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Has the curtain been lifted on the bull run in the crypto world?
The price of Bitcoin today surpassed 870,000 yuan, and its total market value rose to about 238.416 billion USD; the price of Ethereum crossed the 30,000 yuan mark, and its market value exceeded 500 billion USD. The recent continuous strength of these two major crypto currencies not only signals an increase in market confidence but also reflects investors' recognition of the value and potential of cryptocurrency as an asset class—more and more funds are rapidly flowing into this field.
Historically, institutional entry has often been a key driving force in the market. This time, the simultaneous rise of the two giants may not be unrelated to the continuous injection of institutional funds. For example, there are reports that Harvard Management Company made a significant increase in holdings of products tracking the value of gold and bitcoin in the second quarter of 2025.
The overall advancement of the cryptocurrency industry further supports the market enthusiasm from the ground up: technological innovations and the expansion of application scenarios continue to deepen, while the regulatory environment is gradually improving. Taking the United States as an example, the stablecoin federal regulatory framework bill officially signed on July 18th establishes federal-level regulations for this field for the first time, which not only enhances market trust in stablecoins and underlying public chains but also injects certainty into the entire crypto market.
The current growth momentum of the market is continuously accumulating: on one hand, institutional interest and capital inflows are steadily increasing, with BlackRock's Bitcoin ETF asset management scale expanding steadily and substantial capital inflows into the Ethereum ETF, providing solid financial support for the market; on the other hand, technological upgrades of Ethereum and other iterative breakthroughs are continuously broadening the application boundaries of cryptocurrencies; in addition, positive signals from policy are also worth looking forward to, such as the crypto-friendly policies that the Trump administration may introduce, which are expected to open up new growth spaces for the market.