#打榜优质内容# The market supply and demand balance has completely tilted, with institutional buying volume reaching 32 times the new supply. Ethereum is approaching its historical peak with astonishing momentum.

On August 9th, the price of Ethereum surged past the $4200 mark like an arrow leaving its bow, just a step away from the historical peak of $5000. Looking back at the low point in April, ETH achieved an astonishing increase of nearly 150% within four months. Once overshadowed by Bitcoin, Ethereum now announces its value return with a vigorous upward trend. Behind this surge is the tremendous force of institutional capital reshaping the landscape of the crypto market!

Among the many positive factors, the large-scale entry of institutional capital is undoubtedly the core engine of this round of market trends. This shift embodies a profound cognitive upgrade:
1 The positioning of assets has undergone a qualitative change.
Institutions no longer view ETH as merely a speculative asset, but rather bestow upon it a strategic position equivalent to that of traditional assets. Unlike traditional companies that passively hold Bitcoin, the "Ethereum treasury" places greater emphasis on its active yield-generating capabilities—achieving an annualized return of 8%-12% through staking, or participating in the DeFi ecosystem to obtain excess returns.

2. The完善 of financial infrastructure eliminates entry barriers. Ethereum spot ETF products are expected to experience explosive growth in the second quarter of 2025, providing a compliant channel for traditional funds. Currently, the scale of Ethereum ETFs is still less than 12% of Bitcoin ETFs, while the market value of ETH has reached 19% of BTC, indicating a huge incremental space due to this 12% allocation gap.
3 The wave of tokenization in the US stock market establishes underlying value. Wall Street is viewing Ethereum as the preferred network for asset tokenization. Tom Lee, co-founder of Fundstrat, pointed out: "Ethereum is favored by institutions due to its technical stability and legal clarity." In July, the tokenization of US stocks accelerated, and whether it's the open architecture of xStocks or the closed model of Robinhood, their value circulation is deeply reliant on the Ethereum ecosystem.

In the short term, breaking through the historical high of $5,000 is almost a common expectation in the market. The technical indicators have broken through the key double top resistance level of $4,000, opening a path for further increases. The strength of institutional positioning has provided fundamental support for this expectation—just in July 2025, Ethereum spot ETFs saw an influx of $5.4 billion, setting a record for the highest monthly inflow since the product's launch. From a mid-term perspective, some institutions have given bolder predictions. Tom Lee, co-founder of Fundstrat, has directly anchored the target price at $15,000, supported by the strategic moves of companies like Bitmine planning to hold 5% of the total circulating ETH.
From the supply and demand model, institutions may buy 5.33 million ETH (worth 20 billion USD) in 2026, while the new supply of the Ethereum network during the same period is only 800,000 ETH. The demand is 6.6 times the supply, and this persistent demand surplus will provide strong support for the price.

However, the market never has only a one-sided trend; there are at least four layers of risk on the road to Ethereum's surge:
1 The Dilemma of Security: The complexity of smart contracts has always been a double-edged sword. In March 2025, a certain project lost over $300,000 due to a vulnerability in the Solidity compiler. When such events occur in critical protocols, they can easily trigger a chain reaction of panic.
2 Gas Fee Bottleneck: The high transaction fees during network congestion remain a stumbling block for ecological development. Behind the joking remark of "gas fees are crying" faced by ordinary users is the real pain point of usage.
3 Policy Variables: Although the implementation of the U.S. GENIUS Act brings certainty, the strict anti-money laundering and reserve audit requirements of Hong Kong's Stablecoin Ordinance may disturb market sentiment.
4 Institutional Dependency: The current market is highly reliant on institutional funds. Once there is a change in the macro environment or a net outflow of funds from ETFs, the risk of a sell-off will significantly amplify.

When 2.83 million ETH are swallowed by institutional investors, and the monthly inflow of stablecoins exceeds 8 billion USD, a financial revolution danced by traditional capital and the crypto ecosystem has quietly begun on the Ethereum chain. Historical highs have never been the endpoint, but rather the starting point for the unfolding of new value narratives.