Thetanuts Finance
Thetanuts Finance
BTC-1.38%
SOL+1.99%
ETH-0.18%
STETH-0.15%
SUI+0.09%
XRP-0.31%
LTC-2.06%
đŸ§” July has been a crazy month for the crypto markets, especially ETH. Let’s explore why this cycle is looking very different. 👇
1/ In July alone, $ETH surged nearly +60%, massively outperforming $BTC, which rose only ~10%. The sentiment has flipped—what was once crypto’s underperformer is now being hailed as the alpha asset by many X-native investors.
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2/ 📈 Why is ETH pumping? Let’s unpack the bullish vs bearish macro drivers at play right now. Bullish tailwinds: -Weaker USD → strong equities, gold & BTC -Regulatory clarity via GENIUS & CLARITY Acts -Rate cut possible in Sept -US-EU trade deal optimism -Spot ETF approvals looming -$ETH perps OI surged from <$18B → >$28B -Corporate treasury accumulation
3/ And don’t forget geopolitics: -Escalating tensions (Israel-Iran, Russia-Ukraine) have historically been positive for BTC & crypto. -$BTC dominance is falling → increased interest in alts, especially $ETH.
4/ Bearish pressures: -June CPI hints at tariff-driven inflation → rate cuts may slow in 2026 -Tariffs might not be fully priced in yet -Powell stepping down = short-term relief, long-term inflation uncertainty
5/ What’s next for ETH? With the Fed likely to keep rates flat in July, we could see a short-term cool-off or choppy sideways action. 📉 In this case, shorting an ETH straddle could be a way to capture yield via theta decay.
6/ But—don’t count out the bulls. A break above $4,000 could trigger a short squeeze, especially with elevated ETH short interest. 🟱 If that happens, longing short-dated ETH calls could be the better move to capture upside.
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7/ 🌐 Zooming out: With a rate-cutting environment expected in 2026, many believe the medium- to long-term trend is still up. This makes long-dated ETH calls an attractive way to position for broader macro tailwinds.
8/ đŸ”„ Many are even calling for a new altcoin season—but this time, focused on fundamentals rather than hype. No more "rising tides lift all boats"—we’re seeing a rotation into real utility.
9/ 👔 Institutions are here—and they’re not playing small. -ETFs for staked ETH, SOL, LTC, XRP, SUI, etc. -Corporate treasuries stacking $SOL & $ETH -Upexi now holds 1.8M SOL (~$367M) -GameSquare: $52M in $ETH + a CryptoPunk treasury anchor
10/ Galaxy’s Steve Kurz calls this "Phase One" of corporate crypto adoption. But we should also be mindful of systemic risks—most corp buys happened at higher levels, unlike MicroStrategy’s early $BTC entries.
11/ 👀 Meanwhile, ETH unstaking has drawn attention
 350K $ETH ($1.3B) in exit queue raised alarms. But some point out that entry queues are even higher, signaling continued staking demand.
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12/ There was also a stETH depeg scare, triggered by a trader’s withdrawal from Aave → borrow rates spiked from 3% → 18%. This didn’t crash ETH, but it’s a reminder: → CeFi and DeFi are now tightly linked → Systemic risk is real in a world of staked spot ETFs
13/ 🚹 The TL;DR? -$ETH is outperforming -Macro + regulatory + ETF flows = big tailwinds -Short-term could get choppy -Long-term still bullish -Institutions are deep in the game now Keep watching the $4K level 👀
14/ If ETH breaks out, altcoin season could kick off for real. Not all tokens will run—but the ones with fundamentals might moon. 🌕
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