Ethereum hits highest level since 2021 on regulatory clarity and institutional inflows
Daily top performer — LayerZero (ZRO)
The S&P 500 rose 2.43% last week on strong earnings, resilient sentiment, and rising Fed rate cut expectations ahead of key inflation data and the Jackson Hole symposium. Gold slipped to around $3,390 as a stronger USD and risk-on sentiment weighed, though support comes from rising Fed rate cut bets and the PBOC’s ninth consecutive month of gold purchases. CoinDesk Indices, which track the broader crypto market, rose 1.43% in the past 24 hours, while Bitcoin and Ether up 1.63% and 1.77%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.
Today’s top performer is ZRO, up 27.0% after LayerZero proposed a $110M Stargate acquisition to deepen ecosystem integration and expand its product offerings.
LayerZero (ZRO), launched in 2021, is a cross-chain interoperability protocol enabling secure blockchain communication. It has raised $260M+ and reached a $3B valuation. Supporting 48 blockchains, its V2 upgrade enhances security and programmability. Its first DApp, Stargate Finance, enables seamless cross-chain transfers. LayerZero Foundation has proposed a $110M acquisition of Stargate (STG), offering $0.1675 per token via a swap of 1 STG for 0.08634 ZRO. If approved, Stargate’s DAO will be dissolved, excess revenue will fund ZRO buybacks, and Stargate will be further integrated into the LayerZero ecosystem with expanded consumer-facing products. The proposal is open for a 7-day discussion, followed by a 3-day vote requiring 70% approval and 1.2M veSTG quorum.
Check out the latest prices, charts, and data of ZROUSDT perp and ZRO/USDT spot contracts!
Talk of the town
Ethereum surged above $4,300, its highest since late 2021, driven by a weaker dollar, rising Fed rate cut expectations, and clearer US crypto policy. Regulatory clarity on liquid staking, stablecoin accounting, and 401(k) crypto allocations has boosted institutional interest, while ETF inflows, corporate treasury purchases, and steady exchange outflows support reduced sell pressure. Ethereum is outperforming Bitcoin as investors rotate into ETH amid favorable macro and regulatory tailwinds.
Check out the latest prices, charts, and data of ETHUSDT perp and ETH/USDT spot
Bitcoin spot ETF flows
Date | GBTC (M USD) | Non-GBTC (M USD) | Total (M USD) |
04 August 2025 | (9.9) | (313.6) | (323.5) |
05 August 2025 | (19.7) | (176.5) | (196.2) |
06 August 2025 | 14.5 | 77.1 | 91.6 |
07 August 2025 | 18.5 | 258.9 | 277.4 |
08 August 2025 | 0.0 | 403.9 | 403.9 |
Total (weekly) | 3.4 | 249.8 | 253.2 |
Current Total (from inception): | (23,708) | 78,116 | 54,408 |
BTC spot ETFs saw $253.2M in net inflows for the week ending Aug 8, 2025, with Non-GBTC funds contributing $249.8M and GBTC adding $3.4M. Cumulative flows since inception stand at –$23.71B for GBTC and +$78.12B for Non-GBTC, totaling +$54.41B.
Check out the latest prices, charts, and data of BTCUSDT perp and BTC/USDT spot contracts!
Airdrop to watch
Irys has launched its official testnet activity platform, integrated into the main website with a UI designed by the core team. Users can connect an EVM wallet, deposit a small amount of IRYS testnet tokens, and start playing—currently with a Snake game live and 2–3 new games or products planned each week. While the focus is on showcasing Irys testnet games for now, the platform aims to evolve into a hub for builders to feature their own native testnet applications.