Ethereum Ten Years: Seven Signals Indicating Potential Breakthrough

On the occasion of Ethereum's tenth anniversary, the market is once again heating up, with ETH prices approaching historic highs. This article analyzes key signals in the current Ethereum ecosystem from seven dimensions and explores its potential breakthroughs.

1. Institutional Accumulation Boom

Recently, ETH buying has been exceptionally strong, with several listed companies and asset management institutions actively increasing their holdings and incorporating ETH into their core financial strategies. A well-known strategist has prominently taken charge of an asset company, driving it to accumulate over 600,000 ETH, worth more than $3 billion. As a result, several US companies have successively purchased ETH as part of their asset allocation, such as one company spending $172 million to acquire 100,000 ETH, while another company already holds approximately 438,000 ETH. This indicates that institutional investors are viewing Ethereum as a strategic reserve asset, with significant market recognition.

2. Continuous Inflow of ETF Funds

With the rise in ETH prices, substantial off-exchange funds have flooded into Ethereum ETFs. Data shows that on July 29, the net inflow of Ethereum spot ETFs reached $219 million in a single day, marking 18 consecutive days of net inflow. Currently, a certain ETF has a historical total net inflow of $9.7 billion. On July 16, nine spot Ethereum ETFs attracted a total net inflow of over $726 million, setting a new historical high.

In contrast, Bitcoin ETFs have recently seen a slight net outflow, reflecting some funds shifting from BTC to Ether. Currently, the market value share of Ethereum ETFs is still lower than that of Bitcoin, leaving significant room for future growth. The first batch of ETH staking ETFs may be approved in the second half of 2025, which will offer an additional annualized return of 3-5%, making them more attractive to institutions.

The ETF effect directly enhances the liquidity and demand ceiling of ETH, making it easier for large funds to allocate, strengthening the investment attributes of ETH, and supporting a long-term bullish outlook.

3. Adjustment of the Foundation Management Team

The Ethereum Foundation recently underwent a change in its management team. In March 2025, two new co-executive directors took office, and the dual-management model will decentralize decision-making power, introduce more professional management, and is expected to enhance efficiency, strengthen external communication, and improve strategic execution.

In addition, a former core researcher of the foundation has joined a project founded by a former banker, aiming to promote ETH to traditional institutions. This marks the first time the core team has actively integrated into the traditional financial ecosystem, and the valuation logic of ETH will become more institutionalized, enhancing long-term price support.

4. Technical Indicators Bullish

ETH has shown strong growth recently, with its price climbing about 60% from around 2400 dollars in the past month, significantly outperforming the market average.

On the technical side, the ETH/BTC exchange rate has recently broken through a key range, rising 40% monthly, indicating a shift in capital preference from Bitcoin to Ethereum. In addition, the RSI indicator for ETH fell to around 30 in April, which has historically been regarded as the "buying zone at the lows." Analysts believe that if the RSI continues to rise, the price of ETH could reach the range of 7000-10000 dollars.

From a technical perspective, this round of ETH increase may not be over yet.

V. Enhancing On-Chain Activity

On-chain data shows a significant increase in Ethereum activity:

• Trading Activity: In the past 30 days, the number of active addresses increased by 16.3%, the number of transactions increased by 14.2%, and the average daily trading volume reached a six-month high.
• Transaction Fee: In June, the monthly network transaction fee was approximately 39.1 million USD, returning to the second position on the public chain.
• DeFi Lockup: TVL increased from 60.2 billion USD at the end of June to 85.9 billion USD, a growth of 42% within the month.
• Staking Scale: Over 36 million ETH staked, approaching 30% of the total supply, effectively reducing circulating supply.
• Inflation rate: The average net inflation rate over the past three years is only 0.117%, which is far lower than Bitcoin, indicating substantially low inflation.

Multiple indicators on the chain jointly corroborate the positive fundamentals of Ethereum, providing support for the continued strengthening of the ETH price.

6. Dominance of RWA and Stablecoins

Ethereum dominates the RWA and stablecoin markets:

• RWA on-chain: Custody of over 341 types of RWA assets, with a market value of 7 billion USD, accounting for 55.2% of the on-chain RWA market.
• Stablecoins: Over 54% of stablecoin supply is on Ethereum, exceeding $137.7 billion.

ETH is an indispensable "digital crude oil" for paying Gas and also possesses the attributes of a "productive asset". A well-known strategist believes that the value of the Ethereum network is severely underestimated, with the potential for more than a tenfold increase in value in the coming years.

The rise of RWA and stablecoins redefines the investment value of ETH, making Ethereum likely to become a global digital dollar settlement network, which is one of the key reasons for institutions to allocate heavily.

7. Advancement of the Technical Roadmap

Ethereum continues to iterate and upgrade, with recent major upgrades including:

• Pectra Upgrade: Successfully implemented in May, introducing improvements such as account abstraction and scalability.
• Fusaka Upgrade: Expected to go live by the end of the year, it will further expand capacity and introduce new technologies.

In the future, Ethereum will focus on achieving goals such as full sharding and state accessibility, continuously improving performance to lay the foundation for the long-term value of ETH.

Summary

On the occasion of Ethereum's tenth anniversary, the internal fundamentals resonate with the external environment: core indicators are improving, continuous technological upgrades, emerging narratives are rising, and incremental funds are continuously flowing in, collectively supporting a bullish medium to long-term outlook for ETH. Although it still faces challenges, Ethereum is transforming into a "new financial infrastructure," and its future development is worth looking forward to.