Ether Sees Its Largest Monthly Increase Since 2022 Amid ETF and Corporate Treasury Boosts
Ether (ETH), the native token of the Ethereum blockchain that turned 10, just had its best July performance in three years. The second largest cryptocurrency climbed more than 50% in July, peaking at $3,940 before easing below $3,800 towards the end of the month. The last time ETH rose this much in a single month was July 2022, when it rebounded from the depths of the crypto crash marked by the high-profile collapses of Terra-Luna, Three Arrows Capital, and Celsius.
This time, the rally has a different driver, with money pouring in from capital markets. U.S.-listed spot ETH exchange-traded funds (ETFs) absorbed $5.4 billion of net inflows throughout the month, marking their strongest streak since their introduction last year, according to SoSoValue data. Corporate balance sheets are also becoming more active, with public companies purchasing $6.2 billion worth of ETH as part of the digital asset treasury movement, as reported by CEX.io.
Notable players include Tom Lee’s Bitmine and Joseph Lubin’s SharpLink, alongside newer entrants like ETHZilla and Ether Machine, which have already secured sizable capital from institutions for asset acquisitions. This price movement aligns with a favorable narrative shift, establishing ETH as a key proxy for the expanding stablecoin and tokenization market.
With the introduction of new U.S. regulations for stablecoins under the Genius Act and Ethereum hosting more than half of the $250 billion stablecoin supply, this clarity could reinforce its role as the foundation for dollar-pegged tokens. Currently, ETH is facing resistance at $4,000, a level where multiple attempts to break higher have faltered in the past year. The crypto market is also entering a historically quiet phase, which may lead to a cooling of the rally during a consolidation period.
Nevertheless, ETH might still have potential for growth, with well-known crypto investor Bob Loukas suggesting it could reach as high as $4,700 as part of its ongoing movement.
