TLDR:
Ethereum price has surged nearly 30% in a week, now trading just 4% below its all-time high.
Public companies and ETFs bought over 4.4 million ETH in Q3, worth about $20 billion.
Ethereum’s weekly DEX volume, active users, and transactions all hit new all-time highs.
Only 12% of ETH supply remains on exchanges, with annual token inflation at just 0.5%.
Ethereum’s market momentum is drawing fresh interest. Prices are pressing close to all-time highs after weeks of steady gains. Some analysts believe the next leg higher could take ETH far beyond current levels.
A new market briefing shared by Bull Theory outlines why the token could rally to $10,000 before this cycle ends. The argument rests on rising institutional interest, record network activity, and an increasingly tight supply.
Institutional Demand Signals Growing Confidence in Ethereum
Bull Theory reported that institutional buyers have accelerated ETH accumulation in recent months. In Q3 alone, publicly listed companies and ETFs purchased about 4.4 million ETH worth nearly $20 billion.
Alongside these acquisitions, Web3 firms and large individual holders added another 2 million ETH to their wallets. Together, these purchases represent close to 5.5% of the total circulating supply.
This pace of accumulation suggests deep conviction among large-scale investors. With Ethereum now accessible through ETFs and retirement accounts such as 401(k) plans, the market is widening.
Analysts say upcoming interest rate cuts and a more crypto-friendly regulatory environment could encourage even greater inflows.
$ETH will hit $10,000 this cycle
Here are 3 reasons why: 👇
1. Institutional demand
– In Q3, public-listed companies and ETFs have bought 4.4 million ETH worth $20 billion.– Individual whales and Web3 companies have also bought over 2 million ETH this quarter.– This… pic.twitter.com/a5osLlRiYz
— Bull Theory (@BullTheoryio) August 13, 2025
Ethereum Network Activity Hits Record Highs
Ethereum’s on-chain metrics are also breaking new ground. According to Bull Theory’s update, weekly DEX trading volume, daily transactions, and monthly active users all reached new all-time highs.
Stablecoin supply on the network has followed the same trajectory, reinforcing demand for its blockchain infrastructure.
High network activity often correlates with price growth. As more transactions and users enter the ecosystem, the need for ETH as a utility token rises. This demand builds a strong base for future valuation gains, particularly during bull market conditions.
Supply Crunch Could Amplify ETH Price Moves
Ethereum’s circulating supply is tightening. Around 30% of all ETH is staked, while 8% sits in the hands of companies and ETFs. A further 25% is held by long-term holders who rarely sell, and about 5% is estimated to be lost forever.
Bull Theory noted that just 12% of ETH is now available on exchanges, with that figure shrinking each month.
With annual token inflation near 0.5%, Ethereum’s supply profile now appears even more restrictive than Bitcoin’s. In such conditions, even moderate increases in demand can drive outsized price moves. If institutional and retail interest continues to build, the path to $10,000 becomes more plausible.
Per CoinGecko data, Ethereum traded at $4,681.17 at the time of writing, with daily volume exceeding $62 billion. The token’s price has climbed more than 29% over the past week and now sits less than 4% below its November 2021 all-time high of $4,878.26.
Market activity has also intensified, with 24-hour trading volume rising over 53% compared to the previous day.
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