Over the past three years, Ethereum has tested the patience of even its most loyal holders. While Bitcoin and Solana were busy setting new records, ETH often trailed behind—enough to make even the most committed rethink their strategy. Over the past three years, Ethereum has tested the patience of even its most loyal holders. While Bitcoin and Solana were busy setting new records, ETH often trailed behind—enough to make even the most committed rethink their strategy. Editor’s note: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies are speculative, complex, and involve high risks. This can mean high prices volatility and potential loss of your initial investment. You should consider your financial situation, investment purposes, and consult with a financial advisor before making any investment decisions. The HackerNoon editorial team has only verified the story for grammatical accuracy and does not endorse or guarantee the accuracy, reliability, or completeness of the information stated in this article. #DYOR Editor’s note: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies are speculative, complex, and involve high risks. This can mean high prices volatility and potential loss of your initial investment. You should consider your financial situation, investment purposes, and consult with a financial advisor before making any investment decisions. The HackerNoon editorial team has only verified the story for grammatical accuracy and does not endorse or guarantee the accuracy, reliability, or completeness of the information stated in this article. #DYOR I’ll be honest: I didn’t see it coming when ETH slipped below my average entry point this April. My portfolio was down 25–30%, while Bitcoin had climbed 4–5x in the same window. The “just sell it and move on” temptation was real. But while the mood online turned into a full-on capitulation parade, I tuned out the noise, doubled down, and bought ETH at $1,440 and $1,675. Fast forward, and Ethereum’s price has tripled, reaching over $4600 at the writing time. More importantly, it proved a point I’ll carry forward: in moments of maximum fear, the charts are often the least important thing in the room—fundamentals are where the truth hides. So, if you missed the memo and the rally, here’s my breakdown of one of the hottest topics in the ETH space right now: what’s actually pushing Ethereum upward, which metrics matter, and where its real value comes from.* *not from an “investor point of view (I’m no such thing)—more from the perspective of someone building and contributing inside the Ethereum ecosystem. *not from an “investor point of view (I’m no such thing)—more from the perspective of someone building and contributing inside the Ethereum ecosystem. Ethereum as an Asset Ethereum as an Asset Asset The past month has been a turning point for Ethereum in the institutional arena. Now, it wouldn’t be an overstatement to say that ETH is increasingly viewed as a bona fide financial asset. is increasingly viewed as a bona fide financial asset. bona fide In July alone, more than 10 publicly traded companies announced the creation and funding of Ethereum treasuries. And according to my own sources, roughly another 10 ETH-focused funds are set to launch this month, with some founders already planning purchases exceeding $1 billion. more than 10 publicly traded companies announced the creation and funding of Ethereum treasuries The purchase rally began with Consensys (MetaMask), the company founded by Ethereum co-creator Joseph Lubin, which revealed one of the largest ETH treasuries in the world—over 253,000 ETH ($970M) as of late July. And they’re not just holding it; they’re staking ETH and deploying it in DeFi, directly contributing to ecosystem liquidity. revealed one of the largest ETH treasuries in the world revealed one of the largest ETH treasuries in the world The move quickly caught the attention of Wall Street heavyweights. Tom Lee, a well-known market veteran and outspoken Ethereum supporter on CNBC, transformed his BitMine Immersion BTC mining firm into the world’s largest ETH treasury. By July 31, the company held 625,000 ETH (over $2.4B), while doubling the reserves to 1.2M tokens ($5.38B!) in August. doubling the reserves to 1.2M tokens ($5.38B!) doubling the reserves to 1.2M tokens ($5.38B!) The second-largest holder is SharpLinkGaming (SBET), where Lubin also serves as board chair. Through July and August, their ETH reserves rose to nearly 600,000 ETH ($2.8B), with plans to grow by another $5B. That momentum helped spike their share price up 123% in the previous month. plans to grow plans to grow Apart from Tom Lee, other Bitcoin miners are also making the switch. Cases in point: Bit Digital increased its ETH holdings from 24,434 ETH in March 2025 to 120,306 ETH this month, selling 280 BTC along the way. And another NASDAQ-listed miner, BTCS, bought more than 70,028 ETH (~$327M) in July. Bit Digital increased its ETH holdings Bit Digital increased its ETH holdings selling 280 BTC selling 280 BTC bought more than 70,028 ETH bought more than 70,028 ETH However, that’s not all! In July, Ether Machine (DYNX) acquired 15,000 ETH at an average price of $3,809, becoming the third-largest ETH fund with 345,400 tokens ($1.6B).
GameSquare Holdings with streamer Ninja on its board added 10,170 ETH (~$38M) in July, bringing total reserves to $73M.
Dynamix is preparing to merge into a new entity under the Ether Machine name, aiming to control more than 400,000 ETH ($1.5B).
Meanwhile, ETHStrategy, which has emerged as a decentralized counterpart to Michael Saylor’s MicroStrategy, started July with 6,900 ETH and now holds 12,300 tokens (~$57.7M). In July, Ether Machine (DYNX) acquired 15,000 ETH at an average price of $3,809, becoming the third-largest ETH fund with 345,400 tokens ($1.6B). acquired acquired GameSquare Holdings with streamer Ninja on its board added 10,170 ETH (~$38M) in July, bringing total reserves to $73M. added 10,170 ETH added 10,170 ETH bringing total reserves bringing total reserves Dynamix is preparing to merge into a new entity under the Ether Machine name, aiming to control more than 400,000 ETH ($1.5B). preparing to merge preparing to merge Meanwhile, ETHStrategy, which has emerged as a decentralized counterpart to Michael Saylor’s MicroStrategy, started July with 6,900 ETH and now holds 12,300 tokens (~$57.7M). started July with 6,900 ETH started July with 6,900 ETH BlackRock has even filed to integrate staking into its ETH ETF—a move that could mark a “point of no return” for institutional adoption. filed filed Why does this matter for ETH price action? Because these players aren’t here for quick flips—they’re buying with 10-plus year horizons and aren’t swayed by short-term volatility. Why does this matter for ETH price action? In short, we’re witnessing Ethereum’s transformation into a global financial instrument—one that’s now positioned to attract billions of dollars in fresh liquidity. So, Does Ethereum Still Matter as a Network? So, Does Ethereum Still Matter as a Network? Network If anything, the opposite is true: Ethereum has cemented itself as the primary blockchain for big money. And here’s why… Ethereum has cemented itself as the primary blockchain for big money Indeed, in terms of daily transactions, Ethereum L1 lags behind its direct competitor, Solana: roughly 1–2 million vs. over 50–60 million on average respectively. But when it comes to liquidity flowing through the network, the story flips entirely. terms of daily transactions terms of daily transactions Since the start of the year, Ethereum L1 has seen more than $15.4B in stablecoin inflows. That’s less than Tron’s $22B, but triple Solana’s $5.5B. On a yearly basis, Ethereum’s lead is even more decisive: $48B in stablecoins vs. $24B for Tron and just $7.4B for Solana. Why does this matter? Because stablecoins have become the primary entry point for institutional players. They’re used heavily by payment giants and banks—the same institutions now exploring their own Ethereum-based stablecoins. Why does this matter? For instance, Bank of America’s official reports explicitly mention that Ethereum (alongside Stripe) could serve as the foundation for digital asset interoperability and the infrastructure for tokenized deposits. mention mention Regulation is also working in Ethereum’s favor. The U.S. recently passed “The Clarity Act”, which names only three blockchains as “mature”: Bitcoin, Cardano, and Ethereum. This designation grants them priority status in the U.S. market, effectively signaling global institutions where to focus. “The Clarity Act” “The Clarity Act” It’s also worth noting Ethereum’s dominance in the RWA (real-world assets) sector, where it commands over 85% of the global market. That means most tokenized bonds, assets, and new financial instruments are launched on the chain, while being powered by ecosystems like Ondo and xStocks, which are preparing a fresh wave of liquidity by year’s end. commands over 85% of the global market commands over 85% of the global market In a nutshell: stablecoins and asset tokenization are the two key drivers of the network’s value. Judging by recent trends, Ethereum L1 is positioned to become the “central bank” of the digital economy, because it’s the only blockchain capable of securely hosting trillions of dollars in capital. Before long, other chains will either integrate as L2 networks on Ethereum or fade into irrelevance. For global corporations, it simply doesn’t make sense to build complex financial architectures on less secure networks, when Ethereum offers the scale, security, and credibility they need. This article is not financial advice. Do Your Own Research. This article is not financial advice. Do Your Own Research. This article is not financial advice. Do Your Own Research. To better understand Ethereum’s dynamics and trends for myself, I rely on open analytical resources rather than guesswork. Here’s a shortlist of dashboards and metrics I track regularly: Total Ethereum ecosystem metrics
Active developers in the ecosystem
Number of active archive nodes, Etherscan Node Tracker
Total ecosystem TVL
TVS (Total Value Secured) L2
TPS (Transactions per second)
Stablecoins net inflow/outflow
Total net value inflow/outflow
Tokenized real-world assets
Strategic Ethereum reserve
Transaction fees on L1/L2s, Gas fees
Staking entry/exit queue
Rollup stages 0/1/2
Blob fees (Data Availability)
ETH ETF Flow
ETH burned Total Ethereum ecosystem metrics Total Ethereum ecosystem metrics Total Ethereum ecosystem metrics Active developers in the ecosystem Active developers in the ecosystem Active developers in the ecosystem Number of active archive nodes, Etherscan Node Tracker Number of active archive nodes Number of active archive nodes Etherscan Node Tracker Etherscan Node Tracker Total ecosystem TVL Total ecosystem TVL Total ecosystem TVL TVS (Total Value Secured) L2 TVS (Total Value Secured) L2 TVS (Total Value Secured) L2 TPS (Transactions per second) TPS (Transactions per second) TPS (Transactions per second) Stablecoins net inflow/outflow Stablecoins net inflow/outflow Stablecoins net inflow/outflow Total net value inflow/outflow Total net value inflow/outflow Total net value inflow/outflow Tokenized real-world assets Tokenized real-world assets Tokenized real-world assets Strategic Ethereum reserve Strategic Ethereum reserve Strategic Ethereum reserve Transaction fees on L1/L2s, Gas fees Transaction fees on L1/L2s Transaction fees on L1/L2s Gas fees Gas fees Staking entry/exit queue Staking entry/exit queue Staking entry/exit queue Rollup stages 0/1/2 Rollup stages 0/1/2 Rollup stages 0/1/2 Blob fees (Data Availability) Blob fees (Data Availability) Blob fees (Data Availability) ETH ETF Flow ETH ETF Flow ETH ETF Flow ETH burned ETH burned ETH burned

The writer is smart, but don't just like, take their word for it. #DoYourOwnResearch before making any investment decisions or decisions regarding your health or security. (Do not regard any of this content as professional investment advice, or health advice)

At the time of publication, the writer was hodling. 

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