Ethereum (ETH) has had an impressive July, surging over 60% from around $2,400 on July 1 to a high of $3,941 by July 27. What’s particularly notable about this rally is that it appears to be driven by fresh capital inflows – not a rotation out of Bitcoin (BTC), as some have suggested. ETH Rally Driven By Fresh Capital According to a CryptoQuant Quicktake post by contributor Carmelo Aleman, claims that ETH’s current rally is a result of capital rotation from Bitcoin to Ethereum are unfounded. Aleman references on-chain data – especially the Bitcoin Realized Cap – to explain his analysis. Related Reading: Ethereum Approaches Wyckoff ‘Liftoff’ Phase – Can ETH Reach A New High? For the uninitiated, Bitcoin’s Realized Cap measures the total value of all BTC in circulation based on the price at which each coin last moved on-chain, rather than the current market price. It provides a more accurate view of actual capital invested in Bitcoin, helping identify accumulation or distribution trends over time. Aleman shared the following chart showing that, as of July 25 at 11 AM UTC, Bitcoin reached a new all-time high (ATH) in Realized Cap at $1.018 trillion. This increase strongly suggests that capital remains flowing into Bitcoin – not out of it. In fact, Bitcoin’s Realized Cap has continued to rise, albeit gradually, even as Ethereum gained bullish momentum. Aleman explains that brief pauses in BTC price action typically align with phases of capital accumulation, which have historically preceded major rallies. Further, Aleman remarked that ETH is simply benefitting from the strong growth prospects of the Ethereum ecosystem. July witnessed a significant surge in interest in the ETH ecosystem, which reflected in the steep rise in price of the digital asset. Ethereum Network Seeing Returning Interest Multiple metrics reinforce the view that new capital is entering the Ethereum ecosystem. For example, data from DefiLlama shows that the Total Value Locked (TVL) in Ethereum’s decentralized finance (DeFi) platforms has risen significantly – from $49 billion on April 29 to $84.6 billion by July 29. Additional on-chain metrics point to a similar trend. According to etherscan.io, daily transactions on the Ethereum network have been climbing steadily, with nearly 1.48 million transactions recorded on July 27 alone. Related Reading: Analyst Forecasts Major Surge For Ethereum Price, Eyeing $4,000 In Its Best July Yet There’s also growing speculation that Ethereum’s declining circulating supply is contributing to upward price pressure. Over the past month, ETH reserves on centralized exchanges have dropped by one million coins, supporting the narrative of a developing “supply crunch.” Adding to that, Ethereum liquid staking recently reached a new record high, with 35.5 million ETH now locked in liquid staking protocols. At press time, ETH trades at $3,772, down 1% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant, DefiLlama, and TradingView.com Source: newsbtc.com (Read Full Article)

Rakbank, officially known as the National Bank of Ras Al Khaimah, has set a notable precedent in the UAE by becoming the first conventional bank in the country to offer crypto trading services to retail customers. This move highlights a significant shift in the banking sector within the region, reflecting the increasing integration of cryptocurrencies into traditional finance. Rakbank’s customers can now directly engage in crypto transactions via the bank’s mobile banking app, accessing services such as buying, selling, and swapping cryptocurrencies directly from their UAE dirham accounts. Related Reading: Crypto Hype Cools—Analyst Predicts When The Next Altcoin Surge Will Start Efficient Access to Crypto Assets In a carefully structured partnership, Rakbank collaborated with Bitpanda, a renowned global digital asset platform regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). Through Bitpanda’s regional entity, Bitpanda Broker MENA DMCC, Rakbank has integrated crypto trading capabilities into its existing digital banking framework. The cooperation ensures transactions are efficiently executed in AED, removing common obstacles such as foreign exchange fees and complicated transfer procedures. With Rakbank’s newly launched crypto brokerage service, customers avoid many hurdles traditionally associated with crypto exchanges. Users transact directly through their Rakbank savings or current accounts, bypassing lengthy onboarding and fund transfer processes typical of standalone crypto trading platforms. This arrangement significantly streamlines the crypto experience, making it accessible to a broader range of customers by reducing complexity and enhancing convenience. Raheel Ahmed, Rakbank’s Group CEO, highlighted the strategic importance of this launch, stating that it aligns closely with the bank’s mission of digital innovation complemented by a human touch. Ahmed also emphasized that the integration with Bitpanda allows Rakbank to provide customers a regulated, simplified, and secure path into digital asset trading. Ahmed added: We recognize the opportunity this solution will provide to  customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED. A Regulatory Milestone for UAE Banking The collaboration between Rakbank and Bitpanda signifies a pivotal moment for regulatory advancement in digital asset adoption within the UAE’s banking industry. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted the significance of this partnership, describing it as a critical step toward establishing crypto services in a regulated, straightforward, and trustworthy manner. Related Reading: Crypto Market’s Fate Hangs On The Last Days Of July He expressed that integrating digital asset capabilities into established banks is representative of the future landscape of finance, marked by compliance and customer-centric simplicity. Initially, access to Rakbank’s crypto services is being offered on an invitation-only basis, with plans for a gradual rollout to a broader customer base in the forthcoming months. Featured image created with DALL-E, Chart from TradingView Source: newsbtc.com (Read Full Article)