Ethereum has gone through a full decade, experiencing countless ups and downs. The current market is heating up again, with ETH prices just a step away from historical highs.#以太坊十周年
Why is everyone optimistic about Ethereum's potential for another major rise? Don't worry, this article will take you through seven dimensions to thoroughly analyze the impressive forces supporting Ethereum's 'golden decade.'🔥#美联储利率决议
1. Institutions are going crazy buying, ETH reserve stocks have become a hot item!💰
Recently, institutions have shown immense interest in ETH, with many listed companies and asset management firms directly integrating ETH into their financial strategies. In other words, ETH has increasingly solidified its identity as 'digital gold.'
Veteran Wall Street strategist Thomas Lee, who took office as chairman of Bitmine in 2025, has transformed the former Bitcoin mining company into an Ethereum asset firm. Under Lee's leadership, Bitmine has accumulated over 600,000 ETH, valued at over $3 billion! His actions have rapidly ignited Wall Street's enthusiasm for Ethereum, with other companies also following suit, such as Bit Digital swapping BTC for ETH, spending $172 million to buy 100,000 ETH, now holding over 120,000; SharpLink Gaming holding 438,000 ETH, valued at about $1.1 billion.
What does this indicate? Institutional investors are treating ETH as a 'strategic reserve asset' like Bitcoin, and market recognition is rapidly increasing, with strong bullish expectations for the future.
2. The Ethereum ETF craze is coming, and funds are pouring in!📈
As ETH prices rise, off-market funds are flocking into various Ethereum ETFs.
Data shows that on July 31, the net inflow of Ethereum spot ETFs reached $219 million, with continuous net inflows for 18 days since early July. BlackRock's ETHA ETF performed the best, with a single-day net inflow exceeding $200 million, and total historical inflows approaching $10 billion.
Interestingly, on July 16, the 9 U.S. Ethereum spot ETFs attracted $726 million in a single day, setting a new high since their launch last July. Meanwhile, Bitcoin ETFs experienced a slight outflow of funds, indicating a shift of capital from Bitcoin to Ethereum. After all, Bitcoin ETFs account for about 6.5% of market value, while Ethereum is only 4.7%, leaving significant growth potential for ETH ETFs.
What's even more impressive is that BlackRock has applied to the SEC for an ETH ETF with staking yield functionality, expected to be approved in the second half of 2025. This type of ETF not only holds ETH but also offers an annual staking yield of 3%-5%, which is super attractive to institutions!
What is the significance of ETFs? On one hand, they enhance liquidity; on the other hand, they raise the investment ceiling for ETH. After institutions allocate Bitcoin ETFs, ETH ETFs become a must-have, with huge funds entering the market to boost the Ethereum bull market.
3. The Ethereum Foundation has undergone leadership changes! The team is now more professional👌
This wave of Ethereum's price increase is also significantly attributed to the team's reshuffling.
In March this year, the Ethereum Foundation welcomed co-executive directors Hsiao-Wei Wang and Tomasz Stańczak, with dual leadership sharing decision-making risks. The new management has not only maintained the technical spirit led by Vitalik but has also strengthened external communication and institutional cooperation, enhancing execution efficiency.
At the same time, Danny Ryan, a former core researcher at the foundation, has joined a new project called Etherealize, aiming to educate traditional financial institutions and position ETH as the 'compliant financial protagonist' on Wall Street. This represents a proactive embrace of mainstream finance by Ethereum's core team, bringing a new logic of institutional valuation to ETH, further strengthening price confidence.
4. The technical side is also very strong, with impressive K-line indicators📊
ETH has recently surged, climbing from a low of $2400 in April to nearly $4000, with an increase of over 60%. This rise far exceeds the overall market average, and investor sentiment is soaring.
Looking at ETH's performance against BTC, in mid-July, ETH broke through a long-term consolidation range, rising 40% in a single month, indicating a clear shift in capital preference from Bitcoin to Ethereum, with risk appetite increasing.
In technical indicators, the RSI (Relative Strength Index) dropped to about 30 in April, a zone that has historically signaled a super buy point. Whenever the RSI falls to this area, ETH usually experiences a significant rebound, sometimes exceeding 290%.
Analyst MikybullCrypto called for a buy back in April, predicting that ETH could double, and recently reiterated that ETH prices may challenge the $7000-$10000 mark.
In summary, the technical aspects tell us that this wave of increase has just begun, with strong momentum!
5. On-chain data is steadily strengthening, with activity soaring🔗
On-chain data also confirms that Ethereum's fundamentals are gaining traction.
Trading activity: In June 2025, Ethereum's average daily trading volume reached 1.4 million transactions, with monthly trading totaling around 42 million transactions (average daily about 1.4 million), roughly in line with previous months. Over the past month, the number of active Ethereum addresses grew by 16.3%, and transaction numbers increased by 14.2%, reaching an average daily transaction count of 1.62 million on July 22, a six-month high. Although gas fees are low, it's not due to fewer users, but rather the mainnet upgrade improving throughput and reducing per-transaction costs.
Fee revenue: In June, Ethereum's fee revenue was about $39.1 million, reclaiming the second place in on-chain fee revenue, just behind Tron, indicating sustained network demand.
Total value locked (TVL) in DeFi: In July, the locked value in Ethereum's DeFi rose by 42% to $85.9 billion, reaching a three-year high. The total TVL across all chains exceeds $153 billion, with 60% on Ethereum. Although ETH prices boosted the TVL, it still indicates active capital.
Staking data: The current staked ETH exceeds 36 million, accounting for 30% of the total supply, locking up circulation supply and reducing selling pressure. Although some ETH is queued for withdrawal, new staking continues, keeping coin prices firm.
Inflation rate: After Ethereum's merger, the annual net inflation rate is extremely low (0.117%), far below Bitcoin's (1.338%), making ETH more scarce. The ETH network's destruction mechanism has nearly halted ETH inflation, making it an extremely scarce asset.
Trading volume recovery + fee recovery + surge in locked assets + low inflation, multiple on-chain indicators are lighting up green, supporting ETH prices to continue strengthening.
6. RWA and stablecoins have surged, making Ethereum the biggest winner!🏆
2025 is referred to as the 'Year of RWA (Real World Assets)', with a large number of real assets starting to be tokenized on-chain. Ethereum has become the leader in the RWA market:
Ethereum has hosted over 341 types of RWA on-chain, with a market value of approximately $7 billion, accounting for 55.2% of the entire on-chain RWA market share, three times that of the second-ranked ZKsync. BlackRock's tokenized fund BUIDL holds over $2.4 billion in assets, 90% of which is still hosted on Ethereum.
In terms of stablecoins, the total amount of stablecoins on the Ethereum network exceeds $137.7 billion, accounting for over 54% of the entire market, making it the absolute leader. Whether USDT or USDC, they rely on ETH as the 'digital fuel' for paying gas fees.
ETH is no longer just an 'over Bitcoin' asset; it is becoming the underlying support for stablecoin and RWA issuance, with its value being redefined. Staking ETH also yields returns, similar to government bond interest, but with a higher yield and significant upside potential, attracting substantial traditional capital.
Thomas Lee stated that Ethereum is severely undervalued, with a reasonable valuation range of $10,000-$15,000, and a potential for a tenfold increase in the future. Institutions favor ETH mainly because it is the core platform for future digital dollar settlements.
7. The technical roadmap is steadily advancing, with upgrades supporting a long bull market!🔧
Technological upgrades are the internal driving force behind Ethereum's continued rise.
The Pectra upgrade completed on May 7 (combining Prague and Electra) brought improvements such as account abstraction, increased staking limits, data expansion, and optimized exit mechanisms, laying the groundwork for future sharding and data availability.
The upcoming Fusaka upgrade at the end of the year will expand block data by 8 times, introducing PeerDAS technology, significantly improving on-chain data availability.
Ethereum is advancing major projects such as Proto-Danksharding, account abstraction, and validator mechanism reform as planned, continually optimizing performance and user experience. In the future, completing full sharding and achieving state accessibility will greatly enhance network capacity and value, strongly supporting ETH prices.
Summary Time 🌟
Ethereum has faced ten years of trials and tribulations, and now both internal and external factors are converging:
Institutional funds are pouring in, and ETF funds continue to surge, strengthening market confidence.
Management changes bring more professional operations, enhancing institutional confidence.
Technical indicators and on-chain data are impressive, with network activity steadily increasing.
The explosion of stablecoins and RWA gives ETH broader value support.
Continuous technological upgrades enhance performance and scalability.
These forces are collectively driving ETH into a new bull market cycle, with prices expected to reach new highs.
Of course, regulatory challenges and other public chain challenges still need attention, but it is certain that Ethereum is steadily moving toward the future of 'new financial infrastructure', and the excitement is just beginning!
The crypto circle changes quickly, with opportunities and risks coexisting. Learning to strategically enter and exit the market, protecting capital, is essential for steady progress and wealth accumulation.✍️
Remember to DYOR, manage risks well, and wish everyone smooth sailing in the crypto world!🌊
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