Ethereum (ETH) has made a comeback, climbing more than 50 % in the last month. Since April, he has won more than 160 %, marking a net turn after a calm performance period. Matt Hougan, director of investments at Bitwise, believes that this increase is only the tip of the iceberg, pointing to the acceleration of institutional demand as a key reason why Ethereum could still climb in the coming months. He highlights an increase in demand as the main reason why Ethereum could still climb in the coming months.
In short
- Institutional demand and negotiated stock market (FTE) products have fueled capital entries of $ 5 billion since mid-May 2025.
- Ethereum treasures are negotiated with bonuses, encouraging Wall Street companies to increase their ETH purchases.
- The demand could exceed the supply by 7 times, with $ 20 billion in ETH purchases expected over the next 12 months, pushing prices upwards.
Institutional demand and ETPs feed the recent increase in Eth
In his last note, Hougan awarded the recent momentum of Ethereum – including a new annual summit of 3,861 reached on July 21 – to structural changes. He stressed that the latest gains are largely due to institutional demand, which is now accelerating faster than before.
A large part of Ethereum's strength seems to come from the improvement of the performance of negotiated stocks (FTEs) linked to the assets. These products were introduced last year, but struggled to draw attention for most of their first year.
This changed in mid-May 2025. From that moment, the cash funds in ETH attracted about 5 billion dollars in new capital. This total is about double what they had managed to attract in their first ten months of trading. The sudden increase in fund entries was a key factor in recent growth in Ethereum, reflecting renewed attention to institutional investors.
Large investors support Ethereum as a strategic treasury intake
A significant contributor to the increase in the price of Ethereum is the growing trend of companies to Integrate ETH into their cash reserves. This change reflects growing confidence in Ethereum as a strategic asset in corporate finance.
How the big players put billions on Ethereum
- Bitmine immersion has passed in Ethereum, now holding more than 300,000 ETH worth more than a billion dollars since June.
- Sharplink Gaming began to buy ETH in July and now has more than 360,000 pieces valued at more than a billion dollars.
- Bit Digital sold Bitcoin, raised $ 170 million, and bought more than 100,000 ETH worth $ 375 million in late June.
- Bit Digital raised an additional $ 67.3 million in mid-July, adding nearly 20,000 ETH to reach a total of 120,000.
Hougan expects this trend to accelerate since demand for stablecoins and token workers continue to grow. With many of these developments built on the framework of Ethereum – and with the Genius Act now in place – he sees the entry of increasing capital in this asset as a probable outcome.
The adoption of Ethereum cash flows to trigger a sharp rise in prices
The adoption of treasuries focused on Ethereum is developing quickly. Hougan stressed that the growth of Crypto cash companies depends on their paid on the stock market at a price higher than the value of their crypto assets. Currently, this condition is true for companies focused on Ethereum, which encourages more investments and expansion.
The key to growth for crypto cash companies is whether their public action is negotiated with a bonus compared to the value of the crypto assets they hold, and at the moment, this is true for ETH cash companies. For example, BMNR and Sbet are both negotiated almost 2 times the value of their ashs in ETH. As long as it remains true, you can bet that Wall Street companies will channel money to more ETH purchases.
Matt Hougan, investment director at Bitwise
Hougan estimates that Ethereum cash and associated investment products could absorb up to $ 20 billion in ETH in next year. Meanwhile, only about 800,000 ETH should be created during this period. With a request that goes far beyond supply, Hougan sees it as a clear signal that the price of Ethereum could further increase.
Analyst Crypto David_KML shares a similar point of view, noting that the current momentum of Ethereum and the adoption trends could push its much higher value. It sees $ 10,000 as a long -term realistic objective, based on the way the market is structured.
Ethereum has increased slightly, earning more than 3 % in the last 24 hours to negotiate around $ 3,700. Its upward trend remains intact, supported by a continuous institutional interest, a new limited offer and an increasing presence in decentralized finance. If these engines remain stable, the ETH could continue to record moderate short -term gains.
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