Ten years of refining a chain, from a white paper to the super base supporting the entire crypto ecosystem, Ethereum has come a long way, experiencing both bull market myths and withstanding bear market bloodbaths. Now, as the market is rising steadily, Ethereum stands at a new starting point. Who is quietly buying? Which institutions are continuously increasing their positions? What new narratives support ETH's ascent to higher levels? On its tenth anniversary, can it break through the $4000 mark? Let's have a serious discussion.
#ETH（二饼）
Recent large whale purchases:
Recent institutional purchases:
Four new narratives for Ethereum:
Narrative 1: (Birth of ETH version of MicroStrategy) SharpLink goes all in on treasury management.
It turns out this company was going to do sports marketing. Now it announces a transformation, shifting its business focus to 'ETH treasury management.' They directly invested $425 million to buy ETH, which means: the company's treasury will rely on Ethereum from now on. Moreover, Ethereum co-founder Lubin is directly sitting on the board and personally advising them; this is not just endorsement, it's putting their reputation on the line. Therefore, this is no longer a niche behavior. There is now a category of companies that, instead of hoarding BTC like MicroStrategy, have switched to hoarding ETH as their main asset. The trend of corporate coin accumulation has begun to change.
Narrative 2: (ETF ignites institutional entry) ETH chips are being seized from retail investors.
In 2024, the ETH spot ETF was officially approved, causing the market to boil over. Giants like BlackRock, Fidelity, and Grayscale launched products immediately, bringing ETHA's total assets to $21 billion, with daily net inflows exceeding $100 million. The key point is that institutions now control 27% of ETH chips, while circulating coins on exchanges have dropped to 18%, the lowest in seven years.
In other words: retail investors couldn't hold on, institutions locked in their chips, selling pressure decreased, coin prices stabilized, and volatility dropped from 65% to 42%.
Narrative 3: (Sovereign funds eye ETH) National-level financial infrastructure tools.
In June 2025, Consensys CEO, also one of the fathers of ETH, Lubin revealed explosive news: they are negotiating with a sovereign wealth fund and bank from a 'major country' to build national-level financial infrastructure on Ethereum.
What does this concept mean? Sovereign capital is officially knocking on the door.
Vitalik has also stated that ETH's performance will improve tenfold next year.
Lubin added more directly: 'ETH is the gold standard of trust and will become the foundational asset of global finance, with a future market cap potentially exceeding BTC.'
Narrative 4: (ETH transforms into the central bank reserve layer for digital dollars)
Don't forget, there is also an undervalued explosive point: stablecoins = alternatives to the dollar, and Ethereum = the underlying chain for stablecoins.
From 2020 to now, USD stablecoins like USDT/USDC have exploded in growth by 60 times, with a market cap exceeding $200 billion, and most operate on ETH. What do users want to do with their digital dollars next? They don't just hold them; they want yields, lending, and DeFi activities. This is Ethereum's core competitive advantage — it is not just a payment channel, but the 'liquidity pool' and 'financial operating system' for the global digital dollar economy.
From this perspective, ETH resembles a 'reserve asset' in the Federal Reserve; it is not currency itself but is crucial for the entire system's operation.
Fuxiang's prediction summary:
ETH has now become the main battlefield for whales and institutions. Hackers, top traders, and even projects from the Trump family are allocating ETH, indicating that not only institutions are bullish, but even top players in the crypto space are heavily invested. Each of these narratives can independently bring about a decent market movement. Although Ethereum's price has not yet reached $4000, on-chain funds are already stirring, and the accumulation trend is clearly accelerating. In just half a month, it rose from $2300 to $3800, an increase of nearly sixty percent. So can Ethereum break through the $4000 barrier in the short term? Fuxiang predicts that the answer is inevitable. Recently, market sentiment for profit is strong, and on the 30th of this month, Ethereum will celebrate its tenth anniversary milestone. It will surely aim above $4000!#ETH大涨
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