Ethereum rose about 20% in July, posting the strongest performance among the top ten layer-1 blockchains by market cap. The total amount of staked ETH increased by roughly 1.1 million ETH, and the validator entry queue exceeded 40 days for the sixth consecutive month. However, Thomas Brunner of Sygnum Bank noted that much of this queue reflects reorganisation and compounding by existing validators tied to the Pectra upgrade, rather than fresh demand. Meanwhile, the validator exit queue remained near zero for most of July, signalling strong holding conviction among investors. In the Deribit ETH options market, open interest for the August expiry is concentrated in puts at a strike price of 1,750 dollars and calls at 2,500 dollars.