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On July 17, the price of Ethereum (ETH) broke through the $3600 mark, soaring 47% in 30 days, with a single-day trading volume surging by 300%. Amid the frenzy of BlackRock’s ETF raising $500 million in a single day and Trump urgently signing a crypto bill, investors are facing a soul-searching question: Is chasing the price at this moment embracing the trend, or catching a falling knife?

This article relies on the latest 2025Q2 cryptocurrency industry report released by CoinGecko to provide an in-depth interpretation of industry trends. In the second half of the year, attention should be paid to changes in liquidity, the progress of Ethereum ETFs, and innovations in DEX. The market is shifting from a phase of reckless growth to a new stage of compliance and institutionalization.

Cryptocurrency assets will become the new buyers of U.S. Treasury bonds? Tax reform, stablecoins, interest rate cut expectations... Trump's "Beautiful Big Deal" may reshape the global financial ecosystem. Musk's strong opposition is a deep game between U.S. finance and digital currency.