Ethereum's 10th Anniversary: 7 Dimensions Revealing Why ETH's Rally Has Just Begun?
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Ethereum's 10th Anniversary: 7 Dimensions Revealing Why ETH's Rally Has Just Begun?
Analyze the key drivers behind the recent significant rise in ETH.
Navigating Web3 tides with focused insightsAuthor: Biteye Core Contributor@viee7227
Ethereum's ten-year journey has seen waves rise and fall. Just as the market heats up again, ETH's price seems poised to break its all-time high.
This article analyzes seven key dimensions—institutional accumulation and ETF frenzy, foundation changes, technical indicators, on-chain data, roadmap progress, RWA growth, and stablecoin adoption—suggesting Ethereum’s current bull run may have just begun.
1. ETH Reserve-Related Stocks
Recently, buying pressure in the ETH market has been exceptionally strong, with many listed companies and asset managers actively increasing their holdings, even incorporating ETH into core financial strategies. Meanwhile, stocks linked to ETH reserves have surged, becoming Wall Street favorites.
The pivotal moment that ignited Wall Street's embrace of Ethereum came when Thomas Lee, a renowned strategist and co-founder of Fundstrat, made a bold bet on ETH. In 2025, Lee became chairman of Bitmine, driving the former Bitcoin mining firm’s transformation into an Ethereum-focused asset company. Under his leadership, Bitmine rapidly accumulated over 600,000 ETH—worth more than $3 billion—as treasury reserves. His aggressive promotion sparked widespread excitement, prompting several U.S.-listed firms to announce ETH purchases. For example, Bit Digital converted its BTC holdings into ETH, spending $172 million to acquire 100,000 ETH and now holding over 120,000; SharpLink Gaming currently holds approximately 438,000 ETH, valued at around $1.09 billion.
These moves signal that institutional investors are increasingly treating Ethereum as a strategic reserve asset akin to Bitcoin, significantly boosting market recognition and reinforcing bullish sentiment.
2. ETFs
As ETH prices surge, massive inflows are flooding into Ethereum ETFs.
According to SoSoValue data, on July 29 (ET), spot Ethereum ETFs saw a total net inflow of $219 million, marking 18 consecutive days of positive flows since July 3. BlackRock’s ETHA led with $224 million in single-day net inflows, bringing its historical total to $9.704 billion. On July 16, nine U.S. spot Ethereum ETFs collectively attracted over $726 million in net inflows—the highest single-day total since their launch last July.
In contrast, U.S. Bitcoin ETFs, after an early-year rally, have cooled down, experiencing several days of slight net outflows in late July. This shift suggests capital rebalancing from BTC to ETH, reflecting growing institutional confidence in Ethereum’s application potential. Currently, Bitcoin ETFs represent 6.49% of Bitcoin’s total market cap, while Ethereum ETFs stand at only 4.71%, indicating significant room for further ETF-driven inflows.
Source: SoSoValue
Looking ahead, beyond spot ETFs, staking yield ETFs are also on the horizon. On July 17, BlackRock’s iShares Ethereum Trust (ETHA) filed a 19b-4 form with the SEC to introduce staking functionality. Analysts predict the U.S. could approve the first ETH staking ETFs in the second half of 2025. These products would offer 3–5% annualized staking yields on top of spot ETH exposure, making them even more attractive to institutions.
The most direct impact of ETFs is enhanced liquidity and higher demand ceilings. After allocating to BTC ETFs, ETH ETFs become the next logical step for institutional portfolios. With ETF access, hundreds of billions in large-scale capital can easily enter the space, greatly strengthening ETH’s investment appeal and market depth—one of the key external drivers behind sustained bullish momentum.
3. Ethereum Foundation
This leg of Ethereum’s strength is closely tied to leadership changes.
Over the past year, the Ethereum Foundation underwent management restructuring. In March 2025, Hsiao-Wei Wang and Tomasz Stańczak were appointed co-executive directors, adopting a dual-leadership model to decentralize decision-making, reduce single-point dependencies, and bring in professional management beyond technical leaders like Vitalik. This balance preserves community-driven open-source values while improving external communication and strategic execution, fostering healthier engagement with institutions and regulators.
Additionally, Danny Ryan, a former core researcher at the Ethereum Foundation, joined Etherealize—a project founded by ex-banker Vivek Raman—aimed at educating traditional finance and promoting ETH within mainstream Wall Street circles. This marks the first time Ethereum’s core team has proactively integrated into traditional financial ecosystems, signaling a shift toward institutional valuation models and significantly strengthening long-term price support.
4. Technical Indicators
Ethereum has shown strong upward momentum recently. Over the past month, ETH rose from around $2,400 to nearly $4,000 by late July—an approximately 60% gain—outperforming the broader market and reflecting strong optimism.
Technically, ETH/BTC ended a prolonged consolidation phase over the past three months and broke above a key resistance zone in mid-July, rising 40% in one month. This signals a shift in capital preference from Bitcoin to Ethereum, along with renewed appetite for risk assets.
Source: TradingView
Moreover, ETH’s weekly RSI (Relative Strength Index) dipped to around 30 in April, historically considered a “buy-the-bottom” zone. Data shows that each time RSI hits this range (30–40), ETH typically enters a major bull cycle. For instance, the last similar signal during 2023–2024 preceded a surge of over 290%.
Source: TradingView
Analyst @MikybullCrypto highlighted this buy signal back in April, calling it an “extremely rare opportunity not to be ignored,” and predicted ETH would double from there. He recently reiterated this view, suggesting that if RSI continues rising, ETH could reach $7,000 to $10,000.
This implies that technically, Ethereum’s current rally may still have room to run.
https://x.com/MikybullCrypto/status/1945580696140919266
5. On-Chain Metrics
On-chain data reveals a significant increase in Ethereum’s network activity.
Transaction Activity: Ethereum mainnet daily transaction volume has remained stable, averaging about 1.4 million per day in June 2025, totaling around 42 million monthly transactions. Notably, despite low Gas fees, this isn’t due to declining usage but rather improved network efficiency post-upgrades reducing per-transaction costs. According to Nansen, active addresses grew 16.3% and transaction count rose 14.2% over the past 30 days, peaking at 1.62 million daily transactions on July 22—the highest in six months—indicating stronger user and application engagement.
Source: Nansen
Network Fees: With recent price and activity recovery, Ethereum’s fee income has rebounded, reclaiming second place among public chains in Q2 2025. Artemis data shows June’s total fee revenue reached ~$39.1 million, trailing only Tron, reflecting returning demand for Ethereum’s network.
Source: Artemis
DeFi Total Value Locked (TVL): As shown by DefiLlama, Ethereum’s TVL climbed from $60.2 billion on June 28 to $85.9 billion on July 28—a three-year high and a 42% monthly increase. Overall DeFi TVL surpassed $153 billion in late July, a three-year peak, with nearly 60% held on Ethereum. However, ETH’s price rose 59.9% during the same period—outpacing TVL growth—and when measured in ETH terms, TVL actually declined by 1%, indicating the TVL surge was primarily driven by ETH’s price appreciation. This suggests TVL may correct downward if prices retreat.
Source: Defillama (chart above shows ETH TVL)
Staking Activity: Ethereum’s staking levels continue hitting new highs—over 36 million ETH are now staked, nearly 30% of total supply. This locked supply reduces circulating supply and selling pressure. Although over 500,000 ETH are currently queued for unstaking, substantial new deposits offset these exits, allowing price strength to persist without panic.
Source: Cryptoquant
Source: validatorqueue
Inflation Rate: Ethereum is currently in a mild inflationary state, though far lower than commonly perceived. Since The Merge, Ethereum’s average annual net inflation rate (+0.117%) has been over 11 times lower than Bitcoin’s (+1.338%). The more ETH is used, the more is burned—creating a virtuous cycle with network activity. Thus, the old narrative of “unlimited ETH inflation” no longer holds. In recent years, ETH has effectively maintained very low inflation, forming a crucial underpinning for its price growth.
Source: ultrasound.money,@LeonWaidmann
Rising transactions, recovering fees, growing staking, and low inflation—all point to strong fundamentals, providing solid support for continued ETH price appreciation.
6. RWA and Stablecoin Narrative
A deep dive into key metrics across major RWA-supporting blockchains (see table below) reveals Ethereum’s dominance in both RWA and stablecoin markets.
Source: RWA.xyz
RWA Onboarding: 2025 is widely dubbed the “Year of RWA,” with vast real-world assets being tokenized via Ethereum’s ecosystem. As of July 29, 2025, Ethereum hosts over 341 RWA assets—including government bonds, real estate equity, and private equity—with a market value of $7 billion, representing about 55.2% of the entire on-chain RWA market—the highest among all blockchains and roughly triple that of ZKsync. For instance, BlackRock’s tokenized fund BUIDL has surpassed $2.4 billion in size, with over 90% of its assets still on Ethereum. As the RWA tokenization market expands, Ethereum is well-positioned to capture the largest share.
Source: RWA.xyz
Stablecoin Trends: In 2025, Ethereum solidifies its role as the primary carrier of digital dollars. As of July 29, over 54% of all stablecoins circulate on Ethereum—the highest among public chains. Out of a total stablecoin market of ~$250 billion, more than $137.7 billion (including USDT, USDC, etc.) runs on Ethereum.
Source: RWA.xyz
It’s important to note that ETH was once viewed mainly as a “super-Bitcoin” crypto asset. Now, with massive adoption in stablecoins and RWA, ETH gains broader value backing. First, as “digital oil” for paying Gas, every stablecoin transfer or RWA issuance burns a small amount of ETH. Second, ETH’s nature as a “productive asset” is increasingly evident—staking ETH generates native yield, similar to earning interest on U.S. Treasuries, aligning perfectly with traditional finance’s preference for yield-bearing reserves. During rate-cut cycles, ETH’s staking yield could exceed Treasury yields while offering massive upside potential, making it highly attractive. Thomas Lee stated emphatically that Ethereum’s future as a platform for stablecoins and RWA is limitless, making it Wall Street’s top choice for compliant blockchain investments. He believes Ethereum’s network value is severely undervalued, with a “fair value” between $10,000 and $15,000, and potential for over 10x growth in the coming years.
In summary, the rise of stablecoins and RWA is redefining ETH’s investment value, positioning Ethereum as a potential global digital dollar settlement layer—another key reason institutional investors are aggressively allocating to ETH.
7. Ethereum Roadmap
Over the past decade, Ethereum has continuously evolved through upgrades, with its technical roadmap serving as a critical internal driver for ETH’s bullish case.
The latest major upgrade—Pectra—was successfully implemented on May 7, 2025, merging the Prague and Electra proposals, introducing changes at both execution and consensus layers. It brought account abstraction (EIP-7702), increased validator staking caps (up to 2048 ETH), expanded data capacity (more blobs), more flexible exit mechanisms, and BLS precompiles—improving scalability and user experience while laying groundwork for future sharding and Verkle trees, marking a vital step in Ethereum’s long-term vision.
The next phase, Fusaka, is expected around the end of 2025, increasing per-block blob count eightfold and introducing PeerDAS technology to enhance on-chain data availability.
Overall, Ethereum’s development roadmap has advanced as planned this quarter—Proto-Danksharding, deeper account abstraction, data scaling, and validator mechanism reforms—continuously enhancing network performance. Looking forward, Ethereum aims to complete full Danksharding, achieve statelessness, and refine modular components, building a robust foundation for ETH’s long-term value.
Conclusion
In conclusion, at Ethereum’s tenth anniversary, we see a powerful convergence of internal fundamentals and external catalysts: improving core metrics, ongoing tech upgrades, and optimized governance make the network stronger than ever. Meanwhile, emerging narratives around stablecoins and RWA, coupled with ETF-driven capital inflows, provide sustained upward momentum. As a result, more asset managers and analysts are turning bullish on Ethereum’s medium- to long-term outlook, believing it could reach new heights in the coming years.
Of course, challenges from competing chains and regulatory shifts may still cause volatility. But one thing is certain: at the dawn of its next decade, Ethereum is transforming into a “new financial infrastructure,” and the best may be just beginning.
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