Ethereum [ETH] is gaining serious traction among Wall Street institutions, with fresh numbers showing U.S. spot ETH ETFs have now logged nine straight weeks of net inflows, totaling $703 million this week alone — and that’s before Friday’s final tally.
Daily inflows peaked at $383.10 million on July 10, pushing the week’s total to levels last seen in late 2024, when ETH broke through the $4,000 mark.
Institutional Appetite and Tokenization Narrative Drive Bullish Sentiment
A new Fidelity report has fueled the momentum, describing ETH as more akin to the currency of an emerging economy than a mere tech play. According to Fidelity, Ethereum powers DeFi, acts as collateral, and delivers “dividends” via staking — all features increasingly attractive to Wall Street giants hunting yield.
Meanwhile, Bitwise recently projected that the tokenized assets market could expand by 4,000x over the next few years. Since Ethereum commands 50% of the stablecoin market and over 75% of tokenized treasuries, it remains central to this explosive trend.
Adding fuel to the bullish fire, Fundstrat’s Tom Lee believes the booming stablecoin narrative is set to push ETH higher, highlighting that even former Bitcoin-focused players like BitMine Immersion Technologies are pivoting to Ethereum’s ecosystem.
Analysts See $4K on the Horizon
Well-known analyst Ken Teng, also known as Chicken Genius, predicts ETH could reclaim $4,000 by late July as Bitcoin’s rally rotates capital into altcoins.
“We trend until end July. BTC makes new ATH again, ETH near $4K, rotation is your friend,” Teng shared with followers, aligning with current data that shows exchange inflows — a metric indicating potential sell pressure — dropped sharply in July as ETH climbed from $2,200 to $3,000.
Reclaiming $3,000 as support would mark a key technical milestone, as this zone acted as a floor through 2024 before breaking down earlier this year. Technical signals like the Supertrend indicator still point to a strong buy, but traders remain cautious, with ETH’s daily RSI already entering overbought territory — a signal that the rally could cool if May’s pattern repeats.
Outlook: All Eyes on the $3K Line
Whether ETH can break and hold above $3,000 could set the tone for a renewed push toward $4K, especially as institutional interest, tokenization hype, and the stablecoin surge continue to bolster the network’s fundamentals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
