Ethereum Demand Shock Could Send ETH to $10K This Year
Main Idea
Ethereum's price has surged over 65% due to overwhelming demand from exchange-traded products (ETPs) and corporate treasuries, with analysts predicting continued growth due to significant investor underweighting in Ethereum compared to Bitcoin.
Key Points
1. Ethereum's price rebound is driven by strong demand from ETPs and corporate treasuries, similar to Bitcoin's recent performance.
2. Spot ETH ETFs have seen unprecedented inflows, with Bitwise estimating $10 billion worth of ETH bought since mid-May, 32 times the net new supply.
3. Analysts predict continued demand, with projections of $20 billion in ETH purchases over the next year, seven times the expected supply.
4. BitMEX founder Arthur Hayes forecasts Ethereum could reach $10,000 by year-end, citing the imbalance between demand and supply.
5. ETH ETFs recently bought 58 times more ETH than the network issued, highlighting the intense demand pressure.
Description
After trading steadily downward for the first four months of the year, Ethereum has rebounded strongly and is currently up more than 65% over the last 30 days. The reason for this rip is “overwhelming demand” from exchange-traded products and corporate treasuries, said Bitwise chief investment officer Matt Hougan on X on Wednesday. The executive compared Ethereum to Bitcoin, which, for the past 18 months, has been driven ever-upwards because ETPs and corporate treasuries “have been buying more t...
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