The Ethereum (ETH) spot ETF performed excellently in July, attracting widespread attention from the market. Data shows that there was only one day of net capital outflow throughout the month, with the rest of the time showing a continuous inflow of funds. The total monthly inflow reached $5.4 billion, and the total asset market capitalization of the ETF now accounts for 4.77% of ETH's market capitalization. This significant growth is mainly attributed to investments from BlackRock.

With a significant influx of capital, the price of ETH saw an increase of 53.08% in July, demonstrating a strong upward momentum. This phenomenon is not limited to the ETF sector; public companies have also begun to adopt similar strategies. For example, Sharplink purchased 239,301 ETH in July, bringing its total holdings to 438,190 ETH, seemingly intending to emulate MicroStrategy's investment model in the Bitcoin space.

However, with the implementation of the "Genius Act", the market seems to have absorbed these positive factors. By the end of July, this upward trend gradually slowed down, and after entering August, the market began to show divergence, with increasing differences in viewpoints between the bulls and bears.

In light of the current market conditions, investors should maintain a cautious attitude, closely monitor market trends, and wait for new favorable factors to emerge. The performance of the ETH spot ETF has undoubtedly injected new vitality into the cryptocurrency market, but its long-term impact remains to be further observed.