Ethereum News Today: Ethereum eyes $5,700 as ETFs and treasuries boost holdings by 5.3 billion inflows

Ethereum’s price trajectory has drawn strong bullish signals from key industry figures and market indicators, with Galaxy Digital CEO Mike Novogratz and Wall Street strategist Tom Lee among those forecasting further gains. Novogratz dismissed claims that the recent $3,900 level marked a peak, instead arguing that the $3,000–$4,000 range is a key area for accumulation and that the asset could reach $4,000 by year-end [1]. His outlook aligns with broader on-chain data showing reduced selling pressure and increased accumulation, as highlighted by metrics such as ETH’s Exchange Netflow, which has hit a two-year low [1].

Tom Lee, CEO of FundStrat and a prominent voice in crypto markets, reinforced the bullish case by analyzing the ETH/BTC ratio, which currently stands at 0.03144 compared to 0.05 a year ago [1]. According to Lee, if the ratio reclaims its previous level of 0.05, this would imply a price target of $5,700 for ETH. He noted that Ethereum’s market fundamentals have improved significantly over the past year, making it a stronger asset compared to its position in 2023 [1].

Institutional demand has also been a key driver of ETH’s recent strength. In July alone, spot Ethereum ETFs saw $5.3 billion in inflows, a record since their launch last year [1]. Additionally, crypto-native treasuries, including BitMine, SharpLink Gaming, and The Ethereum Machine, have increased their holdings significantly. ETFs currently hold 5.84 million ETH, while crypto treasuries hold 2.73 million ETH, accounting for 2.26% of the total supply [1].

The low volume of ETH being sent to exchanges for sale further supports the bullish narrative. Despite a recent pullback from $3,900 to $3,500, on-chain activity did not show a spike in sell-offs, indicating that investors remain confident in the asset’s long-term value [1]. This pattern of accumulation rather than distribution has historically been a precursor to higher prices in crypto markets.

Despite the positive short-term indicators, analysts have also warned of potential macroeconomic risks that could impact Ethereum’s performance [1]. While the market currently appears resilient, investors are advised to remain cautious and monitor broader economic conditions closely.

Source:

[1] https://ambcrypto.com/galaxys-novogratz-sees-ethereum-flipping-4k-to-support-heres-why/

[2] https://cryptorank.io/news/feed/cf237-nasdaq-listed-mill-city-eyes-500m-raise-for-sui-strategy-shares-sink

[3] https://cryptorank.io/news/feed/9fb08-ethereum-etfs-outshine-bitcoin-eth-eyeing-5k