TechFlow news, July 28 — According to QCP Asia's latest market analysis report, Ethereum’s price surged strongly, approaching the $4,000 mark and reaching its highest level since last December. Spot ETH ETFs have seen inflows exceeding those of Bitcoin for seven consecutive days. With a market cap just one-fifth of Bitcoin’s, Ethereum is more sensitive to institutional capital flows.
Meanwhile, Bitcoin has demonstrated significant resilience. Despite long-term holders selling 80,000 BTC last Friday, the market swiftly absorbed the supply, with traders quickly buying the dip. Bitcoin’s market dominance remains stable around 60%, indicating sustained investor confidence in its role as a store of value, while also allowing major altcoins like Ethereum room to gain market share.
Short-term positioning in the market is relatively crowded. Open interest in perpetual contracts for Bitcoin and Ethereum has reached one-year highs of $45 billion and $28 billion respectively, with funding rates exceeding 15%. Options market liquidity suggests traders anticipate profit-taking around $4,000 for Ethereum and $120,000 for Bitcoin, though institutional investors may continue accumulating on dips.
