📈 1. Price growth & market cap
New record: ETH just surpassed $4,870, breaking the historical peak of November 2021, up ~250% from the bottom in April 2025.
Market cap: Nearly $30 billion in ETH is held by institutional funds, reinforcing the price foundation.
Main drivers: The Fed's dovish policy, expectations of interest rate cuts, and a capital flow of $287.6 million into the Ether spot ETF in a short period.
💹 2. Capital flow & market sentiment
Spot ETF: The launch of the Ether ETF has created a similar boost to Bitcoin in 2021, attracting substantial institutional capital.
Staking: About 28% of ETH supply is being staked, reducing selling pressure and creating a scarcity effect.
Exchange balances: At their lowest since 2016, signaling the potential for a 'supply shock.'
Sentiment: The Fear & Greed Index shifted to 'Greed' as ETH rose over 11% in 24 hours.
🛠 3. Technology & ecosystem
Ethereum 2.0 & PoS: Reduced energy consumption, increased efficiency, lower transaction fees, attracting more DeFi & NFT projects.
Layer-2 boom: Arbitrum, Optimism, zkSync help expand processing capabilities, reduce fees, and enhance user experience.
Network activity: Increased by 63% in 30 days, indicating a growing demand for real use.
🌏 4. Macroeconomic factors & competition
Macroeconomics: Expectations of the Fed lowering interest rates → increased risk appetite, stronger capital flows into digital assets.
Competition: Despite many other smart contract blockchains emerging, Ethereum still retains its position thanks to a large developer community and a deep DeFi/NFT ecosystem.
🔮 5. Outlook
Short term: If it stays above $4,800, ETH could aim for the $5,000 mark and beyond.
Long term: With technological foundations, institutional capital flows, and practical applications, ETH has the potential to challenge Bitcoin's market capitalization leadership in the coming years.