After Ethereum broke through the $4,000 mark, several key market signals emerged: 1. On-chain DEX trading volume continues to lead. Ethereum DEXes have maintained their dominance in trading volume for four consecutive days. Daily trading volume remains stable in the $3-4 billion range. Major trading pairs are concentrated in stablecoins such as USDC and USDT. 2. Institutional capital inflows are accelerating. Fundamental raised $5 billion specifically for ETH purchases. Currently, 67 institutions hold over $12 billion in ETH reserves. Spot ETFs continue to attract capital, with institutional holdings increasing by 127% in July. 3. On-chain metrics hit new highs. Daily trading volume exceeded 1.87 million transactions. Stablecoin supply reached $13.8 billion. The number of active addresses remains high. These data indicate that Ethereum's network usage and institutional recognition are continuing to grow. Although some smaller cryptocurrencies, such as CULT, experienced short-term surges following ETH's breakout, capital remains primarily concentrated in mainstream cryptocurrencies such as ETH.