Bitcoin has been trading at the same price level as last week, at $11,800 (1,760,000 yen).

Looking at the price, it seems the price is converging within a range-bound market.

Regarding last week's weekly inflows into Bitcoin ETFs, it is said to be $72 million, which is the lowest inflow since the start of June.

There was also news that Galaxy Digital sold as much as 80,000 BTC, which gave a sense that the price rise has paused. However, even with news of selling, it is remarkable that it is still maintaining near its all-time high levels.

As for Ethereum, the price has risen to the brink of reaching $4,000. The monthly increase rate reaches about 50%.

Ethereum ETF net inflows reached $1.8 billion, making it the second-highest week on record.

Regarding Ethereum price forecasts, there is an impression that bullish forecasts are increasing toward the end of the year.

Recently, currencies such as ETH, BNB, ENA, and SUI show strong momentum.

Also, regarding ETFs, President Trump’s Bitcoin ETF and Solana ETF have been postponed to September and October.

Regarding Trump’s Bitcoin ETF, I feel it may be difficult to approve due to conflicts of interest.

Arthur Hayes, co-founder of BitMEX, a global crypto exchange, expresses the view that Ethereum (ETH) could reach $10,000 (about 1.46 million yen) by the end of 2025.

Hayes describes a new model of credit expansion through commercial bank lending backed by government guarantees, in contrast to traditional central bank quantitative easing (QE). He calls this “QE for Poor People,” where the government guarantees purchases in certain industrial sectors to support lending by commercial banks, resulting in private-led credit expansion and economic growth.

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Here, it explains economic expansion through bank lending rather than rate cuts.

In addition, Hayes cites factors such as inflows into stablecoins supporting U.S. Treasuries, inflation from dollar money creation, and cryptocurrency investments in retirement pension systems as ignition points for a bubble.

◯ Ethereum Corporate Reserves

One of the recent factors behind Ethereum’s surge is the practice of corporate reserves holding Ethereum as part of their financial strategy. It has become clear that these companies are largely composed of four players.

Bitmine, SharpLink Gaming, Ethermine, and BitDigital are the four companies.

Unlike Bitcoin's dominance by MicroStrategy, it seems there is competition among them. Among these, Sharp Gaming is reportedly staking the ETH they hold and has already earned 222 ETH in staking rewards. This is a unique Ethereum-era operation. In terms of return, it is around 8–12%. Normally staking yields only 3–4%, so it’s hard to achieve this level of return. I’m curious how exactly they are managing their operations.

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(This article has been distributed since 2016.)

Cryptocurrency Market Analysis [July 29]