Tanssi Network price

1. Preamble This week, the crypto market ushered in two blockbuster catalysts - the legislative offensive of Washington's "Cryptocurrency Week" and the intensive outbreak of Ethereum's institutional layout, which together constitute a "policy inflection point" and "capital inflection point" for the crypto industry in the second half of 2025. The deep logic of this round of crypto cycle is shifting from Bitcoin to Ethereum, stablecoins and on-chain financial infrastructure. We believe that the clarification of US policies + the institutional expansion of Ethereum marks that the crypto industry is entering a stage of structural positivity, and the focus of market allocation should gradually shift from "price game" to "institutional dividend capture of rules + infrastructure". 2. US "Cryptocurrency Week": Three major bills release signals that compliant assets will face revaluation In July 2025, the U.S. Congress officially launched "Crypto Week", which is the first time in U.S. history that comprehensive governance of crypto assets has been systematically promoted in the form of a legislative agenda. In the context of the current drastic changes in the global digital financial landscape and the continuous challenge of traditional regulatory models, the proposal of this series of bills is not only a response to market risks, but also a signal that the United States is trying to dominate the next round of financial infrastructure competition. The most landmark is the GENIUS Act, which establishes a comprehensive regulatory framework for stablecoins, covering key elements such as custody requirements, audit disclosures, asset reserves, and liquidation processes. This means that the stablecoin system, which has long been free from traditional financial regulation and relies on "market trust", will be included in the sovereign legal structure of the United States for the first time. The high vote in the Senate (68 votes in favor, 30 against) also shows the bill's strong bipartisan support base, which can be called an institutional "reassurance" for the entire crypto industry. Once passed by the House of Representatives and sent to the president for signature, the bill will officially take effect, marking that the United States will become the first major economy in the world to establish a unified financial regulatory framework for stablecoins. Another key bill, the CLARITY Act, focuses on the division of securities and commodity attributes of crypto assets. Its core intention is to clarify "what crypto assets are securities and which are not" and to clarify the regulatory boundaries between the SEC and the CFTC. Over the past few years, controversies over whether to recognize tokens such as ETH and SOL as securities have led to a large number of companies and project parties moving out of the US market. If successfully passed, the bill will end the long-term unresolved state of the "regulatory gray area" of crypto assets, provide a predictable legal basis for project parties, exchanges and fund managers, and greatly release the vitality of compliance innovation. More politically symbolic is the Anti-CBDC Surveillance Nation Act. The bill prohibits the Federal Reserve from issuing central bank digital currencies (CBDCs), preventing governments from establishing real-time monitoring capabilities for individual financial activities through the digital dollar architecture. Although the bill has not yet been passed by the Senate, it reflects the importance that the U.S. Congress attaches to financial privacy and market freedom. It actually sends another signal: the United States does not intend to lead digital financial change in a state-monopolistic way, but chooses to support a market-driven, technology-neutral, open and interconnected crypto asset ecosystem. On the whole, these three bills jointly point to "promoting innovation through rules" in terms of direction, and emphasize "clarifying boundaries and reducing uncertainty" in terms of means, and their core demands are no longer "restrictions" but "guidance". Once the legislation enters the implementation phase, several direct consequences are expected: first, the barriers to large-scale entry by institutional investors due to compliance risk concerns will be gradually lifted, including pension funds, sovereign wealth funds and insurance companies will be able to legally deploy crypto positions; Secondly, the role of stablecoins as the "on-chain dollar" will be confirmed by policy, and their use efficiency in cross-border settlement, decentralized finance, and RWA scenarios will be exponentially amplified. Third, compliant exchanges and custodian banks will receive policy endorsements to reshape the trust structure of the global crypto market. On a deeper level, this series of legislation is a strategic response to the new round of reshaping of the financial order in the United States. Just as the U.S. dollar relied on the Bretton Woods system to become the global settlement currency after World War II, stablecoins are becoming a carrier for the digital expansion of the dollar's influence, and the U.S. Congress is trying to inject institutional legitimacy into it through regulatory means. This is a game of financial geopolitical power layout and a direct response to China's central bank digital currency (e-CNY) and the EU's MiCA regulatory framework. Whoever takes the lead in completing the construction of the regulatory system will set standards and have a say in the future global financial network. Therefore, "Cryptocurrency Week" is not only a moment for the market to re-evaluate the valuation logic of crypto assets, but also an institutional confirmation of the policy on technological trends. This institutional pricing signal will inject a more stable expectation anchor into the market, and also provide investors with a path to identify "regulable and sustainable" assets. We believe that this rule certainty will gradually translate into valuation certainty, and compliant assets, especially stablecoins, ETH, and their surrounding infrastructure, will be the core beneficiaries of the next round of structural revaluation. 3. ETH institutional arms race: ETF entry, pledge mechanism transformation, and asset structure upgrade go hand in hand Recently, with the strong rebound of ETH prices, market confidence has gradually recovered, and behind this, a new round of "capital arms race" around Ethereum has quietly begun. From Wall Street financial giants continuing to increase their positions through ETF channels to more and more listed companies including ETH in their balance sheets, Ethereum is undergoing a deep market restructuring. This not only means that traditional capital has entered a new stage of recognition of ETH, but also marks that Ethereum is accelerating its evolution from a decentralized asset with high volatility and high technical threshold to a mainstream financial asset with institutional-level allocation logic. Since its official launch in July 2024, the Ethereum spot ETF has been seen as an important catalyst for ETH's price breakout, but the actual performance has disappointed the market. The combination of negative factors such as the decline in the ETH/BTC exchange rate, low prices, and the continuous reduction of the foundation's holdings has caused ETH to not release upward momentum immediately after the ETF is listed, but to fall into a deep correction. Especially against the backdrop of the success of Bitcoin ETFs, ETH seems quite lonely. However, in mid-2025, this situation began to quietly reverse. Judging from on-chain data and ETF fund inflows, ETH's institutional accumulation process is being carried out in a low-key and firm manner. According to SoSoValue statistics, since the launch of the ETF, the Ethereum spot ETF has attracted a total of $5.76 billion in net inflows, accounting for nearly 4% of its market capitalization. Although the price fell for a while, the inflow of funds continued to be stable, showing the recognition of the value of ETH allocation by long-term institutional funds. This trend has begun to accelerate in the past two months, with multiple Ethereum ETF products recording monthly net inflows of more than $1 billion, and traditional financial players such as Bitwise, ARK, and BlackRock have significantly increased their holdings. At the same time, a more symbolic change comes from the rise of the wave of "strategic reserve Ethereum" of listed companies. SharpLink Gaming, Siebert Financial, Bit Digital, BitMine and other public market companies have successively announced the inclusion of ETH in their balance sheets, marking a new narrative inflection point in ETH's transformation from a "hype asset" to a "strategic reserve asset". It is particularly noteworthy that SharpLink currently holds more than 280,000 ETH, surpassing the Ethereum Foundation's current 242,500 ETH holders, making it the world's largest single institutional ETH holder. This fact has partially transferred the "right to speak" at the symbolic level of capital to some extent. From the perspective of the current institutional participation structure, it can be clearly divided into two camps: one is the "Ethereum native camp" represented by SharpLink, which gathers early Ethereum ecosystem participants such as ConsenSys and Electric Capital; the other is the "Wall Street Style" represented by BitMine, which directly replicates the logic of Bitcoin reserves and forms a capital amplification effect with the help of leverage, financial operations and financial report disclosure. This north-south pincer attack institutional position building model has made ETH's value anchor and price support system move away from traditional retail speculation and migrate to an institutionalized, long-term, and structured mainstream capital framework. The far-reaching impact of this trend is not only at the price level, but also on the potential restructuring of the governance, discourse, and ecological dominance of the Ethereum network itself. In the future, if companies like SharpLink or BitMine continue to expand their holdings in ETH, their potential influence on Ethereum's direction cannot be ignored. Although most of these companies are still facing financial pressure, and the allocation of ETH is more out of speculative hedging and capital operation considerations, and they have not fully demonstrated their willingness to deeply bind the construction of the Ethereum ecosystem, their entry into the market has had an amplifying effect on the capital market: ETH has been revalued, the market narrative has switched, and the crowded track of DeFi and L2 has moved to a new space of "reserve assets + ETFs + governance rights". It is worth noting that unlike Michael Saylor (CEO of MicroStrategy), a "spiritual leader" who continues to strengthen his cognition and preach to increase his positions in the Bitcoin reserve story, Ethereum has not yet appeared such a representative with both a religious background and the appeal of traditional capital. Although the appearance of Tom Lee and others has aroused market associations, it has not yet formed enough narrative penetration. The lack of endorsement from such figures has also slowed down Ethereum's trust conversion path in the minds of institutional investors to a certain extent. However, this does not mean that Ethereum lacks a response at the institutional level. Vitalik Buterin and the Ethereum Foundation have recently spoken out frequently, emphasizing Ethereum's technical resilience, security mechanisms, and decentralization principles, and began to strengthen the "dual-track" architecture of the ecological governance mechanism, intending to embrace institutional capital while avoiding governance rights being controlled by a single force. In a recent public article, Vitalik proposed that user interests, developer-led and institutional compliance must be balanced, and decentralization must be "operable" rather than just a slogan. All in all, ETH is undergoing a comprehensive capital structure change: from an open market dominated by retail investors to an institutionalized market structure driven by ETFs, listed companies, and institutional nodes. The impact of this shift will be far-reaching, not only determining the future construction path of the ETH price hub, but also reshaping the governance structure and development rhythm of the Ethereum ecosystem. In this arms race, ETH is no longer just a representative of the technology stack, but is becoming a key target in the wave of digital capitalism, not only a value-bearing tool, but also a focus of power struggle. 4. Market strategy: BTC builds a high-level platform, and ETH and medium and high-quality application chains usher in the logic of supplementary growth As Bitcoin successfully surpasses the $120,000 mark and gradually enters a plateau, the structural rotation pattern of the crypto market becomes clearer. With BTC dominating the logic, Ethereum and high-quality application chain assets are beginning to usher in their own valuation repair period. From capital flow to market performance, the current market shows a typical "large-market capitalization platform shock + medium-cap rotation upward attack" structure, while ETH and a number of L1/L2 protocols with both narrative and technical support have become the most valuable direction after Bitcoin. 1. BTC has entered the stage of building a high-level platform: there is support downwards, and there is weakness upwards Bitcoin, as the main driving asset of this round of market, has basically completed the main upward wave driven by the triple narrative of spot ETFs, halving cycles and institutional reserves. The current trend has entered a sideways construction stage, and although it is still in a technical upward channel, the upward momentum tends to weaken in the short term. Judging from the on-chain data, the number of BTC active addresses and trading volume have declined to a certain extent, while the implied volatility of medium-term options in the derivatives market has continued to decline, indicating that the market's expectations for its short-term breakout have declined. At the same time, the enthusiasm for the allocation of traditional institutions has not weakened significantly. According to the latest report from CoinShares, BTC ETFs still maintain a small net inflow, indicating that the bottom fund support is still there, but since expectations have been fully realized, the subsequent upward pace of BTC is likely to tend to be slow or even phased sideways. For institutions, Bitcoin has entered the "core allocation" stage, rather than continuing to chase short-term profiteering. This also means that market attention is gradually shifting from Bitcoin to other crypto assets with growth potential. 2. The formation of ETH replenishment logic: from "lost leader" to "value depression" revaluation Compared to Bitcoin, Ethereum's performance since the second half of 2024 was once seen as a "disappointment", with a large price correction and a three-year low in its ratio to BTC. However, it was during the downturn that ETH gradually completed valuation repricing and position structure optimization. At present, the recognition of ETH by institutional funds is rapidly increasing, not only the net inflow of spot ETFs, but also the trend of listed companies reserving ETH has become a climate, and even Ethereum holdings have surpassed that of foundations. From a technical point of view, the price of ETH has broken through the previous descending trend line, began to establish an ascending channel, and regained several key technical moving averages in succession. Combining capital and sentiment indicators, ETH has entered a new round of market sentiment switching cycle. During the BTC sideways period, the allocation cost performance of ETH as a sub-mainstream asset has gradually increased, and the market is re-examining its long-term value base due to multiple factors such as L2 ecological expansion, stable pledge income, and improved security. From the perspective of asset allocation, ETH not only has the advantage of "valuation depression" at the current stage, but also begins to have institutional recognition and narrative integrity similar to BTC, with both technical and institutional advantages, and has become the preferred target for supplementary increases under capital rotation. 3. The rise of medium and high-quality application chains: Chains such as Solana, TON, and Tanssi ushered in structural opportunities In addition to BTC and ETH, the market is accelerating its shift to medium and high-quality application chain assets that are "supported by real narratives". Chains such as Solana, TON, Tanssi, and Sui have gained rapid concentration of funds in this round of rebound due to their multiple advantages of "high performance + strong ecology + clear positioning". Taking Solana as an example, the current ecological activity has rebounded significantly, many on-chain applications have returned to the user's field of vision, and emerging narratives such as DePIN, AI, and SocialFi have gradually landed in the Solana ecosystem. As an emerging infrastructure protocol in the Polkadot ecosystem, Tanssi is gaining widespread attention from institutions and developers by solving long-term problems such as "complex application chain deployment, high operating costs, and fragmented infrastructure" with the ContainerChain model. In addition, as Ethereum shifts to a more modular and optimized data availability path, middle-layer protocols (such as EigenLayer, Celestia) and L2 rollup solutions (such as Base and ZkSync) are gradually releasing value, becoming important "valuation hubs" between public chains and application layers. These protocols or platforms are both scalable, secure and innovative, and have become the new frontier of capital concentration breakthroughs. 4. Market strategy outlook: focus on "value rotation" and "narrative forward" Overall, the logic of capital rotation in the current crypto market has become clear: BTC tops out, ETH makes up for the rise, and the rhythm of application chain rotation is gradually unfolding. The focus of the strategy at this stage should revolve around the following points: (1) BTC allocation is left at the bottom, not the main direction of attack: core positions remain unchanged, but it is not appropriate to continue to chase higher, and pay attention to potential policy or macro disturbance risks. (2) ETH as the core allocation target of rotation: technical repair + institutional narrative strengthening, suitable for medium-term allocation, if ETF funds accelerate inflow or there may be further upside. (3) Medium and high-quality public chains and modular protocols focus on: chains with technological innovation, strong ecological foundation and capital supporters (such as SOL, TON, Tanssi, Base, Celestia) have the potential to continue to rise. Move the narrative forward and actively look for new opportunities at the edge: pay attention to the early layout targets of DePIN, RWA, AI CHAIN, and ZK, which are in the pre-funding stage and may become the core of the next stage of rotation. The final conclusion is that the current market has entered a structural rotation stage from the single-asset-driven stage, the main rising wave of BTC has temporarily stopped, and the rotation of ETH and high-quality new public chains will become a key driving force in the second half of the market. In terms of strategy, we should abandon the inertial thinking of "chasing the leader" and turn to the medium-term trend layout of "valuation rebalancing + narrative diffusion". 5. Conclusion: Clear regulation + ETH main rise, the market has entered an institutional cycle With the advancement of the three key bills of "Cryptocurrency Week" in the United States, the industry has ushered in an unprecedented period of policy clarity. This clarification of the regulatory environment not only eliminates the unresolved compliance uncertainty that has been unresolved for many years, but also lays a solid foundation for the institutionalized and formalized development of the crypto asset market. With the acceleration of the strategic reserve arms race for core assets such as Ethereum, the market is gradually entering a new cycle dominated by institutions. In the past, the volatility and uncertainty of the crypto market were largely due to regulatory ambiguity and policy swings. Crises such as the FTX collapse and the Luna incident have exposed the deep risks of the lack of industry regulation and have also cast a shadow in the hearts of investors. Nowadays, with the implementation of regulations such as the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act, the market's expectations for compliance have increased significantly, the entry threshold for institutional capital has been steadily lowered, and the trust and liquidity of assets have been greatly enhanced. This not only helps reduce systemic risks, but also provides a "bridge" for crypto assets to connect with traditional financial markets, legalizing and standardizing the identity and behavior of market participants. Catalyzed by this institutional environment, Ethereum, as a leader in smart contract platforms, is ushering in a key window for its main upward wave. Ethereum not only has a clear technical roadmap and active ecological innovation, but its network security and decentralized governance structure continue to be optimized, making it one of the preferred digital assets for institutions. The superimposed push of strategic reserves and ETF funds marks the beginning of a reassessment of Ethereum's value in the capital market. It is foreseeable that Ethereum will maintain a long-term healthy value growth trend in the future, driven by the dual growth of on-chain applications and capital support. More broadly, this synergy between regulatory clarity and the revival of mainstream asset values is prompting the crypto market to gradually move away from the previous "bull-bear cycle trap" and evolve towards a more stable and sustainable institutional cycle. The distinctive feature of the institutional cycle is that market fluctuations are more guided by fundamentals and policy expectations, and asset price fluctuations are no longer dominated by scattered emotions and regulatory news, but are reflected in the benign interaction between capital and technology and steady growth. The deep involvement of institutional capital will also promote the improvement of market liquidity structure, prompting investment strategies to shift from short-term speculation to medium- and long-term value investment. In addition, the opening of the institutional cycle also means the diversification of the market structure and the multi-dimensional upgrading of the ecology. The technological innovation and governance reform of the Ethereum ecosystem will continue to promote the diversification of on-chain applications and enhance network utility, while the clarity of supervision will accelerate the compliance development of more high-quality projects and give birth to the deep integration of on-chain finance and traditional finance. This development pattern will reshape the investment logic of crypto assets and bring the market into a new normal of "technology-driven + capital rationality + regulatory support". Of course, institutional cycles do not mean that market volatility will disappear, but that volatility will be more endogenous and predictable, and investors need to pay more attention to the continuous tracking of fundamentals and policies. At the same time, the game between market governance mechanisms, decentralization and centralized forces will also become important variables to promote ecological evolution. To sum up, the regulatory breakthrough of the US "Cryptocurrency Week" and the capital trend of Ethereum's main rise are opening an important chapter in the maturity of the crypto market. The market is shifting from the scattered and disorderly stage of "barbaric growth" to the stage of institutionalized and standardized "rational development". This not only enhances the investment value of assets, but also promotes the overall upgrading of the crypto industry ecology and shapes the core foundation of the future digital economy. Investors should seize the growth opportunities of institutional dividends and core assets, actively deploy Ethereum and high-quality application chains, and embrace a healthier and more sustainable new era of crypto.