Newest Updates: Big Investors Continue to Buy Ethereum – 9 meters
Ethereum’s current trading price near $2,409 may not reflect the underlying strength of its fundamentals, as the network continues to see significant developments. Despite a recent 3% pull-back in price, Ethereum’s corporate demand and ecosystem momentum are strong indicators of a potential decisive move in the near future.
One key highlight is the increasing interest of big players in Ethereum. SharpLink Gaming now holds nearly 198,000 ETH and has earned over 222 ETH in staking income since June, making it the largest ETH position on any public company balance sheet. Similarly, BitMine Immersion Technologies raised $250 million to establish an Ethereum treasury, demonstrating a trend of corporate diversification beyond Bitcoin.
In terms of price and sentiment, a recent drop in Ethereum’s price to the mid-$2.4k range was attributed to a 24-hour, $237 million whale deposit to exchanges, leading to speculation about a potential 25% drawdown to around $1,600. However, Ethereum investment products have seen seven consecutive weeks of net inflows, indicating a split sentiment between long-term institutional buyers and short-term traders.
On-chain fundamentals for Ethereum remain strong, with approximately 35 million ETH staked, representing about 29% of the circulating supply. Centralized exchange reserves have decreased to around 12.9 million ETH, the lowest level since 2017. Additionally, Ethereum’s supply continues to trend deflationary post-Merge, with more ETH being burned than issued, resulting in a net reduction of around 346,000 ETH to date.
From a technical standpoint, chart analysts are observing a potential move towards $5,000 if bulls break above $2,600. Conversely, a failure to hold support around $2,420 could confirm a bearish triangle pattern, opening the door to the $1,700 range.
The scaling and ecosystem momentum of Ethereum are also noteworthy. The Dencun upgrade, deployed in March 2024, significantly reduced average Layer-2 fees, leading to increased activity on platforms such as Arbitrum, Optimism, and Base. The upcoming Pectra upgrade is expected to further improve execution and consensus, setting the stage for stateless clients and efficiency gains. EigenLayer, the restaking protocol built on Ethereum, currently secures over $11.3 billion in total value locked (TVL), positioning ETH as the base layer for shared security across various services.
Furthermore, mainstream adoption of Layer-2 solutions is increasing, as evidenced by Robinhood’s announcement of a consumer-facing Layer-2 network based on Arbitrum. This network will offer tokenized equities, ETH staking, and perpetual futures, highlighting how traditional fintech players are leveraging Ethereum infrastructure to expand their services.
In terms of regulatory developments, the U.S. Securities and Exchange Commission (SEC) is considering whether spot Ethereum ETFs should be allowed to stake their underlying ETH. This decision could have significant implications for yield-bearing demand for Ethereum. Overall, Ethereum’s rising corporate demand, reduced circulating supply, and expanding utility in Layer-2 and restaking ecosystems suggest that the network may be approaching a critical juncture that could potentially reshape its price trajectory.
