The same dynamic, he contends, has finally taken hold in the Ether market\u2014only more forcefully. Between 15\u202fMay and 20\u202fJuly, spot Ether ETPs attracted more than\u202f$5\u202fbillion in net inflows, while a handful of publicly traded companies began stockpiling the token as a primary treasury asset. Among the most aggressive buyers:<\/p>\n
- \n
- Bitmine\u202fImmersion Technologies (BMNR) accumulated 300,657\u202fETH\u2014about\u202f$1.13\u202fbillion at current prices\u2014and declared an ambition \u201cof obtaining 5\u202fpercent of all ETH supply.\u201d<\/li>\n
- SharpLink\u202fGaming (SBET) purchased 280,706\u202fETH ($1.06\u202fbillion) and disclosed plans to raise an additional $6\u202fbillion for future acquisitions.<\/li>\n
- Bit\u202fDigital (BTBT) liquidated its bitcoin reserves after raising $170\u202fmillion, redirecting the proceeds to more than 100,000\u202fETH (roughly $375\u202fmillion).<\/li>\n
- The Ether Machine (DYNX) outlined an initial public offering built around a $1.6\u202fbillion Ether treasury.<\/li>\n<\/ul>\n
In aggregate, ETPs and public companies bought approximately 2.83\u202fmillion Ether\u2014valued at north of $10\u202fbillion\u2014during the nine\u2011week stretch. Over the same period, the Ethereum network created only about 88,000\u202fETH in new issuance, a ratio of demand to supply that Hougan calculates at 32\u202fto\u202f1. \u201cNo wonder the price of ETH has soared,\u201d he observed.<\/p>\n
Whether that pressure continues is now the central question for investors. Hougan\u2019s answer is an unequivocal yes. He points out that, even after the recent buying spree, Ether remains under\u2011owned relative to bitcoin in the ETP market: Ether funds control less than 12\u202fpercent of the assets held by bitcoin ETPs, despite ETH\u2019s market capitalisation standing at roughly one\u2011fifth of BTC\u2019s. \u201cWith all the excitement surrounding stablecoins and tokenization\u2014which are primarily built on Ethereum\u2014we think that will change,\u201d he said, predicting billions of dollars in additional inflows \u201cin the next few months.\u201d<\/p>\n
Meanwhile, the economics of listed \u201ccrypto treasury\u201d firms appear to be self\u2011reinforcing. Shares of BMNR and SBET each trade at nearly twice the net value of the Ether they hold, a premium that incentivises management teams to issue equity, raise capital, and purchase still more ETH. \u201cAs long as that remains true, you can bet Wall Street firms will funnel money into more ETH purchases,\u201d Hougan wrote.<\/p>\n
Bitwise projects that ETPs and treasury companies could absorb as much as $20\u202fbillion worth of Ether\u2014around 5.33\u202fmillion coins at present prices\u2014over the coming year. The protocol\u2019s issuance schedule, by contrast, is expected to add only about 800,000\u202fETH to circulation during the same window, implying a 7\u2011to\u20111 imbalance.<\/p>\n
\u201cThat\u2019s an even higher ratio than we\u2019ve seen for Bitcoin since the spot ETPs launched,\u201d Hougan said.
\nSceptics often argue that Ether\u2019s long\u2011term supply is not capped in the way bitcoin\u2019s is, and that its valuation hinges on factors beyond simple scarcity, such as network usage and transaction fees. Hougan does not dispute those points but insists they are secondary in the near term. \u201cIn the short term, the price of everything is set by supply and demand, and right now, there is more demand for ETH than supply,\u201d he concluded.<\/p>\nAt press time, ETH traded at $3,703.<\/p>\n
![\"Ethereum](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/07\/ETHUSDT_2025-07-23_08-17-23.png?resize=1024%2C454\")
<\/p>\n","protected":false},"excerpt":{"rendered":"A sudden surge of institutional and corporate interest in Ethereum (ETH) is setting the stage for what Bitwise Asset Management\u2019s chief investment officer Matt\u202fHougan calls a \u201cstructural imbalance\u201d between supply and demand\u2014one that could propel prices well beyond the cryptocurrency\u2019s already\u2011rapid ascent this year. In a memo circulated to clients on 22\u202fJuly\u202f2025, Hougan noted that…<\/p>\n","protected":false},"author":1,"featured_media":6113,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[143],"tags":[64,144,145,112,66,88,89],"class_list":["post-6112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ether","tag-ethereum","tag-ethereum-news","tag-ethereum-price"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/6112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=6112"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/6112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/6113"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=6112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=6112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=6112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}