Ethereum (ETH) closed July with an impressive 56% price gain, marking its biggest monthly return since July 2022. This explosive move comes amid a surge in ETF inflows and strong institutional buying, signaling renewed confidence in the world’s second-largest cryptocurrency.
ETH Price Rally Driven by Spot ETF Demand
ETH began the month at $2,468 and closed near $3,862, according to market data. The rally was fueled by net inflows into newly launched spot Ether ETFs, which have now sustained a 19-day inflow streak — matching their all-time record.
Over $5.37 billion flowed into ETH ETFs between July 3 and July 30, with a record $727 million on July 16 alone.
BlackRock’s iShares Ethereum ETF recently became the third-fastest ETF in U.S. history to reach $10 billion in assets, doing so in just 251 days. For six consecutive days this month, ETH ETFs outperformed BTC ETFs in net inflows, a rare occurrence that reflects shifting institutional sentiment.
Ether Compared to ’90s Tech Stocks
Some analysts are comparing Ethereum’s growth to early tech stocks of the 1990s, citing network adoption and infrastructure expansion. Unlike Bitcoin’s “digital gold” narrative, Ethereum is being recognized for its utility in decentralized applications, smart contracts, and yield potential.
“Ether is starting to look like a ‘90s tech stock,” one ETF analyst remarked, referencing its adoption curve and momentum.
Network Growth Still Lags Behind Price
Despite the bullish price action, on-chain activity tells a different story. Ethereum’s network revenue has only risen by 3% this month, and protocol usage is up just 5%. Analysts caution that most of the recent price momentum has come from the Asian market session, rather than global user growth.
Currently, Ethereum’s market cap stands at $466 billion, but its projected annual revenue is just $764 million — a far cry from the $1.5 billion revenue it generated in November 2021 with a lower market cap.
While Ether’s price is surging, true long-term strength will depend on sustained on-chain growth and ecosystem demand.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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