Lido's Unfinalized Withdrawal queue is at a new ATH (excluding the first day when they first supported withdrawal)
Over 235k stETH is pending for withdrawal.
In the past 7 days these entities are trying to withdraw:
- 80k stETH by HTX and Justin Sun;
- 7k stETH by Abraxas Capital (0xed0c6079229e2d407672a117c22b62064f4a4312)
- 5.5k stETH by Jump (0x98629555d323324b9415471033f2745c57b608c6)
- 5.4k stETH by Etherefi
(0xf0bb20865277abd641a307ece5ee04e79073416c)

ETH Spot ETFs continue to see huge inflows. July already has $4.1B in net inflows, doubling the previous monthly all-time high from December 2024, and July isn't over yet.
Institutions are coming for ETH.

Currently, the AUM of USYC has dropped to $285 million, representing a 76% decrease since the acquisition announcement

LOCKED IN

Record daily netflow for ETH ETFs at $726M, 1.7x higher than the previous ATH in Dec 2024
96% of the new flows go to the top 3 issuers: Blackrock, Fidelity and Grayscale.

ETH-BTC ETF AUM Ratio bottomed at 5.5% in May 2025 when ETH price is $1,800
With ETH price increasing 72% since May, the ratio is jumped back to 9.5%. I expect to see the gap between ETH-BTC Market Cap Ratio and the ETH-BTC ETF AUM ratio continues to narrow down.

Arbitrum is emerging to be one of the key RWA Hub with $310M AUM
Some of the largest asset managers, issuers, and Financial Institutions have already picked Arbitrum such as
- Robinhood
- Blackrock
- Franklin Templeton
- WisdomTree
- Spiko
- Dinari
And now HSBC.

Arbitrum is the most ETH-Aligned L2 with 22k ETH holdings

Again, Entropy supports Arbitrum not only on Data, Governance, Incentive Design, Treasury Management, but also GTM.

Arbitrum is not only one of the few stage 1 rollups but is also the leading L2 that holds nearly 40 % of the market share of the total Total Value Secured ( TVS ) across all rollups.

A single address, 0x1527, paid 39 ($100k) ETH to deposit $10M USDC into the vault.

ETH is experiencing its best-performing month since 2024, with a 50% monthly return.
In May 2025, BTC has a return of 15%, while ETH has a return of 51%, resulting in a return spread of 36%. As you can see, this has been a rare case after the launch of BTC and ETH ETFs. Since 2024, BTC has outperformed ETH 13 out of 17 times.
On a daily return basis, ETH has been underperforming BTC 50%+ on most month except May, where ETH has outperformed BTC in 55% of the days.
What has changed?
1. Clearer Direction for Ethereum:
- EF has been more involved in helping Builders, L2s, and institutions to onbo

- All Cards Tradable
- Unlimited supply for non-rare cards
- Limited supply for special cards

Track the trend to analyze wallet distribution power.

Pectra Upgrade is live: Now Blocks can start having > 6 Blobs per Block