ETH is attracting growing interest from corporate treasuries.
Will institutional interest be enough to push ETH to $3,000, a psychologically important level?
Ethereum Reserve Strategy (SER) is accelerating to compete with Bitcoin and Solana [SOL] enterprise treasuries.
Institutions and the state of Michigan own a total of $2.1 billion in ETH (789,905 VND).
Ethereum Foundation, Coinbase and Golem Foundation lead the rankings.
Source: SER
The US government holds 59,965 ETH while the state of Michigan owns 4,000 ETH. The Royal Government of Bhutan, a major BTC miner, holds 495 ETH.
Will Institutional Demand Boost ETH?
Just like in the BTC ecosystem, the growing demand for corporate treasuries has pushed BTC prices up. Will ETH see similar growth?
According to CryptoQuant, the demand for ETH is mainly concentrated among large institutions.
Since late 2024, large holders of 10K-100K ETH (blue) and 1K-10K ETH (orange) have increased their ETH holdings since mid-2024.
Source: CryptoQuant
These large Holders have 16.7 million ETH and 12.5 million ETH respectively.
Meanwhile, those with 100-1K ETH, likely retail (green), have shrunk from around 14 million ETH to 9 million ETH.
In other words, institutions are dominating the ETH market, and the trend of strategic reserves could drive accumulation and increase value.
ETH has recovered more than 90% from its April low of $1,385 and has retested $2,700 for the first time since February. Analysts link this recovery to a successful Pectra upgrade and a return to risk-on sentiment.
Source: ETH/USDT, TradingView
ETH is now back in the August-November 2024 price range of $2,300-$2,800. Breaking through this range and clearing the resistance above $3,000 (red zone) would confirm a new rally.
Despite the strong recovery, ETH still faces criticism on Crypto Twitter (CT).
According to Zach Rynes, Chainlink's community liaison, ETH is in a three-way battle with no signs of victory.
Source: X
While some market observers disagree with Rynes’ opinion, the ETH market still looks strong for further upside.
Data from CoinGlass shows that Binance’s top traders have increased their ETH long positions from 63% at the beginning of May to 74% over the past four days. In other words, smart investors remain bullish on ETH despite a 90% recovery.
Source: https://tintucbitcoin.com/du-tru-chien-luoc-ethereum-dat-21-ty-usd-eth-co-huong-3k/
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