Ether, a ‘90s tech stock’ ends July with biggest gain in 3 years
Main Idea
Ether (ETH) experienced its strongest monthly gain in three years, rising 56% in July 2024, driven by strong ETF inflows and institutional buying, though network activity growth remains modest.
Key Points
1. Ether surged 56% in July 2024, its best monthly performance since July 2022, with its price rising from $2,468 to $3,862.
2. Spot Ether ETFs recorded a 19-day net inflow streak, totaling over $5.37 billion, with BlackRock's iShares Ethereum ETF becoming the third-fastest to reach $10 billion in assets.
3. Bloomberg analyst Eric Balchunas compared Ether's recent performance to '90s tech stocks, highlighting its rapid growth amid ETF enthusiasm.
4. Despite the price rally, Ethereum network activity grew only 5% and revenue increased just 3%, with annual revenue at $764 million against a $466 billion market cap.
5. Analyst Markus Thielen noted that Ethereum's current revenue yield is significantly lower than in November 2021, when it generated $1.5 billion in monthly revenue.
Description
Ether rose 56% this month in its strongest monthly gain since July 2022 amid strong ETF flows and ETH treasury firm buying.
Latest News
- Democrats press bank regulator on Trump stablecoin conflicts2025-08-01 06:44:39
- Michael Saylor joins chorus for clarity as US works to legally define crypto2025-08-01 05:17:04
- Monster week for crypto treasury firms with $8B buying blitz2025-08-01 04:46:39
- Bitcoin dips below $115K as Trump tariff order fails to comfort investors2025-08-01 04:33:01
- ETH recovery outpaces Bitcoin despite constant selling at $4K: Here’s why2025-08-01 04:32:01