As the United States marks “Crypto Week” with increased media attention and rising legislative momentum around stablecoin regulation, the global crypto landscape is undergoing a notable shift—one that points east.
“This is a historic turning point,”
said Konstantin Anissimov, CEO of Currency.com.
“With Bitcoin hitting record highs and Congress debating foundational digital asset laws, the U.S. is making a bold bid to lead the global crypto economy. The momentum we’re seeing from institutional adoption to regulatory clarity is exactly what the industry needs to both mature and scale. If other jurisdictions match this ambition with forward-thinking policies, the global digital finance landscape will be stronger, more inclusive, and more resilient”
Yet despite America’s regulatory strides, a July 16 report from Matrixport reveals that Asia, not the U.S., is powering Ethereum’s current rally. Over the past month, Ethereum has gained 18%, with 17 percentage points of that growth recorded during Asian trading hours. By contrast, U.S. hours saw just a 5% gain, while European markets posted a 4% decline.
????今日分析 – 2025/07/16 ⬇️
美国“加密周”热度升温，以太坊上涨却由亚洲主导
#Matrixport #比特币 #以太坊 #BTC #加密市场 #加密政策周 #ETF资金流入 #Circle上市 #亚洲市场 #价格发现 #市场动能 #ETF pic.twitter.com/UpTjFX72A8— 矩阵之门Matrixport官方华语 (@Matrixport_CN) July 16, 2025
While Bitcoin and Ethereum posted strong gains this past week, rising 8% and 19% respectively, analysts point out that Ethereum’s breakout is being propelled largely by Asian market activity, rather than American institutional enthusiasm or policy narratives.
Indeed, in the U.S., the crypto story has centered around capital inflows into ETFs, corporate treasury activity, and milestone events such as the Circle IPO. These developments have helped position the United States as a leader in crypto policy. However, the price movements suggest otherwise: market volatility, momentum, and directional flow are still largely originating in Asia.
“The U.S. may be the face of crypto policy and media, but the market pulse is clearly beating in Asia,”
Matrixport noted. Even as U.S. lawmakers edge closer to passing major stablecoin legislation, it is Asia that continues to dictate the rhythm of Ethereum’s price discovery.
This is further evidenced by data from SoSoValue, which showed that Ethereum-tracking ETFs in Hong Kong surged more than 5% across the board in the past 24 hours, another sign of intensified demand from Asian investors.
Adding to the bullish sentiment, Ethereum briefly crossed the $2,800 mark, driven by heightened accumulation from large holders. On-chain data confirms that at least seven major entities acquired a combined 127,971 ETH, valued at approximately $358 million, in the past day alone, signalling renewed institutional confidence in Ethereum’s long-term trajectory.
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