*Ethereum Roars Back: $3.8B Capital Surge Follows Pectra Upgrade*

May 21, 2025

Ethereum is making waves again—and the numbers are undeniable.

Following the highly anticipated Pectra upgrade on May 7th, Ethereum has seen a staggering $3.8 billion in new capital inflows, according to fresh data from Glassnode. The upgrade, which brought critical enhancements to staking and transaction capacity, appears to have reignited investor confidence in the world’s second-largest crypto asset.

A Shift in Momentum

Glassnode’s on-chain analytics reveal a sharp reversal in Ethereum’s Realized Cap—a key metric that tracks the actual capital invested into ETH based on last on-chain transaction prices. After months of decline, the Realized Cap has jumped from $240.8B to $244.6B, a 1.6% increase that signals renewed conviction in the Ethereum ecosystem.

Price Action Reflects the Shift

ETH’s price has surged from $ETH

$ETH 1,800 to $ETH 2,700, tracking closely with these capital inflows. This isn’t just a rebound—it’s a bold statement that Ethereum remains a force to be reckoned with post-upgrade.

Not All Metrics Are Up—Yet

While capital is flowing in, Glassnode notes a dip in new and returning user activity—down 1.8% and 8.4% respectively year-to-date. However, churn (users going inactive) has also dropped by 8.5%, suggesting that the current user base is more engaged than ever.

The Bigger Picture

Pectra’s impact is clear: it’s brought Ethereum back into focus for institutional and retail capital. The next big question? Whether this momentum can drive broader network growth.

For now, the message from the market is clear: Ethereum is back in the game.

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