.
- Ethereum surged 51% in July, outpacing Bitcoin and leading a broad altcoin rally driven by renewed risk appetite and corporate accumulation.
- Corporate $ETH holdings jumped 127% to 2.7 million $ETH, with firms like Bitmine and Sharplink surpassing the Ethereum Foundation’s reserves.
- Regulatory tailwinds, including the GENIUS Act for stablecoins, boosted sentiment as capital rotated into $ETH, $XRP, $DOGE, and $SUI.
According to a Binance Research report published August 6, July marked a historic shift in crypto market dynamics, one where altcoins, not Bitcoin (BTC), dictated the pace. Ethereum ($ETH) led the charge with a staggering 51% monthly gain, fueled by a 127% surge in corporate treasury holdings and a record 19-day streak of net inflows into spot $ETH ETFs.
Meanwhile, Bitcoin’s dominance slid to 60.6%, its lowest level since January, as capital rotated aggressively into $ETH, Ripple ($XRP), and even meme coins like Dogecoin ($DOGE). Binance researchers said the development came amid a rare convergence of regulatory tailwinds, including the passage of the GENIUS Act for stablecoins, and a macroeconomic landscape that suddenly favored risk assets.
The corporate $ETH gold rush and altcoin takeover
While spot $ETH ETFs captured headlines with their record 19-day inflow streak, a quieter but equally significant trend emerged: corporations are accumulating Ethereum at an unprecedented pace.
According to Binance Research, 24 new companies added $ETH to their balance sheets in July, bringing total corporate holdings to 2.7 million $ETH, a 127% monthly surge. Notably, firms like Bitmine and Sharplink now hold 625,000 and 438,200 $ETH respectively, eclipsing even the Ethereum Foundation’s reserves.
This isn’t passive speculation; companies are positioning around $ETH’s staking yields and its deflationary design. Since the Merge, over 1.6 million $ETH has been burned, and during periods of high network activity, issuance has consistently turned negative, making Ethereum one of the few yield-bearing, deflationary assets in digital markets.
The altcoin rally extended far beyond Ethereum. $XRP briefly notched new yearly highs before profit-taking set in, while $SUI’s 34.6% surge coincided with its DeFi ecosystem hitting $2.2B in TVL, a milestone that attracted corporate treasury plans. Even meme coins joined the party, with $DOGE rallying 30% after a treasury firm disclosed allocations.
This broad-based altcoin strength reflects more than speculative fervor. It signals a growing belief that regulatory clarity and Ethereum’s staking economy have fundamentally altered the risk-reward calculus.
Meanwhile, an unexpected corner of crypto mirrored Ethereum’s early growth: tokenized stocks. Excluding niche offerings like Exodus shares, the market cap for blue-chip tokenized equities exploded 220% to $53.6 million in July.
According to Binance researchers, on-chain addresses interacting with these assets ballooned from 1,600 to 90,000, a DeFi Summer-esque surge in participation. While still niche compared to traditional equities, the activity suggests a growing appetite for hybrid finance models, especially as projects like xStakes leverage Solana’s speed for European markets.