PANews reported on July 21 that analysts at Wall Street brokerage firm Bernstein said that Ethereum is attracting strong attention from institutional investors, and asset management companies such as BlackRock are expected to promote the allocation of ETH in institutional portfolios. At the same time, banks and fintech companies will also purchase ETH to pay transaction fees.

Last week, the single-day net inflow of the spot Ethereum ETF hit a record high of $727 million. Analysts believe that this rally is more a reflection of the blockchain financial services cycle rather than the traditional cryptocurrency bull-bear cycle.